Bayer loses more than 10,000 million in 2020 due to the impact of amortizations and litigation

The company’s sales decreased by 4.9% annually, to 41.4 billion euros.

The Bayer logo.

The German chemical and pharmaceutical group Bayer registered losses of 10,495 million euros in 2020. This setback is the consequence of the exceptional adverse impact of the amortization of assets in its agricultural business, as well as the out-of-court settlement reached to settle a large part of the litigation related to glyphosate of Monsanto’s RoundUp herbicide.

The sales of Bayer in the exercise set decreased4.9% per year, up to 41,400 million euros, including a 5% decline in the agricultural business, with 18,840 million euros, as well as 4% in the area pharmaceutical, with 17,243 million.

Nevertheless, in the fourth trimester, Bayer registered a net profit of 308 million euros, 78.2% less than in the same period of 2019. Likewise, the turnover of the German company reached between October and December of last year 9,995 million euros , 7% less.

“Our businesses are resilient, even during the pandemic,” said Werner Baumann, chairman of Bayer’s board of directors, noting that the company used the past year to lay the groundwork for future growth.

Looking ahead to the 2021 financial year, the German company anticipated that it expects to reach a turnover of between 42,000 and 43,000 million euros, an advance of around 3%.