The pharmaceutical and agricultural group Bayer has achieved its targets for the 2025 financial year and considers itself to be on track strategically despite a challenging environment. Following a forecast upgrade in the summer, the group confirmed that sales and earnings are within the expected ranges. “We delivered that guidance, landing comfortably within the improved corridor,” said CEO Bill Anderson, commenting on the financial results. At the same time, he pointed to progress in all areas of the company. In particular, the Crop Science and Pharmaceuticals divisions have made important strides in the ongoing transformation process.
Sales development of the Bayer Group in 2025
Bayer increased its sales in the financial year 2025 by 1.1 percent to €45.575 billion, adjusted for currency and portfolio effects. Negative currency effects had an impact of around €1.7 billion. In the previous year, sales of €46.6 billion were achieved. EBITDA before special items was €9.669 billion, down 4.5 percent from the previous year. Operating profit (EBIT) amounted to minus €1.077 billion. This was primarily due to high special expenses in connection with legal disputes. Overall, Bayer recorded a net loss of €3.620 billion.
Pharmaceuticals drive growth at Bayer
In the Pharmaceuticals segment, Bayer achieved currency-adjusted sales growth of 1.7 percent to €17.829 billion. Several new drugs performed particularly well. The most important growth drivers included a cancer drug, a therapy for the treatment of chronic kidney disease, and long-acting contraceptives. The radiology business also developed positively, thanks in part to rising demand. However, Bayer recorded declines in sales of an anticoagulant due to expiring patents and in an eye medication due to price pressure and generic competition. EBITDA before special items in the Pharmaceuticals segment declined by 4.2 percent to €4.525 billion. The main reasons were higher sales investments for new products and rising research and development expenses. Bayer invested more heavily in new technologies such as cell and gene therapy, chemoproteomics and early research programs. The company also launched several new products.
Consumer Health remains stable despite weak markets
In the Consumer Health division, sales were almost at the previous year's level at €5.802 billion. However, challenging market conditions in the US and China had a dampening effect. Positive momentum came from the gastrointestinal health, dermatology, and pain and cardiovascular products areas. By contrast, there were declines in nutritional supplements and allergy and cold products. EBITDA before special items in the Consumer Health segment amounted to €1.341 billion.
Outlook: Bayer expects stable development in 2026
Bayer expects stable development in sales and earnings on a currency-adjusted basis for the financial year 2026. While the Board of Management sees significant progress, it also emphasizes that the transformation process is not yet complete. “That outlook is emblematic of the company’s current strategic position: strong signs of progress, but still working on a comprehensive turnaround. We’ve made major gains across the company, but that work is not yet complete. We have a clear picture of what needs to be done in every area,” explains Anderson. At the same time, the Group is continuing to work on its new organizational model and expects it to contribute around €2 billion to earnings. Another focus remains the strategy to contain US litigation in the Crop Science division. For the financial year 2026, Bayer expects Group sales of between €45 billion and €47 billion on a currency-adjusted basis. EBITDA before special items is expected to be between €9.6 billion and €10.1 billion.
Progress in sustainability and climate goals
Bayer also reports progress in its sustainability goals. In 2025, the Group enabled:
- 82 million people to access basic healthcare
- 68 million women to access modern contraception
- 53 million smallholder farmers to receive support through products and services
By 2030, the target is to reach 100 million people in each of these areas. In the area of climate protection, Bayer sourced more than half of its electricity from renewable energy sources for the first time. Several sites, for example in Brazil, France and Spain, already operate entirely on renewable energy.
This progress is also reflected in external assessments. The rating agency MSCI Solutions awarded Bayer an “AA” rating for the first time. In addition, a previous “red flag” in Sustainalytics' sustainability rating was lifted. According to Bayer, this means that the company has achieved the best sustainability rating profile in its history.
