Bayer stock: Q3 sales and EBITDA rise as 2026 outlook improves
Published on 11/03/2026 at 17:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSQ3 performance reshapes Bayer outlook
- Pharmaceuticals led quarterly growth, supported by Nubeqa and Kerendia.
- Crop Science faced regulatory, weather and cost pressures, while Consumer Health earnings declined.
- Bayer raised its outlook for the Pharmaceuticals margin, group EBITDA, free cash flow and year-end net debt.
Bayer reported stronger third-quarter operating performance on Tuesday, November 3, 2026, and lifted several full-year targets. In its official results release, the company said group sales reached 10.053 billion euros in the third quarter, up 4.1 percent on a reported basis and 1.9 percent after currency and portfolio adjustments. EBITDA before special items increased 6.9 percent to 1.615 billion euros.
Pharmaceuticals drives the upgrade
Pharmaceuticals was the main growth engine. Division sales rose 8.0 percent to 4.680 billion euros, while EBITDA before special items advanced 23.6 percent to 1.292 billion euros. Bayer highlighted continued momentum from Nubeqa and Kerendia, while patent expirations reduced sales of Xarelto and Eylea.
Management described the division as entering a new growth cycle and now expects its full-year EBITDA margin before special items to reach 25 to 27 percent, compared with a previous range of 23 to 25 percent.
Mixed performance outside Pharma
Crop Science sales were broadly level on a reported basis but declined 2.4 percent after currency and portfolio adjustments. Regulatory effects, adverse weather and higher costs weighed on the division, sending EBITDA before special items down 41.3 percent to 101 million euros.
Consumer Health sales were broadly stable after adjustments, while EBITDA before special items fell 4.4 percent to 347 million euros. Bayer cited higher marketing investment and a difficult market environment, partly offset by cost and price management.
Cash flow remains a constraint
Net income improved to a loss of 672 million euros from a loss of 963 million euros a year earlier. Core earnings per share declined to 0.31 euros from 0.49 euros, while free cash flow fell to negative 293 million euros, partly because of payments linked to legal proceedings.
Net financial debt stood at 31.083 billion euros at September 30, down from the previous quarter and the year-earlier level. Bayer also raised its group EBITDA outlook to 9.8 billion to 10.3 billion euros on a currency-adjusted basis, from 9.6 billion to 10.1 billion euros previously. The free cash flow range was improved to negative 1.5 billion to negative 0.5 billion euros, and projected year-end net financial debt was lowered to 28 billion to 29 billion euros.
Market attention remains focused on the DAX environment; see the latest DAX market coverage.
Further developments on litigation, pipeline approvals and the execution of the upgraded targets will shape the next Bayer stock assessment. Read more news and analyses on Bayer stock.
Bayer quarterly facts
- Company: Bayer AG
- ISIN: DE000BAY0017
- Reporting period: Third quarter of 2026
- Group sales: 10.053 billion euros
- EBITDA before special items: 1.615 billion euros
- Net income: Negative 672 million euros
- Net financial debt: 31.083 billion euros as of September 30, 2026
