Key figures
- Sales: € 10.7 billion (-3.6% nominal, +0.9% adjusted for currency and portfolio effects)
- EBITDA pre exceptionals: € 2.105 billion (-0.3%)
- Adjusted earnings per share: 1,23 € (+30,9 %)
- Consolidated net income: € -0.2 billion (special items for legal cases, partially offset by write-ups at Crop Science)
- Free cash flow: € 0.1 billion
- Net financial debt: € 33.3 billion
- Forecast: Currency-adjusted sales and earnings forecast raised; however, negative currency effects are still expected.
Segment development
- Crop Science: +2.2% (Fx & portfolio adj.), earnings significantly improved due to cost reductions and write-ups.
- Pharmaceuticals: Sales stable (Fx & portfolio adj.), but significant decline in earnings due to higher R&D costs and unfavorable product mix (decline in Xarelto, increase in Nubeqa and Eylea).
- Consumer Health: Stable sales (Fx & portfolio adj.), earnings improved due to cost efficiency and lower restructuring expenses.
Analysis
- Positive:
- Strong increase in adjusted EPS thanks to improved financial result and lower tax expenses.
- Crop Science delivers positive surprises despite legal burdens.
- Forecast increase signals confidence among management.
- Negative:
- Legal risks (especially glyphosate) continue to be a burden.
- Pharmaceuticals with margin pressure and higher expenses for research and new products.
- Very low free cash flow and continued high net debt.
➡ Conclusion: Bayer shows operational stability and progress in Crop Science as well as in cost reductions, but struggles with structural pressure in Pharmaceuticals and high debt. The forecast increase is positive in the short term, but risks remain in the long term due to legal disputes and margins in the Pharmaceuticals division.
