February 27, 2020 / 6:43 AM / a month ago

Bayer targets 9.6% gain in 2020 adjusted EBITDA

LEVERKUSEN, Germany, Feb 27 (Reuters) - Germany’s Bayer said on Thursday it was targeting growth in adjusted core profit of up to 9.6% this year, driven by sales of agriculture products and pharmaceuticals.

Bayer, which is fighting costly lawsuits over claims its glyphosate-based weedkillers cause cancer, laid out a goal for earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for special items and currency swings to reach 12.3-12.6 billion euros ($13.4-$13.7 billion), up from 11.5 billion euros in 2019.

Fourth-quarter adjusted EBITDA for the group rose 26.4% to 2.48 billion euros, as expected by analysts, according to a consensus posted on the company’s website.

The number of plaintiffs blaming the company’s glyphosate-based weedkillers for their cancer rose to 48,600 as of Feb. 6, up from 42,700 in October 2019, the group added.

$1 = 0.9201 euros Reporting by Ludwig Burger; editing by Thomas Seythal

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