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Bayer lobbying for Federal labelling laws to overrule state legislation (FT)

HEALTHCARE
  • This isn't a new issue - in early Feb it lost a 11th Circuit appeal on the same grounds & it reportedly had a 3rd circuit appeal outstanding at the time.
  • Our Political Risk team see Republican wins as a positive on legilsation - evidenced by last months' Iowa House of Rep's passing a bill that "manufacturers cannot be held liable for failing to alert people of potential health risks as long as their pesticides have a federally-approved warning label." - Iowa is a GOP supermajority.
  • Re. numbers to watch tomorrow, it had €7b in provisions at end of Q3, 85-90% for Roundup cases. ~2 weeks later it had a major drug failure in late trials & a $1.5b pay-out. As a positive the 2nd/$2.25b pay-out this year should be netted from dividend cut/savings.
  • Its been little support for the name, investors likely disappointed by reports CEO is not looking at a breakup (including of the consumer health or crop science divisions) - likely to get updates/Q&A on that tomorrow.
  • The cash lines (Baa2 Neg, BBB Pos, BBB+ Neg) are unch to 2bps tighter.
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