Global life sciences major Bayer is accelerating its comeback—but its CEO made clear the job isn’t finished.

 

Speaking at the latest virtual Annual Stockholders’ Meeting, Bill Anderson struck a measured but confident tone: “We see great progress. But the work isn’t complete. Yet.” 

 

Two years into a sweeping overhaul, he said “no corner of the company is the same as it was. Bayer is leaner and faster. The Pharmaceuticals portfolio and pipeline are more promising than perhaps ever before. Crop Science is executing its performance improvement plan. The debt burden is lower. 

 

"We’ve advanced a multi-pronged strategy to address the litigation uncertainty. Our businesses delivered the 2025 numbers in virtually every metric.”

 

Backing that message, Supervisory Board Chairman Norbert Winkeljohann praised staff and signaled more change ahead: “we have embarked on a clear path to ensure Bayer is best-placed to thrive in the competitive environment – and are committed to making further headway in the year ahead.”

 

Bayer’s pharmaceuticals arm is emerging as a key growth engine. 

 

Cancer drug Nubeqa and heart and kidney treatment Kerendia posted a combined 68% sales jump in 2025, with Bayer now eyeing blockbuster status for both—especially after a new label expansion for Kerendia. Heart therapy Beyonttra is already beating expectations, while menopause treatment Lynkuet is expanding from the US into Europe.

 

Meanwhile, promising late-stage data for stroke-prevention candidate asundexian is fueling optimism about the next wave of launches.

 

In agriculture, Bayer is reshaping its business to boost margins and efficiency. A sweeping performance program is trimming its portfolio and sharpening focus on higher-value products. New insecticide Plenexos —already launched in Colombia—is expected to secure approval in Brazil this year, offering effective pest control with minimal application.

 

The division is betting on a new generation of innovations expected to take off from 2027, but for now, the focus remains on cash flow and operational discipline in 2026.

 

Bayer’s long-running US legal battles are entering a decisive phase. A class settlement announced by Monsanto in February has already cleared preliminary approval, and the US Supreme Court is set to hear arguments in a key case next week.

 

“This is a big milestone for American farmers, and a lot is riding on it,” Anderson said, adding: “this remains an active situation, with important milestones and decisions in the weeks ahead. We continue to take it one day at a time and remain prepared for all scenarios.”

 

Despite improved performance, Bayer is tightening its belt. The company will pay only the legal minimum dividend for 2025—€0.11 per share.

 

“This is not an easy step, but it remains the right one for the company’s financial future,” Anderson said. “As we consider our dividend policy going forward, we will carefully look at the company’s capital allocation strategy, given our cash and debt position.”

 

The numbers reflect a company stabilizing: €45.6 billion in sales, €4.91 core earnings per share, €2.1 billion in free cash flow, and reduced net debt of €29.8 billion.

 

Internally, Bayer is pushing a cultural shift toward speed and execution. “Bayer is moving faster, more flexibly, at less cost,” Anderson said, highlighting a flatter structure designed to keep pace with technological change. “We feel this set-up positions us well for the coming artificial intelligence revolution.”

 

The meeting also marked key leadership changes. Judith Hartmann made her first appearance ahead of taking over as CFO later this year. Anderson’s own contract has been extended through 2029, alongside other senior leaders, signaling continuity as Bayer pushes deeper into its turnaround.

 

With stronger numbers, a revitalized pipeline, and high-stakes legal battles looming, Bayer’s reset is gaining traction—but the toughest tests may still lie ahead.