Winters said adopting the technology not only helps her
operation remain profitable, but also lessens agriculture's environmental
footprint. ST. For the quarter,
overall sales of Roundup and other glyphosate-based herbicides increased, with
increased sales of branded Roundup herbicide in all major world areas outside
of the United States. We continue to remain focused and
disciplined, but we're also more comfortable that our performance to date will
allow us to reach the growth targets we've established for this year and
successive years.00 to
$2.
Monsanto expects cash from operations to be $1.S. to its family of regional brands established to help serve
farmer-customers with a technology-rich, locally-oriented business model.

Cautionary Statements Regarding Forward-Looking Information:
Certain statements contained in this release are "forward-looking
statements," such forward -looking statements may include as statements
concerning the company's anticipated financial results , current and future
product performance, regulatory approvals, currency impact, business and
financial plans, the outcome of contingencies and other non-historical facts., litigation, intellectual property ,
regulatory compliance (including seed quality), environmental contamination
and antitrust; successful completion and operation of recent and proposed
acquisitions; fluctuations in exchange rates and other developments related to
foreign currencies and economies; increased generic and branded competition
for the company's Roundup herbicide; the accuracy of the company's estimates
and projections, for example, those with respect to product returns and grower
use of the company's products and related distribution inventory levels; the
effect of weather conditions and commodity markets on the agriculture
business; the success of the company's research and development activities and
the speed with which regulatory authorizations and product launches may be
achieved; domestic and foreign social , legal and political developments,
especially those relating to agricultural products developed through
biotechnology; the company's ability to successfully market new and existing
products in new and existing domestic and international markets; the company's
ability to obtain payment for the products that it sells; the company's
ability to achieve and maintain protection for its intellectual property; the
company's ability to fund its short-term financing needs; and other risks and
factors detailed in the company's filings with the U. Undue reliance should not be placed on these
forward-looking statements, which are current only as of the date of this
release.

Notes to editors: Roundup , Bollgard and Roundup Ready are registered
trademarks owned by Monsanto Company and its wholly owned subsidiaries.40 $0.37 $0.37 $0. 28, 2005, and Feb. Additionally, Baile has founded seven biotechnology companies.

maize sandpoint

26) per share. For the first half of fiscal year 2005, SG+A expenses were
$559 million, compared to $544 million in the same period in 2004. Net cash provided (required ) by investing activities was $47 million
through the first half of the fiscal year 2005, and $(146 ) million for the
same period in 2004. The parties are currently working on a definitive
agreement for the transaction, which is targeted to close by the end of
Monsanto's 2005 fiscal year. Monsanto acquired assets related to
functional genomics and transgenic applications, which will be used in
Monsanto's discovery program.
regulatory clearance represents an important step forward toward the
anticipated commercial launch for the 2006 growing season.33 (0.12 0.74


Reconciliation of Free Cash Flow: Free cash flow represents the total
of cash flows from operations and investing activities, as reflected
in Monsanto's Statement of Consolidated Cash Flows presented in this
release.

blacksburg regulating

C.7 billion,
driven by the increased revenues in the corn seeds and traits and soybean
seeds and traits businesses.
For the first half of fiscal year 2005, higher non-branded glyphosate sales
also contributed to the overall increase in sales. Emergent will be integrated into Monsanto's
existing commercial operations. for $6.57 $1.21

Weighted Average
Shares Outstanding:
Basic Shares 266. The $20 million tax benefit recorded in
continuing operations is related to the impairment of goodwill in the
global wheat business as part of the fiscal year 2004 restructuring
plan and thus is included in the table above. The tax benefit of
$86 million recorded in discontinued operations was primarily related
to the goodwill impairment loss at the date of adoption of SFAS 142,
Goodwill and Other Intangible Assets (SFAS 142), on Jan.

microorganisms herbicide

5 million pounds. The complete study, "Biotechnology-Derived
Crops Planted in 2004 - Impacts on U .57 per share, in the second quarter of
fiscal year 2004.08) per share loss on discontinued operations and related
restructuring.
-- Write-off of goodwill associated with the global wheat business of
$(0.
Second-quarter 2005 net sales of $1,181 million for the Seeds and Genomics
segment were more than one-third higher than sales of $874 million recorded in
the second quarter of fiscal year 2004. Sales of branded Roundup herbicide were
down modestly for the first half of the fiscal year as higher sales outside
the United States were offset by decreased U. (For a
reconciliation of EBIT, see note 1.)

Outlook Comment from Monsanto Chairman, President and Chief Executive
Officer Hugh Grant:
"Following the acquisitions of Seminis and Emergent , our focus is on the
task of execution and acceleration as we look to build on the positive
momentum in our seeds and traits business.75 million in cash, installment and milestone
payments, plus additional considerations.monsanto. 28, Aug.

blacksburg biotechnology

ncfap. LOUIS,


Financial Summary
($ in millions, except per share)
Second Second Six Six
Quarter Quarter % Months Months %
2005 2004 Change 2005 2004 Change
Net Sales $1,909 $1,498 27% $2,985 $2,521 18%
Net Income $373 $154 142% $333 $57 484%
Diluted Earnings
per Share $1. bankruptcy proceedings, a tax benefit
of $106 million ($86 million in discontinued operations and
$20 million in continuing operations) as a result of the loss incurred
on the European wheat and barley business, $7 million in after-tax
restructuring charges, and income on discontinued operations of
$2 million. For the quarter, sales in the Seeds and Genomics
segment increased by 35 percent on the strength of increased seed and trait
sales.)

Agricultural Productivity Segment Detail

Net Sales Second Second Six Six
($ in millions) Quarter Quarter % Months Months %
2005 2004 Change 2005 2004 Change
Roundup and other
glyphosate-based
agricultural
herbicides $481 $371 30% $919 $807 14%
All other
agricultural
productivity
products $247 $253 (2)% $416 $447 (7)%
TOTAL Agricultural
Productivity $728 $624 17% $1,335 $1,254 6%


The Agricultural Productivity segment consists primarily of crop
protection products, the lawn-and-garden herbicide products, and the company's
animal agricultural businesses. Factors that could cause or contribute to such differences
include , among others: the company's exposure to various contingencies,
including those related to Solutia Inc.2
Diluted Shares 272.03 0.

gm famine

01 per share income on discontinued operations.

21 per share,
for the same period in 2004.67) per share charge associated with certain liabilities in
connection with the Solutia bankruptcy ("Solutia-related charge").
For the first half of fiscal year 2005, the Seeds and Genomics segment
recorded an increase in sales of 30 percent to approximately $1. The
decrease in EBIT for the first half of 2005 was driven primarily by the
Solutia-related charge, which was somewhat offset by lower operating expenses
and improved sales of Roundup and other glyphosate-based herbicides.67 per-
share Solutia-related charge, the tax benefit of $0.03 per-
share charge for restructuring, and $0.)
Previously, Monsanto provided updated EPS guidance for fiscal year 2005, with
EPS on an ongoing business basis expected to be toward the upper end of the
$1.
On March 24, Brazil's President Luiz Inacio Lula da Silva signed a
biosafety bill into law which establishes the regulatory process for the
approval of biotech crops.
On March 24, Monsanto announced it had acquired selected agricultural
assets of Icoria Inc. 28, Feb.90 $0. 28, Feb.-based
biotechnology company, today announced that its patented BtBooster(TM)
technology has been licensed by Pioneer Hi-Bred International, Inc. In 1995, Adang demonstrated a
method of designing a synthetic Bt gene suitable for expressing high
concentrations of Bt toxins in plants and was awarded a patent for his
breakthrough invention.

segregation cereals

-- $0.
Items affecting comparability for the first half of fiscal year 2005
included:

-- A $(0."

2005 Earnings and Free Cash Flow Outlook:
On March 29, Monsanto provided updated EPS guidance for fiscal year 2005,
with EPS on an ongoing business basis expected to be in the range of $2.59 $0.36 $0.78 - 0.
InsectiGen's scientific founders, Adang and Donald Dean , Professor of
Biochemistry at The Ohio State University, have played pivotal roles in the
discovery and advancement of Bt technologies.

eukaryotic maize

Environmental and Production Benefits Drive Greater Demand for Biotech Crops

S.
"Biotech crops have helped them make great strides and adopt conservation
tillage practices, which not only reduces erosion but also decreases
greenhouse gas emissions that result from cultivating the soil.

-- Reported net income for the quarter was $373 million, which includes
after-tax restructuring charges of $6 million and income on
discontinued operations of $2 million associated with the planned sale
of the environmental technologies businesses.39 per share tax benefit ($0.


Items affecting comparability for the first half of fiscal year 2004
included:

-- Net restructuring charges of $(0.
-- A $(0. For the first half, SG+A as
a percent of sales was 19 percent.
Supplemental data to this news release, including slides that accompany
the company's financial results conference call , are found at
http://www.S.01) 0.3 267. 28, Feb.53 $0. In fiscal year 2004, total charges related
to these actions were $105 million aftertax. Additionally, the plans
included the impairment of goodwill in the global wheat business of
$69 million ."
"Without the help and support of the University of Georgia and the Georgia
Research Alliance , we would not have made it to where we are today," Ligon
continued.

genetically blacksburg

Farmers who practice "no-till " farming leave their
soil undisturbed, thereby reducing soil erosion and pesticide runoff., and lead author of the study."
The study is an annual update of a 2002 report by NCFAP that analyzes,
quantifies and documents the agronomic, economic and environmental impacts of
biotech crops on U.
Established in 1984 at Resources for the Future, the center became an
independent organization in 1992.02) per share.


Operating costs: Research-and-development (R+D) expenses were slightly
higher at $127 million for the second quarter. For the first half of fiscal
year 2005 , R+D expenses were 7 percent higher at $258 million, driven by the
write-off of in-process R+D costs associated with the acquisition of the North
American canola seed businesses of Advanta Seeds, as well as the acquisition
of Channel Bio Corp. As a result, year-to-date free cash flow increased from
$71 million in the first half of 2004 to $500 million in this year's first
half. This improvement was largely driven
by increased revenues in both corn seed and traits and soybean seed and
traits . Corn seed and traits increased 32 percent in the quarter-over-quarter
comparison, reflecting higher corn seed and trait sales in the United States
and corn seed sales in Europe.85 per share, the $0 .71 to $0. Including free
cash to be used for the Seminis and Emergent purchases, the company expects
net cash required by investing activities to be $2. This law demonstrates that Brazil supports a
science-based regulatory system and is another indication of the growing
acceptance of biotechnology around the world. 29,
2005 2004 2005 2004
Net Sales $1,909 $1,498 $2,985 $2,521
Cost of Goods Sold 893 755 1,474 1,317
Gross Profit 1,016 743 1,511 1,204
Operating Expenses:
Selling, General and
Administrative
Expenses 303 272 559 544
Bad-Debt Expense 11 22 21 40
Research and
Development Expenses 127 125 258 241
Impairment of Goodwill - - - 69
Restructuring Charges
- Net 7 28 8 57
Total Operating Expenses 448 447 846 951
Income From Operations 568 296 665 253
Interest Expense - Net 15 15 35 32
Solutia-Related Expenses 9 14 293 14
Other Expense - Net 19 23 42 48
Income From Continuing
Operations Before
Income Taxes 525 244 295 159
Income Tax Provision 154 88 50 82
Income From Continuing
Operations 371 156 245 77

Discontinued Operations:
Income (Loss) From
Operations of
Discontinued
Businesses 2 (3) 2 (28)
Income Tax Benefit - (1) (86) (8)
Income (Loss) on
Discontinued Operations 2 (2) 88 (20)

Net Income $373 $154 $333 $57

EBIT (1) $542 $256 $332 $163

Basic Earnings (Loss)
Per Share:
Income From Continuing
Operations $1.25 $0.58 $0.39 ) - - (0.19
(Income) Loss on
Discontinued
Operations and
Related
Restructuring (0.01) (0. 29, 2004:

Depreciation and
Amortization Expense
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Feb."
According to InsectiGen President Bob Ligon, the agreement with Pioneer is
a significant step for the young company.

regulating blacksburg

The drivers
for the first-half sales included increases in U.05. Securities and
Exchange Commission.92 $0. 29, 2004
Net Cash Provided by Operations $1,200 $453 $217
Net Cash Provided (Required)
by Investing Activities (2,100) 47 (146)
Free Cash Flow $(900) $500 $71
Net Cash Required by
Financing Activities N/A (441) (54)
Net Increase in Cash and
Cash Equivalents N/A $59 $17
Cash and Cash Equivalents
at Beginning of Period N/A 1,037 281
Cash and Cash Equivalents
at End of Period N/A $1,096 $298


2.


In first quarter 2005, Monsanto recorded a deferred tax benefit of
$106 million, of which $20 million was recorded in continuing
operations, and the remaining $86 million was recorded in
discontinued operations. "A solid licensing agreement helps reduce the risk factor
inherent with any start-up.

eukaryotic transgenics

Department of Agriculture's National
Agricultural Statistics Service and surveys of crop specialists from various
universities.

Items affecting comparability for second quarter of 2004 included:

-- Net restructuring charges of $(0. The improvement in
EBIT for the first half of 2005 was driven primarily by increased revenue for
traits, which reflects increased penetration, pricing flexibility and the
value of stacking more than one trait in a single seed. The ongoing EPS guidance excludes estimated in-process R+D and other
purchase accounting adjustments of $0.00 range, or in the range of $0.
On March 23, Monsanto and the University of Nebraska-Lincoln signed an
exclusive licensing agreement to develop crops tolerant to the broadleaf
herbicide dicamba. The U.01 (0. 29, Feb.57 $1.23 $0.00 - $2.38 $0.

- Biopesticide Solutions: This line of business will offer engineered Bt
proteins and performance enhancement proteins for use by the row and
high-value crop industries, the forest pest control market and public
health agencies.

biotechnology eukaryotic

Many
production factors vary each year, but we are able to sustain improved
profitability and yield by using biotechnology despite those variances. There was also a 17 percent improvement in sales in the Agricultural
Productivity segment, as sales of branded Roundup herbicides and other
glyphosate-based herbicides increased.

-- A $(0. However,
for the quarter and the first half, SG+A as a percent of net sales decreased
versus the comparable prior periods. Monsanto gains an exclusive license to MGI's platform for use in
agricultural applications. However, since these statements are based on factors that
involve risks and uncertainties, the company's actual performance and results
may differ materially from those described or implied by such forward-looking
statements.33 (0.67 - - 0.39) -
Restructuring Charges
- Net 0.03 0 .70 $1. 28, 2005, was split by segment as follows: $7 million in the
Seeds and Genomics segment (recorded in the three months ended
Feb.

Georgia Biotech Start-Up Announces Licensing Agreement with Pioneer Hi-Bred International Inc.

regulating usda

farm and food policy and international trade and development.21 486%


-- Second-quarter sales increased 27 percent, primarily because of higher
corn and soybean trait revenues in the United States, increased corn
seed sales in the United States and the Europe-Africa region, and
higher revenues for Roundup and other glyphosate-based herbicides in
all major world areas. Similarly, sales for the first half of fiscal
year 2005 increased 18 percent, benefiting from strong trait revenues,
seed sales, and overall Roundup and other glyphosate-based herbicide
revenues.
Items affecting comparability for second quarter of 2005 included:

-- Net restructuring charges of $(0.32 in discontinued operations and
$0. For the second quarter of fiscal year
2005, SG+A as a percent of sales was 16 percent.39 per share as a result
of the loss incurred on the European wheat and barley business, a $0. (MGI) to advance Monsanto's protein optimization
platform.
Unless otherwise indicated, references to "Roundup and other
glyphosate-based herbicides" mean both branded and non-branded
glyphosate-based herbicides, excluding all lawn-and -garden herbicide products.23 $0.67 -
Tax Benefit on
Loss from
European Wheat
and Barley
Business (0.

Total Monsanto Company
and Subsidiaries:
Fiscal Year Six Months Six Months
2005 Ended Ended
Target Feb. 28, Feb. Athens-Based InsectiGen Receives Validation for Its BtBooster(TM) Product

ATHENS, Ga. "Thanks to their backing, we're looking forward to our next step:
raising capital, setting up new offices and building a team to help us develop
our other biopesticide and crop protection products.

gm sandpoint

1 million pounds annually).
"When biotech crops were first commercialized, many farmers were
interested in trying out the new varieties , and now we're realizing more
benefits with each year of planting," said Winters. Agriculture," is available on the
Internet at http://www.

Monsanto Company Reports Second-Quarter 2005 Results

Comment from Monsanto Chairman, President and Chief Executive Officer Hugh
Grant:
"The second quarter is the most important single quarter in our fiscal
year.

Net income and earnings per share: Monsanto recorded second-quarter
fiscal year 2005 net income of $373 million, or $1. Soybean seed and traits net sales increased
40 percent, primarily driven by higher revenues for soybean traits in the
United States. As a result,
the company expects free cash flow to be negative $900 million for the fiscal
year. (For a reconciliation of free cash flow , see note 1. To access this supplemental information, please go
to the Investor Information section of the web site.01) 0.6 263. EBIT, Ongoing EPS, and Free Cash Flow: The presentations of EBIT,
ongoing EPS and free cash flow are not intended to replace net income
(loss), cash flows, financial position or comprehensive income
(loss), and they are not measures of financial performance as
determined in accordance with generally accepted accounting
principles (GAAP) in the United States. The following tables
reconcile EBIT , ongoing EPS and free cash flow to the respective most
directly comparable financial measure calculated in accordance with
GAAP. 28, Feb. 29, Feb. These plans included: (1)
reducing costs associated with the company's Roundup herbicide
business; (2) exiting the European breeding and seed business for
wheat and barley; and (3) discontinuing the plant-made
pharmaceuticals program.

3. We expect investors and the industry to start
taking notice of this development.

segregation fao

01) per share loss on discontinued operations and related
restructuring. (For a reconciliation of ongoing EPS, see note 1.1 billion.S. subsidiary announced it added
NC+ Hybrids, Inc.3 265. 28, Feb.

Terms of
the agreement were not disclosed. Dean has developed groundbreaking improvements in Bt
toxicity and target range extension against mosquitoes that carry human
disease.8 million people annually, according to the
International Service for the Acquisition of Agri-biotech Applications and the
Centers for Disease Control and Prevention.

genetically cereals

Most
importantly, planting biotech varieties promotes conservation farming
practices, which is important to me because I want my grandchildren to
continue farming on our land.

The National Center for Food and Agricultural Policy is a private,
nonprofit, non -advocacy research organization based in Washington, D. We believe the strong results this quarter, and so far this year,
emphasize both the value of our leadership position in the seeds and traits
market, and the continued opportunity we see as the momentum in our seeds and
traits business helps propel our overall business growth. by Monsanto's American Seeds, Inc. (For a reconciliation
of EBIT, see note 1. The increase in
sales for Roundup and other glyphosate-based herbicides was offset by a slight
decline in revenues from all other agricultural products, which decreased
2 percent in second quarter fiscal year 2005.01 per share income on discontinued
operations.97 .
On March 14, Monsanto announced a new collaborative relationship with
Modular Genetics Inc .9 268. 31,
2005 2004
Assets

Current Assets:
Cash and Cash Equivalents $1,096 $1,037
Short-Term Investments - 300
Trade Receivables - Net of Allowances
of $259 and $250, respectively 1 ,913 1,663
Miscellaneous Receivables 368 316
Deferred Tax Assets 366 397
Inventories 1,379 1,154
Assets of Discontinued Operations 67 -
Other Current Assets 87 64
Total Current Assets 5,276 4,931

Property, Plant and Equipment - Net 2,057 2,087
Goodwill - Net 869 720
Other Intangible Assets - Net 446 454
Other Assets 1,195 972
Total Assets $9,843 $9,164

Liabilities and Shareowners' Equity

Current Liabilities:
Short-Term Debt $99 $433
Accounts Payable 360 326
Income Taxes Payable 172 122
Accrued Marketing Programs 264 419
Deferred Revenues 237 16
Grower Accruals 48 1
Liabilities of Discontinued Operations 37 -
Miscellaneous Short-Term Accruals 593 577
Total Current Liabilities 1,810 1,894

Long-Term Debt 1,062 1,075
Postretirement Liabilities 665 687
Solutia-Related Reserve 202 -
Other Liabilities 274 250
Shareowners' Equity 5,830 5,258
Total Liabilities and Shareowners' Equity $9,843 $9,164

Debt to Capital Ratio: 17% 22%

Monsanto Company and Subsidiaries
Selected Financial Information
(Dollars in millions )
Unaudited

Statement of Consolidated Cash Flows
Six Months Six Months
Ended Ended
Feb. 29, Feb.
(2) The restructuring charges for the three months and six months ended
Feb. 28, Feb.

segregation cereals

S."

Second-Quarter and First-Half 2005 Performance Summary:

Net sales increased 27 percent to $1.S.12) per share.


The company 's first-half fiscal year 2005 net income was $333 million, or
$1.2 billion.)

Other Items of Note:
On April 5, Monsanto announced completed the acquisition of Emergent
Genetics' cotton business. Regulatory
clearances in other key production and export countries are anticipated later
this fiscal year.com .39 $0.01 (0. The following table reconciles
EBIT to the most directly comparable financial measure, which is net
income.


Reconciliation of EPS to Ongoing EPS: Ongoing EPS is calculated
excluding certain after -tax items which Monsanto does not consider
part of ongoing operations.

Total Monsanto
Company and
Subsidiaries:
Three Three Six Six
Fiscal Year Months Months Months Months
2005 Ended Ended Ended Ended
Target Feb. In fiscal year 2005, the company incurred charges of
$8 million pretax ($7 million aftertax) to complete the restructuring
actions under this plan. 29, Feb.
InsectiGen's business foundation is the commercialization of its expertise
and ability to produce economically valuable technology.

microorganisms cropgen

5 billion pounds. While insect-resistant traits increased production,
herbicide-resistant varieties generated the greatest reduction in production
costs by reducing the amount of pesticide needed and lowering costs associated
with hand weeding and mechanical cultivation. "In my operation, biotech
crops have improved my profitability by 5 to 10 percent because I can spend
less money on inputs while boosting production by 10 to 15 percent . No-till
cotton acreage increased in the United States by 371 percent in 2004, while
soybean and corn no-till acres increased by 64 and 20 percent, respectively.
"Farmers want to be good stewards of the land because it is the source of
their livelihood," said Sujatha Sankula, Ph.
NCFAP receives funding from public and private institutions, including
government agencies, philanthropic organizations, private corporations and
others.
EBIT (net income (loss) before interest and taxes) for the Seeds and
Genomics segment increased 240 percent, or $358 million, in the first half of
fiscal year 2005, compared with the first half of 2004.
Compared with the first half of fiscal year 2004, the Agricultural
Productivity segment recorded a slight increase in sales of 6 percent in the
first half of fiscal year 2005, driven by increased revenues for Roundup and
other glyphosate-based herbicides.
On March 18, Brazil's regulatory body, the National Commission for
Biosafety, approved Monsanto's Bollgard insect-protected cotton.

Monsanto Company and Subsidiaries
Selected Financial Information
(Dollars in millions, except per share amounts)
Unaudited

Condensed Statement of
Consolidated Operations
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Feb.5 264. 29,
2005 2004 2005 2004
Diluted Earnings
per Share $0.01 ) 0. 29, 2004, were offset by prior-plan restructuring reversals of
$1 million and $2 million, respectively., a
subsidiary of DuPont, for use in making better pest-resistant crops.

"Our BtBooster(TM) represents a breakthrough discovery that will enable a
leap to the next generation of biopesticides and crops developed through
biotechnology," said Cliff Baile, InsectiGen 's chief executive officer,
Georgia Research Alliance Eminent Scholar in Agricultural Biotechnology and
distinguished professor of animal science and foods and nutrition at the
University of Georgia . InsectiGen has developed
biological control technologies that suppress these insects, and is developing
and commercializing a pipeline of products that will offer environmentally
friendly alternatives to chemical and other natural pesticides.

cropgen cereals

According to the study, insect-resistant crops again produced the greatest
yield increase among the crops studied, improving food and fiber production by
6.
Regionally, Midwestern states of Iowa, Nebraska, Indiana, Illinois and
Minnesota experienced the greatest benefits from biotech crops. Iowa farmers
experienced the largest increase in farm income ($266 million) and the
greatest reduction in pesticides (9.
Donna Winters, who grows biotech cotton, corn and soybean on her farm in
Lake Providence, La.D.S.37 $0. For the first half of
2005, reported net income was $333 million, including a pre-tax charge
of $284 million ($181 million aftertax) to establish a reserve
associated with the Solutia Inc.9 billion in the second quarter
primarily because of higher corn and soybean trait revenues in the United
States, increased corn seed sales in the United States and the Europe-Africa
region, and higher revenues for Roundup and other glyphosate-based herbicides
in all major world areas.
For the first half of 2005, net sales approached $3 billion, an 18 percent
improvement compared with net sales in the same period last year.
-- A $0.

Cash flow: Year-to -date 2005 net cash provided by operations was
$453 million, compared with $217 million through the first half of fiscal year
2004. (For a reconciliation of
free cash flow, see note 1.
Net sales in the Agricultural Productivity segment for the quarter
improved by 17 percent, driven by increased net sales of Roundup and other
glyphosate-based herbicides in all major world areas.78 to $0. 29, Feb.58 $1. 29,
2005 2004 2005 2004
EBIT - Seeds and
Genomics Segment $492 $273 $507 $149
EBIT - Agricultural
Productivity Segment 50 (17) (175) 14
EBIT - Total Monsanto
Company and Subsidiaries 542 256 332 163
Interest Expense - Net 15 15 35 32
Income Tax Provision
(Benefit)(1) 154 87 (36) 74
Net Income $373 $154 $333 $57

(1) Includes the income tax provision from continuing operations and
the income tax benefit from discontinued operations.85 - $0.01) 0.01 (0. Depreciation and Amortization: The following table displays the
depreciation and amortization expense by segment for the three months
and six months ended Feb. The total available market for this class of
biopesticides is now $160 million.

genetically agri

Farmers Experience Year-on-Year Improvements From Biotech Crops

WASHINGTON , corn, soybean, cotton, papaya, canola and squash --
and is based on data from the U.
Additionally , the increase in free cash flow for the first half of fiscal year
2005 resulted from the timing of maturities of short-term investments, which
was somewhat offset by Monsanto's seed acquisitions.

EBIT for the Agricultural Productivity segment decreased $189 million in
the first half of fiscal year 2005, compared with the first half of 2004. regulatory clearance for
its next-generation cotton technology, Roundup Ready Flex cotton. 28, Feb. 28, Feb. 29,
2005 2004
Operating Activities:
Net Income $333 $57
Adjustments to reconcile cash provided
(required) by operations:
Items that did not require (provide) cash:
Depreciation and amortization expense 221 228
Impairment of goodwill - 69
Impairment of assets included in
discontinued operations - 29
Bad-debt expense 21 40
Noncash restructuring 7 32
Deferred income taxes (143) 246
Gain on disposal of investments
and property - net (5) (5)
Equity affiliate expense - net 15 20
Solutia-related charge 284 -
Other items that did not require cash 38 19
Changes in assets and liabilities that
provided (required) cash, net of acquisitions:
Trade receivables 65 478
Inventories (157) (79)
Accounts payable and accrued liabilities (163) (400)
PCB litigation settlement insurance
proceeds (payments) 4 (400)
Solutia-related reserve (29) -
Pension contributions (60) (150)
Other Items 22 33
Net Cash Provided by Operations 453 217

Cash Flows Provided (Required) by
Investing Activities:
Purchases of short-term investments - (250)
Maturities of short-term investments 300 230
Acquisitions of businesses, net of cash acquired (173) -
Technology and other investments (20 ) (33)
Capital expenditures (83) (103)
Other investment and property disposal proceeds 23 10
Net Cash Provided (Required) by Investing Activities 47 (146)

Cash Flows Provided (Required) by
Financing Activities:
Net change in financing with less
than 90-day maturities (95) (49)
Short-term debt proceeds 5 5
Short-term debt reductions (15) (10)
Long-term debt proceeds 11 101
Long-term debt reductions (278) (43)
Payments on other financing (3) (3)
Treasury stock purchases (74) (106)
Stock option exercises 92 119
Dividend payments (84) (68)
Net Cash Required by Financing Activities (441) (54)

Net Increase in Cash and Cash Equivalents 59 17
Cash and Cash Equivalents at Beginning of Period 1,037 281
Cash and Cash Equivalents at End of Period $1,096 $298

Monsanto Company and Subsidiaries
Selected Financial Information
(Dollars in millions)
Unaudited

1.

Reconciliation of EBIT to Net Income: EBIT is defined as net income
(loss) before interest and taxes. With respect to the projected free cash flow guidance
provided under the caption "2005 Earnings and Free Cash Flow
Outlook," Monsanto does not include any estimates or projections of
Net Cash Provided (Required) by Financing Activities because in order
to prepare any such estimate or projection, Monsanto would need to
rely on market factors and conditions that are outside of its
control. 1 , 2002, and
thus is not reflected in the table above. The BtBooster(TM)
product can be effective against pests in both biotech crops and plant surface
applications.

About InsectiGen
Harmful insects produce over $30 billion in crop losses, $3 billion in
forest damage and kill more than 2.

Sites and links to categories of scientific interest in both growing plants and producing food from livestock, which has involved genetic manipulation (GM), or other modification of natural sources, to aid agricultural or food production.

fao traits

Herbicide-resistant varieties
cut costs by $1. agriculture .org . Researchers at the National Center for Food
and Agricultural Policy conduct studies in four program areas: biotechnology,
pesticides, U.S.37 per share, compared with
net income of $154 million , or $0.07 in continuing operations) as a result of the loss incurred on
the European wheat and barley business.03) per share.
-- $0.01 per share income on discontinued operations.85 to $0.85 to $2.
On March 1, Monsanto's American Seeds, Inc. The company disclaims any current intention or obligation to revise
or update any forward-looking statements or any of the factors that may affect
actual results, whether as a result of new information, future events or
otherwise.29
Income (Loss) on
Discontinued Operations 0.02 0. 29,
2005 2004 2005 2004
Cost of Goods Sold $- $(17) $ - $(17)
Impairment of Goodwill - - - (69)
Restructuring Charges
- Net(1,2) (7) (28) (8) (57 )
Loss From Continuing
Operations Before
Income Taxes (7) (45) (8) (143)
Income Tax Benefit 1 13 21 24
Income (Loss) From
Continuing Operations (6) (32) 13 (119)
Loss From Operations of
Discontinued Businesses - (1) - (34)
Income Tax Benefit - 1 - 10
Loss On Discontinued
Operations - - - (24)
Net Income (Loss) $(6) $(32) $13 $(95)

(1) The $8 million of restructuring charges for the six months ended
Feb. Upon adoption of SFAS 142,
the goodwill impairment was recorded as a cumulative effect of a
change in accounting principle, and the impairment for the wheat
reporting unit was primarily related to the discontinued European
wheat and barley business. "We're
excited about the possibilities this technology offers in order to help our
customers maximize their harvestable yields and ultimately be more
profitable.
"This agreement is validation for our technology and years of hard work by
our team," said Ligon, who joined InsectiGen after a stint as a Georgia
Research Alliance (GRA) Venture Fellow, where he helped the company develop
its business plan. The total available market for this line of business is
$3 billion.

transgenic ecologic

Additionally, sales of Roundup and other
glyphosate -based herbicides outside the United States were higher for the
first half of 2005, particularly in Brazil and Europe.19) per share. Additionally, sales of non-branded glyphosate-based
herbicides also contributed to the quarterly sales increase.S.
Monsanto Company (NYSE: MON) is a leading global provider of technology-
based solutions and agricultural products that improve farm productivity and
food quality.07)
Net Income $1.29
Income (Loss) on
Discontinued Operations 0.08)
Net Income $1.97 $1.26
Diluted Earnings
per Share from
Ongoing
Operations $2. Restructuring: In October 2003, Monsanto announced plans to continue
to reduce the costs associated with its agricultural chemistry
business as that segment matures globally.

Activities related to the restructuring plan items were recorded in
the Condensed Statement of Consolidated Operations in the following
categories:

Total Monsanto Company
and Subsidiaries:
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Feb. 29,
2005 2004 2005 2004
Seeds and Genomics(1) $65 $70 $128 $135
Agricultural Productivity 47 44 93 93
Total Monsanto $112 $114 $221 $228

(1) Does not include the $69 million impairment of goodwill in the first
half of fiscal year 2004.

famine usda

8 billion and reduced pesticide use by 55.23 $0. corn and soybean trait
revenues, and increased corn seed sales in the United States and the
Europe-Africa region.
-- Net restructuring charges of $(0. Free cash flow in the first half of fiscal year 2004 was affected by
payments of $400 million related to the Solutia PCB litigation settlement.
On March 15, Monsanto announced it obtained U.22

Diluted Earnings (Loss)
Per Share:
Income From Continuing
Operations $1.

Total Monsanto Company
and Subsidiaries:
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
Feb. 28, Feb.85
Solutia-Related
Charge 0. No further actions are planned in 2005. 28, Feb. 28, 2005) and $1 million in the Agricultural Productivity
segment.
Developed by University of Georgia (UGA) Professor of Entomology,
Biochemistry and Molecular Biology and InsectiGen's Chief Science Officer,
Michael Adang, the licensed BtBooster(TM) technology has the potential to help
increase worldwide crop yields and farm level productivity."
Both UGA and GRA provided laboratory equipment , a willing supply of
researchers and graduate students, grant funding and facilities for the
company during the development of the BtBooster(TM) technology.

blacksburg wageningen

"
While the economic and production benefits have been significant, biotech
crops also make growers confident they can control weeds while reducing the
need to plow the land.23 per share, compared with net income of $57 million, or $0. subsidiary .
Selling, general and administrative (SG+A) expenses for second quarter
2005 were $303 million , compared to $272 million in the second quarter of
2004.)

Seeds and Genomics Segment Detail

Net Sales Second Second Six Six
($ in millions ) Quarter Quarter % Months Months %
2005 2004 Change 2005 2004 Change
Corn seed
and traits $646 $488 32% $874 $677 29%
Soybean seed
and traits $443 $316 40% $623 $489 27%
All other crops
seeds and traits $92 $70 31% $153 $101 51%
TOTAL Seeds and
Genomics $1,181 $874 35% $1,650 $1,267 30%


The Seeds and Genomics segment consists of the global seeds and related
trait business, and genetic technology platforms. sales due to lower pricing.93 on an as-reported
basis.
On April 5, Monsanto announced that it signed a non-binding letter of
intent to sell its Enviro-Chem unit to the management of this subsidiary in a
management buyout . Applying this platform, Monsanto will be able to
accelerate its ability to identify and develop new traits for platforms like
agronomic traits, enhanced nutritional content and improved yield properties .4

Monsanto Company and Subsidiaries
Selected Financial Information
(Dollars in millions)
Unaudited

Condensed Statement of Consolidated
Financial Position As of As of
Feb.08
Impairment of
Goodwill - - - - 0. 28, 2005 Feb., InsectiGen, an Athens, Ga. It is focusing on two
core areas:
- Crop Protection: This line of business will offer Bt performance
improvement technologies to the genetically modified crop protection
trait markets.

ecologic famine

, has personally experienced the benefits of growing
biotech crops.57 140% $1. On an as-reported basis, Monsanto expects EPS to be in the range
of $0.
These statements are based on current expectations and currently available
information.8 271.21
Estimated
In-Process R+D
and Other
Purchase
Accounting
Adjustments 0.05 $1.
"Farmers today place a high value on insect resistant crops," said Jim
Miller, vice president, DuPont Crop Genetics Research and Development .

genomics microorganisms

---

- - kjjkjk

Loading...

(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)