Bayer’s Drug and Legal Blows Leave CEO Less Room to Maneuver

Bayer AG Chief Executive Officer Bill Anderson told investors that recent drug pipeline and legal setbacks have left the German company less room for maneuver as it considers a breakup.

The pharma, agriculture and consumer health conglomerate is likely to be saddled with more debt and less revenue than it had expected going forward, he said. That could affect the relative attractiveness of different restructuring approaches, as Bayer can’t overburden any new corporate entities with borrowings.

“The impact of these recent events doesn’t change what our strategic options are,” Anderson said on a call with investors Tuesday, a day after ...