![]() ![]() In the third quarter, Bayer said earnings before interest, taxes and depreciation fell 31.3% from the prior year’s quarter, to about $1.8 billion, “mainly due to the decline in earnings at the Crop Science Division.” Overall, sales for the company in the quarter were about the same as the prior-year quarter, at about $11 billion.įor the quarter, Crop Science saw earnings decline to minus $25.6 million, down from 2022’s third quarter figure of $672 million. Sign up for a FREE month of Agri-Pulse news! Simply click here.Ībout 113,000 of approximately 160,000 claims against the company “have been settled or deemed ineligible for various reasons,” a spokesperson said last week. It’s easy to be “in the know” about what’s happening in Washington, D.C. “That's a very, very strong signal,” Nickl said.Īs for litigation strategy, which some prominent investors have called on the company to revisit, Nickl said, “I think you'll appreciate that we constantly adjust our strategy, but this is probably not the right forum to discuss it.” The company already said the decision could help with litigation.īayer moving ahead with plant microbiome company CHS, Bayer team up on carbon program Bayer CEO talks up Monsanto acquisition He also pointed to the 9 th Circuit Court of Appeals decision on Tuesday finding a California cancer warning for Roundup to be unconstitutional. He also emphasized that before the string of losses, Bayer had won nine trials in a row. The other two cases resulted in verdicts of $175 million and $332 million, but Nickl indicated those cases are set up well for Bayer to appeal. “We did not expect win every case,” Chief Financial Officer Wolfgang Nickl said, adding that one of the three losses resulted in a jury verdict of $1.25 million, which he said was “not even covering remotely the cost of the other side, so that's not going to be a strong incentive to keep going.” … Ninety-five percent of the decision making in the whole organization is going to go to the people doing the work,” Anderson said.Ĭompany officials on the investor call declined to discuss litigation strategy in any detail following three recent court losses in an ongoing series of cases brought by consumers who claim exposure to Roundup caused their cancer. And we certainly will not pursue any structural moves that would come with a downgrade of our operational performance.”īy the end of 2024, Bayer “will remove multiple layers of management and coordination. “A three-way split would require a two-step process. “it's just not feasible to do that all at once,” he said. Structurally, Anderson said that “beyond maintaining three divisions, the main option would be a separation of either the Consumer Health or Crop Science, and both of those remain under evaluation.” The other division is Pharmaceuticals.Īnderson said the company was “ruling out” splitting into three businesses.
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