Bayer Analysts Split on Valuation Even as Drug Approvals and Guidance Lift Pile Up
Published on 11/14/2026 at 08:10 | Editorial boerse-global.de
Deutsche Bank Research lifted its price target on Bayer to EUR 65 from EUR 60 on Tuesday, keeping a "Buy" rating on the German life-sciences group. The upgrade rests on higher earnings estimates tied to the strength of the pharmaceuticals division, alongside progress in bringing down debt and in the US litigation overhang.
The move leaves the stock trading in a gap between two very different views of its worth. Bayer closed Friday at EUR 56.66 — above Jefferies' EUR 48.50 target but comfortably below Deutsche Bank's new mark.
Jefferies Stays Cautious Despite Lower Pipeline Risk
Jefferies reaffirmed its "Hold" rating and EUR 48.50 target the same day. Analyst Michael Leuchten had anticipated the US approval of Asundexian, and in his view the green light has sharply reduced the risk attached to Bayer's pharmaceutical pipeline — even if it isn't enough to shift his recommendation.
That approval covers Sunharbo, the brand under which Asundexian will be sold, for cutting the risk of further strokes in adults who have recently suffered a non-cardioembolic ischemic stroke or a high-risk transient ischemic attack, in each case alongside antiplatelet therapy. Bayer has flagged the US market launch for mid-to-late November and describes Asundexian as the world's first approved factor XIa inhibitor.
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Three More Houses Move Their Marks
Other analysts have been nudging their valuations higher as well. One firm raised its fair value and reiterated a buy recommendation, while two further houses had already lifted their targets on 4 November and likewise advised buying. The targets from these three houses sit between EUR 64 and EUR 66.
China Clears Sevabertinib for First-Line Use
Fresh from the pipeline came a second regulatory win on 4 November, when China approved Sevabertinib as a first-line treatment for patients with advanced HER2-mutated non-small cell lung cancer — a clearance that explicitly covers use at the start of therapy.
Third-Quarter Figures Underpin Raised Outlook
The analyst revisions follow hard numbers. Bayer reported group revenue of EUR 10.1 billion for the third quarter of 2026 on 3 November, with EBITDA before special items reaching EUR 1.62 billion. Both figures rose year on year, according to the company, and the stronger pharmaceuticals unit contributed to an improved full-year outlook that Bayer had already announced.
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Alongside that guidance lift, the group raised its expectations for the Pharmaceuticals margin, for group EBITDA before special items and for free cash flow, while projecting lower net financial debt.
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