Bayer AG

Pharmaceuticals Performance & Forecast: Bayer Pharma reported a 3.3% net sales growth in 2024, supported by strong growth from launch medicines Nubeqa (78%) and Kerendia (74%). However, a significant decline in Xarelto sales is expected, potentially affecting 2025 sales by EUR1 billion to EUR1.5 billion. Growth from new launches, Beyonttra and Elinzanetant, is also anticipated, with cumulative sales of Nubeqa and Kerendia expected to surpass EUR2.5 billion in 2025.

Financial Performance: In 2024, Group EBITDA before special items was EUR10.1 billion, 14% lower year-over-year, while net sales grew only slightly by 1%. Free cash flow of EUR3.1 billion was better than expected. The forecast for 2025 sees net sales between EUR45 billion and EUR47 billion (-3% to +1%), with EBITDA anticipated between EUR9.5 billion and EUR10 billion (1% to 6% decline).

Crop Science Challenges: The Crop Science division experienced a 2% decline in sales in 2024, attributing it to market headwinds, regulatory issues, and competitive pressures. The EBITDA margin faced pressure from pricing challenges, particularly in the glyphosate business, which significantly impacted overall margins.