Bayer warns of falling profits ahead as inflation drives costs higher
Chief Executive Werner Baumann, who is scheduled to quit at the end of May, defended the company's presence in agriculture and healthcare.
Logo of Bayer AG is pictured at the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2019. REUTERS/Wolfgang Rattay/File PhotoBayer, which acquired glyphosate-based weedkillers as part of its 2018 takeover of Monsanto, said the settlement of U.S. lawsuits claiming that glyphosate caused cancer and over environmental pollution related to chemicals known as PCBs would cost it 2-3 billion euros this year.
Its shares were down 4.6% at 0947 GMT. Juergen Molnar, capital market strategist at brokerage RoboMarkets, said the guidance was a disappointment and hedge funds had recently cashed in on the stock's rally following the appointment of CEO-designate Anderson. Apart from lower glyphosate prices, stroke prevention pill Xarelto - the group's pharmaceutical bestseller - would also be hit further by markdowns, the company said. The pill has suffered from competitive purchasing tenders in China, loss of patent protection in Brazi and price cuts in Britain.
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