Bayer stock gains as pharma lifts 2026 outlook

Published on 11/05/2026 at 17:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Pharmaceuticals drove the stronger quarter and the higher 2026 targets. Cash flow remains negative, keeping litigation and balance-sheet pressure in focus.

Pharma growth lifts Bayer outlook

Pharmaceuticals drove stronger third-quarter operating performance and higher 2026 targets.
Nubeqa and Kerendia posted strong currency- and portfolio-adjusted sales growth.
Negative free cash flow, litigation expenses and weaker Crop Science results remain key risks.

Bayer, DE000BAY0017, Illustration mit AI erstellt.

Bayer raised several 2026 targets after stronger third-quarter operating performance, with Pharmaceuticals providing the main lift. According to ad-hoc-news.de, the company also said Crop Science and Consumer Health continued to face market pressure.

Bayer stock traded at 56.05 euros on Lang & Schwarz at 17:45 CET on Thursday, November 5, 2026, 0.30 percent below the Xetra close of Thursday, November 5. The real-time quote of Bayer stock reflects the later evening indication.

Pharmaceuticals leads the improvement

Third-quarter group sales rose 4.1 percent year over year to 10.053 billion euros, while EBITDA before special items increased 6.9 percent to 1.615 billion euros. Pharmaceuticals sales climbed 8.0 percent on a reported basis, and adjusted EBITDA advanced 23.6 percent to 1.292 billion euros.

Nubeqa and Kerendia were the main growth drivers, with currency- and portfolio-adjusted sales gains of 58.3 percent and 64.9 percent, respectively. Bayer said Nubeqa generated approximately one billion euros in quarterly sales, while Kerendia exceeded one billion euros over the 12 months ended September 30, 2026.

Higher targets, persistent cash pressure

Bayer lifted its Pharmaceuticals adjusted EBITDA margin target for 2026 to 25 to 27 percent from 23 to 25 percent previously. Group EBITDA before special items is now expected at 9.8 to 10.3 billion euros, compared with the former range of 9.6 to 10.1 billion euros.

Free cash flow guidance improved by one billion euros but still points to an outflow of negative 1.5 to negative 0.5 billion euros. Third-quarter net income was negative 672 million euros, while legal payments, impairment charges and patent expiries continued to weigh on the investment case.

For investors, the upgraded operating outlook strengthens the Pharmaceuticals narrative, but it does not remove Bayer's litigation burden or the weaker contribution from Crop Science.

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