
© REUTERS/Wolfgang RattayLogo and flags of Bayer AG are pictured outside a plant of the German pharmaceutical and chemical maker in Wuppertal, Germany August 9, 2019.
Germany's Bayer (
BAYGn.DE) is now facing
42,700 U.S. plaintiffs blaming its glyphosate-based weedkillers for their cancer, more than twice the tally in July and potentially raising any future settlement.
Bayer, the inventor of aspirin and owner of Yasmin birth control and Claritin allergy relief brands, is widely expected to eventually buy itself out of the litigation, with analysts currently estimating the size of a future settlement at
$8-$12 billion.It put the increase in claims down to a significant increase in plaintiff-side television advertising spending.
"The number of lawsuits, first and foremost, doesn't tell us anything about their merits," Chief Executive Werner Baumann said in a media call. "The number of the lawsuits in no way, shape or form is indicative of the amount of the settlement."
The company said it was still constructively engaged in a mediation process ordered by a federal judge.
Bayer, which last year acquired Monsanto for $63 billion, revealed the spike in claims as it reported a 7.5% rise in third-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to 2.3 billion euros ($2.6 billion), in line with market expectations.
Comment: See also: