Financial PerformanceQ3 clean EBITDA came in at EUR 1.25bn, -10% below consensus at EUR 1.386bn.
Investor ConcernsThe cautious tone for 2025 is a concern for investors, as operating cash flow should be used to repay company debt, while there is still uncertainty on the glyphosate litigation costs.
Sales PerformanceThe generic headwind at Xarelto intensified, leading to forecasted sales losses of €1bn in 2025 and another €800m in 2026.