Bayer increased third-quarter 2026 group sales to €10.053 billion, up 4.1% on a reported basis and 1.9% after adjusting for currency and portfolio effects. EBITDA before special items rose 6.9% to €1.615 billion. Net income was minus €672 million, including impairment losses at Pharmaceuticals and Consumer Health. Core earnings per share declined to €0.31 from €0.49 a year earlier, impacted by non-cash charges from interest rate changes. Free cash flow decreased to minus €293 million, partly due to expected higher payments to resolve legal proceedings. Net financial debt fell to €31.083 billion as of September 30.
Pharmaceuticals sales rose 8.0% to €4.680 billion, driven by Nubeqa and Kerendia, up 58.3% and 64.9% on a currency- and portfolio-adjusted basis, respectively. Nubeqa sales hit approximately €1 billion in the quarter, and Kerendia achieved blockbuster status. Beyonttra sales were five times higher than the prior-year level. Xarelto and Eylea sales declined due to patent expirations. Pharmaceuticals EBITDA before special items advanced 23.6% to €1.292 billion.
Crop Science sales were €3.884 billion, down 2.4% on an adjusted basis, with EBITDA before special items down 41.3% to €101 million. Consumer Health sales increased 2.1% to €1.445 billion, with EBITDA before special items down 4.4% to €347 million.
Bayer raised its full-year Pharmaceuticals EBITDA margin guidance to 25–27% and now expects Group EBITDA before special items of €9.8–10.3 billion on a currency-adjusted basis. Free cash flow guidance was lifted by €1.0 billion to minus €1.5 to minus €0.5 billion, and net financial debt is now expected between €28.0 and €29.0 billion.
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