Bayer Aktiengesellschaft Q3 2026 Earnings Recap

Bayer’s shares rose 8.4% after the company upgraded its outlook for adjusted EBITDA, free cash flow and net financial debt, while raising Pharma’s full-year sales outlook toward the upper end of its range and its margin outlook to 25%–27%. The positive reaction also reflects momentum in growth products, although Crop Protection remains under pressure and litigation-related payments weigh on cash flow.

Key Takeaways

• Group sales grew 3% organically year to date; core EPS was €3.97, in line with guidance. Free cash flow was negative €3 billion, attributed to known litigation-related payments.
• Pharma sales grew 2% year to date, with an EBITDA margin of 26.8%. Nubeqa sales rose 60% and Kerendia 76%; the company expects full-year Pharma sales growth toward the upper end of its guidance range.
• Pharma’s margin outlook was upgraded to 25%–27%. Xarelto and EYLEA continued to decline as expected, while newer launches progressed and Bayer reported its first approval for asundexian, in China for secondary stroke prevention.
• Crop Science grew about 3.5% year to date, with a 24.6% EBITDA margin. Double-digit growth in Seeds and Traits was offset by a decline in Crop Protection, amid portfolio exits, regulatory impacts, generic pressure and adverse weather.
• Consumer Health grew 2% year to date, with a 22.9% EBITDA margin; Allergy and cold was the only category in decline. Bayer said it was upgrading its group outlook for adjusted EBITDA, free cash flow and net financial debt, while remaining confident in its 2026 targets.