Chemical and drug company Bayer AG published its its second-quarter earnings earlier this week and revealed that its profits had dropped nearly 34 percent compared to this time last year.
According to the Associated Press, Bayer’s earnings were hit due to one-time charges, such as setting aside money to settle lawsuits concerning dangerous side effects of birth control pills. From April-June this year, Bayer earned $606 million. Last year, it earned more than $907 million.
Bayer would have made $936 million in the second quarter had they not saved more than $602 million for Yaz and Yasmin settlements. Despite a slump in profits, the drug company’s revenue increased by $109 million from last year.
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