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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Bayer
Bayer (BAYN) investor relations material
Bayer Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 sales rose 4.1% reported to €10.053bn and 1.9% currency- and portfolio-adjusted; EBITDA before special items increased 6.9% to €1.615bn.
Pharmaceuticals drove growth, while Crop Science and Consumer Health faced pressure; full-year guidance rose for EBITDA, free cash flow, net financial debt and Pharma margin.
Financial highlights
Q3 net income was -€672m and core EPS fell 36.7% to €0.31; free cash flow was -€293m, including €1.121bn of net legal-proceeding outflows.
Nine-month sales were €34.330bn, up 2.9% currency- and portfolio-adjusted; EBITDA before special items rose 6.6% to €8.212bn and core EPS was €3.97.
Nine-month free cash flow was -€3.0bn, including €3.7bn of litigation payouts; net financial debt declined to €31.083bn, supported by the €3.0bn Apollo contribution.
Outlook and guidance
FY2026 currency-adjusted EBITDA before special items guidance rose to €9.8–10.3bn from €9.6–10.1bn; core EPS guidance remained €4.30–4.80.
Free cash flow guidance improved to -€1.5bn to -€0.5bn, including €5bn of litigation payouts; year-end net financial debt guidance fell to €28–29bn.
Pharma margin guidance increased to 25–27% from 23–25%, with sales growth expected toward the upper end of its 0–3% range; Crop Science and Consumer Health market outlooks were lowered.
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Next Bayer earnings date
Q4 202624 Feb, 2027
Bayer
Next Bayer earnings date
Q4 202624 Feb, 2027
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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.