(Reuters) -German pharmaceutical company Bayer said on Thursday it had set aside an additional 1.2 billion euros ($1.37 billion) in provisions to address ongoing Roundup litigation in the United
Bayer Increases Roundup Litigation Reserves by $1.37 Billion
(Reuters) -German pharmaceutical and biotechnology group Bayer said on Thursday it had set aside an additional 1.2 billion euros ($1.37 billion) in provisions to address ongoing litigation in the United States over weed killer Roundup.
The German group said that, on a currency-adjusted basis, it now anticipates annual sales of 46 billion euros to 48 billion euros, an increase of 1 billion euros at both ends from its prior forecast.
Bayer, which is grappling with costly U.S. product liability litigation, has already paid about $10 billion to settle disputed claims that Roundup, based on glyphosate, causes cancer.
Plaintiffs have said they developed non-Hodgkin's lymphoma and other forms of cancer due to using Roundup, either at home or on the job. The company has since replaced glyphosate in U.S. consumer products with different weed-killing substances.
On Thursday, Bayer announced a significant settlement with a plaintiffs' law firm, reducing unresolved glyphosate claims to 61,000. Of the total 192,000 claims, 131,000 have been settled or deemed ineligible, Bayer said.
Bayer forecast 2025 earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted for one-off items, to range between 9.7 billion euros and 10.2 billion euros.
The group also reported preliminary second-quarter sales of about 10.7 billion euros and group EBITDA before special items of about 2.1 billion euros.
Bayer will report its April-June earnings on August 6.
($1 = 0.8759 euros)
(Reporting by Rishabh Jaiswal and Mrinmay Dey in Bengaluru; Editing by Anil D'Silva and Subhranshu Sahu)
