Bayer Raises 2026 Profit Outlook on Pharma Growth

Bayer on November 3, 2026 raised its 2026 adjusted EBITDA guidance to €9.8 billion–€10.3 billion from €9.6 billion–€10.1 billion after third-quarter results. Group sales rose 4.1% to €10.05 billion. Pharmaceutical sales rose 8% to €4.68 billion, and pharma EBITDA before special items rose 23.6% to €1.29 billion from €1.05 billion, with Nubeqa sales up 58.3% adjusted and Kerendia up 64.9% adjusted. The company raised Pharmaceuticals Division EBITDA margin guidance to 25-27% from 23-25%, lifted free cash flow guidance to negative €0.5 billion–€1.5 billion from negative €1.5 billion–€2.5 billion, and cut year-end net financial debt guidance by €1 billion to €28 billion–€29 billion. Chief executive Bill Anderson said, "We've reached a turning point in Pharma's growth trajectory and we're beginning to see the other side." Chief Financial Officer Judith Hartmann said year-to-date performance gave confidence to raise full-year earnings, cash flow and debt targets. Net loss was €672 million versus €963 million a year earlier, wider than the €242 million analyst estimate. Free cash flow was negative €293 million versus positive €596 million a year earlier. Results included a €307 million impairment on Xofigo, a €215 million impairment on Claritin, and €407 million in total net special charges. Net financial debt fell to €31.08 billion from €32.71 billion, partly due to a €3 billion payment from Apollo Global Management. Rated coverage was limited to one left and one center outlet, with no right-rated outlet in the record.