Bayer stock has its best day in 17 years after support from Trump's solicitor general
By Steve Goldstein
A file photo taken on September 1, 2019 shows Roundup weedkiller on sale that is the subject of thousands of lawsuits in the U.S. Bayer stock rose on Tuesday after the U.S. solicitor general backed the company in an amicus brief to the Supreme Court.
Bayer shares rose as much as 15% on Tuesday after the U.S. solicitor general backed the company's bid to get the Supreme Court to curtail litigation alleging its Roundup pesticide causes cancer.
Analysts said the move will support the German company's attempts to resolve litigation around what's called glyphosate by the end of 2026. Solicitor General D. John Sauer on Monday said the Environmental Protection Agency repeatedly has stated that glyphosate is not likely to be carcinogenic in humans and that the agency has repeatedly approved Roundup labels without cancer warnings.
Bayer welcomed the support in the lawsuit, Monsanto Co. vs. Durnell, and the issue of whether a federal insecticide rule preempts state law. Bayer said "tens of thousands" of cases on Roundup are overwhelmingly based on claims grounded in failure-to-warn theories.
Bayer bought Monsanto in 2018 for $63 billion, and two months later, a California jury ruled in favor of a groundskeeper who contracted non-Hodgkin lymphoma.
In the third quarter Bayer had a provision of EUR6.5 billion to cover remaining and future cases, worth some 6.60 euros per share, according to analysts at Jefferies.
Bayer shares (XE:BAYN) rose over 4 euros to EUR34.75, with the percentage gain its best since Oct. 28, 2008.
-Steve Goldstein
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12-02-25 0352ET
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