Bayer (ETR:BAYN) during its second quarter ended June 30 set aside €1.245 billion ($1.39 billion), mainly to provide for potential lawsuit settlements related to its Essure permanent birth control device.
Some of the provision was also for litigation defense costs and other pharmaceutical matters.
As of July 24, Bayer faced U.S. lawsuits from roughly 32,000 Essure users claiming device-related injuries including hysterectomy, perforation, pain, bleeding, weight gain, nickel sensitivity, depression and unwanted pregnancy, according to the company.
Settlement discussions have recently intensified, and the company said during its Q2 results announcement today that it has seen progress in recent weeks.
Marketed as a permanent birth control device, Essure has not been available for implantation in the U.S. since December 2019, having had U.S. sales for the device discontinued in December 2018.
Recently released interim results of an Essure postmarket study found higher rates of chronic lower abdominal and/or pelvic pain and abnormal uterine bleeding compared with laparoscopic tubal ligation as permanent birth control.