Lawsuit settlements drag profit down at Bayer
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Chemicals and drug maker Bayer said second-quarter profit dropped by nearly 34 percent because of special items totaling 762 million euros ($936 million) including costs associated with settling lawsuits by consumers who claim Bayer's Yaz brand oral contraceptives caused health problems.
Despite the charges, Germany-based Bayer said global sales for the quarter jumped by 10 percent to a record $12.5 billion on strong performances by all three of the company's business segments: crop sciences revenues rose 17 percent, health care increased by 10 percent, and material science was up 6.5 percent.
In North America, second-quarter sales totaled $3.2 billion, up 11 percent from a year ago.
Bayer maintains some U.S. corporate staff in Robinson as well as the headquarters for its North American material sciences division.
First Published July 31, 2012 10:21 am