Bayer Q2 2026: Pharma Portfolio Renewal Gains Traction as Nubeqa and Kerendia Surge 66%
核心洞察
Bayer reported Q2 2026 net sales of EUR 10.9 billion, up 2% year-over-year, with first-half sales reaching EUR 24.3 billion, up 3%.
Pharma sales were broadly flat, but Nubeqa and Kerendia together grew 66%, offsetting a sharp 27% decline in Eylea driven by biosimilar competition.
The anticoagulant asundexian received priority review in the U.S. and China, with launches targeted around end-2026 or early-2027.
Bayer AG reported second-quarter 2026 results that management framed as a turning point, with improving profitability and solid execution across core businesses offsetting heavy litigation-related cash outflows and elevated debt. Net sales grew 3% year-over-year to EUR 24.3 billion in the first half, while Q2 sales rose 2% to EUR 10.9 billion, keeping the company pacing in line with its full-year guidance.
Pharma Portfolio Renewal
Pharmaceutical division sales were broadly flat, but the portfolio showed clear signs of renewal. Nubeqa and Kerendia together grew 66%, offsetting expected declines in older products. The division's EBITDA margin of 26% reflects solid profitability, though pressure from Eylea's sharp 27% sales drop and wider drug pricing dynamics remains.
Eylea continued to face headwinds as biosimilars bite into the ophthalmology franchise. Bayer noted that the newer 8 mg formulation now represents about half of Eylea revenues, but competition and pricing challenges are expected to remain a drag on the product's contribution.
Pipeline and Regulatory Milestones
Bayer highlighted important pipeline progress, including priority reviews for the anticoagulant asundexian in the U.S. and China, with launches targeted around end-2026 or early-2027. The company also closed the Perfuse Therapeutics (搜索) acquisition, reinforcing long-term growth in the Pharma division.
Financial Performance and Balance Sheet
EBITDA before special items rose 7% to EUR 6.6 billion in the first half, while Q2 EBITDA increased 2% to EUR 2.1 billion, underlining better operating efficiency. Core EPS for the first half climbed 3% to EUR 3.66, signaling underlying earnings strength even as the company digests one-off impacts and normalizes prior tax benefits.
However, Q2 core EPS fell 17% year-on-year to EUR 0.95, reflecting normalization after nonrecurring tax and reconciliation benefits last year. Executives framed this drop as largely technical rather than structural, asserting that underlying earnings trends are moving in the right direction.
Free cash flow in the first half was a negative EUR 2.7 billion, deeper than the minus EUR 1.4 billion a year earlier. Bayer attributed the cash drain largely to about EUR 2.5 billion of litigation payouts. Net financial debt edged up to EUR 33.6 billion, an increase of EUR 1.1 billion versus Q1 as litigation payments and the Perfuse acquisition weighed.
Litigation and Strategic Outlook
A key strategic positive was the U.S. Supreme Court ruling in Monsanto v. Durnell, which backed federal regulatory preemption on failure-to-warn claims. Executives said this materially strengthens Bayer's litigation containment strategy and supports the ongoing class settlement process, potentially reducing future legal uncertainty.
On the financing front, Bayer secured a EUR 3 billion minority equity investment from Apollo and placed USD 5 billion of U.S. bonds. Management now expects net financial debt to fall to EUR 29–30 billion, an improvement on prior guidance.
Bayer reiterated its full-year 2026 outlook at constant currencies, arguing that first-half results keep the group on track despite litigation-driven cash outflows. Management underscored progress on a lean "Dynamic Shared Ownership" operating model and investments in artificial intelligence aimed at boosting productivity across functions.