Bayer's Pharmaceutical Division: Analysis of Major Drug Revenue (2001–2025)

In 2018, Bayer completed the divestiture of Covestro and acquired Monsanto (a U.S.-based multinational publicly listed agricultural company). In August 2019, Bayer announced the sale of its Animal Health division to Elanco Animal Health (U.S.) for USD 7.6 billion. In November 2019, Bayer announced the sale of its equity stake in Currenta—the operator of a chemical industrial park—to Macquarie Infrastructure. In December 2020, Bayer acquired Asklepios BioPharmaceutical, Inc. (U.S.), a company engaged in cell and gene therapy research. In 2021, Bayer acquired Vividion Therapeutics for USD 1.5 billion, a company primarily focused on preclinical R&D for oncology and immune-related diseases. In October 2022, Bayer completed the sale of its Environmental Science Professional business to the private equity firm Cinven. Bayer’s Revenue by Business Segment From 2001 to 2025, Bayer operated multiple business segments, including Crop Science, Pharmaceuticals, Consumer Health, Diagnostics, Diabetes/Healthcare Services, Animal Health, Materials & Chemicals/Covestro, and Lanxess. In 2004, parts of Bayer’s chemicals and polymers businesses—including Lanxess—were spun off from Bayer. The remaining materials and chemicals business was independently listed as Covestro in October 2015. Bayer’s Diagnostics division was sold in 2007; its Diabetes business was divested in 2016; and its Radiology business (previously part of Healthcare Services) was integrated into the Pharmaceuticals division in 2016. The Animal Health division was sold in 2019. During the study period, Bayer’s largest revenue-contributing segments were Materials & Chemicals, Crop Science, Pharmaceuticals, and Consumer Health. Following the spin-off of Covestro, Bayer currently focuses primarily on Crop Science, Pharmaceuticals, and Consumer Health. In 2025, Bayer’s total revenue amounted to EUR 45.575 billion, with Crop Science accounting for 47.44% and Pharmaceuticals for 39.12%—translating to pharmaceutical sales of EUR 17.829 billion. Bayer’s Pharmaceutical Division: Revenue by Product Category In 2025, Bayer’s Pharmaceutical Division generated EUR 17.829 billion in sales revenue. Based on annual disclosures by Bayer regarding individual drug revenues within its pharmaceutical segment, sales are categorized by therapeutic class as shown in the accompanying chart. Products without disclosed revenue figures are grouped under “Others.” Disclosed products collectively accounted for 66%–86% of the division’s total pharmaceutical revenue. Throughout the study period, Bayer’s pharmaceutical portfolio covered ophthalmology, hematology, oncology, cardiovascular-metabolic disorders, women’s health, contrast agents, diabetes, immunology, anti-infectives, and reproductive system therapeutics. Prior to Bayer’s 2006 acquisition of Schering AG (Germany), its pharmaceutical portfolio was dominated by anti-infectives and cardiovascular-metabolic drugs. The acquired Schering AG contributed EUR 3.082 billion in revenue in 2006, including key products Betaferon, Yasmin, Magnevist, and Mirena—spanning immunology, women’s health, and contrast agents.

In-depth Report on the Pesticide Industry: Global Market Size, Cyclical Outlook, Production Capacity, and Industry Structure

Over the past decade, China’s technical-grade pesticide supply first declined and then rebounded, with industry consolidation accelerating amid supply-side reforms. From 2016 to 2020, stringent environmental and workplace safety regulations led to the elimination of numerous outdated pesticide production capacities. As a result, annual output of technical-grade pesticides fell steadily—from 3.78 million tons to 2.15 million tons. In the first half of 2015, there were 832 pesticide enterprises above designated size; by 2020, this number had dropped to just 693—indicating intensified concentration among leading high-quality firms. However, according to the Ministry of Agriculture and Rural Affairs’ ‘14th Five-Year Plan for National Pesticide Industry Development,’ as of 2020 China still had 1,705 pesticide enterprises—over half of which were not located within chemical industrial parks. Among them, small- and medium-sized enterprises accounted for over 60%, and some operated in environmentally sensitive areas. The plan identifies the phasing out of highly polluting, energy-intensive capacity as a major priority—and targets reducing the total number of pesticide enterprises to fewer than 1,600 by 2025, indicating substantial remaining room for supply-side reform. Since 2021, rising grain and oil prices have rapidly revived sectoral prosperity. Pesticide manufacturers launched a new wave of capital expenditures, expanding production capacity—particularly in China’s central and western regions. Technical-grade pesticide output has risen year-on-year, reaching 3.675 million tons in 2024. IV. Currently, Leading Global Agrochemical Companies Are Quietly Shifting Their Market Outlook Syngenta: At the end of 2024, Syngenta explicitly stated that the crop protection market is showing initial signs of recovery, channel inventories have nearly normalized, and expects channel destocking to be largely complete by H2 2025—with downward pressure from falling crop prices and overcapacity also easing. Corteva: At year-end 2024, Corteva assessed that global inventories had declined from peak levels, with channel stocks trending toward normalization—or accelerating destocking—in EMEA and Latin America, and inventory days in North America having returned to normal. It forecasts demand recovery in H2 2025. Since Q4 2024, the company’s financial performance has remained robust, with broad-based growth across its crop protection business; H1 2025 results were strong, and its full-year guidance has been raised. Bayer: At year-end 2024, Bayer noted that persistently high channel inventories and pricing pressure continued to weigh on operations. Its mid-2025 report indicates that normalization of distribution channels is expected to foster favorable developments across multiple crop protection product categories in the second half of the year. BASF: At year-end 2024, BASF reported gradual normalization of channel inventories in its agricultural business. In Q2 2025, its pesticide business performed exceptionally well globally—especially in North America, South America, and Europe. FMC: In Q2 2025, FMC expressed strong confidence in its European, Middle Eastern, and African (EMEA) and North American markets, citing excellent channel inventory conditions—where most countries’ customers have already restored target inventory levels. UPL: At year-end 2024, UPL indicated that destocking was nearing completion, business performance was strong, and restocking demand in North America had materialized—restoring channel inventories to healthy levels. Domestic demand in India has recovered; growth in Latin America and Europe remains moderate, and inventory pressure has eased. Rainbow Chemical: Globally, gross margins—initially weighed down by inventory overhang—have begun recovering. In Q4 2024, terminal market prices and gross margins worldwide gradually regained rationality, with margins continuing to rise across most regions. Table of Contents I. Pesticides: A Long-Term, Structural Growth Driver ............................................................................................. 5

Bayer's India unit posts quarterly profit rise on crop protection boost

May 26, 2026

Bayer India posted a 13.1% quarterly profit increase to 1.62 billion rupees, driven by strong herbicide and pesticide sales despite weaker corn seed demand. Revenue grew 5.2% amid challenges from inflation and external market conditions.

reuters

2026-05-12

Bayer maintains 2026 forecast; Q1 earnings beat estimates

2026-05-26

Bayer's India unit posts quarterly profit rise on crop protection boost

2026-08-03

Bayer posts unexpected 1.9% gain in Q2 adjusted profit

Bayer's India unit posts quarterly profit rise on crop protection boost

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