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Corteva Agriscience cut research expense by 17 pct in H1 2019
30 October 2019, 15:10
In H1 2019 (six months ended June 30), Corteva Agriscience cut research and development expense by 17% (USD 116 mln) to USD 568 mln.
The company's research and development expense in Q2 2019 reduced 24% to USD 269 mln.
In the seed segment, the company reduced sales of corn by 4.3% (USD 168 mln) to USD 3.78 bln, soybeans by 19% (USD 266 mln), other oilseeds by 7% (USD 42 mln) and other seeds by 9% (USD 33 mln) in H1 2019.
Sales of herbicides decreased by 6% (USD 116 mln) to USD 1.82 bln and fungicides by 4.6% (USD 25 mln) to USD 522 mln. At the same time, sales of insecticides increased by 8% (USD 59 mln) to USD 836 mln and other PPPs by 8% (USD 8 mln) to USD 113 mln.
As a reminder, in the first six months of 2019 Corteva Agriscience reduced its revenue from product sales by 6%, from USD 9.525 bln in the second half of 2018 to USD 8.952 bln.
