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Bayer AG (ETR: BAYGN) delivered a robust performance in the third quarter of 2025, reporting a 138% surge in core earnings per share to €0.57, up from €0.24 a year earlier. The German healthcare and agriculture giant attributed the growth to improved margins in its Crop Science division and continued momentum in new pharmaceuticals, despite currency headwinds and litigation-related payouts affecting cash flow.
Group sales rose 1% on a currency- and portfolio-adjusted basis to €9.7 billion, though reported revenue slipped 3% due to a €0.4 billion foreign exchange impact. EBITDA before special items jumped 21% to €1.5 billion, driven primarily by stronger results in Crop Science. However, free cash flow declined to €0.6 billion from €1.1 billion, reflecting higher litigation expenses. Net financial debt decreased 7% to €32.7 billion.
Crop Science, Bayer’s largest business unit, posted 1% growth (cpa) to €3.9 billion, supported by a 22% rise in corn seed and traits from increased U.S. planting and Latin American demand. Non-glyphosate herbicides rose 7%, while soybean and cotton seed sales declined due to regulatory setbacks. The division’s EBITDA margin climbed to 4.5% from 0.9%.
Pharmaceuticals reported flat sales at €4.3 billion, as soaring demand for Nubeqa (+56%) and Kerendia (+85%) offset a 31% drop in Xarelto amid generic competition. Eylea sales fell 11%, though its 8 mg version accounted for 27% of total revenue. Divisional EBITDA fell 5% to €1 billion.
Consumer Health grew 2% (cpa) to €1.4 billion, led by strong dermatology and digestive health segments.
For the first nine months of 2025, Bayer posted €34.1 billion in sales (+1% cpa) and €4.29 core EPS (+7%). The company reaffirmed its 2025 outlook, targeting sales between €46–48 billion and EBITDA before special items of €9.7–10.2 billion.
