German company Bayer AG reported its group sales came in at €10.05 billion in the second quarter of 2020, a decrease of 2.5% compared to the previous year due to the effects of the coronavirus pandemic.

In the update released on Tuesday, the company said EBITDA amounted to €2.9 billion for the quarter, rising 5.6% on the year while net loss was reported at €9.5 billion. "Thanks to the growth in our agricultural business, we raised EBITDA before special items - and we did so in a challenging environment," Chairman of the Board of Management Werner Baumann said in a statement.

Bayer's second-quarter earnings were marked by legal troubles in the United States over its glyphosate-based weed killer Roundup. In June, the company reached an agreement to pay $10.9 billion in settlements to resolve the pending cases.