- Group sales increased by 4.1% (adjusted for currency and portfolio effects) to €13.405 billion; currency effects had a negative impact of €886 million
- EBITDA before special items rose by 9.0% to €4.453 billion; currency effects had a negative impact of €321 million
- Crop Science division achieved sales growth (adjusted for currency and portfolio effects) with a significant increase in earnings
- Pharmaceuticals division sales were flat compared to the prior-year period (adjusted for currency and portfolio effects), with earnings declining
- Consumer Health division posted sales growth (adjusted for currency and portfolio effects), with earnings slightly down
- Core earnings per share increased by 12.9% to €2.71; net income rose to €2.763 billion
- Free cash flow fell to negative €2.320 billion, impacted by settlement payments
- Net financial debt stood at €32.518 billion
- Continued focus on executing strategic priorities
Leverkusen, Germany May 12, 2026 /PRNewswire/ — Bayer AG reported solid performance across all divisions in the first quarter of 2026. “We are satisfied with the start to the year for our businesses and confirm our 2026 outlook adjusted for currency effects,” said Bill Anderson, CEO of Bayer AG, when presenting the company’s first-quarter results on Tuesday. Addressing the company’s strategic priorities, he stated: “We will continue to advance our plans and remain focused on delivering on our commitments for this year.”
Bayer Group sales in the first quarter of 2026 amounted to €13.405 billion, an increase of 4.1% (adjusted for currency and portfolio effects). Currency effects had a negative impact of €886 million (Q1 2025: €55 million). EBITDA before special items rose by 9.0% to €4.453 billion, including a negative currency impact of €321 million (Q1 2025: €165 million). After accounting for net special gains of €324 million (Q1 2025: net special charges of €587 million), EBIT increased by 51.8% to €3.528 billion; the net special gains were primarily related to the sale of the global Avelox® business for €250 million. Net income was €2.763 billion, more than double the prior-year period. Core earnings per share increased by 12.9% to €2.71, mainly driven by earnings growth in the Crop Science division. However, currency effects had a negative impact of €0.20 (Q1 2025: €0.13), partially offsetting the growth.
Free cash flow was negative €2.320 billion (Q1 2025: negative €1.528 billion). This was primarily due to increased payments for legal proceedings, as expected, mainly related to PCB and glyphosate litigation. Overall, these payments resulted in a net outflow of €2.002 billion (Q1 2025: €66 million). As of March 31, 2026, net financial debt stood at €32.518 billion, an increase of 9.0% compared to December 31, 2025, due to the negative free cash flow; however, it decreased by 5.1% compared to March 31, 2025.
Crop Science division sees sales growth in Seeds & Traits business
Sales in the agricultural business (Crop Science division) increased by 6.8% (adjusted for currency and portfolio effects) to €7.558 billion, driven primarily by the soybean seeds & traits business. Sales in this business doubled (adjusted for currency and portfolio effects), with the licensing agreement with Corteva in North America contributing an incremental €448 million to sales. The soybean seeds & traits business also benefited from price recovery following the reinstatement of the dicamba label in the U.S. Additionally, the corn seeds & traits business grew by 7.1% (adjusted for currency and portfolio effects), driven by higher early-season volumes in North America and growth in all other regions. In contrast, sales in the crop protection business declined as expected. For example, overall herbicide sales decreased by 10.2% (adjusted for currency and portfolio effects), with glyphosate product sales down 15.1% (adjusted for currency and portfolio effects). Fungicide sales also fell by 10.7% (adjusted for currency and portfolio effects).
EBITDA before special items in the Crop Science division increased by 17.9% to €3.014 billion. Strong growth in the soybean seeds & traits and corn seeds & traits businesses, along with lower cost of sales from efficiency programs, more than offset a negative currency impact of €277 million (Q1 2025: €26 million). The EBITDA margin before special items improved by 6.2 percentage points to 39.9%, in line with the five-year framework strategic target announced in 2025.
Pharmaceuticals division sees continued strong growth for Nubeqa® and Kerendia®
Sales in the pharmaceuticals business (Pharmaceuticals division) were €4.249 billion, essentially flat compared to the prior year (adjusted for currency and portfolio effects: negative 0.5%). Sales of the cancer drug Nubeqa® and Kerendia® for chronic kidney disease and heart failure again posted significant growth. Nubeqa® sales increased by 57.1% (adjusted for currency and portfolio effects), driven by higher volumes in the U.S. and Europe; Kerendia® sales rose by 84.2% (adjusted for currency and portfolio effects), driven by higher volumes in the U.S. and China. Additionally, the division’s imaging diagnostics business (including products like Ultravist® and CT injection systems) also grew further, supported by higher volumes. Sales of the oral anticoagulant Xarelto® declined by 40.4% (adjusted for currency and portfolio effects) due to patent expirations, as expected. The ophthalmology drug Eylea® business was impacted by generic competition, declining by 20.5% (adjusted for currency and portfolio effects); Eylea® 8 mg, with an extended dosing interval, has been launched and accounts for approximately 46% of total Eylea® sales.
EBITDA before special items in the Pharmaceuticals division decreased by 7.5% to €1.242 billion. The earnings decline was mainly due to higher selling expenses, primarily for promoting Bayer’s non-hormonal drug Lynkuet™ (elinzanetant) for menopause-related symptoms, as well as Nubeqa® and Kerendia®. Additionally, the division increased its research and development investments. Price declines (mainly attributable to patent expirations) also negatively impacted earnings, only partially offset by higher volumes. Furthermore, currency effects had a negative impact of €77 million (Q1 2025: €48 million). In contrast, higher gains from non-core business divestments and lower inventory write-offs had a positive impact on earnings. The EBITDA margin before special items decreased by 0.3 percentage points to 29.2%.
Consumer Health division achieves sales growth (adjusted for currency and portfolio effects) driven by Nutritionals and Dermatology categories
Sales in the self-care products business (Consumer Health division) increased by 5.3% (adjusted for currency and portfolio effects) to €1.491 billion. The division posted growth (adjusted for currency and portfolio effects) in nearly all categories and regions. Performance was primarily driven by the Nutritionals and Dermatology categories, which achieved sales growth of 12.5% and 9.6% (adjusted for currency and portfolio effects), respectively. Growth in the Nutritionals category was mainly due to strong performance in the Natsana e-commerce business, while Elevit™ also delivered excellent results, partly supported by product line extensions. The Dermatology category continued to benefit from significant growth of Bepanthen™ in the Europe/Middle East/Africa region. However, growth in the division was somewhat constrained by a persistently weak market environment in the U.S. and lower demand during the cold and flu season.
EBITDA before special items in the Consumer Health division decreased by 1.5% to €337 million. Earnings were impacted by €31 million in currency fluctuations (Q1 2025: no significant currency impact) and increased marketing investments for innovation. These negative effects were largely offset by sales growth and one-time gains from the sale of several smaller, non-strategic brands. The EBITDA margin before special items declined by 0.2 percentage points to 22.6%.
Outlook confirmed on a currency-adjusted basis
Commenting on the company’s full-year expectations, Wolfgang Nickl, CFO of Bayer AG, said: “We reaffirm our full-year 2026 outlook on a constant currency basis, while continuing to monitor geopolitical developments.” Bayer has also prepared an outlook based on closing exchange rates. Based on the exchange rates applicable on March 31, 2026, the company now expects sales of €44.5 billion to €46.5 billion (previously: €44.0 billion to €46.0 billion), EBITDA before special items of €9.4 billion to €9.9 billion (previously: €9.1 billion to €9.6 billion), and core earnings per share of €4.10 to €4.60 (previously: €4.00 to €4.50); these changes reflect only currency effects. Nickl noted: “This is merely a point-in-time analysis.” He added: “We still expect foreign exchange rates to remain volatile over the remainder of the year.”
Forward-Looking Statements
This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties, and other factors could cause the company’s actual future results, financial condition, development, or performance to differ materially from the estimates expressed in these forward-looking statements. These factors include those disclosed in Bayer’s published reports available on the Bayer website at www.bayer.com. Bayer assumes no liability to update these forward-looking statements or to conform them to future events or developments.
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