Bayer lifts full‑year outlook after Q3 sales and EBITDA gains
- Group Q3 sales €10.053bn (+4.1% reported; +1.9% Fx & portfolio adjusted) and EBITDA before special items €1.615bn (+6.9%).
- Pharmaceuticals sales €4.680bn (+8.0% reported; +6.4% Fx & portfolio adj.) and EBITDA before special items €1.292bn (+23.6%); Nubeqa ~€1bn in Q3 and Kerendia surpassed €1bn over the past 12 months.
- Bayer raised Pharmaceuticals EBITDA margin guidance to 25–27% and now expects Group EBITDA before special items (currency‑adjusted) of €9.8–10.3bn; free cash flow guidance lifted to €‑1.5 to €‑0.5bn.
- Net financial debt €31.083bn at Sept 30, 2026 (down €1.625bn y/y); Q3 free cash flow was €‑293m; €3.0bn payment from Apollo reduced net debt versus June 30, 2026.
Results headline
Group sales in Q3 were €10.053bn, up 4.1% on a reported basis and 1.9% after currency and portfolio adjustments. EBITDA before special items rose 6.9% to €1.615bn. EBIT was negative €110m, affected by impairments and net special charges; net income was €‑672m. Core EPS fell to €0.31.
Pharmaceuticals
Prescription‑medicines sales reached €4.680bn (+8.0% reported; +6.4% Fx & portfolio adj.), driven by Nubeqa and Kerendia. Nubeqa generated roughly €1bn in Q3 and Kerendia exceeded €1bn on a 12‑month basis. Pharmaceuticals EBITDA before special items increased 23.6% to €1.292bn, lifting the division margin to 27.6%.
Crop Science and Consumer Health
Crop Science sales were €3.884bn, broadly flat reported but down 2.4% on an adjusted basis amid regulatory and weather headwinds; EBITDA before special items fell 41.3% to €101m. Consumer Health sales were €1.445bn (level on an adjusted basis) with EBITDA before special items down 4.4% to €347m.
Cash, guidance and strategic items
Free cash flow in Q3 was €‑293m; net financial debt at Sept 30 was €31.083bn (declining vs. June 30 and year‑on‑year, aided by a €3.0bn payment from Apollo). Bayer raised Pharma margin guidance to 25–27% and Group EBITDA before special items to €9.8–10.3bn (currency‑adjusted), and improved full‑year free cash flow and year‑end net debt ranges.
Other developments
Asundexian received approval in China for secondary stroke prevention, and Bayer won the first glyphosate trial since the US Supreme Court ruling cited by management as a meaningful litigation development.
Source: Bayer