Bayer raised its full-year earnings outlook on 3 November after its pharmaceuticals division powered third-quarter growth. Group sales reached €10.053 billion, up 4.1% reported and 1.9% after currency and portfolio adjustments. Earnings before interest, tax, depreciation and amortisation before special items rose 6.9% to €1.615 billion, with the margin improving to 16.1%.

Pharma carried the quarter

Pharmaceuticals sales rose 6.4% adjusted to €4.680 billion, while divisional earnings before special items climbed 23.6% to €1.292 billion, lifting the margin to 27.6%. Cancer drug Nubeqa led the growth, with sales up 58.3% to €998 million, and kidney treatment Kerendia surged 64.9% to €374 million. Older products went the other way: blood thinner Xarelto fell 30.7% to €377 million and eye drug Eylea dropped 23.5% to €560 million as generic rivals took share. Crop Science sales slipped 2.4% to €3.884 billion as weather and regulation weighed in Europe and Asia; earnings fell 41.3% to €101 million. Consumer Health sales were flat at €1.445 billion.

Loss narrows, cash still tight

The operating gain did not reach the bottom line. Bayer's net loss narrowed to €672 million from €963 million a year earlier, but core earnings per share fell to €0.31 from €0.49 as finance costs and taxes offset the gain. Free cash flow swung to a negative €293 million from a positive €596 million, after €1.121 billion of legal settlement payments, mainly over glyphosate and PCBs.

Outlook raised

For 2026, Bayer now expects currency-adjusted earnings before special items of €9.8–€10.3 billion, up from €9.6–€10.1 billion, and a pharmaceuticals margin of 25% to 27%, up from 23% to 25%. Sales guidance of €45 billion to €47 billion and core earnings per share of €4.30 to €4.80 were unchanged.

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