๐ ๐๐ซ๐ ๐๐๐ง๐ข๐ฌ๐ฌ๐
โข Q3 revenue: โฌ10.05 billion (+4.1%, adjusted +1.9%)
โข EBITDA before special items: โฌ1.62 billion (+6.9%)
โข EBIT: โฌ-110 million (prior year: โฌ-543 million)
โข Net income: โฌ-672 million (prior year: โฌ-963 million)
โข Adjusted EPS: โฌ0.31 (prior year: โฌ0.49)
โข Free cash flow: -โฌ293 million (prior year: +โฌ596 million)
โข Net financial debt: โฌ31.08 billion (down โฌ2.56 billion quarter-over-quarter)
โ
๐ฏ ๐๐ฎ๐ฌ๐๐ฅ๐ข๐๐ค
โข Consolidated EBITDA before special items: โฌ9.8 to 10.3 billion (previously โฌ9.6 to 10.1 billion, currency-adjusted)
โข Free cash flow: โฌ-1.5 to โฌ-0.5 billion (previously โฌ-2.5 to โฌ-1.5 billion)
โข Net financial debt: โฌ28 to โฌ29 billion (previously โฌ29 to โฌ30 billion)
โข Pharma EBITDA margin: 25% to 27% (previously 23% to 25%)
โข Remaining Group guidance for 2026 confirmed
โ
๐ Key Points
โข Pharmaceuticals grows by 6.4% on an adjusted basis to โฌ4.68 billion; EBITDA rises by 23.6% to โฌ1.29 billion
โข Blockbusters Nubeqa (+58.3%) and Kerendia (+64.9%) drive pharmaceutical growth; Nubeqa achieves approximately โฌ1 billion in quarterly revenue
โข Asundexian receives approval in China for secondary stroke prevention; it is the worldโs first approved Factor XIa inhibitor
โข Crop Science underperforms: Adjusted EBITDA falls 41.3% to โฌ101 million
โข Impairment charges on Xofigo (โฌ307 million) and Claritin (โฌ215 million) weigh on earnings
โข Free cash flow impacted by higher payments for legal disputes; debt reduction significantly supported by โฌ3 billion from Apollo
โข Bayer wins first glyphosate trial since the U.S. Supreme Courtโs decision; all twelve jurors vote in favor of the company
โ
๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ-๐๐ฎ๐ฌ๐ฌ๐๐ ๐
โOur year-to-date performance shows that our strategy is working and gives us the confidence to raise our full-year targets for adjusted EBITDA, cash flow, and debt.โ (CFO Judith Hartmann, translated)