German conglomerate Bayer has outlined its 2026 business outlook, characterizing it as the final year of a “resilience phase” before returning to growth in 2027. While the company’s newest star products, Nubeqa (prostate cancer) and Kerendia (kidney disease), are exceeding sales expectations, the overall pharmaceutical division continues to face headwinds from the decline of its mature blockbuster drugs.
In 2025, Nubeqa sales surged by 57% to 2.4 billion euros, while Kerendia recorded a 79% increase. Despite this momentum, these gains are currently offset by “contraction drivers” Eylea (vision loss) and Xarelto (blood thinner). Bayer projects a steeper decline for these aging products in 2026, with Eylea expected to slide 20-25% and Xarelto predicted to drop 35-40% as biosimilar and generic competition triggers significant price erosion.
Beyond clinical performance, Bayer is navigating massive litigation charges from its Monsanto acquisition, eyeing a potential $7.25 billion settlement for Roundup lawsuits. CEO Bill Anderson noted that while free cash flow will be negative this year due to these payouts, the company is making steady progress on a comprehensive turnaround. Growth is expected to ignite in 2027, bolstered by new launches such as the menopause drug Lynkuet and the potential of the investigational stroke medicine asundexian.