Bayer AG raised its full-year 2026 adjusted core earnings target to between €9.8 billion and €10.3 billion on November 3, 2026, driven by strong growth in its pharmaceutical unit. Led by Chief Executive Officer Bill Anderson, strong sales of therapies Nubeqa and Kerendia offset a 41% core earnings drop in crop science and flat consumer health revenue. Bayer also lowered its 2026 net debt target to between €28 billion and €29 billion as it awaits final approval on a $7.25 billion settlement for legacy Monsanto Roundup cancer litigation.
Financial performance and updated guidance
- ▪Following its financial outlook increase on November 3, 2026, Bayer AG shares rose as much as 6.4% in early Frankfurt trading, according to Bloomberg
- ▪Bayer AG reported third-quarter 2026 adjusted EBITDA of €1.62 billion, beating average analyst expectations by approximately 13% as pharmaceutical performance offset weakness in other divisions
- ▪Bayer AG reduced its 2026 net financial debt forecast by €1 billion, projecting full-year net financial debt between €28 billion and €29 billion
- ▪Bayer AG raised its 2026 adjusted EBITDA outlook on November 3, 2026, to between €9.8 billion and €10.3 billion ($11 billion to $11.5 billion), up from a previous 2026 forecast range of €9.6 billion to €10.1 billion
Pharmaceutical division performance
- ▪Bayer AG received its first approval in China for potential stroke drug asundexian, while quarterly sales of kidney therapy Kerendia also exceeded expectations
- ▪Bayer AG's pharmaceutical division generated third-quarter 2026 sales of €4.68 billion, exceeding Vara Research poll expectations by 5%, leading Bayer to raise the unit's full-year adjusted earnings margin target to as much as 27%
- ▪Sales of Bayer AG's prostate cancer drug Nubeqa reached approximately €1 billion in the third quarter of 2026, helping offset a 30% sales slump in blood-thinner Xarelto caused by generic competition
Roundup litigation and legal strategy
- ▪Bayer AG CEO Bill Anderson pledged to significantly contain the company's legal overhang by the end of 2026 through a multi-pronged strategy including settlements
- ▪Bayer AG separated its U.S. glyphosate business into an entity named Ruveon in 2026 to limit ongoing litigation risks
- ▪Bayer AG inherited U.S. Roundup litigation and heavy debt from its $63 billion acquisition of Monsanto in 2018, having paid over $11 billion in legal claims to date
- ▪Bayer AG is awaiting approval for a $7.25 billion settlement proposal aimed at resolving current and future U.S. litigation claiming its Roundup weedkiller causes cancer
Third-quarter results commentary
- ▪An analyst stated that Bayer AG's third-quarter results highlight the benefit of running three separate business units—pharmaceutical, crop science, and consumer health—to offset weakness in individual divisions
- ▪Bayer AG Chief Executive Officer Bill Anderson stated on November 3, 2026, that the company has reached a turning point in its pharmaceutical division's growth trajectory
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