Bayer: 2027 Consensus well underpinned, next up glyphosate settlement approval decision expected before year-end

Following the 3Q26 results, J.P. Morgan has increased its 2026-2030 sales forecasts by less than 1% and its EBITDA (u/l) and Core EPS forecasts by 1-4%. For 2026 the analysts see sales of EUR 46.1bn, EBITDA (u/l) of EUR 10bn and Core EPS of EUR 4.49, with forecasts 1% and 3% ahead of consensus on sales and EBITDA (u/l) but 1% below on EPS. For 2027, consensus looks well underpinned: sales of EUR 47.9bn (c.2% ahead of consensus), EBITDA (u/l) of EUR 10.5bn (c.1% ahead) and Core EPS of EUR 4.75 broadly in line with consensus at EUR 4.80. Longer term, Core EPS forecasts for 2028-2030 are 5-10% ahead of consensus, with EBITDA (u/l) 5-6% ahead. Early expectations for 2027 guidance are 0% to 3% CER sales growth to EUR 46-47.5bn, EBITDA (u/l) of EUR 9.9-10.5bn and Core EPS of EUR 4.40-4.90. Before 2027, the analysts remain confident Bayer can finalise the glyphosate settlement, containing litigation over the coming months, which they expect to be a positive driver for the shares. They reitera