Consumer Health

Third quarter of 2026

Sales

Sales at Consumer Health came in at €1,445 million in the third quarter of 2026 (reported: +2.1%; Fx & portfolio adj.: +0.1%). Business was mainly up in the Digestive Health and Dermatology categories, while our Nutritionals business and cough and cold products posted declines. From a regional perspective, we registered higher sales in Asia/Pacific and Latin America, but experienced a decline in business in Europe/Middle East/Africa against a strong prior-year quarter as well as continued headwinds from a weak market environment in the United States.

• Sales in the Dermatology category continued to rise against the prior-year period. Growth was largely fueled by higher Bepanthen™ sales in China and Latin America, with the gains in the latter market partly attributable to a product line extension in Brazil.

• Following a strong first half of the year, sales in the Nutritionals category decreased against the prior-year period. Business was mainly impacted by declines in the United States and key markets in Europe/Middle East/Africa. These headwinds were only partially offset by gains for Elevit™ in China. Our Natsana e-commerce business generated moderate growth in a highly competitive environment.

• Business in the Allergy & Cold category was down overall. Sales of allergy products were level with the prior-year period, with gains for Claritin™ in China offset by declines for the broader allergy portfolio, especially in Mexico. Sales of cough and cold products were down year on year, with business in the United States mainly impacted by lower order volumes from customers at the start of the cough and cold season.

• The Digestive Health category continued to register higher sales. Growth was largely fueled by significant gains for MiraLAX™ in the United States, with business benefiting from continued tailwinds from the market launch of MiraFAST™.

• Sales in the Pain & Cardio category were level with the prior-year quarter. The strongest gains came from Actron™ in Latin America, while business in the United States and Europe/Middle East/Africa was down overall.

Earnings

EBITDA before special items at Consumer Health decreased by 4.4% to €347 million in the third quarter of 2026 (Q3 2025: €363 million), with our continuous cost and price management efforts only partially offsetting the impact of higher investments in marketing our innovative products. In addition, we recorded income from the sale of a minor, nonstrategic brand. Furthermore, there was a positive currency effect of €7 million (Q3 2025: negative currency effect of €25 million). The EBITDA margin before special items declined by 1.7 percentage points to 24.0%.

EBIT amounted to €35 million (Q3 2025: €262 million) after special charges of €215 million (Q3 2025: €8 million) from an impairment loss that was primarily attributable to an increase in the weighted average cost of capital.