拜尔(ADR) 2024年度报告

//Group sales at €9.7 billion (Fx & p adj. +0.9%)//EBITDA before special items increasesto €1.5 billion (+20.8%)//Crop Science posts higher sales(Fx & p adj.) and strong earnings growth//Pharmaceuticals sales at prior-year level(Fx & p adj.), earnings down//Consumer Health reports moderate sales growth(Fx & p adj.) and stable earnings//Coreearnings per share rise to €0.57 (+137.5%)//Net income at minus €1.0billion, impacted byspecial charges for litigations//Free cash flow declines to €0.6 billion//Net financial debt reduced slightly to €32.7 billion//Group outlookconfirmed Key Events Innovations and product approvalsIn the third quarter of 2025, we announced that the new drug application for our investigational contrast agent gadoquatrane had been accepted for review in both the United States and China. Gadoquatrane is being developedfor use in contrast-enhanced magnetic resonance imaging of the central nervous system and other body regions inadults and pediatric patients including term neonates. InOctober, we announced that elinzanetant had been approved in the UnitedStatesfor the treatment of moderateto severe menopause-related vasomotor symptoms (VMS, also known as hot flashes) under the brand nameLynkuet™. Portfolio changes In September, we entered into an agreement regarding the global divestment ofouranti-infective product Avelox™,subject to customary regulatory filings. The transaction is expected to close in the first quarter of 2026. Board of Management The Supervisory Board of Bayer AG has appointedDr. Judith Hartmannto the company’s Board of Management,effective March 1, 2026.Shewill succeed Wolfgang Nickl as the company’s Chief Financial Officer (CFO) on June1,2026. Earnings Performance of the Bayer Group1 Third Quarter of 2025 Group sales Group sales came in at €9,660million in the third quarter of 2025 (Q32024: €9,968million; Fx & portfolio adj.:+0.9%; reported:–3.1%). There was a negative currency effect of €447million(Q32024: €436million). Sales inGermany amounted to €573million (Q32024: €547million). Sales at Crop Science were up year on year (Fx & portfolio adj.). Growth was largely driven by strong gains forCornSeed & Traits and our non-glyphosate-based herbicides, which more than offset the impact of regulatoryheadwinds in the United States and Europe. Sales at Pharmaceuticals were level with the previous year (Fx &portfolio adj.). We registered significant gains for Nubeqa™and Kerendia™, along with continued growth for theMirena™product family and our Radiology business. By contrast, headwinds mainly related to declines for Xarelto™,with business down as expected due to patent expirations, as well as lower Eylea™sales. Sales at Consumer Healthincreased thanks to gains in the Dermatology, Digestive Health and Pain & Cardio categories. By contrast, sales weredown in the Allergy & Cold business. EBITDA before special items Group EBITDA before special items rose by 20.8% to €1,511million. This figure included a negative currency effect of€42million (Q32024: €94million). At Crop Science, we registered an increase in EBITDA before special items thatwas largely attributable to a significant decrease in the cost of goods sold. Pharmaceuticals posted a decline inEBITDA before specials items that was primarily due to negative currency effects and higher R&D expenses. AtConsumer Health, EBITDA before special items came in atthe prior-year level. In the Reconciliation, we recorded anincrease in EBITDA before special items that was partly driven by lower expensesin connection with personnel-related adjustmentsas well as hyperinflation-relatedeffects. The Group EBITDA margin before special items came inat 15.6%. EBIT and special items Group EBIT amounted tominus€543million (Q32024: minus €3,822million) after net special chargesof€1,064million (Q32024: €4,088million) that primarily related toallocations to provisions for litigations. EBITbefore special items rose by 95.1% to€521million (Q32024: €267million). The following special items were taken into account in calculating EBIT and EBITDA: Netincome After a financial result of minus€618million (Q32024: minus€525million), income before income taxes amountedto minus€1,161million (Q32024: minus€4,347million). Thedeclinein the financial result waspartlydue toanincrease in netinterest expenseanda deterioration in the balance of miscellaneous financial income and expenses.These effects were partly offset by an improvement in the balance of income and losses from investments inaffiliated companies.Including income from income taxes of €202million (Q32024: €153million) and accounting fornoncontrolling interest, net income amounted to minus€963million (Q32024: minus€4,183million). Core earnings per share Core earnings per share rose by 137.5% to €0.57 (Q3 2024: €0.24), largely driven by the increase in earnings at theCrop Science Division and in the Reconciliation. Earnings per share (total) came in at minus€0.98(Q3 2024: minus€4.26).