Bayer AG: 1Q26 Update: Earnings Beat as Guidance Reiterated; Potential Litigation Resolution Looms

研报英文原文证据摘录

Bayer AG: 1Q26 Update: Earnings Beat as Guidance Reiterated; Potential Litigation Resolution Looms

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

19 May 2026

Bayer AG

1Q26 Update: Earnings Beat as

Guidance Reiterated; Potential

BAYGn.DE/BAYN GY OVERWEIGHTLitigation Resolution Looms

Unchanged

BAYN delivered a DD% 1Q earnings beat but held FY26 European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesguidance amid macro and consumer uncertainty. Crop offers Unchanged

potential 2H glyphosate pricing upside, Pharma momentum Price Target EUR 50.00

supports FY27+, while shares hinge on mid-to-late June raised 4% from EUR 48.00

litigation catalysts. PT raised to €50; Overweight reiterated. Price (18-May-26) EUR 37.83 Potential Upside/Downside +32.2%

Source: Bloomberg, Barclays Research

• Thoughts post-results: Reporting a strong +10% earnings beat, partly driven by Crop Science

phasing (BARC first take), BAYN reiterated its in-line with co. consensus CER FY26 Revenue/ Market Cap (EUR mn) 37164

EBITDApre guidance due to sustained macro-driven uncertainty for consumer health and Shares Outstanding (mn) 982.42

Crop. Noting that shares have underperformed post-1Q results (-1.6% since 12 May vs SXDP Free Float (%) 100.00

+1.5%), we suggest near-term share performance remains dominated by potential litigation 52 Wk Avg Daily Volume (mn) 3.0

dynamics, as the company confirms that following the 4th June opt-out deadline, it will likely Dividend Yield (%) 0.29

take "a couple of weeks" for BAYN to conduct due diligence and provide an update to the Return on Equity TTM (%) -7.04

market. Our key fundamental takeaways from 1Q are: 1) The outlook for Crop balances both Current BVPS (EUR) 29.36