Coronavirus compounds trouble for Bayer

4 August 2020

Setting aside billions for pending claims related to its vexed purchase of Monsanto, Bayer (BAYN: DE) posted a loss of 9.548 billion euros for the second quarter of 2020.

While litigation from the German giant's crop science division continues to cast a shadow over finances, positive sales in this part of the business went some way to countering weaker performance in pharmaceuticals.

With the group’s pharma unit suffering from the coronavirus pandemic, overall sales declined by 2.5% to 10 billion euros ($11.8 billion), slightly ahead of the FT’s consensus forecast of 9.8 billion euros.

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