Shares of Bayer AG (ETR: BAYN) plunged 4% after the company reported a net loss of just more than $11.2 billion. A year ago, the German pharma behemoth earned €404 million.
The COVID-19 outbreak dragged sales lower by 2.5%. However, the real problem for Bayer is that it had to pay over $10 billion to settle over 125,000 lawsuits in the United States, relating to its Roundup weedkiller that allegedly causes cancer.
A good performance of its agriculture business was able to partially offset a plunge in sales and help Bayer to report a 5.6% rise in EBITDA to €2.8 billion
Interested in investing after today’s move?
XTB gives investors access to thousands of UK and international stocks,
including fractional shares from just £1.
Explore stocks with XTB →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Want to invest in the stocks making the news?
Go from following the market to investing in it, with access to thousands
of stocks across major UK and international markets.
See available stocks →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Own the stocks you’re reading about
Invest in real shares across the UK, US and other major global markets
through XTB, all from one investment account.
Explore XTB shares →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
You don’t need to buy a whole share
Fractional shares let you invest from just £1, giving you more control
over how much you put into individual companies.
Explore fractional shares →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Want to see how XTB works first?
Explore the platform with an XTB demo account before deciding whether
you want to invest with real money.
Try the XTB demo →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
A huge loss prompted Bayer to lower its full-year guidance to a €43 billion – €44 billion range. The German giant received $5.17 billion in cash from Elanco for its “Bayer Animal Health” business. The total transaction is valued at nearly $6.9 billion.
Bayer share price fell 4% to trade in the low €56s. This is the lowest that Bayer shares traded since May as the stock price struggles to recover from the Roundup lawsuits.
