SCOTUS Caps Future Roundup Risk & Key Takes From Ag Cycle Expert Call

研报英文原文证据摘录

SCOTUS Caps Future Roundup Risk & Key Takes From Ag Cycle Expert Call

Germany | Pharmaceuticals

Bayer AG EquityJuneResearch26, 2026

TARGET | ESTIMATE CHANGESCOTUS Caps Future Roundup Risk & Key

RATING HOLDTakes From Ag Cycle Expert Call

PRICE €47.00^

SCOTUS ruled 7-2 in favour of Bayer over the Roundup litigation (more

decisive vote than we expected), concluding that the company cannot be PRICE TARGET | % TO PT €46.00 (€40.00) | -2%

held liable for failing to warn about alleged risk when EPA didn't require the 52W HIGH-LOW €49.78 - €24.81

product to carry a warning label. Whilst this caps the legal overhang, we FLOAT (%) | ADV MM (USD) 100.0% | 159.46

see limited impact on the existing settlement envelope, which is already MARKET CAP €46.2B | $52.4B

largely defined. Our Hold & €46 PT based on SOTP now reflects our litigation TICKER BAYN GR ^Prior trading day's closing price unless otherwise

resolution scenario. noted.

Legal overhang reduced following SCOTUS ruling on Roundup litigation: US Supreme Court's FY (Dec) CHANGE TO JEFe JEF vs CONS

decision in Monsanto v Durnell favoured Bayer in a 7-2 vote, holding that state-law failure-to- 2026 2027 2026 2027

warn claims are preempted by federal law, as they would impose labelling requirements “in REV <1% <1% NM +2%

addition to or different from” those mandated under FIFRA. Effectively this re-establishes the

EPS +4% <-1% -2% -8%

authority of EPA as legally binding, meaning manufacturers must use the EPA label unless

the agency mandates a change. While this ruling overturns adverse lower-court decisions and

2026 (€) Q1 Q2 Q3 Q4 FY

resolves a long-running legal split, we see it as having limited impact on the existing settlement

EPS -- -- -- -- 4.27

envelope, which is already largely defined.