Even during the coronavirus pandemic, German company Bayer has shown increases in earnings in its first quarter. Despite a rise in earnings, Bayer is using the current economic downturn to avoid paying for glyphosate damages. In a statement released last Monday Bayer says the mediation process has been significantly slowed down due to the coronavirus.
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Bayer credits its rise in earnings to those stockpiling drugs due to the pandemic. Despite the rise in earnings, the operating cash flow has decreased from 1 billion euros in the previous year to 189 million due to settlements.
The company will consider a deal only if it is financially reasonable and puts in place a mechanism to resolve potential future claims efficiently. This applies now more than ever,”
Werner Baumann, Cheif Executive
The number of plaintiffs in the U.S blaming glyphosate for cancer has risen 52,500 since its 48,600 in February. Bayer continues to deny claims that Roundup or glyphosate, the active ingredient, causes cancer, citing several independent studies that show it’s safe for human use.