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Bayer (BAYN) investor relations material
Bayer Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 net sales reached €9.7 billion, up 1% currency and portfolio adjusted, but down 3% reported due to €450 million in FX headwinds.
Core EPS rose 137.5% year-over-year to €0.57, with 9M 2025 core EPS at €4.29, up 7%; free cash flow was €596 million, down 48% due to higher litigation payouts.
EBITDA before special items increased 21% to €1.5 billion, driven by Crop Science and cost reductions; EBITDA margin before special items improved to 15.6%.
Litigation provisions increased by €934 million in Q3, with net income at -€963 million due to €1.1 billion in special charges for litigations.
Net financial debt reduced by 7% year-over-year to €32.7 billion, reflecting focused capital allocation and FX effects.
Financial highlights
Q3 2025 EBITDA before special items was €1.5 billion, up 21% year-over-year, mainly from Crop Science and reconciliation gains.
Q3 2025 reported EBITDA was €0.5 billion, impacted by special items; Q3 core net income was €0.6 billion, with a core tax rate of 27.7%.
9M 2025 EBITDA before special items was €7.7 billion, down 1% year-over-year.
Free cash flow for Q3 was €596 million, lower than prior year due to higher settlement payouts.
Special items for 2025 now expected at €3.5–4 billion, mainly litigation-related.
Outlook and guidance
Full-year 2025 group outlook confirmed at constant currencies; FX headwinds expected to persist into 2026.
FY 2025 group net sales expected at €46.0–48.0 billion (-1% to +3% cpa), with EBITDA before special items of €9.7–10.2 billion.
Core EPS forecasted at €4.80–5.30, free cash flow €1.5–2.5 billion, and net financial debt €31.0–32.0 billion.
Crop Science and Pharmaceuticals expected to meet full-year top and bottom line targets; Consumer Health sales growth guidance lowered to -1% to +1%.
More detailed 2026 guidance to be provided with FY 2025 results in February.
How did litigation payments affect Q3 cash flow?
What drove Consumer Health's sales outlook downgrade?
How do R&D investments offset Pharma headwinds?
Eylea 8mg penetration: Impact on 2026 sales?
Glyphosate Supreme Court case: Next steps and implications?
Crop Science: US-China trade impact on 2026 acreage?
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Frequently asked questions
Bayer AG operates as a life science company worldwide. It operates through Pharmaceuticals, Consumer Health, and Crop Science segments. The company researches, develops, manufactures, and markets prescription products primarily for the areas of cardiology and women's healthcare; and specialty therapeutics in the areas of oncology, hematology, and ophthalmology. It is also involved in developing over-the-counter medications and dietary supplements.
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