Bayer’s Pharmaceuticals division grew 2025 prescription drug sales 1.7% on a currency- and portfolio-adjusted basis to 17.829 billion euros, driven primarily by strong uptake of oncology drug Nubeqa and kidney/cardiovascular therapy Kerendia, which posted sales increases of 62.4% and 88.0%, respectively (Fx & portfolio adjusted). Sales in the Mirena contraceptive franchise rose 12.5% (Fx & portfolio adjusted), and the radiology portfolio also delivered solid gains on higher volumes for Ultravist and CT fluid delivery products.
These growth drivers were partly offset by steep declines for Xarelto, whose sales fell 31.6% (Fx & portfolio adjusted) due to patent expirations, and a 3.7% (Fx & portfolio adjusted) drop in Eylea revenue amid price pressure and generic competition, despite a growing contribution from the newer Eylea 8 mg formulation, which represented about 38% of Eylea sales in the fourth quarter. EBITDA before special items in the Pharmaceuticals segment declined 4.2% to 4.525 billion euros, reflecting higher selling expenses for launches of Nubeqa and Kerendia in new indications and the introduction of new products Lynkuet, Beyonttra and Hyrnuo, as well as increased early‑stage R&D and cell and gene therapy investments.
Bayer said negative pricing effects tied to patent expirations and the U.S. Inflation Reduction Act were fully offset by higher volumes in the pharma portfolio. For 2026, at the Group level, the company guided to stable sales and earnings on a currency-adjusted basis, with expectations for 45–47 billion euros in total sales and 9.6–10.1 billion euros in EBITDA before special items, while continuing to advance its pharmaceuticals pipeline as a core driver of mid‑term growth.
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