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Farm deals and depreciation push Bayer into the red | Free Press

Leverkusen (dpa) – Bayer suffered a loss of billions of dollars in the third quarter due to difficult agricultural deals. After the depreciation in the agricultural sector, the end result was a loss of 2.7 billion euros, announced the group of agricultural chemicals and pharmaceuticals in Leverkusen.

A year ago, the Dax group had reached a surplus of just over a billion euros. As in the second quarter, American seed giant Monsanto, bought for a lot of money, was a drag. At that time, billions in provisions for tens of thousands of lawsuits due to the alleged cancer risks of the Monsanto herbicide caused a great loss.

Sales fell in the third quarter by 13.5 percent to 8.5 billion euros. Excluding the negative effects of the exchange rate and the purchases and sales of company parts, it is less than 5.1 percent. Operating income before interest, taxes, depreciation and amortization (Ebitda) and before extraordinary items fell by more than a fifth to 1,800 million euros.

In addition to headwinds in the agricultural sector, the corona pandemic is also causing problems for the pharmaceutical business, as doctors sometimes postpone treatments that are not urgently needed. In contrast, things have recently gotten better in the OTC business.