First Read Bayer €3bn cash injection via minority stake sale of Mirena contraceptive

研报英文原文证据摘录

First Read Bayer €3bn cash injection via minority stake sale of Mirena contraceptive

Global Research

10 July 2026ab

First Read

EquitiesBayer

€3bn cash injection via minority stake sale of Germany

Mirena contraceptive Pharmaceuticals

12-month rating Buy *

12m price target €52.00

Today Bayer announced a €3.0bn equity investment from Apollo-managed funds into a

newly created entity holding its long-acting reversible contraception (LARC) franchise

(here). Under the agreement, Bayer will retain a majority stake, full operational control Price (09 Jul 2026) €50.70

and full P&L consolidation of the business, with there being no changes to the RIC: BAYGn.DE BBG: BAYN GY

LARC strategy. Following a discussion with IR, we provide additional detail on the assets

included in the transaction and the expected financial implications below. Trading data and key metrics

52-wk range €53.36-24.98

Bayer IR has indicated that the new entity will own the intellectual property for the

Market cap. €49.8b/US$56.9b

LARC portfolio which comprises Mirena, Kyleena, Skyla/Jaydess, Jadelle and Nova

Shares o/s 982m (ORD)

T.

Free float 100%

It does NOT include Bayer's short-acting contraceptive franchise, including Avg. daily volume ('000) 3,191

Yasmin. Avg. daily value (m) €130.6

The entity additionally contains certain Finland-related distribution and Common s/h equity (12/26E) €27.0b

commercial support activities as well as R&D services provided to other Bayer P/BV (12/26E) 1.8x

entities. Net debt to EBITDA (12/26E) 3.2x

The transaction will reduce Bayer net debt. EPS (UBS, diluted) (EUR)

UBS Cons.

Apollo will be entitled to a share of future dividends from the LARC entity. These 12/26E 4.56 4.38

will be reported as minority interest distributions and reduce core net income/core 12/27E 4.74 4.60