Core Insights - Bayer AG reported third-quarter 2025 core earnings of 17 cents per American Depositary Receipt (ADR), exceeding the Zacks Consensus Estimate of 13 cents per ADR, and up from 7 cents per ADR in the same quarter last year [1] - Core earnings per share surged 137.5% year over year, primarily driven by the Crop Science Division's performance [1][8] - Total sales for the quarter were $11.289 billion (€9.7 billion), reflecting a 3.1% decline on a reported basis, with volume growth of 5% offset by a negative pricing impact of 4.1% and a 4.5% negative currency impact [2] Crop Science Division - Crop Science sales increased by 1.3% to €3.8 billion, supported by strong growth in Corn Seed & Traits and non-glyphosate-based herbicides [5] - Corn Seed & Traits sales surged 22.4%, driven by higher planted areas in North America and a solid start to the season in Latin America [5] - Non-glyphosate herbicides sales rose 2.8%, while glyphosate-based product sales remained flat year over year [5] - Fungicide sales decreased by 6.3% due to dry weather conditions in the Europe/Middle East/Africa region [6] Pharmaceuticals Division - Revenues in the Pharmaceuticals segment increased by 0.4% to €4.33 billion [10] - Sales of the ophthalmology drug Eylea decreased by 11.2% to €731 million, impacted by lower prices and competitive pressure from generics [10] - The launch of Eylea 8 mg helped offset some declines, accounting for approximately 27% of overall Eylea sales [11] - Sales of oral anticoagulant Xarelto fell by 31.4% to €540 million due to competitive pressures [13] - Nubeqa sales surged 56.2% to €622 million, and Kerendia sales increased by 85.4% [14] Consumer Health Division - Consumer Health sales rose by 2% to €1.4 billion, although growth was hindered by challenging market conditions in North America and Asia-Pacific [15] - Nutritionals sales increased by 1.1%, while Allergy & Cold business declined by 7.8% [15] Guidance and Pipeline Updates - Bayer reaffirmed its 2025 sales guidance of €46-€48 billion [8][16] - The company expects Consumer Health sales growth to be between -1% to +1% due to a challenging market environment [16] - Recent FDA approval of elinzanetant for menopause-related symptoms is a significant boost for the company [20] - The new drug application for gadoquatrane has been accepted for review in the U.S. and China [18] Market Performance - Year-to-date, Bayer's shares have surged by 62.2%, significantly outperforming the industry gain of 8.4% [2]

Core Viewpoint - Bayer's Eylea 8 mg has received a positive opinion from the CHMP of the EMA for label extension, allowing longer treatment intervals for nAMD and DME, pending European Commission approval [1][2]. Group 1: Product Details - Eylea 8 mg will enable treatment intervals of up to six months for nAMD and DME, making it the only anti-VEGF therapy in the EU with such intervals if approved [2]. - The positive opinion is backed by three-year results from pivotal studies, showing that 24% of nAMD patients and 28% of DME patients achieved a final dosing interval of six months [3]. - Eylea 8 mg has maintained a favorable safety profile over three years, with no new safety concerns reported [5]. Group 2: Market Performance - Bayer's shares have increased by 41.8% year-to-date, contrasting with a 5.2% decline in the industry [2]. - Eylea is a blockbuster drug, currently approved in over 50 markets for nAMD and DME, with ongoing applications for regulatory approvals in additional markets [6]. Group 3: Collaboration and Sales - Bayer co-develops Eylea with Regeneron, which records net product sales in the U.S., while Bayer records sales outside the U.S. [7].