Bayer Pharmaceuticals Division Drives Third-Quarter 2026 Sales and EBITDA Growth as Bayer Improves Full-Year Outlook

Bayer Group reported third-quarter 2026 sales of 10.053 billion euros (up 4.1 percent reported, up 1.9 percent currency- and portfolio-adjusted) and EBITDA before special items of 1.615 billion euros (up 6.9 percent), driven primarily by its Pharmaceuticals division. Growth in Pharmaceuticals was led by the products Nubeqa™ and Kerendia™, while Crop Science reported lower sales and earnings in a seasonally small quarter and Consumer Health held sales at the prior-year level with lower earnings. Based on this performance, Bayer improved its full-year 2026 guidance for the Pharmaceuticals EBITDA margin before special items, Group EBITDA before special items, free cash flow, and lowered its expected year-end net financial debt. 

Key Facts at a Glance

  • Bayer Group sales reached 10.053 billion euros in the third quarter of 2026, up 4.1 percent on a reported basis and up 1.9 percent after adjusting for currency and portfolio effects (Fx & portfolio adj.), including a positive currency effect of 246 million euros.
  • Bayer Group EBITDA before special items rose to 1.615 billion euros in the third quarter of 2026, an increase of 6.9 percent, including a positive currency effect of 36 million euros.
  • Bayer's Pharmaceuticals division recorded third-quarter 2026 sales of 4.680 billion euros, up 8.0 percent reported and up 6.4 percent Fx & portfolio adjusted, with EBITDA before special items up 23.6 percent to 1.292 billion euros and an EBITDA margin before special items of 27.6 percent (up 3.5 percentage points).
  • Nubeqa™ sales rose 58.3 percent (Fx & portfolio adj.) and reached approximately one billion euros in the third quarter of 2026 alone; Kerendia™ sales rose 64.9 percent (Fx & portfolio adj.) and surpassed the one-billion-euro mark over the 12 months from October 1, 2025.
  • Bayer's Crop Science division reported third-quarter 2026 sales of 3.884 billion euros (up 0.7 percent reported, down 2.4 percent Fx & portfolio adjusted) and EBITDA before special items of 101 million euros, down 41.3 percent, in the agricultural business's seasonally smallest quarter.
  • Bayer's Consumer Health division reported third-quarter 2026 sales of 1.445 billion euros (up 2.1 percent reported, up 0.1 percent Fx & portfolio adjusted) and EBITDA before special items of 347 million euros, down 4.4 percent.
  • Bayer Group core earnings per share declined to 0.31 euros in the third quarter of 2026 (from 0.49 euros in the third quarter of 2025) due to non-cash charges from interest rate changes partially offset by improved operational earnings.
  • Bayer Group net income was minus 672 million euros in the third quarter of 2026 (compared with minus 963 million euros in the third quarter of 2025), which the release attributes to impairment losses at the Pharmaceuticals and Consumer Health divisions, including a 307 million euro impairment on the Xofigo™ brand and a 215 million euro impairment on the Claritin™ brand.
  • Bayer Group free cash flow was minus 293 million euros in the third quarter of 2026 (compared with plus 596 million euros in the third quarter of 2025), which the release attributes partly to higher payments to resolve legal proceedings.
  • Bayer Group net financial debt was 31.083 billion euros as of September 30, 2026, a decrease of 2.564 billion euros from June 30, 2026, and a decrease of 1.625 billion euros year on year, which the release attributes largely to a 3.0 billion euro payment from Apollo Global Management Inc. in exchange for a minority stake in a newly established entity.
  • On October 26, 2026, asundexian was approved in China for secondary stroke prevention under the brand name Sunharbo™, which the release states is the first approved Factor XIa inhibitor worldwide.
  • On October 29, 2026, Bayer secured a decision in its favor in the first glyphosate case to go to trial since the 7-2 ruling of the U.S. Supreme Court, with all 12 jurors siding with the company. 

Why this matters

Bayer CEO Bill Anderson described the third quarter as a turning point in the Pharmaceuticals division's growth trajectory, with Nubeqa™ and Kerendia™ demonstrating the division's growth potential. The release states that, in view of the Pharmaceuticals business performance, Bayer raised its full-year 2026 guidance for the division's EBITDA margin before special items to between 25 and 27 percent (previous forecast: 23 to 25 percent), and as a result now expects Group EBITDA before special items of between 9.8 and 10.3 billion euros on a currency-adjusted basis (previous forecast: 9.6 to 10.1 billion euros). The release also states that Bayer upgraded its free cash flow guidance to a range of between minus 1.5 and minus 0.5 billion euros (previous forecast: minus 2.5 to minus 1.5 billion euros) and now expects year-end net financial debt of between 28.0 and 29.0 billion euros (previous forecast: 29.0 to 30.0 billion euros). CFO Dr. Judith Hartmann is quoted as saying the year-to-date performance is "a proof point that our strategy is working," giving the company confidence to improve its targets on adjusted EBITDA, free cash flow, and debt. Regarding asundexian's approval in China, CEO Bill Anderson is quoted describing it as "the biggest news out of our pipeline" and stated that Bayer is "focused on obtaining additional approvals." Regarding the glyphosate trial decision, Anderson is quoted stating that the unanimous jury decision "should be informative for those seeking to pursue claims in the court system." 

FAQ / Q&A

Facts / Entity Block 

  • Company / Organization: Bayer AG (Bayer Group)
  • Reporting period: Third quarter (Q3) 2026 and first nine months (9M) 2026
  • Release date: November 3, 2026
  • Location: Leverkusen
  • Key products referenced: Nubeqa™, Kerendia™, Sunharbo™ (asundexian), Beyonttra™, Xarelto™, Eylea™ (including Eylea™ 8 mg), Xofigo™, Claritin™, MiraLAX™, Bepanthen™
  • Divisions: Pharmaceuticals, Crop Science, Consumer Health
  • Key executives quoted: Bill Anderson, CEO, Bayer; Dr. Judith Hartmann, CFO, Bayer
  • Key figures: Group sales 10.053 billion euros (Q3 2026); Group EBITDA before special items 1.615 billion euros (Q3 2026); net financial debt 31.083 billion euros (as of September 30, 2026)
  • Media contacts: Christian Hartel, phone +49 214 30-47686, email christian.hartel@bayer.com; Tino Andresen, phone +49 214 30-66048, email tino.andresen@bayer.com
  • Investor contact: Bayer Investor Relations Team, phone +49 214 30-72704, email ir@bayer.com
  • Original source / release reference: Bayer news release "Pharmaceuticals drives growth: Bayer increases sales and EBITDA before special items in the third quarter, improves full-year outlook," dated November 3, 2026 (reference 2026-0193E): https://www.bayer.com/media/en-us/bayer-increases-sales-and-ebitda-before-special-items-in-the-third-quarter-improves-full-year-outlook/ 

 

Quotes

"We've reached a turning point in Pharma's growth trajectory and we're beginning to see the other side."
Bill Anderson
CEO, Bayer, on the division's growth trajectory led by Nubeqa™ and Kerendia™, as presented with the company's third-quarter 2026 Quarterly Statement. 
"Our year-to-date performance is a proof point that our strategy is working, and it gives us the confidence to improve our targets for the year on adjusted EBITDA, cash and debt."
Dr. Judith Hartmann
CFO, Bayer, on Bayer's upgraded full-year 2026 guidance.

About Bayer / Boilerplate

 

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In line with its mission, “Health for all, Hunger for none,” the company’s products and services are designed to support efforts to master major challenges presented by a growing and aging global population and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2025, the Group employed around 88,000 people and had sales of 45.6 billion euros. R&D expenses amounted to 5.8 billion euros. For more information, go to www.bayer.com.

 

Press Contact / Media Contact

Christian Hartel, phone +49 214 30-47686, email christian.hartel@bayer.com 
Tino Andresen, phone +49 214 30-66048, email tino.andresen@bayer.com 

Investor inquiries: Bayer Investor Relations Team, phone +49 214 30-72704, email ir@bayer.com 

 

Link to the Full Original News Release

Read the full Bayer third-quarter 2026 news release at https://www.bayer.com/media/en-us/bayer-increases-sales-and-ebitda-before-special-items-in-the-third-quarter-improves-full-year-outlook/ and the Quarterly Statement at www.bayer.com/quarterly-statement. 

Forward-Looking Statements  

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.  

Bayer AG is a holding company with operating subsidiaries worldwide. References to “Bayer” or “the company” herein may refer to one or more subsidiaries as context requires