Bayer AG reported first-quarter earnings for 2025 that surpassed expectations, with core earnings per share reaching €2.49 against an estimated €2.34, and sales totaling €13.74 billion compared to the forecasted €13.52 billion. The company confirmed its outlook for 2025, expressing confidence in achieving the upper end of its pharmaceutical sales and adjusted EBITDA margin targets, with EBITDA at €4.085 billion. The robust performance was driven by strong demand for Bayer's new cancer drug Nubeqa and kidney medicine Kerendia, which offset a decline in Crop Science sales. Despite a net profit drop, Bayer's results were better than anticipated, leading to a significant rise in its stock price, with shares surging over 10%. CEO Bill Anderson noted, 'Our first quarter positions us well to meet the challenges of this important year. It's encouraging that our operating model is helping teams do more with less.' CFO Wolfgang Nickl added, 'Based on current tariff announcements, we believe we can offset the effects and confirm our annual forecast at constant exchange rates.' In contrast, Munich Re and Hannover Re, two major German reinsurers, reported a sharp decline in first-quarter profits due to substantial losses from wildfires in the Los Angeles area, amounting to insurance claims of 1.9 billion dollars, or 17 billion euros in total. Munich Re's net profit nearly halved to €1.09 billion from €2.12 billion the previous year, while Hannover Re's profit fell by 14% to €480 million. Both companies, however, maintained their full-year profit forecasts despite the setbacks. Sabadell reiterated its 'overweight' recommendation on Bayer shares, setting a target price of €34.