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Bayer Posts Solid Q2 With Broad-Based Support Across All Segments as Pipeline Continues to Develop

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

Bayer reported second-quarter results slightly ahead of our expectations, but we don’t expect any major changes to our fair value estimate based on the minor outperformance. We continue to view Bayer as undervalued, with the market not fully appreciating the company’s strong current portfolio and developing pipeline, which also gives us confidence in our wide moat rating. Further, we believe the market is focusing too much on the ongoing glyphosate litigation, which has contributed to the stock trading at an industry-lagging multiple. We expect the large legal reserves already taken will largely cover the remaining glyphosate legal issues.

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Company Profile

Business Description

Bayer is a German healthcare and agriculture conglomerate. Healthcare provides close to half of the company's sales and includes pharmaceutical drugs as well as vitamins. The company has a crop science business that includes seeds, pesticides, herbicides, and fungicides, which was expanded through the acquisition of Monsanto.

Kaiser-Wilhelm-Allee 1
Leverkusen, 51368, Germany
T +49 214301
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 99,439