Bayer (OTCPK:BAYRY) plunges more than 4% in Europe after reporting Q2 profit fell 49% Y/Y to €404M, as the extreme weather across the U.S., Canada and Europe hurt Bayer’s Crop Science division, the company’s largest unit by sales.
Sales at Crop Science, the world’s largest seeds and pesticides producer, jumped nearly 60% to 4.8B in the quarter, thanks to last June’s addition of Monsanto, but sales fell 9.9% on like-for-like comparison of the combined business.
Bayer says it still aims to lift 2019 adjusted EBITDA to €12.2B ($13.6B), excluding the effect of currency swings and the planned sale of assets such as its animal health unit, but “this outlook is becoming increasingly ambitious in view of the challenging environment for the Crop Science business.”
Meanwhile, Bayer reports the number of U.S. plaintiffs blaming its Roundup weedkiller for their cancer climbed by another 5,000 to 18,400.
Bayer’s market cap has been slashed by more than €30B since last August, when a California jury, in the first such lawsuit, found that Monsanto should have warned users of the alleged cancer risks.
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