Bayer’s virtual AGM was dominated by shareholder frustration over the long‑running Roundup litigation in the US and the legacy of its 2016 Monsanto acquisition. While investors acknowledged operational improvements under CEO Bill Anderson, many made clear that trust has not yet been restored.
Several institutional shareholders described the last decade as one of sustained underperformance, noting that Bayer shares have significantly lagged the DAX since the Monsanto deal closed. Anderson, for his part, told investors Bayer had made “great progress” on its turnaround and legal strategy, but conceded that “the work isn’t complete. Yet.”
Crop science enters “delivery mode”
Against a backdrop of regulatory pressure and margin compression, Crop Science has become a central pillar of Bayer’s turnaround story.
Anderson confirmed that the division has formally kicked off a five‑year framework aimed at boosting competitiveness and accelerating innovation while improving cash generation. The focus in 2025 and 2026 has been on execution rather than expansion.
“We kicked off an extensive performance improvement programme, and the focus is on delivery,” Anderson said, pointing to difficult decisions to rationalise Bayer’s portfolio and global footprint.
The strategy marks a clear shift away from volume‑driven legacy chemistry toward higher‑margin, more differentiated crop protection technologies, with fewer but stronger product bets.
Plenexos and precision chemistry take centre stage
One of the most concrete signals from the AGM was Bayer’s continued emphasis on next‑generation insecticides designed for precision, sustainability and regulatory resilience.
Anderson highlighted Plenexos, a new insecticide launched in Colombia at the end of 2025 and expected to enter the Brazilian market later in 2026 pending registration. The product which can be applied at gram‑scale doses per acre, reflects Bayer’s push toward chemistry that delivers efficacy while minimising environmental footprint.
Now read: Litigation exposure is constraining risk‑taking among big seed companies – SOSV’s Po Bronson
“If the soccer pitch at the BayArena were a soybean field, you could treat it with only 17 grams of Plenexos,” Anderson said – underscoring Bayer’s pitch to both regulators and investors that modern crop protection does not mean blanket application.
Innovation pipeline positioned for post‑2027 impact
While near‑term results remain constrained by regulatory headwinds, Bayer was explicit that its most transformative agricultural innovations are expected from 2027 onwards.
Among those highlighted were PRECEON™ short corn, positioned as less carbon‑intensive, and Icafolin, described as the first major new post‑emergent herbicide mode of action in a generation.
Both were referenced in the context of heavy R&D investment and long development timelines – and as examples of why Bayer argues regulatory certainty is essential for sustaining innovation in crop protection.
Glyphosate litigation framed as an innovation risk
While financial analysts focused on balance‑sheet implications, Anderson framed the Roundup litigation issue squarely as a risk to future agricultural innovation.
With the US Supreme Court set to hear Bayer’s glyphosate case next week, Anderson warned that continued exposure to large‑scale litigation could undermine willingness across the industry to invest in long‑cycle ag technologies.
“Why continue that work if it still leaves you at the mercy of a 600‑billion‑dollar litigation industry?” he asked – referencing not only glyphosate, but future crop protection and seed technologies.
Bayer pointed to recent state‑level legislative moves in the US, including Kentucky, as early signs of political support for protecting farmer access to federally regulated crop protection tools. He said: “We’re grateful to see a broad coalition of farmers, farmer groups, and the scientifically minded public calling on lawmakers in other states take similar steps.”
Capital discipline tightens around Crop Science
Shareholders also approved Bayer’s proposal to pay the minimum legally required dividend, reinforcing that cash generation and debt reduction remain top priorities.
For Crop Science, this means greater pressure to self‑fund innovation, less tolerance for underperforming assets and continued scrutiny of regional and product‑line profitability.
Now read: “The great unbundling of ag” could acceleration innovating – Leaps by Bayer’s Derek Norman
Anderson described 2026 as a year focused on strengthening operational foundations – with innovation acceleration to follow once margins and cash flow improve.
Investor patience may be wearing thin – but Bayer is betting that a leaner Crop Science division, built around precision products and longer‑term biological and genetic advances, can still deliver growth once litigation uncertainty eases.
