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Bayer shares still weak after trading: Another glyphosate trial wins US |  03/05/24

Bayer shares still weak after trading: Another glyphosate trial wins US | 03/05/24

Bayer has won another lawsuit in the US in a legal dispute over alleged cancer risks from herbicides containing glyphosate.

A jury in the Cline case in Philadelphia ruled in favor of the agricultural chemical and pharmaceutical company, a company spokeswoman said Tuesday evening. Additionally, in another case, the plaintiff voluntarily withdrew the suit to the Supreme Court of the State of California.

Bayer recently won a majority in glyphosate cases. However, high fines in lost cases made headlines. As Bayer lost a lawsuit in Philadelphia in late January, the Kline case gained attention. However, in the United States, such large sums are often substantially reduced on appeal.

The wave of glyphosate lawsuits has already cost Bayer 13 billion euros, CFO Wolfgang Nickl explained at Capital Markets Day on Tuesday. At the end of January, about 54,000 cases were still open. Allocations by the end of 2023 are 6.3 billion dollars (5.7 billion euros).

Bayer boss Bill Anderson announced new approaches to dealing with the problem on Tuesday's Capital Markets Day, but without being specific. On Monday, the “Financial Times” reported that Bayer is lobbying for legislative changes in states across the United States. It reaffirms the primacy of federal law over state law when it comes to naming herbicides like Roundup.

The topic has long been central. Bayer argues that the US Environmental Protection Agency (EPA), a federal agency, has determined that Roundup is not carcinogenic and approved the product label without the warning. Thus, federal law bars claims for damages in individual US states for inadequate warnings about cancer risks.

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In after-hours Tradegate trading, Bayer shares were trading temporarily down 7.11 percent at 26.11 euros.

/miss/ja/

Wilmington (dpa-AFX)

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