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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 (Media) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 (Media) earnings summary3 Nov, 2026
Executive summary
9M organic sales grew 3% and adjusted EBITDA rose 7%; Q3 sales increased 4.1% reported and 1.9% Fx & portfolio adj. to €10.053bn, with EBITDA before special items up 6.9% to €1.615bn.
Pharma led growth, while Crop Science and Consumer Health faced market and earnings pressure; full-year EBITDA, free cash flow, net debt and Pharma margin outlooks improved.
9M free cash flow was negative €3.0bn, including €3.7bn in litigation-related payments; net financial debt was €31.083bn at September 30.
Financial highlights
Q3 sales were €10.053bn, up 4.1% reported and 1.9% Fx & portfolio adj.; EBITDA before special items rose 6.9% to €1.615bn.
9M sales were €34.330bn and EBITDA before special items €8.212bn, up 2.9% Fx & portfolio adj. and 6.6% reported, respectively.
9M core EPS was €3.97; Q3 core EPS fell to €0.31 from €0.49, partly reflecting non-cash interest-rate-related charges.
Q3 free cash flow was negative €293m; 9M free cash flow was negative €3.0bn, including €3.7bn of litigation-related payments.
Outlook and guidance
FY Group EBITDA before special items guidance increased to €9.8bn–€10.3bn at constant currencies, from €9.6bn–€10.1bn; Core EPS guidance was reiterated.
FY free cash flow guidance improved by €1bn to negative €1.5bn–negative €0.5bn; year-end net debt guidance fell to €28bn–€29bn from €29bn–€30bn.
Pharma FY EBITDA margin guidance rose to 25%–27%; sales growth is expected toward the upper end of its outlook.
Crop Science remained on track within FY guidance; Consumer Health expected growth in the lower half of its range.
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Next Bayer earnings date
Q3 20263 Nov, 2026
Bayer
Next Bayer earnings date
Q3 20263 Nov, 2026
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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.