Bayer Reports $2.8-B Loss As Weedkiller Sales Slump

Germany's Bayer AG says it expects to take a €2.5-billion ($2.8-billion or £2.2-billion) hit from lower demand for its glyphosate-based products, including the weedkiller Roundup, Annabelle Liang reported for BBC News.

Photo Insert: Bayer has set aside over $15 billion (£11.7 billion) to settle lawsuits alleging its herbicides are linked to non-Hodgkin's lymphoma and other cancers.

The announcement came as the company lowered its outlook for the year. In all, it has set aside over $15 billion (£11.7 billion) to settle lawsuits alleging its herbicides are linked to non-Hodgkin's lymphoma and other cancers.

It also forecast that its pre-tax profits could fall to as low as €11.3-billion this year, compared to the €13.5-billion it reported in 2022.

Bayer has denied wrongdoing but said the payouts would end "uncertainty." On Monday, the Leverkusen-based company said it expected a net loss of €2 billion in the three months to the end of June.

Bayer said this was mainly due to "A significant further decline in sales of glyphosate-based products."

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