Bayer's €3.6B loss overshadowed by Kerendia's clinical breakthrough in 2025
Bayer has faced a challenging financial year, reporting a €3.6 billion net loss in 2025. The company's net debt also rose to nearly €30 billion, largely due to costly litigation. Yet, its pharmaceutical division continues to show strength, with recent clinical successes lifting share prices by 4.71% to €40.25.
The company's struggles stem from ongoing legal battles over Roundup, with high special charges weighing on its finances. Investors are now focused on two key U.S. developments: a Supreme Court case on Roundup warning labels and an executive order to secure glyphosate supply. Oral arguments for the Supreme Court case are set for April 1, 2026, the same day as Bayer's Annual General Meeting, where shareholders will vote on a proposed €0.11 dividend per share. A ruling is expected by mid-June 2026.
Despite these pressures, Bayer's pharmaceutical arm has delivered positive news. Its drug Kerendia met the primary goal in a Phase III trial for non-diabetic chronic kidney disease, expanding its potential patient base. The company plans to seek FDA approval for this broader use, which could significantly increase Kerendia's market reach. The share price rise reflects growing confidence in the drug's future. Analysts note that the planned label expansion could open up a much larger addressable market for the treatment.
Bayer's financial outlook remains tied to legal outcomes, with the Supreme Court's decision on Roundup looming. Meanwhile, the success of Kerendia offers a brighter spot, potentially offsetting some losses. The company's next steps—regulatory submissions and court rulings—will shape its path forward in 2026.
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