Bayer AG
XMUN:BAYN
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Bayer AG
XMUN:BAYN
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Korea Electric Power Corp
KRX:015760
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Bayer AG
Bayer AG is a life sciences company that makes medicines and crop protection products. In human health, it sells prescription drugs and consumer health products used for areas like heart disease, women’s health, eye care, and pain relief. In agriculture, it sells seeds, traits, herbicides, fungicides, and digital farming tools that help farmers protect crops and improve yields. Its customers are mainly doctors, hospitals, pharmacies, patients, farmers, distributors, and agricultural retailers. Bayer makes money by selling branded and patented medicines, over-the-counter health products, and farm inputs through a global sales network. Its business depends on research, regulatory approvals, and strong relationships with healthcare providers and farming channels. What makes Bayer distinct is that it sits at the intersection of healthcare and agriculture, two industries built around science, regulation, and trust. Unlike a pure drugmaker or farm supplier, it serves both people and food production, which gives it two very different markets to support with the same core strengths in chemistry, biology, and product development.
Bayer AG is a life sciences company that makes medicines and crop protection products. In human health, it sells prescription drugs and consumer health products used for areas like heart disease, women’s health, eye care, and pain relief. In agriculture, it sells seeds, traits, herbicides, fungicides, and digital farming tools that help farmers protect crops and improve yields.
Its customers are mainly doctors, hospitals, pharmacies, patients, farmers, distributors, and agricultural retailers. Bayer makes money by selling branded and patented medicines, over-the-counter health products, and farm inputs through a global sales network. Its business depends on research, regulatory approvals, and strong relationships with healthcare providers and farming channels.
What makes Bayer distinct is that it sits at the intersection of healthcare and agriculture, two industries built around science, regulation, and trust. Unlike a pure drugmaker or farm supplier, it serves both people and food production, which gives it two very different markets to support with the same core strengths in chemistry, biology, and product development.
Performance: Bayer said Q1 results were in line with its expectations, with group sales of about EUR 13.4 billion, core EPS of EUR 2.71, and management reaffirmed full-year 2026 guidance at constant currencies.
Cash flow: Free cash flow was negative EUR 2.3 billion, mainly because of about EUR 2 billion in litigation-related payments tied to PCB and glyphosate settlements, which management said was in line with outlook.
Crop Science: Sales rose nearly 7% year over year, helped by about EUR 450 million of soy licensing resolution revenue; excluding that item, the core business grew 1.4%, with corn strength offsetting expected Crop Protection declines.
Pharma: Pharma sales were roughly flat as Nubeqa and Kerendia momentum offset declines in Xarelto and Eylea; management also highlighted positive pipeline progress for Kerendia and a new acquisition in ophthalmology.
Headwinds: Foreign exchange was a major drag, with about EUR 890 million of top-line headwinds and about EUR 320 million on EBITDA before special items, driven mainly by a stronger U.S. dollar.
Outlook: Management said it remains confident in full-year 2026, but flagged a volatile geopolitical backdrop, tariff monitoring, rising energy costs, and challenging consumer conditions in the U.S. and China.
