Pharmaceuticals

Third quarter of 2026

Sales

Sales at Pharmaceuticals increased substantially to €4,680 million in the third quarter of 2026 (reported: +8%; Fx & portfolio adj.: +6.4%). Growth continued to be driven by Nubeqa™ and Kerendia™, as well as strong performance in our Radiology business. By contrast, we registered substantial declines for Eylea™ and Xarelto™, with sales falling as expected due to patent expirations.

• Sales of our cancer drug Nubeqa™ continued to expand significantly in all regions. Growth remained particularly strong in the United States, fueled by sustained momentum propelling a sharp rise in volumes.

• Our ophthalmology drug Eylea™ saw sales decrease substantially due to competitive pressure from generics, especially in Europe and Canada. The 8 mg formulation offering extended treatment intervals accounted for 60% of overall Eylea™ sales.

• We again registered strong gains in our Radiology business, which comprises Ultravist™ and CT Fluid Delivery. Growth was driven by an increase in volumes, especially in the United States.

• Sales of our oral anticoagulant Xarelto™ declined year on year, with business down as anticipated due to competitive pressure from generics, especially in Europe. Our license revenues – recognized as sales – in the United States, where Xarelto™ is marketed by a subsidiary of Johnson & Johnson, came in above the prior-year level.

• Sales of our long-term contraceptives in the Mirena™ product family were down against the previous year, which had been boosted by a large-scale order in the United States.

• We again registered considerable gains for Kerendia™, our product for the treatment of chronic kidney disease associated with type 2 diabetes, as well as heart failure. Growth was primarily fueled by a substantial rise in volumes in the United States and China.

• Our pulmonary hypertension treatment Adempas™ posted substantial topline growth, especially in the United States. As in the past, sales reflected the proportionate recognition of the upfront and milestone payments resulting from the sGC collaboration with Merck & Co., United States.

• Sales of Adalat™, our product for the treatment of hypertension and coronary heart disease, and Aspirin™ Cardio, for the secondary prevention of heart attacks, were up significantly in China.

• Sales of our Kovaltry™/Jivi™ blood-clotting medicines decreased markedly as a result of competitive pressure, with business down in a number of markets, including the United States and Europe.

• We recorded substantial gains for Beyonttra™, our new product for the treatment of cardiomyopathy. Growth was fueled by higher volumes following the product’s successful market launch in Europe.

Earnings

EBITDA before special items at Pharmaceuticals advanced by 23.6% to €1,292 million in the third quarter of 2026 (Q3 2025: €1,045 million). The rise in earnings was primarily driven by topline growth, which, in turn, was mainly fueled by substantial volume gains for Nubeqa™ and Kerendia™. Earnings also benefited from lower inventory write-offs, as well as income from the sale of noncore businesses. By contrast, we recorded an increase in selling expenses that largely related to the marketing of Lynkuet™ and Nubeqa™, as well as preparations supporting the launch of asundexian. In addition, there was a positive currency effect of €30 million (Q3 2025: negative currency effect of €46 million). The EBITDA margin before special items rose by 3.5 percentage points to 27.6%.

Including the aforementioned impairment loss of €307 million, EBIT came in at €718 million in the third quarter of 2026 (Q3 2025: €758 million) after special gains of €8 million (Q3 2025: net special charges of €38 million).