Bayer recorded rising revenue and an improved adjusted operating result in the third quarter of 2026. The main growth driver was the pharmaceutical business, particularly the positive development of the drugs Nubeqa and Kerendia. On this basis, the Group raised its earnings and cash flow guidance for the full year.
At the same time, the weaker development in the agricultural business, negative free cash flow, and persistent legal risks weigh on the overall financial picture.
Bayer | Q3 2026
Finanzergebnisse · Vorjahresvergleich
Quelle: Bayer, Quartalsmitteilung Q3 2026.
Finanzkennzahlen im Detail
| Kennzahl | Q3 2026 | Veränderung zum Vorjahr |
|---|---|---|
| Konzernumsatz | 10,05 Mrd. EUR | +4,1 % |
| EBITDA vor Sondereinflüssen | 1,62 Mrd. EUR | +6,9 % |
| EBITDA-Marge vor Sondereinflüssen | 16,1 % | +0,5 PP |
| Bereinigtes Ergebnis je Aktie | 0,31 EUR | −36,7 % |
| Konzernergebnis | −672 Mio. EUR | Verlust reduziert |
| Free Cashflow | −293 Mio. EUR | Vorjahr: +596 Mio. EUR |
| Nettofinanzverschuldung | 31,08 Mrd. EUR | −5,0 % |
Quelle: Bayer, Quartalsmitteilung Q3 2026.
Currency and portfolio-adjusted Group revenue rose by 1.9%. The improvement in EBITDA before special items was primarily driven by the Pharmaceuticals division.
The Group net income remained negative, partly due to impairments and expenses related to litigation.
Pharmaceuticals: Key Growth Driver
The Pharmaceuticals division achieved revenue of EUR 4.68 billion. On a currency and portfolio-adjusted basis, this represents growth of 6.4%.
Two key drugs developed particularly positively:
Nubeqa, for the treatment of prostate cancer, recorded currency and portfolio-adjusted revenue growth of 58.3% and reached quarterly revenue of approximately EUR 1 billion.
Kerendia, for the treatment of chronic kidney disease and heart failure, achieved revenue growth of 64.9% on the same basis.
EBITDA before special items for the Pharmaceuticals division increased by 23.6% to EUR 1.29 billion. The corresponding margin reached 27.6%.
The development shows that newer drugs are increasingly compensating for the declining revenue of established products such as Xarelto and Eylea. The latter remain under pressure due to patent expirations.
Crop Science and Consumer Health: Mixed Development
Crop Science achieved revenue of EUR 3.88 billion. On a currency and portfolio-adjusted basis, this represents a decline of 2.4%.
EBITDA before special items fell by 41.3% to EUR 101 million. Higher costs and weaker demand in parts of the crop protection business had a negative impact.
Consumer Health generated revenue of EUR 1.45 billion. Currency and portfolio-adjusted revenue remained almost unchanged compared to the prior-year quarter.
EBITDA before special items decreased by 4.4% to EUR 347 million. Higher marketing investments and a challenging market environment weighed on profitability.
The results highlight the varying operational performance of the three business segments.
Bayer Raises Full-Year Guidance for 2026
Due to the improved development in the pharmaceutical business, Bayer adjusted several financial targets for the full year upwards.
Bayer | Prognose 2026
Bisherige und aktualisierte Jahresprognose
| Kennzahl | Bisherige Prognose | Neue Prognose |
|---|---|---|
| Konzern-EBITDA vor Sondereinflüssen | 9,6 – 10,1 Mrd. € | 9,8 – 10,3 Mrd. € |
| EBITDA-Marge Pharmaceuticals vor Sondereinflüssen | 23 – 25 % | 25 – 27 % |
| Free Cashflow | −2,5 bis − 1,5 Mrd. € | −1,5 bis − 0,5 Mrd. € |
| Nettofinanzverschuldung zum Jahresende | 29 – 30 Mrd. € | 28 – 29 Mrd. € |
Quelle: Bayer Quartalsmitteilung Q3 2026.
The raised guidance reflects the improved profitability in the pharmaceutical business as well as the expectation of stronger cash flow development toward the end of the year.
However, expected free cash flow remains negative, while debt continues to be at a high level.
Litigation and Financial Risks
Ongoing legal proceedings related to Monsanto and Roundup remain a major uncertainty factor for Bayer.
Although individual US court decisions have recently favored the company, significant legal and financial risks remain.
Additional challenges arise from restructuring measures, the financing of existing liabilities, and ongoing investments in research and development.
The decisive factor will be whether the operational improvements lead to a sustainable increase in earnings and cash flow in the long term.
Outlook: Can the Pharmaceutical Business Continue the Recovery?
The third-quarter results show an improvement in operational development, particularly in the pharmaceutical business.
The growth of Nubeqa and Kerendia, along with further progress in drug development, could strengthen future earning power.
At the same time, a sustainable recovery depends on several factors: a stabilization of profitability in the agricultural business, an improvement in free cash flow, debt reduction, and a decrease in legal uncertainties.
The coming quarters will show whether the positive development of the Pharmaceuticals division can be transferred to the entire Group.
Key Insights
Pharmaceutical Business as Growth Driver: Nubeqa and Kerendia support revenue growth and rising operating profitability.
Full-Year Guidance Raised: Bayer expects higher adjusted EBITDA and improved cash flow development for 2026.
Challenges Remain: Negative free cash flow, weaknesses in the agricultural business, and existing legal risks continue to weigh on the financial outlook.
Key Takeaway: Bayer’s Q3 results show operational progress, particularly in the pharmaceutical business. The raised full-year guidance improves the earnings outlook. However, a sustainable financial recovery has yet to be confirmed.
