Bayer Aktiengesellschaft Overview
Bayer is a German life-science group with three businesses: Crop Science, Pharmaceuticals and Consumer Health. It is the world's largest combined seed, trait and crop-protection supplier, a mid-sized prescription-drug maker, and a top-five self-care company. Fiscal 2025 sales were EUR 45.6 billion. The 2018 purchase of Monsanto brought leading corn and soybean genetics but also glyphosate and PCB litigation, which has consumed well over EUR 10 billion in settlements and produced net losses in 2023, 2024 and 2025. Under CEO Bill Anderson the company has cut management layers, held the dividend at the legal minimum, and concentrated on four priorities: rebuilding the pharma pipeline, containing litigation, reducing debt and improving crop profitability. In 2026 a 7–2 U.S. Supreme Court ruling on federal pre-emption and a proposed USD 7.25 billion class settlement moved the litigation closer to resolution, though the settlement still awaits final court approval.
Company's own description. Bayer describes itself as a global enterprise with core competencies in the life-science fields of health care and nutrition, operating under the mission "Health for all, Hunger for none" (Annual Report 2025; press boilerplate 2026). Bayer AG is a holding company; operations sit in subsidiaries worldwide. In fiscal 2025 the Group had about 88,000 employees, sales of EUR 45.6 billion and R&D expenses of EUR 5.8 billion.
Independent characterisation. Bayer is best understood as three distinct businesses sharing a balance sheet, a brand and a legal liability.
Crop Science (47 percent of FY2025 sales) is an input supplier to farmers. It earns money from proprietary seed and biotech traits, from chemical and biological crop protection, and to a small extent from digital farming subscriptions. Seed and trait revenue carries royalty-like economics: Bayer licenses traits to other seed companies, and two licensing settlements with Corteva lifted results in Q4 2025 and Q1 2026. The business is strongly seasonal, with Northern Hemisphere sales concentrated in the first half and Latin American sales in the second.
Pharmaceuticals (39 percent of sales) discovers, develops and sells prescription medicines, concentrated in cardiovascular and renal disease, oncology, women's health and ophthalmology, plus a radiology unit selling contrast agents and injector hardware. Revenue is almost entirely product sales, with some licence income (for example U.S. Xarelto royalties from Johnson & Johnson, and Eylea outside the United States under a collaboration with Regeneron). The division is in the middle of a patent transition: Xarelto and Eylea are declining while Nubeqa and Kerendia are growing quickly.
Consumer Health (13 percent of sales) sells non-prescription brands through pharmacies, mass retail and e-commerce. It is a branded consumer-goods model with stable margins and low capital intensity.
Revenue model mix. Bayer does not disclose a product/service/licensing split. On the evidence of the Annual Report 2025, the large majority of revenue is product sales; licensing income is embedded in Crop Science seed and trait lines and in Pharmaceuticals; subscription revenue (Climate FieldView, radiology software) is immaterial at Group level. An exact percentage split is not publicly disclosed.
Value-chain position. Bayer is a research-based originator and manufacturer. It owns discovery, development, active-ingredient and finished-product manufacturing, and commercial organisations, and sells through distributors, retailers, wholesalers, hospitals and pharmacies rather than directly to end users in most markets.
Customers and end markets. Farmers, agricultural retailers and distributors, and seed licensees (Crop Science); wholesalers, hospitals, physicians, pharmacy chains, governments and payers (Pharmaceuticals); pharmacies, supermarkets, drugstores and online retailers (Consumer Health).
Strategy
Stated strategy. Management frames the plan around four priorities set out at the March 2024 Capital Markets Day and repeated in 2026: rebuild the pharmaceuticals pipeline, contain the U.S. litigation, reduce debt, and implement Dynamic Shared Ownership. In March 2026 the CEO described the company as showing strong progress but still working on a comprehensive turnaround.
2026 guidance (currency-adjusted, at 2025 average rates). Sales EUR 45 to 47 billion; EBITDA before special items EUR 9.6 to 10.1 billion; core EPS EUR 4.30 to 4.80 on the new definition; free cash flow minus EUR 2.5 to minus 1.5 billion; net financial debt EUR 29 to 30 billion (lowered in August 2026 from EUR 32 to 33 billion). At updated exchange rates in May 2026: sales EUR 44.5 to 46.5 billion, EBITDA before special items EUR 9.4 to 9.9 billion, core EPS EUR 4.10 to 4.60. Divisional guidance: Crop Science sales 0 to plus 3 percent and margin 20 to 22 percent; Pharmaceuticals 0 to plus 3 percent and margin 23 to 25 percent; Consumer Health 0 to plus 4 percent and margin 22 to 24 percent.
Products & Services
Pricing is not disclosed by product; prescription prices are set by country and payer, and crop inputs are priced by region and season. Launch years for older products are analyst recollection.
Pharmaceuticals
| Product | FY2024 | FY2025 |
|---|---|---|
| Eylea (EUR M) | 3,306 | 3,110 |
| Nubeqa (EUR M) | 1,523 | 2,385 |
| Xarelto (EUR M) | 3,480 | 2,344 |
| Mirena/Kyleena/Jaydess (EUR M) | 1,267 | 1,366 |
| Kerendia (EUR M) | 463 | 829 |
| Adempas (EUR M) | 721 | 745 |
| YAZ/Yasmin/Yasminelle (EUR M) | 658 | 700 |
| Kovaltry/Jivi (EUR M) | 687 | 613 |
| CT Fluid Delivery (EUR M) | 562 | 583 |
| Ultravist (EUR M) | 490 | 561 |
| Aspirin Cardio (EUR M) | 634 | 516 |
| Adalat (EUR M) | 489 | 503 |
| Gadovist family (EUR M) | 428 | 415 |
| Stivarga (EUR M) | 463 | 338 |
| Glucobay (EUR M) | 166 | 177 |
| Total best-selling products (EUR M) | 15,337 | 15,185 |
| Product | Description and target customer | Status and notes |
|---|---|---|
| Eylea / Eylea 8 mg (aflibercept) | Anti-VEGF eye injection for wet AMD, diabetic macular edema and related conditions; ophthalmologists. Bayer holds rights outside the United States (Regeneron in the U.S.) | FY2025 sales down 3.7 percent Fx & p adj. on price cuts and biosimilars; the 8 mg version was about 26 percent of Eylea sales in FY2025, about 38 percent in Q4 2025 and about half in Q2 2026 |
| Nubeqa (darolutamide) | Androgen-receptor inhibitor for prostate cancer; oncologists and urologists; co-developed with Orion | Up 62.4 percent Fx & p adj. in FY2025; U.S. price affected by the Inflation Reduction Act |
| Xarelto (rivaroxaban) | Oral Factor Xa anticoagulant; marketed in the U.S. by Johnson & Johnson, with royalties booked as sales | Down 31.6 percent Fx & p adj. in FY2025 on generics, mainly Europe and Japan |
| Kerendia (finerenone) | Non-steroidal mineralocorticoid receptor antagonist for chronic kidney disease with type 2 diabetes and for heart failure | Up 88.0 percent Fx & p adj. in FY2025, led by the U.S. and China; heart-failure indication launched 2025 |
| Mirena / Kyleena / Jaydess (Skyla) and Jadelle | Long-acting reversible contraceptives (hormonal IUS; implant) | Up 12.5 percent Fx & p adj. in FY2025; this is the business moved into the entity in which Apollo is investing EUR 3.0 billion |
| YAZ / Yasmin / Yasminelle | Oral contraceptives | Up 10.7 percent Fx & p adj., driven by China |
| Adempas (riociguat) | Pulmonary hypertension; sGC collaboration with Merck & Co. | Up 6.6 percent Fx & p adj. |
| Verquvo (vericiguat) | sGC stimulator for heart failure; Merck & Co. collaboration | Sales not disclosed among top products |
| Kovaltry / Jivi | Recombinant Factor VIII for hemophilia A | Down 7.5 percent Fx & p adj. on competition |
| Stivarga (regorafenib), Nexavar (sorafenib), Xofigo (radium-223), Vitrakvi (larotrectinib) | Oncology portfolio | Stivarga down 24.5 percent on China volume-based procurement; others not separately disclosed in FY2025 top list |
| Lynkuet (elinzanetant) | Hormone-free NK-1,3 antagonist for menopausal vasomotor symptoms | Launched 2025; FDA priority review for an additional indication announced September 28, 2026 |
| Beyonttra (acoramidis) | Transthyretin stabiliser for ATTR cardiomyopathy; European rights licensed from BridgeBio | Launched in Europe 2025 |
| Hyrnuo (sevabertinib) | Oral therapy for previously treated advanced HER2-mutant non-small cell lung cancer | Launched late 2025 |
| Aspirin Cardio, Adalat, Glucobay | Mature cardiovascular and diabetes brands, China-weighted | Aspirin Cardio down 14.9 percent on China procurement policy |
| Radiology: Ultravist, Gadovist, CT Fluid Delivery (Stellant family), informatics | Contrast media, power injectors and software for CT and MRI; hospitals and imaging centres | Ultravist up 19.7 percent and CT Fluid Delivery up 7.5 percent Fx & p adj. |
Best-selling products (EUR million)
Source: Bayer Annual Report 2025. These 15 products were 85 percent of divisional sales in both years.
Late-stage pipeline. Asundexian (oral Factor XIa inhibitor for secondary stroke prevention) has U.S. and Japanese filings accepted, with FDA priority review (May 19, 2026). BlueRock's bemdaneprocel (cell therapy for Parkinson's disease) is in Phase III (analyst recollection). BlueRock's lemiretprocel (OpCT-001) for primary photoreceptor diseases received FDA and EMA orphan designations (September 30, 2026). AskBio runs gene-therapy programmes. Perfuse Therapeutics, acquired June 12, 2026, adds programmes for ischemia-induced eye diseases.
Crop Science
| Product line | Named offerings (analyst recollection unless noted) | Target customer and notes |
|---|---|---|
| Corn Seed & Traits | DEKALB and regional seed brands; SmartStax PRO, VT4PRO and Trecepta traits; Preceon Smart Corn System (short-stature corn) | Row-crop farmers in the Americas, Europe, Asia and Africa. Largest and fastest-growing entity: up 13.2 percent Fx & p adj. in FY2025 (Annual Report 2025) |
| Soybean Seed & Traits | Asgrow; Roundup Ready 2 Xtend and XtendFlex; Intacta RR2 PRO and Intacta 2 Xtend (named in Annual Report 2025) | U.S. sales fell in 2025 after the dicamba label was vacated; Latin America grew on Intacta 2 Xtend adoption |
| Cotton Seed | Deltapine; Bollgard 3 XtendFlex; ThryvOn | Down 22.9 percent Fx & p adj. in FY2025 |
| Vegetable Seeds | Seminis and De Ruiter | Growers of open-field and protected vegetables; up 7.5 percent Fx & p adj. |
| Herbicides | Roundup and other glyphosate products; XtendiMax (dicamba); Adengo, Atlantis, Council and others | Glyphosate products were EUR 2,552 million in FY2025. The dicamba over-the-top label returned for the 2026 season (Half-Year Report 2026) |
| Fungicides | Fox Xpro, Xpro family, Prosaro, Luna, Nativo, Delaro | Down 4.8 percent Fx & p adj. in FY2025 |
| Insecticides | Movento (named in Annual Report 2025), Sivanto, Vayego, Confidor | Down 12.2 percent after the Movento registration expired in Europe |
| Other | Canola, rice, wheat and sorghum seed; seed treatments; industrial turf and ornamental (U.S.); digital farming | Climate FieldView digital platform; ForGround and carbon programmes |
Bayer reported more than 470 new seed products and 350 crop-protection registrations in 2025 (Bayer corporate presentation, August 2026, as summarised by Quartr).
Consumer Health
| Category | FY2025 growth (Fx & p adj., %) | Flagship brands (analyst recollection) | Target customer |
|---|---|---|---|
| Nutritionals | -3.9 | One A Day, Berocca, Supradyn, Elevit, Redoxon | Consumers via pharmacy, mass retail and e-commerce |
| Allergy & Cold | -3.0 | Claritin, Alka-Seltzer Plus, Afrin | Seasonal demand; soft North American allergy season in 2025 |
| Dermatology | 2.4 | Bepanthen, Canesten | Pharmacy-led |
| Pain & Cardio | 2.1 | Aspirin, Aleve | Global |
| Digestive Health | 3.7 | MiraLAX, Alka-Seltzer, Rennie, Iberogast | Global |
Source for growth rates: Bayer FY2025 results press release, March 4, 2026. Category sales in EUR were not captured.
Financial Narrative
All figures IFRS, EUR million unless stated. FY2024 and FY2025 are taken from the Annual Report 2025 statements. FY2021–FY2023 line items are analyst recollection of the respective annual reports.
Income statement
FY2025 reported EBITDA is derived as EBIT plus depreciation, amortisation and net impairments of EUR 2,785 million from the cash flow statement; FY2024 likewise.
Margins (%)
Revenue CAGR FY2021–FY2025: about 0.8 percent a year. Sales peaked in 2022 on glyphosate pricing and have fallen each year since in reported terms, with currency taking EUR 1,742 million off 2025 sales.
Balance sheet
Cash flow
Dividends paid for FY2021–FY2023 are computed as the prior-year dividend per share times 982.42 million shares; FY2024–FY2025 are the cash-flow-statement lines. Bayer's only share purchases are small employee-plan purchases (EUR 16 million in 2024, EUR 14 million in 2025). Bayer's free cash flow definition also deducts net interest paid.
Ratios (analyst-computed from the tables above)
ROIC uses EBIT before special items (EUR 5,436 million in 2024 and EUR 5,108 million in 2025, derived by adding back disclosed special charges) over average equity plus net financial debt. FY2021 ROE and ROA use FY2020 equity of EUR 30,699 million and total assets of EUR 117,046 million (analyst recollection). The cash conversion cycle uses year-end balances: 2025 receivable days 73, inventory days 240, payable days 138.
Commentary.
Revenue: The 2022 peak reflected exceptional glyphosate prices. Normalisation of those prices in 2023, generic pressure in crop protection, the Xarelto patent expiry and a stronger euro pulled reported sales down 10 percent from 2022 to 2025. Underlying growth was positive in 2025 (1.1 percent Fx & p adj.), with corn seed, Nubeqa and Kerendia offsetting Xarelto, insecticides and soybean and cotton seed.
Profitability: EBITDA before special items has fallen for three years, from EUR 13.5 billion to EUR 9.7 billion, and the margin from 26.6 to 21.2 percent. In 2025 currency cost EUR 491 million of EBITDA. Pharma earnings fell because launch spending rose while Xarelto declined. Reported EBIT has been dominated by special items: goodwill and intangible impairments in Crop Science in 2023 and 2024, and EUR 6,185 million of net special charges in 2025, mainly litigation. Crop Science alone booked EUR 5,520 million of litigation charges in 2025, partly offset by EUR 1,843 million of net impairment reversals after the division revised its long-term plan.
Balance sheet: Equity fell by EUR 6.0 billion in 2025 to EUR 26.1 billion because of the net loss and currency translation. Goodwill and other intangibles still total EUR 48.7 billion, 47 percent of assets and almost twice equity. Other provisions rose from EUR 11.2 billion to EUR 15.8 billion (current plus noncurrent), reflecting the class settlement. Net financial debt fell 8.5 percent to EUR 29.8 billion, helped by EUR 1,370 million of currency effects.
Cash flow: Free cash flow of EUR 2.1 billion in 2025 was 33 percent lower than 2024 on litigation and incentive payouts. Management guides to negative free cash flow of EUR 1.5 to 2.5 billion in 2026 because of about EUR 5 billion of litigation payments. H1 2026 free cash flow was about minus EUR 2.7 billion (minus EUR 2,320 million in Q1 and minus EUR 371 million in Q2).
Leverage: Net debt to EBITDA before special items has been at or above 3.0x for two years. The Apollo investment and hybrid issuance are the main tools being used to hold year-end 2026 net financial debt at EUR 29 to 30 billion despite negative free cash flow.
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Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Crop Science sales (EUR Mn) | 23,270 | 22,259 | 21,622 |
Pharmaceuticals sales (EUR Mn) | 18,081 | 18,131 | 17,829 |
Consumer Health sales (EUR Mn) | 6,027 | 5,870 | 5,802 |
Reconciliation sales (EUR Mn, derived) | 259 | 346 | 322 |
Group sales (EUR Mn) | 47,637 | 46,606 | 45,575 |
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View Subscription PlansResults by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Crop Science EBITDA bsi (EUR Mn) | 5,038 | 4,325 | 4,188 |
Pharmaceuticals EBITDA bsi (EUR Mn) | 5,174 | 4,722 | 4,525 |
Consumer Health EBITDA bsi (EUR Mn) | 1,411 | 1,366 | 1,341 |
Reconciliation EBITDA bsi (EUR Mn, derived) | 83 | -290 | -385 |
Group EBITDA bsi (EUR Mn) | 11,706 | 10,123 | 9,669 |
Segment Margins & Growth (%)
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Crop Science margin (%) | 21.7 | 19.4 | 19.4 |
Pharmaceuticals margin (%) | 28.6 | 26.0 | 25.4 |
Consumer Health margin (%) | 23.4 | 23.3 | 23.1 |
Group margin (%) | 24.6 | 21.7 | 21.2 |
Results by Segment — Crop Science EBIT
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Crop Science EBIT (EUR Mn) | — | -2,756 | -2,532 |
Pharmaceuticals EBIT (EUR Mn) | — | 2,790 | 3,127 |
Group EBIT (EUR Mn) | 612 | -71 | -1,077 |
Segment Overview
| Segment | Reported growth (%) | Fx & p adj. growth (%) | Share of Group sales (%) |
|---|---|---|---|
Crop Science | -2.9 | 1.1 | 47.4 |
Pharmaceuticals | -1.7 | 1.7 | 39.1 |
Consumer Health | -1.2 | -0.1 | 12.7 |
Reconciliation | — | — | 0.7 |
Group | -2.2 | 1.1 | 100.0 |
Revenue by Segment (FY2024–FY2025)
| Business entity | FY2024 | FY2025 |
|---|---|---|
Corn Seed & Traits (EUR Mn) | 6,559 | 7,149 |
Herbicides (EUR Mn) | 5,493 | 5,279 |
of which glyphosate-based (EUR Mn) | 2,672 | 2,552 |
Fungicides (EUR Mn) | 3,157 | 2,888 |
Soybean Seed & Traits (EUR Mn) | 2,475 | 2,214 |
Insecticides (EUR Mn) | 1,640 | 1,369 |
Vegetable Seeds (EUR Mn) | 772 | 788 |
Cotton Seed (EUR Mn) | 585 | 442 |
Other (EUR Mn) | 1,578 | 1,493 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net sales (EUR Mn) | 44,081 | 50,739 | 47,637 | 46,606 | 45,575 |
Gross profit (EUR Mn) | 26,681 | 30,868 | 27,911 | 25,336 | 26,778 |
EBIT / operating income (EUR Mn) | 3,353 | 7,012 | 612 | -71 | -1,077 |
EBITDA reported (EUR Mn) | 6,409 | 13,515 | 10,632 | 8,712 | 1,708 |
EBITDA before special items (EUR Mn) | 11,179 | 13,513 | 11,706 | 10,123 | 9,669 |
Income before income taxes (EUR Mn) | 2,046 | 4,670 | -1,621 | -2,334 | -3,129 |
Net income attributable to stockholders (EUR Mn) | 1,000 | 4,150 | -2,941 | -2,552 | -3,620 |
EPS basic (EUR) | 1.02 | 4.22 | -2.99 | -2.60 | -3.68 |
EPS diluted (EUR) | 1.02 | 4.22 | -2.99 | -2.60 | -3.68 |
Core EPS (EUR, old definition) | 6.51 | 7.94 | 6.39 | 5.05 | 4.91 |
Dividend per share (EUR) | 2.00 | 2.40 | 0.11 | 0.11 | 0.11 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 60.5 | 60.8 | 58.6 | 54.4 | 58.8 |
EBIT margin (%) | 7.6 | 13.8 | 1.3 | -0.2 | -2.4 |
EBITDA bsi margin (%) | 25.4 | 26.6 | 24.6 | 21.7 | 21.2 |
Net margin (%) | 2.3 | 8.2 | -6.2 | -5.5 | -7.9 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | 120,241 | 124,880 | 116,261 | 110,850 | 104,541 |
Cash and cash equivalents (EUR Mn) | 4,564 | 5,171 | 5,907 | 6,191 | 6,671 |
Financial liabilities, current (EUR Mn) | — | — | — | 5,313 | 5,746 |
Financial liabilities, noncurrent (EUR Mn) | — | — | — | 35,498 | 31,833 |
Total financial liabilities (EUR Mn) | — | — | — | 40,811 | 37,579 |
Net financial debt (EUR Mn) | 33,137 | 31,809 | 34,498 | 32,626 | 29,843 |
Total equity (EUR Mn) | 33,168 | 38,926 | 33,037 | 32,045 | 26,063 |
Goodwill (EUR Mn) | 40,106 | 39,648 | 32,299 | 30,016 | 28,061 |
Other intangible assets (EUR Mn) | — | — | — | 22,112 | 20,622 |
Working capital: current assets less current liabilities (EUR Mn) | — | — | — | 5,492 | 326 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash from operating activities (EUR Mn) | 5,089 | 7,093 | 5,117 | 7,368 | 5,930 |
Capital expenditure on PP&E and intangibles (EUR Mn) | 2,611 | 2,949 | 2,751 | 2,778 | 2,487 |
Free cash flow, Bayer definition (EUR Mn) | 1,415 | 3,111 | 1,311 | 3,107 | 2,084 |
Dividends paid (EUR Mn) | 1,965 | 1,965 | 2,358 | 131 | 127 |
Share buybacks (EUR Mn) | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Return on equity (%) | 3.1 | 11.5 | -8.2 | -7.8 | -12.5 |
Return on assets (%) | 0.8 | 3.4 | -2.4 | -2.2 | -3.4 |
Pre-tax ROIC on EBIT bsi (%) | — | — | — | 8.2 | 8.5 |
Current ratio (x) | — | — | — | 1.19 | 1.01 |
Financial liabilities to equity (x) | — | — | — | 1.27 | 1.44 |
Net financial debt to EBITDA bsi (x) | 2.96 | 2.35 | 2.95 | 3.22 | 3.09 |
EBITDA bsi to financial expenses (x) | — | — | — | 3.8 | 3.8 |
Asset turnover (x) | 0.37 | 0.41 | 0.40 | 0.41 | 0.42 |
Cash conversion cycle (days) | — | — | — | 172 | 176 |
Revenue by Region
| Region | FY2024 | FY2025 |
|---|---|---|
Europe/Middle East/Africa (EUR Mn) | 4,521 | 4,493 |
North America (EUR Mn) | 9,268 | 8,890 |
Asia/Pacific (EUR Mn) | 2,219 | 2,103 |
Latin America (EUR Mn) | 6,251 | 6,136 |
Revenue by Region — Europe/Middle East/Africa
| Region | FY2024 | FY2025 |
|---|---|---|
Europe/Middle East/Africa (EUR Mn) | 7,053 | 6,409 |
North America (EUR Mn) | 5,089 | 5,843 |
Asia/Pacific (EUR Mn) | 4,945 | 4,587 |
Latin America (EUR Mn) | 1,044 | 990 |
Division and Region Details
| Division and region | Reported | Fx & p adj. |
|---|---|---|
Crop Science – EMEA | -0.6 | 1.4 |
Crop Science – North America | -4.1 | -1.2 |
Crop Science – Asia/Pacific | -5.2 | 0.3 |
Crop Science – Latin America | -1.8 | 4.5 |
Pharmaceuticals – EMEA | -9.1 | -8.4 |
Pharmaceuticals – North America | 14.8 | 19.7 |
Pharmaceuticals – Asia/Pacific | -7.2 | -3.8 |
Pharmaceuticals – Latin America | -5.2 | 7.7 |
Market Valuation and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Year-end market capitalisation (EUR Bn) | 46.17 | 47.48 | 33.04 | 18.97 | 36.36 |
Year-end share price (EUR, derived from 982.42 million shares) | 47.00 | 48.33 | 33.63 | 19.31 | 37.01 |
Dividend per share (EUR) | 2.00 | 2.40 | 0.11 | 0.11 | 0.11 |
Performance Measure Details
| Performance measure | Value | Basis |
|---|---|---|
Latest close | EUR 44.69 (October 2, 2026) | Investing.com |
52-week range | EUR 25.78 to EUR 53.92 | Investing.com |
1-year change | About plus 53 percent | Investing.com |
Versus end-2023 (about 3 years) | About plus 33 percent | Derived |
Versus end-2021 (about 5 years) | About minus 5 percent | Derived |
2026 year to date | About plus 21 percent | Derived from end-2025 price |
Valuation Snapshot
| Multiple | Value | Inputs |
|---|---|---|
Market capitalisation | EUR 43.9 billion | 982.42 million shares |
Enterprise value (simple) | About EUR 77.5 billion | Market cap plus net financial debt of EUR 33.6 billion at June 30, 2026; excludes pensions and litigation provisions |
EV / EBITDA bsi FY2025 | 8.0x | EUR 9,669 million |
EV / Sales FY2025 | 1.7x | EUR 45,575 million |
Price / core EPS FY2025 | 9.1x (9.8x on the new definition) | EUR 4.91; EUR 4.57 |
Price / core EPS 2026 guidance midpoint | 9.8x | EUR 4.55 currency-adjusted |
Price / book | 1.7x | Equity attributable to stockholders EUR 25,947 million |
P/E on reported EPS | Not meaningful | Net loss |
Credit Ratings
| Agency | Long-term | Short-term | Outlook |
|---|---|---|---|
S&P Global Ratings | BBB | A-2 | Negative |
Moody's | Baa2 | P-2 | Negative |
Fitch Ratings | BBB | F3 | Negative |
Analyst Conclusions
Management guidance. For 2026: currency-adjusted sales of EUR 45 to 47 billion (0 to plus 3 percent), EBITDA before special items of EUR 9.6 to 10.1 billion, core EPS of EUR 4.30 to 4.80, free cash flow of minus EUR 2.5 to minus 1.5 billion and net financial debt of EUR 29 to 30 billion. H1 2026 delivered sales of EUR 24,277 million (plus 3.3 percent Fx & p adj.), EBITDA before special items of about EUR 6.6 billion (plus 6.6 percent), core EPS of EUR 3.66 and net income of EUR 2,982 million. The first half therefore carries about two-thirds of full-year guided EBITDA, consistent with crop seasonality.
Management's own framing implies flat 2026 earnings, pharma growth resuming later in the decade, and crop margins rising toward the mid-20s by 2029.
Bull case
-
Litigation is close to being capped. Durnell removes the main theory in most cases, and the class settlement, if approved, covers future claims too. Annual special charges of EUR 5 to 6 billion would stop.
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The pharma transition is working. Nubeqa and Kerendia added about EUR 1.2 billion of sales in 2025, nearly matching the EUR 1.1 billion Xarelto decline, and asundexian could add a large new franchise.
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Crop margins have room. Q1 2026 crop EBITDA rose 17.9 percent and Q2 rose 30.2 percent; reaching a mid-20s margin on EUR 22 billion of sales would add more than EUR 1 billion of EBITDA.
Bear case
-
The settlement is not final. A rejection or material change by the Missouri court, an adverse verdict on non-warning theories, or an unfavourable EPA glyphosate assessment would reopen the liability.
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The balance sheet is stretched. Net financial debt was EUR 33.6 billion at mid-2026, free cash flow is negative, all rating outlooks are negative, and equity has been supported with hybrids and a structured minority sale of a core pharma asset.
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Core earnings are still falling. EBITDA before special items has declined three years in a row, Eylea erosion accelerated to 27 percent in Q2 2026, and pharma margins are guided lower again.
Catalysts and monitorables for the next 12 months
Analyst verdict. Bayer in October 2026 is a company whose operating businesses are improving while its accounts remain dominated by a liability it bought eight years ago. The operating evidence is reasonably good. Corn seed is growing at double-digit rates, the two lead pharma launches are compounding fast enough to absorb the Xarelto expiry, Consumer Health margins have held through a weak market, and first-half 2026 earnings were ahead of the prior year. The legal evidence is better than at any point since 2018: the Supreme Court has accepted the pre-emption argument Bayer pursued for years, and a nationwide settlement covering future claims is before a state judge with a special master's recommendation largely in its favour.
The financial evidence is weaker. Bayer has lost money for three consecutive years, will burn cash in 2026, carries net debt above three times EBITDA, and has funded itself this year with hybrids and by selling a minority interest in its contraceptives franchise. Those are the actions of a management protecting an investment-grade rating, and they have a cost: hybrid coupons of around six percent and a partner with a claim on a growing asset.
At roughly eight times EBITDA and nine to ten times core earnings, the shares already reflect a good part of the legal progress; they have more than doubled from the 2024 low. The remaining upside depends on three things arriving in sequence: final settlement approval, asundexian approval, and visible deleveraging in 2027. The main risk is that the first of these slips or fails, because the balance sheet has little room for another round of provisions. On the evidence available, the turnaround is real but incomplete, and the next court order matters more to equity value than the next quarter's earnings.
Compilation notes. Primary sources consulted on October 4, 2026: Bayer Annual Report 2025 (income statement, statement of financial position, cash flow statement, Crop Science and Pharmaceuticals divisional reports); Bayer press releases of November 6, 2025, March 4, May 12, May 19, June 25, July 10, August 4, September 23 and October 2, 2026; Q1 2026 Quarterly Statement and Half-Year Financial Report 2026 (extracts); Bayer debt investor page; U.S. Supreme Court opinion in Monsanto Co. v. Durnell. Secondary sources: Reuters, Quartr, MarketBeat, StockAnalysis, Investing.com, Stockopedia and legal-news coverage of the class settlement. Items not captured and flagged in the text: FY2025 Board compensation, verified top-10 shareholders, Consumer Health and Group regional sales, country-level sales, FY2023 regional data, patent counts, CDP scores, peer valuation multiples, analyst consensus and the debt maturity ladder.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | On Board since | Background |
|---|---|---|---|
Bill Anderson | Chairman of the Board of Management (CEO) | April 2023; CEO since June 1, 2023 | Former CEO of Roche Pharmaceuticals and of Genentech; chemical engineer by training (analyst recollection). Contract extended by the Supervisory Board (reported at the April 24, 2026 AGM) |
Dr. Judith Hartmann | Chief Financial Officer | March 1, 2026; CFO since June 1, 2026 | Former CFO and deputy CEO of ENGIE; former Group CFO of Bertelsmann; earlier roles at General Electric; operating partner at Sandbrook Capital; master's and Ph.D. from Vienna University of Economics and Business; board roles at Marsh McLennan and Ørsted, and at Unilever 2015–2024 (Bayer release, November 6, 2025) |
Stefan Oelrich | Head of Pharmaceuticals | November 2018 | Previously at Sanofi; contract extended, reported through January 1, 2029 (AGM coverage, April 2026) |
Rodrigo Santos | Head of Crop Science | January 2022 | Career at Monsanto and Bayer in Latin America (analyst recollection) |
Julio Triana | Head of Consumer Health | May 2024 | Long Bayer career in pharmaceuticals and consumer health (analyst recollection) |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | FY2024 revenue | Positioning versus Bayer |
|---|---|---|---|
Crop Science | Syngenta Group | About USD 28.8 billion (group, incl. non-crop units) | Larger in crop protection; Bayer larger in seeds and traits |
Crop Science | Corteva Agriscience | About USD 16.9 billion | Closest seed and trait rival in North American corn and soybeans; also a Bayer trait licensee |
Crop Science | BASF Agricultural Solutions | About EUR 9.8 billion | Crop protection, with seed assets bought from Bayer in 2018 |
Crop Science | FMC, UPL, ADAMA, Nufarm | USD 4.3 billion (FMC) | Crop protection specialists and generics; the source of pricing pressure Bayer cites |
Pharmaceuticals | Novartis, Roche, Merck & Co., Pfizer, AstraZeneca, Sanofi | USD 50 to 64 billion each | Each roughly three times Bayer's pharma sales |
Pharmaceuticals | Bristol Myers Squibb/Pfizer (Eliquis), Johnson & Johnson and Bristol Myers Squibb (milvexian) | — | Anticoagulant rivals; milvexian is the competing Factor XIa programme |
Pharmaceuticals | Roche (Vabysmo), Amgen, Sandoz, Samsung Bioepis | — | Eylea competitors, branded and biosimilar |
Pharmaceuticals | Astellas (Veozah) | — | Menopause competitor to Lynkuet |
Radiology | GE HealthCare, Bracco, Guerbet | — | Contrast media and injectors |
Consumer Health | Haleon, Kenvue, Opella, Procter & Gamble, Reckitt | GBP 11.2 billion (Haleon); USD 15.5 billion (Kenvue) | Bayer is a top-five player by sales |
Peer Comparison FY2024
| Company | Fiscal year | Revenue | Growth | Margin | R&D intensity |
|---|---|---|---|---|---|
Bayer AG | FY2025 | EUR 45.6 billion | plus 1.1 percent Fx & p adj. | EBITDA bsi 21.2 percent | 12.7 percent of sales |
Corteva | FY2024 | About USD 16.9 billion | About minus 2 percent | Operating EBITDA about 20 percent | About 8 percent |
Novartis | FY2024 | About USD 50.3 billion | About plus 12 percent constant currency | Core operating margin about 39 percent | About 19 to 20 percent |
Haleon | FY2024 | About GBP 11.2 billion | About plus 5 percent organic | Adjusted operating margin about 22 percent | About 3 percent |
