'Bayer to Cut 12,000 Jobs, Exit Vet Unit Amid Drag From Suits (Werner Baumann | Hamburg | Monsanto)'

01:15 Feb 9, 2021 1 1

'This is Pulse by Klara. Follow us to keep a tab on what\'s happening in healthcare.  Visit: www.klara.com  Klara is the secure healthcare communication platform, revolutionizing healthcare communication by bringing everyone involved in patient\'s journey in one place.  You can explore Klara for your organization here: www.klara.com  ===  Bayer AG plans to cut 12,000 jobs and exit its animal health business in an effort to mollify Wall Street, which has punished the company over the tidal wave of lawsuits that came alongside the $63 billion takeover of Monsanto Co.  The German company announced a rash of moves, including exiting the sun-care and foot-care segments, that it said would boost its core pharma and agricultural businesses.  Investors remain unconvinced. The shares slumped after the acquisition was announced and closed, and Bayer’s market value has plunged some 30 billion euros ($34.1 billion) since August, when a California jury ruled against its signature weedkiller Roundup, saying it may have caused a school groundskeeper’s cancer. At least 9,000 other lawsuits are pending.  Of the 12,000 job cuts, half will probably come from corporate and supporting functions while another third will be in crop science as the Monsanto integration proceeds, Bayer said. Another 1,250 positions will probably come from pharmaceuticals -- with 350 related to a new facility in Wuppertal, Germany. Another 1,100 will be cut in Bayer’s consumer health division. Baumann repeatedly declined to say how many of the reductions would be in Germany overall.  Investors remain unconvinced. The shares slumped after the acquisition was announced and closed, and Bayer’s market value has plunged some 30 billion euros ($34.1 billion) since August, when a California jury ruled against its signature weedkiller Roundup, saying it may have caused a school groundskeeper’s cancer. At least 9,000 other lawsuits are pending.  “Today’s decisions were not made necessary by the recent acquisition, and certainly not by glyphosate litigation in the U.S.,” Chief Executive Officer Werner Baumann said on a call with reporters, referring to Roundup’s chemical compound. “Absolutely nothing to do with it.”  Some investors may be disappointed with the short-term cost of the restructuring, the first strategic shakeup since the Monsanto deal was completed. Bayer’s fiscal 2019 earnings targets are below the forecast of analysts surveyed by Bloomberg. Nonetheless, “they delivered what everyone was hoping for,” said Ulrich Huwald, a Hamburg-based analyst with Warburg Research GmbH. “It’s a good package on the face of it.”  Of the 12,000 job cuts, half will probably come from corporate and supporting functions while another third will be in crop science as the Monsanto integration proceeds, Bayer said. Another 1,250 positions will probably come from pharmaceuticals -- with 350 related to a new facility in Wuppertal, Germany. Another 1,100 will be cut in Bayer’s consumer health division. Baumann repeatedly declined to say how many of the reductions would be in Germany overall.  “A leaner organization will help us become more responsive to changing markets and increase our agility,” he said.  Bayer’s animal health operations are probably worth as much as 6.5 billion euros, according to Wimal Kapadia, a London-based analyst with Sanford C. Bernstein & Co. That unit sells vet products for both pets and livestock, and its best-selling product line is the Advantage flea treatment for small animals.  ===  This is Pulse by Klara. Follow us to keep a tab on what\'s happening in healthcare.  Visit: www.klara.com  #pulsebyklara #getklara #klarahealthcare #klarahealthcaremessaging #healthcarenews #securehealthcaremessaging' 

Tags: germany , hamburg , Pharma , Bayer , pulsebyklara , getklara , klarahealthcare , klarahealthcaremessaging , healthcarenews , healthcaremessaging , werner bauman , bayer ag , german pharmaceuticals

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