{"id":4916,"date":"2026-08-24T11:34:08","date_gmt":"2026-08-24T09:34:08","guid":{"rendered":"https:\/\/mumak.me\/?p=4916"},"modified":"2026-08-24T15:16:02","modified_gmt":"2026-08-24T13:16:02","slug":"valuation-analysis-bayer-ag","status":"publish","type":"post","link":"https:\/\/mumak.me\/en\/research-insights\/valuation-analysis\/valuation-analysis-bayer-ag\/","title":{"rendered":"Valuation Analysis: Bayer AG"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4916\" class=\"elementor elementor-4916 elementor-4915\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab0bcff e-flex e-con-boxed e-con e-parent\" data-id=\"ab0bcff\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-999a58c elementor-widget elementor-widget-mumak_score_card\" data-id=\"999a58c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"overall\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail mumak-score-card__detail--overall\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Bayer AG<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-negative\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tAnalysis result: 4 out of 5 MUMAKS\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cecee3 elementor-widget elementor-widget-text-editor\" data-id=\"7cecee3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"258\" data-end=\"470\">Since our original Bayer analysis in early August, the fundamental picture has remained largely unchanged; however, there have been further developments regarding the legal situation and the technical picture. <\/p><p data-start=\"472\" data-end=\"717\">Rather than recalculating the entire MUMAK model after every market move, this update focuses on the factors that have changed since our previous analysis: <strong data-start=\"656\" data-end=\"716\">legal developments, market sentiment, and chart technicals<\/strong>.<\/p><h3 data-section-id=\"su80ju\" data-start=\"719\" data-end=\"775\">What has changed since our last analysis?<\/h3><p data-start=\"777\" data-end=\"1053\">Bayer continues to operate on the basis of the <strong data-start=\"820\" data-end=\"842\">Q2 2026 results<\/strong>, which showed improved operational development, particularly in Crop Science; at the same time, cash flow, debt, and payments related to litigation remain key points of observation. <\/p><p data-start=\"1055\" data-end=\"1440\">On the legal side, the next step in the proposed Roundup class action settlement has been postponed, with the final approval hearing now scheduled for <strong data-start=\"1216\" data-end=\"1238\">September 14, 2026<\/strong>. This provides the parties with additional time to process motions to revoke previously declared opt-outs from the settlement following the U.S. Supreme Court&#8217;s Durnell decision.  <\/p><p data-start=\"1442\" data-end=\"1800\">Simultaneously, Bayer shares have entered a technical consolidation phase following the significant price increase in June and early July. <\/p><p data-start=\"1802\" data-end=\"2027\">Against this backdrop, the focus is primarily on whether Bayer can confirm the improved operational and legal starting position while finding a new technical direction following the recent consolidation.<\/p><h2>Rating<\/h2><p><span data-contrast=\"none\">This analysis assesses Bayer AG under the UMBRELLA strategy using the MUMAK method.  <\/span><\/p><p><span data-contrast=\"none\">The valuation is conducted across five decision-making phases: <strong>Geopolitics<\/strong>, <strong>Industry<\/strong>, <strong>Fundamentals<\/strong>, <strong>Market Sentiment<\/strong>, and <strong>Technical Analysis.<\/strong><\/span><\/p><p><span data-contrast=\"none\">The goal is not to predict the future precisely. The goal is orientation. We contextualize facts, demonstrate causal relationships, and structure a comprehensible decision logic.  <\/span><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":216}\"> <\/span><\/p><p><b><span data-contrast=\"none\">We explain \u2013 you decide.<\/span><\/b><span data-ccp-props=\"{\"134233117\":false,\"134233118\":false,\"335559738\":0,\"335559739\":216}\"> <\/span><\/p><h3>Geopolitics<\/h3><h4 aria-level=\"2\"><strong>Classification <\/strong><\/h4><p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"0\" data-end=\"108\">Bayer operates in two strategically important areas: <strong data-start=\"57\" data-end=\"107\">food security and healthcare<\/strong>.<\/p><p data-start=\"110\" data-end=\"345\">Demand for food, agricultural productivity, and medicines remains central even in times of geopolitical uncertainty. This gives Bayer a <strong data-start=\"298\" data-end=\"344\">relatively defensive global position<\/strong>. <\/p><p data-start=\"347\" data-end=\"560\">At the same time, regulatory and political decisions remain key drivers. Drug prices, approvals in the agricultural sector, and international trade rules can affect the business. <\/p><p data-start=\"562\" data-end=\"665\">Overall, Bayer\u2019s exposure to essential industries offers <strong data-start=\"622\" data-end=\"664\">more opportunities than geopolitical risks<\/strong>.<\/p><h5 data-section-id=\"jcz0dm\" data-start=\"667\" data-end=\"682\"><span role=\"text\"><strong data-start=\"671\" data-end=\"682\">Opportunities<\/strong><\/span><\/h5><ul data-start=\"684\" data-end=\"1734\"><li data-section-id=\"gfh46c\" data-start=\"684\" data-end=\"840\"><strong data-start=\"686\" data-end=\"711\">Food security:<\/strong> Governments are increasingly prioritizing a reliable food supply and higher agricultural productivity.<\/li><li data-section-id=\"rz26gq\" data-start=\"841\" data-end=\"1005\"><strong data-start=\"843\" data-end=\"864\">Agricultural technology:<\/strong> Farmers need higher yields and more efficient production. This supports demand for seeds and crop protection solutions. <\/li><li data-section-id=\"1aovbcn\" data-start=\"1006\" data-end=\"1163\"><strong data-start=\"1008\" data-end=\"1046\">Essential healthcare:<\/strong> Demand for medicines remains relatively stable even in times of economic or political uncertainty.<\/li><li data-section-id=\"8mgd3u\" data-start=\"1164\" data-end=\"1277\"><strong data-start=\"1166\" data-end=\"1186\">Global presence:<\/strong> Bayer operates in around 80 countries. This reduces dependence on individual markets. <\/li><li data-section-id=\"ycnjqs\" data-start=\"1278\" data-end=\"1453\"><strong data-start=\"1280\" data-end=\"1320\">Greater legal clarity in the US:<\/strong> The US Supreme Court\u2019s decision in the Durnell case improves Bayer\u2019s position against lawsuits alleging inadequate warning labels.<\/li><li data-section-id=\"pxqr3b\" data-start=\"1454\" data-end=\"1595\"><strong data-start=\"1456\" data-end=\"1502\">Growing demand in healthcare:<\/strong> Oncology as well as cardiovascular and kidney diseases offer long-term growth opportunities.<\/li><li data-section-id=\"1adekzs\" data-start=\"1596\" data-end=\"1734\"><strong data-start=\"1598\" data-end=\"1618\">Diversification:<\/strong> Bayer combines agriculture and healthcare. Both areas serve fundamental global needs. <\/li><\/ul><h5 data-section-id=\"3w2smf\" data-start=\"1736\" data-end=\"1751\"><span role=\"text\"><strong data-start=\"1740\" data-end=\"1751\">Risks<\/strong><\/span><\/h5><ul data-start=\"1753\" data-end=\"2478\"><li data-section-id=\"uvxiio\" data-start=\"1753\" data-end=\"1864\"><strong data-start=\"1755\" data-end=\"1781\">Trade restrictions:<\/strong> Tariffs and trade conflicts can increase costs and disrupt supply chains.<\/li><li data-section-id=\"bbjef3\" data-start=\"1865\" data-end=\"1991\"><strong data-start=\"1867\" data-end=\"1895\">Geopolitical conflicts:<\/strong> Wars and political tensions can raise energy, logistics, and raw material costs.<\/li><li data-section-id=\"1n182j6\" data-start=\"1992\" data-end=\"2144\"><strong data-start=\"1994\" data-end=\"2036\">Agricultural conditions:<\/strong> Weather conditions, agricultural prices, and farmers\u2019 income situation can influence demand.<\/li><li data-section-id=\"1gkg0fj\" data-start=\"2145\" data-end=\"2245\"><strong data-start=\"2147\" data-end=\"2170\">Drug prices:<\/strong> Governments can put pressure on the prices of pharmaceutical products.<\/li><li data-section-id=\"t8gah8\" data-start=\"2246\" data-end=\"2351\"><strong data-start=\"2248\" data-end=\"2264\">Regulation:<\/strong> Agricultural products require regulatory approvals in many countries.<\/li><li data-section-id=\"9sp425\" data-start=\"2352\" data-end=\"2478\"><strong data-start=\"2354\" data-end=\"2372\">Patent expiries:<\/strong> The loss of exclusivity can increase competition and reduce revenues in the pharma business.<\/li><\/ul><p data-section-id=\"10syapy\" data-start=\"2480\" data-end=\"2493\"><span role=\"text\"><strong data-start=\"2484\" data-end=\"2493\">Key takeaway: <\/strong><\/span>Bayer benefits from its strong position in food security and healthcare, while the company\u2019s global presence helps offset geopolitical and regulatory risks.<\/p><p style=\"font-weight: 400;\"><strong>MUMAK.me Rating Phase 1: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6cd080 elementor-widget elementor-widget-mumak_score_card\" data-id=\"e6cd080\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"geopolitik\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Bayer AG<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Geopolitics: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7538b74 elementor-widget elementor-widget-text-editor\" data-id=\"7538b74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Industry<\/h3><h4 aria-level=\"2\"><b><span data-contrast=\"none\">Assessment<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h4><p style=\"font-weight: 400;\">Bayer operates in three major life science markets:<\/p><ul><li><strong>Crop Science:<\/strong> seeds, crop protection, and agricultural technology<\/li><li><strong>Pharmaceuticals:<\/strong> prescription medicines<\/li><li><strong>Consumer Health:<\/strong> over-the-counter health products<\/li><\/ul><p style=\"font-weight: 400;\">Crop Science benefits from better operational execution, lower manufacturing costs, and a stronger seeds and traits business. In Pharmaceuticals, Nubeqa and Kerendia are growing rapidly, while Xarelto and Eylea are declining due to expiring exclusivity and increasing competition. Consumer Health remains stable but faces a weaker consumer environment in the USA.  <\/p><h5 style=\"font-weight: 400;\"><strong>Valuation Comparison<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ebf5fc elementor-widget elementor-widget-Table\" data-id=\"1ebf5fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-b16eac5\"   >Bayer 2026e<\/th><th class=\"elementor-inline-editing elementor-repeater-item-1a47c6c\"   >Industry average* <\/th><th class=\"elementor-inline-editing elementor-repeater-item-e3b1aca\"   >Rating<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>P\/E Ratio<\/b><\/td><td data-label=\"Bayer 2026e\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >20.5x<\/td><td data-label=\"Industry average*\"   class=\"elementor-repeater-item-26f1dfd td-content-type-default\" >approx. 17-23x<\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-73b7846 td-content-type-default\" >Weaker \/ Highly valued<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>EBIT Margin<\/b><\/td><td data-label=\"Bayer 2026e\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >12,5 %<\/td><td data-label=\"Industry average*\"   class=\"elementor-repeater-item-7eb8762 td-content-type-default\" >approx. 17-25%<\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-96204f8 td-content-type-default\" >Weaker<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-ee8c1df td-content-type-default\" ><b>Net margin  <\/b><\/td><td data-label=\"Bayer 2026e\"   class=\"elementor-repeater-item-cfa6d66 td-content-type-default\" >4,7 %<\/td><td data-label=\"Industry average*\"   class=\"elementor-repeater-item-51d9497 td-content-type-default\" >approx. 10-18%<\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-c472931 td-content-type-default\" >Weaker<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-2c18166 td-content-type-default\" ><b>Revenue Growth<\/b><\/td><td data-label=\"Bayer 2026e\"   class=\"elementor-repeater-item-a331cb9 td-content-type-default\" >approx. 0.4%<\/td><td data-label=\"Industry average*\"   class=\"elementor-repeater-item-929f952 td-content-type-default\" >approx. 3-7%<\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-b8b33a4 td-content-type-default\" >Weaker<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45a3293 elementor-widget elementor-widget-text-editor\" data-id=\"45a3293\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><i><span data-contrast=\"none\">*Based on Novartis, Roche, Sanofi, Merck KGaA, Corteva, and other major pharmaceutical and agricultural companies.<\/span><\/i><\/p><p><em>Source: MarketScreener, consensus estimates 2026, as of August 24, 2026.<\/em><\/p><h5 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"jcz0dm\" data-start=\"0\" data-end=\"15\"><span role=\"text\"><strong data-start=\"4\" data-end=\"15\">Opportunities<\/strong><\/span><\/h5><ul data-start=\"17\" data-end=\"592\"><li data-section-id=\"5bmdr6\" data-start=\"17\" data-end=\"145\">Global concerns regarding <strong data-start=\"43\" data-end=\"67\">food security<\/strong> continue to support demand for innovation in agriculture.<\/li><li data-section-id=\"1dni1or\" data-start=\"146\" data-end=\"253\">Climate change increases the need for <strong data-start=\"185\" data-end=\"252\">resilient seeds and effective crop protection solutions<\/strong>.<\/li><li data-section-id=\"qh6svy\" data-start=\"254\" data-end=\"348\">New pharmaceuticals could increasingly offset declining sales of established medications.<\/li><li data-section-id=\"1ml8z0t\" data-start=\"349\" data-end=\"439\">Consumer Health provides a comparatively <strong data-start=\"398\" data-end=\"438\">defensive and highly predictable demand<\/strong>.<\/li><li data-section-id=\"mceogo\" data-start=\"440\" data-end=\"592\">The combination of the healthcare business and agriculture gives Bayer a broad alignment with <strong data-start=\"546\" data-end=\"591\">essential long-term demand drivers<\/strong>.<\/li><\/ul><h5 data-section-id=\"3w2smf\" data-start=\"594\" data-end=\"609\"><span role=\"text\"><strong data-start=\"598\" data-end=\"609\">Risks<\/strong><\/span><\/h5><ul data-start=\"611\" data-end=\"1144\"><li data-section-id=\"tiwcmm\" data-start=\"611\" data-end=\"721\">Patent expirations in the pharmaceutical business create ongoing pressure to continuously renew the product portfolio.<\/li><li data-section-id=\"pawzg9\" data-start=\"722\" data-end=\"849\">The development of new drugs remains capital-intensive, while clinical and regulatory successes are not guaranteed.<\/li><li data-section-id=\"10lhero\" data-start=\"850\" data-end=\"949\">Agricultural markets react sensitively to weather conditions, crop prices, and farmer spending.<\/li><li data-section-id=\"1c7zr90\" data-start=\"950\" data-end=\"1036\">Environmental regulations could restrict the use of certain crop protection products.<\/li><li data-section-id=\"ejgfil\" data-start=\"1037\" data-end=\"1144\">Bayer competes with more focused and, in some cases, <strong data-start=\"1104\" data-end=\"1143\">more profitable peer companies<\/strong>.<\/li><\/ul><p data-start=\"1146\" data-end=\"1386\" data-is-last-node=\"\" data-is-only-node=\"\"><strong data-start=\"1146\" data-end=\"1162\">Core Statement:<\/strong> Bayer operates in sectors supported by attractive long-term demand trends, where its presence in <strong data-start=\"1291\" data-end=\"1341\">Health, Agriculture, and Consumer Health<\/strong> ensures broad diversification. <\/p><p style=\"font-weight: 400;\"><strong>MUMAK.me Assessment Phase 2: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-206b02e elementor-widget elementor-widget-mumak_score_card\" data-id=\"206b02e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"branche\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Bayer AG<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Industry: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9d3a8f elementor-widget elementor-widget-text-editor\" data-id=\"e9d3a8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3><b><span data-contrast=\"none\">Fundamentals<\/span><\/b><\/h3><h4 aria-level=\"2\"><span data-contrast=\"none\">Assessment<\/span><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h4><p style=\"font-weight: 400;\">Bayer&#8217;s results for the second quarter were operationally solid. Group sales rose by 2.2% on a currency- and portfolio-adjusted basis to EUR 10.872 billion, while EBITDA before special items increased by 1.9% to EUR 2.144 billion. <\/p><h5>Revenue by Business Segment<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f00c263 elementor-widget elementor-widget-Table\" data-id=\"f00c263\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Segment<\/th><th class=\"elementor-inline-editing elementor-repeater-item-b16eac5\"   >Sales Q2 2026<\/th><th class=\"elementor-inline-editing elementor-repeater-item-1a47c6c\"   >Sales Q2 2025<\/th><th class=\"elementor-inline-editing elementor-repeater-item-e3b1aca\"   >Change<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Segment\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Crop Science<\/b><\/td><td data-label=\"Sales Q2 2026\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >EUR 4.910 billion<\/td><td data-label=\"Sales Q2 2025\"   class=\"elementor-repeater-item-26f1dfd td-content-type-default\" >EUR 4.788 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-73b7846 td-content-type-default\" ><b>+3,5 %<\/b><\/td><\/tr><tr><td data-label=\"Segment\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Pharmaceuticals<\/b><\/td><td data-label=\"Sales Q2 2026\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >EUR 4.458 billion<\/td><td data-label=\"Sales Q2 2025\"   class=\"elementor-repeater-item-7eb8762 td-content-type-default\" >EUR 4.470 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-13e5308 td-content-type-default\" ><b>+0,8 %<\/b><\/td><\/tr><tr><td data-label=\"Segment\"   class=\"elementor-repeater-item-ee8c1df td-content-type-default\" ><b>Consumer Health <\/b><\/td><td data-label=\"Sales Q2 2026\"   class=\"elementor-repeater-item-cfa6d66 td-content-type-default\" >EUR 1.445 billion<\/td><td data-label=\"Sales Q2 2025\"   class=\"elementor-repeater-item-51d9497 td-content-type-default\" >EUR 1.427 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-019b807 td-content-type-default\" ><b>+1,5 %<\/b><\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d70e1f8 elementor-widget elementor-widget-text-editor\" data-id=\"d70e1f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><em>Source: Bayer Half-Year Financial Report Q2 2026.<\/em><\/p><p style=\"font-weight: 400;\">Within Pharmaceuticals, sales of Nubeqa rose by 63.9% and Kerendia by 82.9% on a currency- and portfolio-adjusted basis. This was offset by significant declines for Xarelto and Eylea. This illustrates the size of the gap created by patent expirations that Bayer still needs to close.  <\/p><p style=\"font-weight: 400;\">The balance sheet is improving more slowly than the adjusted result. Free cash flow in the second quarter was EUR -371 million and EUR -2.691 billion in the first half, mainly due to payments related to litigation. Net financial debt amounted to EUR 33.647 billion as of June 30.  <\/p><h5>Financial performance<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9111cd3 elementor-widget elementor-widget-Table\" data-id=\"9111cd3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-b16eac5\"   >Q2 2026<\/th><th class=\"elementor-inline-editing elementor-repeater-item-1a47c6c\"   >Q2 2025<\/th><th class=\"elementor-inline-editing elementor-repeater-item-e3b1aca\"   >Change<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Revenue<\/b><\/td><td data-label=\"Q2 2026\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" ><b>EUR 10.872 billion<\/b><\/td><td data-label=\"Q2 2025\"   class=\"elementor-repeater-item-26f1dfd td-content-type-default\" >EUR 10.739 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-73b7846 td-content-type-default\" ><b>+1,2 %  <\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>EBITDA before special items<\/b><\/td><td data-label=\"Q2 2026\"   class=\"elementor-repeater-item-ebf23aa td-content-type-default\" ><b>EUR 2.144 billion<\/b><\/td><td data-label=\"Q2 2025\"   class=\"elementor-repeater-item-7eb8762 td-content-type-default\" >EUR 2.105 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-13e5308 td-content-type-default\" ><b>+1,9 %<\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-ee8c1df td-content-type-default\" ><b>Net Income <\/b><\/td><td data-label=\"Q2 2026\"   class=\"elementor-repeater-item-19f37d8 td-content-type-default\" ><b>EUR 0.219 billion<\/b><\/td><td data-label=\"Q2 2025\"   class=\"elementor-repeater-item-51d9497 td-content-type-default\" >EUR -0.199 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-019b807 td-content-type-default\" ><b>Improved<\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-6e21faf td-content-type-default\" ><b>EPS<\/b><\/td><td data-label=\"Q2 2026\"   class=\"elementor-repeater-item-17e8f8a td-content-type-default\" ><b>\u20ac0.95<\/b><\/td><td data-label=\"Q2 2025\"   class=\"elementor-repeater-item-8d7ebc5 td-content-type-default\" >EUR 1.14<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-e539b91 td-content-type-default\" ><b>-16,7 %<\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-d3abbd7 td-content-type-default\" ><b>Free cash flow<\/b><\/td><td data-label=\"Q2 2026\"   class=\"elementor-repeater-item-363d8e1 td-content-type-default\" ><b>EUR -0.371 billion<\/b><\/td><td data-label=\"Q2 2025\"   class=\"elementor-repeater-item-b233852 td-content-type-default\" >EUR 0.125 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-dfb322e td-content-type-default\" ><b>Lower<\/b><\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8503501 elementor-widget elementor-widget-text-editor\" data-id=\"8503501\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><em>Source: Bayer Half-Year Financial Report Q2 2026.<\/em><\/p><h5>Financial Development<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e579144 e-con e-atomic-element e-div-block-base image-container \" data-id=\"e579144\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"e579144\" data-e-type=\"e-div-block\" data-id=\"e579144\">\n    \t\t<div class=\"elementor-element elementor-element-4123223 elementor-widget elementor-widget-image\" data-id=\"4123223\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-scaled.png\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"Bayer_FinancialData\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NzUxMywidXJsIjoiaHR0cHM6XC9cL211bWFrLm1lXC93cC1jb250ZW50XC91cGxvYWRzXC8yMDI2XC8wN1wvQmF5ZXJfRmluYW56ZGF0ZW4tc2NhbGVkLnBuZyJ9\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1072\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-scaled.png\" class=\"attachment-full size-full wp-image-7513\" alt=\"Bayer_FinancialData\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-scaled.png 2560w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-300x126.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-1024x429.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-768x321.png 768w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-1536x643.png 1536w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer_Finanzdaten-2048x857.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n<\/div>\n\t\t<div class=\"elementor-element elementor-element-e23bcd0 elementor-widget elementor-widget-text-editor\" data-id=\"e23bcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Key Observations:<\/strong><\/p><ul><li>Sales peaked in 2022 and have fallen for three consecutive years on a reported basis.<\/li><li>Adjusted EBITDA has also declined since 2022, although the first half of 2026 shows a significant operational recovery.<\/li><li>Reported net income has been negative since 2023 because litigation costs, impairments, and financing costs overshadow the underlying earning power.<\/li><li>The dividend remains at the legal minimum level while management prioritizes the balance sheet.<\/li><\/ul><h5>Outlook 2026<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ccb225f e-con e-atomic-element e-div-block-base image-container \" data-id=\"ccb225f\" data-element_type=\"e-div-block\" data-e-type=\"e-div-block\" data-interaction-id=\"ccb225f\" data-e-type=\"e-div-block\" data-id=\"ccb225f\">\n    \t\t<div class=\"elementor-element elementor-element-7caedea elementor-widget elementor-widget-image\" data-id=\"7caedea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer-Voraussichtliche-Gewinn-und-Verlustrechnung.png\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"Bayer: Projected Income Statement\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NzUxNCwidXJsIjoiaHR0cHM6XC9cL211bWFrLm1lXC93cC1jb250ZW50XC91cGxvYWRzXC8yMDI2XC8wN1wvQmF5ZXItVm9yYXVzc2ljaHRsaWNoZS1HZXdpbm4tdW5kLVZlcmx1c3RyZWNobnVuZy5wbmcifQ%3D%3D\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1329\" height=\"847\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer-Voraussichtliche-Gewinn-und-Verlustrechnung.png\" class=\"attachment-full size-full wp-image-7514\" alt=\"\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer-Voraussichtliche-Gewinn-und-Verlustrechnung.png 1329w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer-Voraussichtliche-Gewinn-und-Verlustrechnung-300x191.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer-Voraussichtliche-Gewinn-und-Verlustrechnung-1024x653.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/07\/Bayer-Voraussichtliche-Gewinn-und-Verlustrechnung-768x489.png 768w\" sizes=\"(max-width: 1329px) 100vw, 1329px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n<\/div>\n\t\t<div class=\"elementor-element elementor-element-867af8c elementor-widget elementor-widget-text-editor\" data-id=\"867af8c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><em>Source: MarketScreener consensus, August 5, 2026. <\/em><em>Actual figures 2025; estimates 2026-2028.<\/em><\/p><p style=\"font-weight: 400;\">The consensus forecast assumes a gradual recovery rather than a transformation into a high-growth company.<\/p><p style=\"font-weight: 400;\"><strong>The forecasts indicate the following:<\/strong><\/p><ul><li>Sales will remain largely stable in 2026 before growing again in the low single-digit percentage range.<\/li><li>Adjusted EBITDA will start to rise again from 2027 as savings and new products gain weight.<\/li><li>Reported net income is expected to turn positive again in 2026 and improve further through 2028.<\/li><\/ul><h5>Opportunities<\/h5><ul><li>Crop Science achieved significant margin expansion, showing that the productivity program is taking effect.<\/li><li>Nubeqa and Kerendia are growing fast enough to become significant replacement products for established drugs.<\/li><li>The U.S. Supreme Court ruling significantly improves Bayer&#8217;s legal position in Roundup lawsuits regarding inadequate warning labels.<\/li><li>Apollo&#8217;s EUR 3.0 billion capital contribution opens a credible path to reducing debt by year-end.<\/li><\/ul><h5>Risks<\/h5><ul><li>Free cash flow remains negative as litigation payments consume operational cash flow.<\/li><li>Net financial debt remains high relative to earnings and market capitalization.<\/li><li>The declining performance of Xarelto and Eylea continues to weigh on the Pharmaceuticals division.<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Key takeaway:<\/strong> Fundamentals are improving, but cash flow and leverage currently prevent an unreservedly positive valuation. Nevertheless, the trend appears to be moving in the right direction. <\/p><p style=\"font-weight: 400;\"><strong>MUMAK.me Assessment Phase 3: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da2cb21 elementor-widget elementor-widget-mumak_score_card\" data-id=\"da2cb21\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"fundamentals\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Bayer AG<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Fundamentals: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c15ab35 elementor-widget elementor-widget-text-editor\" data-id=\"c15ab35\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>News, Analysts, and Market Sentiment<\/h3><h4>Assessment<\/h4><p class=\"isSelectedEnd\">Market sentiment toward Bayer remains <strong>positive<\/strong>, supported by recent operational results; however, the legal situation remains a major influencing factor. Recent developments have improved the outlook regarding Roundup litigation, while payments from legal proceedings and the remaining pending lawsuits represent significant uncertainty.  <\/p><p class=\"isSelectedEnd\">Bayer&#8217;s <strong>Q2 2026 results<\/strong> provided a solid operational foundation.<\/p><p class=\"isSelectedEnd\">In the pharmaceutical business, newer products such as <strong>Nubeqa, Kerendia, and Beyonttra<\/strong> are increasingly supporting the transition from established products like Xarelto and Eylea. Further regulatory progress, including the expanded approval of <strong>LYNKUET in Canada<\/strong>, complements the development of Bayer&#8217;s pharma portfolio. <\/p><p class=\"isSelectedEnd\">The legal environment has also developed more constructively following the <strong>U.S. Supreme Court decision in the Durnell case<\/strong>, which strengthened Bayer&#8217;s position regarding the preemption of federal law in Roundup lawsuits alleging inadequate warnings. Nevertheless, litigation continues to have a significant financial impact: in the <strong>first half of 2026, litigation-related cash outflows amounted to approximately EUR 2.5 billion<\/strong>.  <\/p><p>External valuation analyses have also turned more constructive recently; an analysis published via Yahoo Finance\/Simply Wall St calculated Bayer&#8217;s fair value at approximately <strong>EUR 54.92<\/strong>, suggesting a valuation below the determined fair value based on the assumptions used there. While this provides an additional sentiment indicator, it does not replace the fundamental MUMAK valuation model.  <\/p><h5>Analyst Consensus<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3193062 elementor-widget elementor-widget-Table\" data-id=\"3193062\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   ><\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"\"   class=\"elementor-repeater-item-12cb466 td-content-type-default\" ><b>Average Recommendation<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-e2f92fe td-content-type-default\" ><b>ACCUMULATE<\/b>\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Number of Analysts <\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-f98ac57 td-content-type-default\" >18<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-bba0bf7 td-content-type-default\" ><b>Average Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-35f1c12 td-content-type-default\" >approx. 56.8 EUR\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e9b18d8 td-content-type-default\" ><b>Upside to Average Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-19a0849 td-content-type-default\" >+18,3 %<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-91165f8 td-content-type-default\" ><b>Highest price target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-8833fb8 td-content-type-default\" >65 EUR \n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-85848b8 td-content-type-default\" ><b>Lowest Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >46 EUR \n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d8310e elementor-widget elementor-widget-text-editor\" data-id=\"6d8310e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><em>Source: MarketScreener consensus, August 24, 2026.<\/em><\/p><p>The analyst consensus remains <strong>positive<\/strong>, with the average price target sitting approximately <strong>18.3%<\/strong> above the underlying reference price. <\/p><p aria-level=\"3\"> <\/p><h4 aria-level=\"3\"><b><span data-contrast=\"none\">Interesting Fact<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h4><h5><strong>Apollo Transaction<\/strong><\/h5><p style=\"font-weight: 400;\">Bayer agreed with Apollo on an <strong>equity injection of EUR 3 billion<\/strong>.<\/p><p style=\"font-weight: 400;\">Apollo will acquire a minority stake in a new company into which Bayer will contribute its long-acting contraceptive business. Bayer will retain the majority stake and operational control. <\/p><p style=\"font-weight: 400;\">The transaction strengthens the balance sheet without Bayer having to sell the entire business. Closing is expected in the second half of 2026, subject to regulatory approval. <\/p><h5 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1rg8syy\" data-start=\"147\" data-end=\"158\">Opportunities<\/h5><ul data-start=\"160\" data-end=\"833\"><li data-section-id=\"1rk0giz\" data-start=\"160\" data-end=\"368\"><strong data-start=\"162\" data-end=\"201\">Improved Legal Outlook:<\/strong> The Durnell decision strengthens Bayer&#8217;s position in Roundup litigation and could help reduce long-term legal uncertainty.<\/li><li data-section-id=\"1o97lha\" data-start=\"369\" data-end=\"539\"><strong data-start=\"371\" data-end=\"391\">Pharma Pipeline:<\/strong> The growth of <strong data-start=\"409\" data-end=\"452\">Nubeqa, Kerendia, Beyonttra, and LYNKUET<\/strong> could increasingly offset the pressure from declining sales of established products.<\/li><li data-section-id=\"1rwm4nr\" data-start=\"540\" data-end=\"677\"><strong data-start=\"542\" data-end=\"575\">Crop Science Development:<\/strong> Improved profitability in the second quarter supports the Group&#8217;s operational performance.<\/li><li data-section-id=\"vrizvj\" data-start=\"678\" data-end=\"833\"><strong data-start=\"680\" data-end=\"705\">Analyst Expectations:<\/strong> The current average price target of <strong data-start=\"750\" data-end=\"763\">56.83 EUR<\/strong> indicates further potential compared to the current share price.<\/li><\/ul><h5 data-section-id=\"1x6f6cn\" data-start=\"835\" data-end=\"846\">Risks<\/h5><ul data-start=\"848\" data-end=\"1481\"><li data-section-id=\"d9uvqr\" data-start=\"848\" data-end=\"990\"><strong data-start=\"850\" data-end=\"879\">Ongoing Legal Risks:<\/strong> The Roundup and PCB proceedings continue to represent significant legal and financial uncertainty.<\/li><li data-section-id=\"k37rdo\" data-start=\"991\" data-end=\"1149\"><strong data-start=\"993\" data-end=\"1016\">Cash Flow Burden:<\/strong> Payments related to litigation remain high and significantly impacted free cash flow in the <strong data-start=\"1119\" data-end=\"1139\">first half of 2026<\/strong>.<\/li><li data-section-id=\"mifez\" data-start=\"1150\" data-end=\"1324\"><strong data-start=\"1152\" data-end=\"1170\">Patent Expirations:<\/strong> Declining contributions from established pharma products, particularly <strong data-start=\"1233\" data-end=\"1254\">Xarelto and Eylea<\/strong>, must be increasingly offset by newer growth products.<\/li><li data-section-id=\"365wuk\" data-start=\"1325\" data-end=\"1481\"><strong data-start=\"1327\" data-end=\"1349\">Execution Risks:<\/strong> Bayer must continue to demonstrate sustainable improvement in <strong data-start=\"1405\" data-end=\"1459\">profitability, cash generation, and debt reduction<\/strong>.<\/li><\/ul><p data-start=\"1483\" data-end=\"1659\"><strong data-start=\"1483\" data-end=\"1499\">Core Statement:<\/strong> Market sentiment toward Bayer remains <strong data-start=\"1548\" data-end=\"1559\">positive<\/strong>, supported by progress in the pharma pipeline and a more constructive legal environment.<\/p><p style=\"font-weight: 400;\"><strong>MUMAK.me Evaluation Phase 4: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf01c57 elementor-widget elementor-widget-mumak_score_card\" data-id=\"bf01c57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"sentiment\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Bayer AG<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Sentiment: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c81523 elementor-widget elementor-widget-text-editor\" data-id=\"1c81523\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Technical Analysis <\/h3><h4>Assessment<\/h4><p class=\"isSelectedEnd\">The technical picture for Bayer shares has <strong>weakened in the short term<\/strong> following the significant uptrend between May and July.<\/p><p class=\"isSelectedEnd\">On <strong>August 24, 2026<\/strong>, the stock was trading at approximately <strong>47.45 EUR<\/strong>. After the price had been above 50 EUR in early August, the stock entered a consolidation phase and is currently trading below the recent resistance area. <\/p><h5>Development over the past weeks\/months<\/h5><p><em>(As of August 24, 2026)<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ae0cfe elementor-widget elementor-widget-Table\" data-id=\"4ae0cfe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Indicator<\/th><th class=\"elementor-inline-editing elementor-repeater-item-b16eac5\"   >Rating<\/th><th class=\"elementor-inline-editing elementor-repeater-item-1a47c6c\"   >Interpretation<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Indicator\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>RSI (14)<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" ><b>Neutral<\/b><\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-26f1dfd td-content-type-default\" >At around 48.5, the RSI is near the middle of its range, signaling neither an overbought nor an oversold situation.<\/td><\/tr><tr><td data-label=\"Indicator\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>MACD<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-ebf23aa td-content-type-default\" ><b>Negative<\/b><\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-7eb8762 td-content-type-default\" >The MACD line has fallen below the signal line, indicating weaker short-term momentum; however, both lines remain above the zero line, meaning the overall recovery has not yet been fully invalidated. <\/td><\/tr><tr><td data-label=\"Indicator\"   class=\"elementor-repeater-item-ee8c1df td-content-type-default\" ><b>Bollinger Bands <\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-19f37d8 td-content-type-default\" ><b>Neutral<\/b><\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-51d9497 td-content-type-default\" >Following the decline from the upper band, the stock is trading in the lower half of the Bollinger Band range. The bands have begun to narrow, suggesting a consolidation phase and lower short-term momentum. <\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ce5171 elementor-widget elementor-widget-image\" data-id=\"3ce5171\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-scaled.png\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"BAYN 1 Day\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6ODU2OCwidXJsIjoiaHR0cHM6XC9cL211bWFrLm1lXC93cC1jb250ZW50XC91cGxvYWRzXC8yMDI2XC8wOFwvQkFZTi0xLVRhZy1zY2FsZWQucG5nIn0%3D\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"2560\" height=\"1085\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-scaled.png\" class=\"attachment-full size-full wp-image-8568\" alt=\"BAYN 1 Day\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-scaled.png 2560w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-300x127.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-1024x434.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-768x325.png 768w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-1536x651.png 1536w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/BAYN-1-Tag-2048x868.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8039a02 elementor-widget elementor-widget-text-editor\" data-id=\"8039a02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5>RSI (14)<\/h5><p class=\"isSelectedEnd\"><strong>Neutral<\/strong><\/p><ul data-spread=\"false\"><li>The RSI is currently at approximately <strong>48.5<\/strong>.<\/li><li>This places the indicator slightly below the neutral mark of 50.<\/li><li>Following the significantly higher RSI values during the sharp price increase in June and July, momentum has continued to normalize.<\/li><\/ul><p class=\"isSelectedEnd\"><strong>Interpretation<\/strong><\/p><p class=\"isSelectedEnd\">The RSI currently points to <strong>consolidation and balanced momentum<\/strong>.<\/p><h5>MACD (12\/26\/9)<\/h5><p class=\"isSelectedEnd\"><strong>Negative<\/strong><\/p><ul data-spread=\"false\"><li>The MACD line is currently at approximately <strong>0.47<\/strong>, which is below the signal line of about <strong>0.64<\/strong>.<\/li><li>The bearish crossover indicates weaker short-term momentum following the previous price increase.<\/li><li>However, both the MACD and the signal line remain above the zero line, meaning the overall recovery trend has not yet been fully invalidated. <\/li><\/ul><p class=\"isSelectedEnd\"><strong>Interpretation<\/strong><\/p><p class=\"isSelectedEnd\">The MACD is currently signaling <strong>fading short-term momentum<\/strong> and has not yet provided a new positive signal.<\/p><h5>Bollinger Bands<\/h5><p class=\"isSelectedEnd\"><strong>Neutral<\/strong><\/p><ul data-spread=\"false\"><li>The upper Bollinger Band is currently at approximately <strong>51.50 EUR<\/strong>.<\/li><li>The lower band is at approximately <strong>46.06 EUR<\/strong>.<\/li><li>The middle band is at approximately <strong>48.78 EUR<\/strong>.<\/li><li>With a price of around <strong>47.45 EUR<\/strong>, the stock is trading below the middle band but remains above the lower band.<\/li><li>After the significant expansion of the Bollinger Bands during the price increase in June and July, the bands have narrowed again.<\/li><\/ul><p class=\"isSelectedEnd\"><strong>Interpretation<\/strong><\/p><p class=\"isSelectedEnd\"><br>The Bollinger Bands indicate <strong>decreasing volatility and an ongoing consolidation phase<\/strong>.<\/p><h5>Opportunities<\/h5><ul data-spread=\"false\"><li>The important support zone at <strong>46\u201347 EUR<\/strong> remains intact for now.<\/li><li>The overall recovery structure since the lows in the spring has not yet been broken.<\/li><li>The RSI is in neutral territory and does not signal pronounced negative momentum.<\/li><li>Despite the bearish crossover, both MACD lines remain above the zero line.<\/li><li>A sustainable breakout above the <strong>49.80\u201350.50 EUR<\/strong> range could improve the technical picture and bring the recent highs back into focus.<\/li><\/ul><h5>Risks<\/h5><ul data-spread=\"false\"><li>Short-term upward momentum has weakened following the previous price increase.<\/li><li>The stock is currently trading below the middle Bollinger Band.<\/li><li>The MACD has formed a bearish crossover and has not yet provided a new positive signal.<\/li><li>The <strong>49.80\u201350.50 EUR<\/strong> range continues to form short-term resistance.<\/li><li>A sustainable drop below the support zone at <strong>46\u201347 EUR<\/strong> would weaken the current recovery structure and increase the risk of a further correction.<\/li><\/ul><p><strong>Core Statement:<\/strong> Bayer&#8217;s technical picture has shifted from positive momentum toward <strong>consolidation<\/strong>. The medium-term recovery structure remains intact; however, the MACD crossover and the decline from recent highs indicate weaker short-term momentum. <\/p><p><strong>MUMAK.me Rating Phase 5: Neutral = 0 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35abc00 elementor-widget elementor-widget-mumak_score_card\" data-id=\"35abc00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"charttechnik\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Bayer AG<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-negative\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Technical Analysis: negativ\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afade06 elementor-widget elementor-widget-text-editor\" data-id=\"afade06\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5 aria-level=\"2\"><b><span data-contrast=\"none\">What speaks <\/span><\/b><b><span data-contrast=\"none\">for Bayer?<\/span><\/b><span data-ccp-props=\"{\"134245418\":true,\"134245529\":true,\"335559738\":160,\"335559739\":80}\"> <\/span><\/h5><ul><li>The favorable U.S. Supreme Court decision significantly improves Bayer&#8217;s position in Roundup litigation.<\/li><li>Crop Science shows stronger profitability as efficiency measures reduce costs.<\/li><li>Nubeqa and Kerendia are developing into important growth drivers in the pharmaceutical business.<\/li><li>The Apollo transaction strengthens Bayer&#8217;s capital structure and supports debt reduction.<\/li><li>Bayer has returned to profitability in terms of reported net income.<\/li><li>The long-term technical trend of the stock remains positive.<\/li><li style=\"list-style-type: none;\"> <\/li><\/ul><h5 data-section-id=\"1jl5q8j\" data-start=\"943\" data-end=\"976\">What speaks against Bayer?<\/h5><ul><li>Net financial debt remains high.<\/li><li>Settlement payments from litigation continue to weigh significantly on free cash flow.<\/li><li>Xarelto and Eylea are under significant pressure due to patent expirations and competition.<\/li><li>Group revenue growth remains comparatively low.<\/li><li>Bayer&#8217;s profitability remains below that of many focused pharmaceutical companies.<\/li><\/ul><h5><strong>What we are monitoring<\/strong><\/h5><ul data-spread=\"false\"><li><strong>Legal Developments:<\/strong> Further progress in Roundup litigation and the impact of the Durnell decision.<\/li><li><strong>Operational Development:<\/strong> The growth of newer pharmaceutical products and the further development of profitability in Crop Science.<\/li><li><strong>Technical Picture:<\/strong> The support zone at <strong>46\u201347 EUR<\/strong> and the resistance area at <strong>49.80\u201350.50 EUR<\/strong> remain important levels.<\/li><li><strong>Next Quarterly Report:<\/strong> Bayer will publish its results for the <strong>third quarter of 2026<\/strong> on <strong>November 3, 2026<\/strong>. These will provide the next major update on operational development and the full-year outlook. <\/li><\/ul><p><span data-ccp-props=\"{}\"> <\/span><\/p><h2>Summary<\/h2><p class=\"isSelectedEnd\">Since our previous analysis, Bayer&#8217;s fundamental picture has remained largely unchanged; at the same time, developments in market sentiment and the technical picture provide additional points of reference for the current assessment. <\/p><p class=\"isSelectedEnd\">Operationally, Bayer remains <strong>on track following the Q2 2026 results<\/strong>. The company confirmed its currency-adjusted outlook for the full year, while improved profitability at <strong>Crop Science<\/strong> provided support. <\/p><p class=\"isSelectedEnd\">The legal environment has developed more constructively following the <strong>U.S. Supreme Court&#8217;s Durnell decision<\/strong>, which strengthens Bayer&#8217;s position in Roundup litigation. <\/p><p class=\"isSelectedEnd\">Market sentiment remains <strong>positive<\/strong>, while the technical picture has transitioned into a <strong>neutral consolidation phase<\/strong> following the significant price increase in June and July. <\/p><p>Overall, Bayer is currently combining improved operational execution with progress in the legal environment. The next <strong>Q3 results on November 3, 2026<\/strong>, will be a key indicator of whether the current operational development continues. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a3f9ae elementor-widget elementor-widget-text-editor\" data-id=\"2a3f9ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Rating According to the MUMAK Method<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0cb027 elementor-widget elementor-widget-Table\" data-id=\"e0cb027\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-a4af3fd\"   >Category<\/th><th class=\"elementor-inline-editing elementor-repeater-item-3b3ef9b\"   >Rating<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Category\"   class=\"elementor-repeater-item-ca181a9 td-content-type-default\" ><b>Geopolitics<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-b92892f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-750ef14 td-content-type-default\" ><b>Industry<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-24148b1 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-da9ce5b td-content-type-default\" ><b>Fundamentals<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-909d6b9 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-6f870ed td-content-type-default\" ><b>News &amp; Sentiment<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-1c7f62f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-ca1b684 td-content-type-default\" ><b>Technical Analysis<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-5f69e06 td-content-type-default\" >Neutral<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11acf94 elementor-widget elementor-widget-text-editor\" data-id=\"11acf94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Overall Rating<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4846d6 elementor-widget elementor-widget-mumak_score_card\" data-id=\"f4846d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"overall\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail mumak-score-card__detail--overall\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">Bayer AG<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-negative\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tAnalysis result: 4 out of 5 MUMAKS\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Bayer shows operational progress in the second quarter of 2026. Crop Science and new pharmaceutical products are strengthening the recovery, but debt and legal risks remain. <\/p>\n","protected":false},"author":5,"featured_media":2318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[183,171],"tags":[432,431,433,329],"aktie":[535],"class_list":["post-4916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-valuation-analysis","category-active","tag-agrochemicals","tag-bayer","tag-bayn","tag-pharmaceutical-industry","aktie-bayer"],"acf":[],"_links":{"self":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/4916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/comments?post=4916"}],"version-history":[{"count":33,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/4916\/revisions"}],"predecessor-version":[{"id":8569,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/4916\/revisions\/8569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media\/2318"}],"wp:attachment":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media?parent=4916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/categories?post=4916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/tags?post=4916"},{"taxonomy":"aktie","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/aktie?post=4916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}