Bayer raises 2026 profit outlook as pharma offsets crop science weakness

Third-quarter results beat forecasts

Bayer reported its third-quarter figures on Tuesday, 3 November 2026, and they came in ahead of expectations. Adjusted EBITDA rose 6.9% from July to September to 1.615 billion euros, while analysts had on average expected a decline to 1.425 billion euros. Group sales grew by just over four percent in the year to more than 10 billion euros. The quarter still ended with a net loss of 672 million euros, 30% smaller than the 963 million euros recorded a year earlier, with write-downs weighing on the result. The strong pharmaceutical business, driven by new medicines, more than offset weakness in the agricultural division Crop Science.

Analyst average expectation1,425

Actual, July to September 20261,615

Analyst average expectation

1425 EUR million

Actual, July to September 2026

1615 EUR million

Data from the article text

Nine-month profit and sales

Over the first nine months of the year, Bayer reported a profit of 2,310 million euros, almost 17 times the 137 million euros of the same period in 2025. Sales for that period reached 34,330 million euros, 0.6% more than a year earlier. Operating result (EBIT) climbed 136.6% to 4,245 million euros over the same span. The company said the figures reflect the contribution of its new medicines. The gains came despite the pressure from the weaker agricultural business.

January to September 2025137

January to September 20262,310

January to September 2025

137 EUR million

January to September 2026

2310 EUR million

Data from the article text

Guidance raised again

Bayer raised its 2026 forecast again, now expecting adjusted EBITDA of 9.8 to 10.3 billion euros, up from the previous range of 9.6 to 10.1 billion euros. The guidance refers to adjusted EBITDA before exceptional items. The company said it is on track to reach its annual targets and expects a more favourable development toward the end of the year, thanks to new medicines. Shares jumped above six percent to 53 euros at the start of trading on Tuesday. Anderson described the pharmaceutical growth as having reached a turning point, with the business moving upward.

No quick breakup

Anderson ruled out a fast split of the group, which combines pharmaceuticals with agricultural chemicals. He said Bayer would not put its progress on hold for two to three years in order to carry out some form of spin-off. A possible split will continue to be monitored, but it is not on the agenda. Investors who had hoped for a rapid separation of the businesses, or a sale of the division with over-the-counter medicines, are likely to be disappointed. Anderson said he does not yet consider his internal restructuring complete.

Leaner management and legal costs

Since 2023 Bayer has removed numerous management levels and cut management positions from 16,000 to 4,500. Decisions are increasingly to be made by teams that are responsible for their own work. Anderson wants Bayer to become the fastest and leanest life-science company in the world. He said three years ago he would not have made that claim, because people would have laughed. A legal dispute over the weedkiller glyphosate in the United States is also proving expensive for the company, adding to the pressure on the agricultural unit.