Third quarter below prior
year as expected – Group
outlook confirmed
// Group sales of €10.3 billion
(Fx & p adj. – 0.2%)
// EBITDA before special items:
€1.7 billion (– 31.3%)
// Sales stable at Crop Science and
Pharmaceuticals and up slightly at
Consumer Health (Fx & p adj.)
// Earnings lower at all divisions,
especially Crop Science
// Core earnings per share at €0.38
(– 66.4%)
// Net income at minus €4.6 billion,
impacted by impairment losses at
Crop Science due to interest rates
// Free cash flow at €1.6 billion

Key Events
Financing activities
In September, we placed hybrid bonds with a total volume of €1.75 billion that were multiple times
oversubscribed. The issue comprised two tranches and exclusively targeted institutional investors. The
proceeds were used for general corporate purposes, including financing a tender offer for two outstanding
hybrid bonds.
Board of Management
The Supervisory Board of Bayer AG unanimously appointed Heike Prinz to the Board of Management
effective September 1, 2023, with her taking on the role of Chief Talent Officer and Labor Director. This
followed the mutual agreement by Sarena Lin and the Supervisory Board to not extend Lin’s contract.
Sarena Lin left the company effective August 31, 2023.
Earnings Performance of the Bayer Group1
Third quarter of 2023
Group sales
Group sales came in at €10,342 million in the third quarter of 2023 (Q3 2022: €11,281 million; reported:
–8.3%), and were therefore in line with the prior-year period on a currency- and portfolio-adjusted basis
(Fx & portfolio adj.; –0.2%). There was a negative currency effect of €742 million (Q3 2022: positive
currency effect of €940 million). Sales in Germany amounted to €512 million (Q3 2022: €576 million).
Sales at Crop Science were level year on year, with higher volumes in all regions offset by lower prices,
especially for our glyphosate-based products. Sales at Pharmaceuticals were likewise unchanged year on
year. The division recorded significant gains for Nubeqa™ and Kerendia™ as well as strong performance
in the Radiology business, but saw declines in China, particularly for Adalat™ and Aspirin™ Cardio.
Consumer Health posted a slight increase in sales thanks to growth in the Dermatology and Pain & Cardio
categories.
EBITDA before special items
Group EBITDA before special items decreased by 31.3% to €1,685 million. This figure included a negative
currency effect of €31 million (Q3 2022: €78 million). Crop Science registered a decline in EBITDA before
special items that was mainly due to the fall in prices for our glyphosate-based products. Earnings were
also diminished by a mainly inflation-related increase in the cost of goods sold. EBITDA before special
items at Pharmaceuticals decreased, mainly due to the product mix and higher R&D expenses after
adjusting for currency effects, special items and depreciation/amortization/impairments. Consumer Health
recorded a decline in EBITDA before special items that was primarily driven by currency effects. The Group
EBITDA margin before special items came in at 16.3%.
Depreciation, amortization and impairments
Depreciation, amortization, impairment losses and impairment loss reversals led to net expenses of
€4,930 million (Q3 2022: €1,097 million). Of this amount, intangible assets accounted for amortization,
impairment losses and impairment loss reversals of €4,481 million (Q3 2022: €679 million), and property,
plant and equipment accounted for depreciation, impairment losses and impairment loss reversals of
€449 million (Q3 2022: €418 million). We recorded net impairment losses of €4,025 million (Q3 2022:
€169 million), of which €3,978 million (Q3 2022: €147 million) was attributable to intangible assets. Due to
a sharp rise in capital market interest rates, it became necessary to conduct impairment testing. This
resulted in the recognition of noncash impairment losses of €3,951 million on intangible assets in the Crop
Science Division due to interest rates.
1 For definition of alternative performance measures see Annual Report 2022, A 2.3 “Alternative Performance Measures Used
by the Bayer Group.” see & read more on
https://www.bayer.com/sites/default/files/2023-11/bayer-quarterly-statement-q3-2023.pdf