Bayer Q1 EBITDA Rises 9% as Crop Science Sales Reach €7.56 Billion

13 May 2026, Leverkusen: Bayer reported higher first-quarter earnings for 2026, supported by growth in its Crop Science business, particularly soybean and corn seed traits, while the company continued to face pressure from litigation-related payments and currency fluctuations. 

The company reported group sales of €13.405 billion in the January–March 2026 quarter, marking a 4.1 percent increase on a currency- and portfolio-adjusted basis. EBITDA before special items rose 9 percent to €4.453 billion, while net income more than doubled year-on-year to €2.763 billion. Core earnings per share increased 12.9 percent to €2.71. 

However, Bayer’s free cash flow remained negative at minus €2.320 billion, primarily due to payments linked to PCB and glyphosate litigation settlements, which resulted in a net cash outflow of €2.002 billion during the quarter. Net financial debt increased to €32.518 billion as of March 31, 2026. 

The Crop Science division recorded sales of €7.558 billion, up 6.8 percent on a currency- and portfolio-adjusted basis. The increase was led by strong performance in Soybean Seed & Traits, where sales doubled following the resolution of a licensing agreement with Corteva in North America. Bayer stated that this agreement contributed approximately €448 million to topline growth. The soybean business also benefited from price recovery after the return of the dicamba label in the United States. 

Corn Seed & Traits sales increased 7.1 percent, supported by higher volumes in North America and growth across other regions. In contrast, Bayer’s crop protection portfolio declined during the quarter. Herbicide sales fell 10.2 percent overall, with glyphosate-based products declining 15.1 percent. Fungicide sales also dropped by 10.7 percent. 

Despite the decline in crop protection sales, Crop Science EBITDA before special items increased 17.9 percent to €3.014 billion. Bayer attributed the improvement to stronger seed trait performance and lower cost of goods sold due to efficiency programmes. The division’s EBITDA margin before special items improved to 39.9 percent from the previous year. 

In Pharmaceuticals, sales remained largely flat at €4.249 billion. The company reported continued growth for cancer drug Nubeqa™ and kidney disease treatment Kerendia™, with sales rising 57.1 percent and 84.2 percent respectively on a currency-adjusted basis. At the same time, Xarelto™ sales declined 40.4 percent following patent expirations, while Eylea™ sales fell 20.5 percent due to generic competition. 

Consumer Health sales increased 5.3 percent to €1.491 billion, driven by Nutritionals and Dermatology products. Nutritionals growth was supported by strong performance in the Natsana e-commerce business and the Elevit™ product line, while Dermatology benefited from higher Bepanthen™ sales across Europe, the Middle East and Africa. 

Bayer confirmed its currency-adjusted guidance for 2026 and revised its reported forecast range to reflect updated exchange-rate assumptions. The company now expects annual sales between €44.5 billion and €46.5 billion and EBITDA before special items between €9.4 billion and €9.9 billion.

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