Slides
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Q1 2025 Investor Call May 13, 2025
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Cautionary Statements Regarding Forward-Looking Information This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at http://www.bayer.com / /// Bayer Q1 2025 Investor Call /// May 13, 20252
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BILL ANDERSON Chief Executive Officer
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/// Bayer Q1 2025 Investor Call /// May 13, 20254 Solid Performance in First Quarter Sales Growth (cpa) Core EPS 33.7% 29.5% 22.8% -3.3% +4.1% +2.5% €13.7bn 0% vs. PY Free Cash Flow Sales Growth (cpa) EBITDA Margin (before special items) Crop Science Pharmaceuticals Consumer Health Q1 2025 €2.49 -12% vs. PY €-1.5bn vs. PY Confirming Full Year Outlook at Constant Currencies – Monitoring Geopolitical Developments
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/// Bayer Q1 2025 Investor Call /// May 13, 20255 Executing with Full Force on All Strategic Priorities Pharma Growth & Pipeline Litigation Cash & Deleveraging Dynamic Shared Ownership • Significant growth of Nubeqa and Kerendia • Beyonttra launched in EU Crop Science Profitability • Filing of Durnell case for SCOTUS review • Important progress with state legislative efforts • Free Cash Flow up in Q1 vs. prior year • Focus on execution of Five Year Framework • Tough measures initiated to boost profitability • Reduction of ~2,000 FTE in Q1 • Accelerating resource flow • Updating HR tools Our Strategic Priorities
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WOLFGANG NICKL Chief Financial Officer
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Q1 2025: Group Performance /// Bayer Q1 2025 Investor Call /// May 13, 20257 cpa = currency and portfolio adjusted, rep = as reported, core EPS = core earnings per share (cont. operations) Net Sales 13.8 13.7 0% cpa (0% rep) Currency headwind of €0.1bn EBITDA before special items 4.4 4.1 -7% Lower Crop Science and Reconciliation, partly offset by higher Pharmaceuticals result; currency headwind of €0.2bn Core EPS (in €) 2.82 2.49 -12% Lower EBITDA before special items Free Cash Flow -2.6 -1.5 --- Including advance payments and change in factoring Net Financial Debt 37.5 34.3 -9% Focused capital allocation towards debt reduction Q1 2024 Q1 2025in €bn ∆% yoy
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Q1 2025: Results Weighed by Regulatory Challenges and Phasing Effects /// Bayer Q1 2025 Investor Call /// May 13, 20258 Sales growth rates in key messages cpa = currency and portfolio adjusted; 1 Core Business refers to Crop Science business excl. glyphosate-based herbicides. in €bn Q1 2024 Q1 2025 ∆ yoy Net Sales 7.9 7.6 -3% cpa (-4% rep) Volume -3% Price 0% FX -1% Portfolio 0% EBITDA before special items 2.8 2.6 -10% EBITDA Margin before special items 36.0% 33.7% • Core Business • Seeds & Traits driven by decline in soybeans and cotton due to US dicamba label vacatur, as well as corn volume phasing to Q2 following strategic change of distribution network • Core Crop Protection resulting from higher non-glyphosate herbicide volumes, partially offset by lower insecticide volumes due to expiration of Movento registration in EU • Glyphosate with volumes down 9% due to phasing into subsequent quarters and price -1% • Lower EBITDA margin primarily driven by decline in high margin sales due to regulatory impacts and corn sales phasing; partially offset by cost efficiency savings Crop Science Q1 2025 Net Sales by Category (∆ % yoy cpa, €bn) -10% €0.6bn -5% €4.3bn Seeds & Traits +2% €2.7bn Core Crop Protection Glyphosate -3% €7.0bn Core Business1
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/// Bayer Q1 2025 Investor Call /// May 13, 20259 Sales growth rates in key messages cpa = currency and portfolio adjusted. 1 Base Business including Radiology, Women’s Health and Other Mature Products in €bn Q1 2024 Q1 2025 ∆ yoy Net Sales 4.4 4.5 +4% cpa (+4% rep) Volume +4% Price +1% FX 0% Portfolio 0% EBITDA before special items 1.2 1.3 +12% EBITDA Margin before special items 27.4% 29.5% Q1 2025 Net Sales by Category (∆ % yoy cpa, €bn) +6% €2.4bn Base Business1 +5% €0.8bn -31% €0.6bn +80% €0.7bn Pharmaceuticals Q1 2025: Growth Across the Portfolio More Than Offsetting Xarelto Decline • Significant growth of launch products Nubeqa (+78%) and Kerendia (+87%) more than offsetting Xarelto headwinds • Solid performance of Eylea with increasing contribution of Eylea 8 mg • Base Business benefitting from strong growth in Radiology and Women’s Health, as well as high demand for Aspirin Cardio, Adalat and contraceptives in China • Improved EBITDA margin driven by business growth and continued efficiency gains
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/// Bayer Q1 2025 Investor Call /// May 13, 202510 in €bn Q1 2024 Q1 2025 ∆ yoy Net Sales 1.4 1.5 +3% cpa (+5% rep) Volume +2% Price +1% FX 0% Portfolio +3% EBITDA before special items 0.3 0.3 +3% EBITDA Margin before special items 23.1% 22.8% Q1 2025 Net Sales by Category (∆ % yoy cpa, €bn) +2% €0.3bn +2% €0.4bn Consumer Health Dermatology -5% €0.4bn Nutritionals Allergy & Cold +13% €0.3bn Digestive Health +7% €0.2bn Pain & Cardio Q1 2025: Moderate Start to the Year Sales growth rates in key messages cpa = currency and portfolio adjusted. • Sales expansion in almost all categories with early signs of volume recovery • Growth driven by Digestive Health and Pain & Cardio, supported by product launches; strong demand of Cough & Cold products in North America was counterbalanced by a soft start to the Allergy season • Nutritionals decline impacted by discontinuation of the Care/of business and soft performance in China, while EMEA grew • EBITDA margin affected by lower divestment income and higher investments behind brands and innovation, counterbalanced by improved gross margin and ongoing efficiencies
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/// Bayer Q1 2025 Investor Call /// May 13, 202511 Group Outlook Confirmed at Constant Currencies – Monitoring Geopolitical Developments and FX Volatility 1Reflects our 2025 outlook at the average actual currencies for 2024; 2Estimated FX impact: Actual Q1 FX impact plus for remainder of the year FX assumptions based on month- end March 2025 spot rates (1 EUR=) 1.08 USD, 6.22 BRL, 7.85 CNY, 1,156 ARS, 41.00 TRY. Impact is calculated as difference to constant currencies. 3Currency and portfolio adjusted growth; excludes portfolio effect of ~€+0.2bn driven by Natsana acquisition (Consumer Health). Net Sales 45.0 to 47.0 -3% to +1%3 ~-0.5 ~ -1%pts EBITDA before special items 9.5 to 10.0 -6% to -1% ~-0.3 ~ -3%pts Core EPS (in €) 4.50 to 5.00 ~-0.25 Free Cash Flow 1.5 to 2.5 ~-0.2 Net Financial Debt 31.0 to 32.0 ~-0.5 FY 2025 Outlook at constant FX1 / ∆ yoy % in €bn FX Estimate at month-end March2 • Geopolitical Environment: based on current status of tariff announcements and mitigation measures, impact expected to be managed within guidance • Foreign Exchange Rates: main swing factor, additional headwind at latest spot rates
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Q&A Session
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APPENDIX Outlook 2025
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/// Bayer Q1 2025 Investor Call /// May 13, 202514 Outlook 2025: Updated FX Estimate 1Reflects our 2025 outlook at the average actual currencies for 2024; 2Estimated FX impact: Actual Q1 FX impact plus for remainder of the year FX assumptions based on month- end March 2025 spot rates (1 EUR=) 1.08 USD, 6.22 BRL, 7.85 CNY, 1,156 ARS, 41.00 TRY. Impact is calculated as difference to constant currencies. 3Currency and portfolio adjusted growth; excludes portfolio effect of ~€+0.2bn driven by Natsana acquisition (Consumer Health). Net Sales 46.6 45.0 to 47.0 -3% to +1%3 ~-0.5 ~ -1%pts EBITDA before special items 10.1 9.5 to 10.0 -6% to -1% ~-0.3 ~ -3%pts Core EPS (in €) 5.05 4.50 to 5.00 ~-0.25 Free Cash Flow 3.1 1.5 to 2.5 ~-0.2 Net Financial Debt 32.6 31.0 to 32.0 ~-0.5 FY 2024 Actuals as reported FY 2025 Outlook at constant FX1in €bn Estimated FX Impact2 (previously: not material) (previously: ~-0.2 / ~ -2%pts) (previously: ~+0.2) updated
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Outlook 2025: Divisions /// Bayer Q1 2025 Investor Call /// May 13, 202515 1Reflects our 2025 outlook at the average actual currencies for 2024; 2Estimated FX impact: Actual Q1 FX impact plus for remainder of the year FX assumptions based on month- end March 2025 spot rates (1 EUR=) 1.08 USD, 6.22 BRL, 7.85 CNY, 1,156 ARS, 41.00 TRY. Impact is calculated as difference to constant currencies = at average actual currencies for 2024; 3Core growth -2% to +2%, Glyphosate growth -4% to 0%. 4Currency and portfolio adjusted growth; excludes portfolio effect of ~€+0.2bn driven by Natsana acquisition Crop Science Pharmaceuticals Consumer Health Net Sales EBITDA Margin (before special items) €22.3bn 19.4% Net Sales EBITDA Margin (before special items) €18.1bn 26.0% Net Sales EBITDA Margin (before special items) €5.9bn 23.3% FY 2024Actuals as reported ~-1%pt ~-1%pt ~ -1%pt ~-1%pt not material FY 2025Outlook estimated FX impact2 -2% to +2%3 18% to 20% -4% to -1% 23% to 26% 23% to 24% FY 2025Outlook at constant FX1 +2% to +5%4 ~ -1%pt
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in €bn Outlook 2025: Modelling Considerations /// Bayer Q1 2025 Investor Call /// May 13, 202516 1Reflects our 2025 outlook at the average actual currencies for 2024; 2Reconciliation reported as “All Other Segments” and not allocated “Enabling Functions” and “Consolidation”. Special Items (EBITDA) -1.5 to -0.5 Core Depreciation -1.7 to -1.6 Core Financial Result -2.0 to -1.8 Core Tax Rate 24% to 26% Reconciliation2: (EBITDA before special items) ~ -0.5 Portfolio effects driven by Natsanaacquisition (Consumer Health) Special items (EBITDA) expected rather towards €-1.5bn, includes DSO related severances and litigation provisions Reconciliation2 (EBITDA before special items) including latest assumptions for long-term incentive provisions and hyperinflation effects FX effect on all items not material FY 2025 Outlook at constant FX1 Portfolio effect in Sales ~+0.2
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APPENDIX Q1 2025
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/// Bayer Q1 2025 Investor Call /// May 13, 202518 Q1 2025: Core Net Income and Free Cash Flow 1Delta between “Core EBIT” and “EBIT before special items” mainly driven by regular amortization of intangible assets (see for “EBIT before special items” slide “Q1 2025: Key Financial Measures by Division”); 2Net cash provided by (used in) operating activities (excluding Interest & dividends received); 3Cash flow-relevant capital expenditures (without leasing). Delta between Core Net income and Net income mainly driven by regular IP amortization and Special items related to litigation and restructuring Trade Working Capital change in factoring, improved collections and timing of accounts payables Other Working Capital: mainly driven by advance payments from Crop Science customers and litigation provisions [€ bn] Q1 2024 Q1 2025 Reported EBITDA 4.2 3.5 Tax payments -0.4 -0.3 Delta pensions -0.1 -0.1 Gains/Losses Divestments -0.1 0.0 Delta Working Capital -5.7 -4.1 t/o Delta Inventories 0.6 0.5 t/o Delta Receivables -4.8 -4.5 t/o Delta Payables -1.2 -0.8 t/o Other Working Capital -0.3 0.7 Operating Cash Flow2 -2.2 -1.0 Interest & dividends received 0.0 -0.1 CapEx3 -0.4 -0.4 Free cash flow -2.6 -1.5 [€ bn] Q1 2024 Q1 2025 Net Sales 13.8 13.7 EBITDA before special items 4.4 4.1 Core depreciation -0.4 -0.4 Core EBIT1 4.0 3.7 Core financial result (before special items) -0.4 -0.4 Core EBT 3.6 3.3 Minorities / noncontrolling interest 0.0 0.0 Core tax rate 22.3% 25.1% Core tax -0.8 -0.8 Core Net income 2.8 2.4 Amortization & extraordinary depreciation -0.7 -0.8 Special Items (EBITDA & Financial Result) -0.3 -0.7 Tax Effect on Adjustments 0.2 0.3 Net income 2.0 1.3
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/// Bayer Q1 2025 Investor Call /// May 13, 202519 Q1 2025: Core EPS to EPS Bridge -0.60 -0.08 +0.30 1.32 -0.792.49 in € Core EPS Q1 2025 Impairments on IP and PPE and regular amortization Special Items (EBITDA) Special Items Financial Results/Taxes Tax Effect on Adjustments EPS (total) Q1 2025
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/// Bayer Q1 2025 Investor Call /// May 13, 202520 Corn S&T: driven by volume phasing into Q2 due to strategic change in distribution network and lower pricing in LATAM; partially offset by growth in EMEA and APAC Soy S&T: decline in North America due to dicamba label vacatur Cotton S&T: decline in North America due to dicamba label vacatur Vegetable Seeds: strong performance largely driven by price and volume in LATAM Fungicides: volume recovery in EMEA, partially offset by pricing pressure Herbicides excl. GLY: strong gains from higher volumes across all regions, partially offset by pricing pressure Insecticides: lower volume in EMEA due to expiration of Movento registration in EU, partially offset by higher volume and price in LATAM All Other: lower volumes across other seed portfolio, partially offset by higher SeedGrowth volume and price Glyphosate-based Herbicides: due to phasing into subsequent quarters Q1 2025: Regulatory Challenges and Seed Phasing Weigh on Performance Sales by Key Category and Strategic Business Entity (€m) Q1 2024 Q1 2025 ∆ yoy (cpa) Seeds & Traits 4,573 4,328 -5% Corn Seed & Traits 3,242 3,189 -2% Soybean Seed & Traits 604 522 -14% Cotton Seed & Traits 290 232 -20% Vegetable Seeds 184 192 +6% Other 253 193 -22% Core Crop Protection1 2,669 2,661 +2% Fungicides 935 916 +1% Herbicides excl Gly 944 1,003 +8% Insecticides 459 387 -12% Other 331 355 +8% Core Business 7,250 6,989 -3% (-1% price, -2% volume) Glyphosate-based Herbicides2 665 591 -10% (-1% price, -9% volume) Sales growth rates in Key Messages cpa = currency and portfolio adjusted. 1 excluding Glyphosate-based Herbicides, 2 Industrial Turf & Ornamental business outside the United States now reports under Glyphosate-based Herbicides. Prior year figure adjusted accordingly. Crop Science
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/// Bayer FY 2025 Investor Call /// March 05, 202521 Glyphosate 0 1 2 3 4 5 6 $- $2 $4 $6 $8 $10 $12 $14 2020 2021 2022 2023 2024 2025 F bn€ $/KG Branded Glyphosate-Based Herbicide Sales Normalizes as Generic Reference Price Stabilizes Below Historical Median Bayer Glyphosate Based Herbicide Annual Net Sales Spot Price 15 Yr Median Market Trends: Global demand continues to remain strong with excess supply in China. High channel inventory in US from China due to prepositioning ahead of anticipated tariffs. Channel inventory across other markets remains consistent with historical levels. Generic Chinese glyphosate technical reference spot price continues to trend significantly below 15-year historical median. Despite potential tariffs, US pricing opportunities limited by utilization of low-cost inventories pre-positioned from China. Our Strategy: Maintain supply for ~40% global glyphosate market, with focus on the over-the-top markets in the Americas Maintain brand premium over generic glyphosate-based herbicides with agile and strategic pricing Distinctly steered in a competitive commodity market Strong Demand and Low Glyphosate Pricing Anticipated for 2025
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/// Bayer Q1 2025 Investor Call /// May 13, 202522 Q1 2025: Strong Growth of Launch Products, Eylea and Base Business More Than Offsetting Xarelto Decline Nubeqa: strong growth across all regions, led by US and Europe Kerendia: further strong growth momentum, especially in US and China Eylea: continued growth driven by EU and Japan, supported by 8mg launches (incl. pre-filled syringe) Xarelto: continued LoE-driven genericization in Japan, Europe and Russia, on top of ongoing at-risk launches in Europe Radiology: Significant volume growth of Ultravist, continued strong growth of CT Fluid Delivery IUD Family: significant growth in US, driven by increased demand Yaz Family: growth largely driven by higher volumes in China Adempas: high patient compliance continues to drive US sales expansion HEM Franchise: continued competitive pressure weighing on volumes and prices Aspirin Cardio: high demand in Q1 in China prior to expected VBP 10 implementation, driven by positive brand image Adalat: growth mainly driven by hospital phasing effect in China Sales by Key Category and Product (€m) Q1 2024 Q1 2025 ∆ yoy (cpa) Launches 370 676 +80% Nubeqa 285 515 +78% Kerendia 85 161 +87% Eylea 782 815 +5% Eylea 2mg 782 676 - Eylea 8mg 0 139 - Xarelto 926 633 -31% Base Business 2,280 2,424 +6% Radiology 502 543 +8% Women‘s Health 680 773 +13% IUD Family 293 352 +18% Yaz Family 165 187 +14% Other 222 234 +6% Adempas 171 183 +6% HEM Franchise 167 158 -6% Aspirin Cardio 151 189 +26% Adalat 127 145 +12% Other 482 433 -10% Pharmaceuticals Sales growth rates in Key Messages cpa = currency and portfolio adjusted.
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/// Bayer Q1 2025 Investor Call /// May 13, 202523 Q1 2025: Growth Contribution From All Categories, Except Nutritionals Dermatology: Growth primarily driven by continuous strong demand for Bepanthen and Canesten, along with support from innovations such as KangWang in China Nutritionals: Strong demand particularly for Supradyn in Europe offset by weaker performance in China and the discontinuation of the Care/of business in the US Allergy & Cold: Strong demand of cold products in North America was counterbalanced by a soft start to the allergy season Digestive Health: Growth supported by product launches, e,g. Iberogast in US, and by sustained supply stability Pain & Cardio: Driven by product launches as well as by strong demand for Saridon in Asia Pacific and for Asprin Cardio in Europe and North America Sales by Category (€m) Q1 2024 Q1 2025 ∆ yoy (cpa) Dermatology 349 352 +2% Nutritionals 335 351 -5% Allergy & Cold 335 347 +2% Digestive Health 222 252 +13% Pain & Cardio 181 188 +7% Other 10 9 -7% Consumer Health Sales growth rates in Key Messages cpa = currency and portfolio adjusted.
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/// Bayer Q1 2025 Investor Call /// May 13, 202524 Q1 2025: Key Financial Measures by Division 1Before special items; 2Includes purchase price amortization (PPA) of €404m in COGS, €36m in selling expenses, €32m in R&D in 2025 and €356m in COGS, €43m in selling, €32m R&D in 2024, for Crop Science and Group; 3Net cash provided by (used in) operating activities; 4Cash flow-relevant capital expenditures (without leasing). [€ million, if not specified] Q1 24 Q1 25 Q1 24 Q1 25 Q1 24 Q1 25 Q1 24 Q1 25 Q1 24 Q1 25 Sales 7,907 7,580 4,358 4,548 1,432 1,499 68 111 13,765 13,738 Sales by region: Europe / Middle East / Africa 2,079 2,094 1,822 1,628 523 572 67 110 4,491 4,404 North America 4,122 3,869 1,110 1,399 528 554 0 0 5,760 5,822 Asia / Pacific 519 571 1,187 1,290 208 218 0 0 1,914 2,079 Latin America 1,187 1,046 239 231 173 155 1 1 1,600 1,433 Cost of goods sold1,2 -3,846 -3,917 -1,089 -1,073 -481 -495 -12 -68 -5,428 -5,553 Selling expenses1,2 -1,148 -1,050 -1,403 -1,409 -647 -661 18 -17 -3,180 -3,137 Research and development expenses1,2 -585 -609 -746 -769 -55 -60 11 -8 -1,375 -1,446 General administration expenses1 -176 -162 -194 -181 -39 -36 -128 -151 -537 -530 Other operating income / expenses1 -30 -55 42 -13 28 -2 14 -91 54 -161 EBIT before special items 2,122 1,786 968 1,103 238 245 -29 -224 3,299 2,911 EBIT margin before special items [%] 26.8% 23.6% 22.2% 24.3% 16.6% 16.3% -42.6% -201.8% 24.0% 21.2% Special items -59 -401 -96 -114 -9 -8 -43 -64 -207 -587 EBIT 2,063 1,386 872 989 229 237 -72 -288 3,092 2,324 Depreciation & Amortization1 727 771 226 239 93 97 67 67 1,113 1,174 EBITDA before special items 2,849 2,557 1,194 1,342 331 342 38 -157 4,412 4,085 EBITDA margin before special items [%] 36.0% 33.7% 27.4% 29.5% 23.1% 22.8% 55.9% -141.4% 32.1% 29.7% Special items -60 -401 -95 -114 -9 -8 -43 -64 -207 -587 EBITDA 2,789 2,157 1,099 1,228 322 334 -5 -221 4,205 3,498 Operating cash flow, continuing3 -2,865 -2,406 809 1,161 219 405 -313 -175 -2,150 -1,015 Cash flow-relevant capital expenditures4 -210 -164 -178 -163 -26 -30 -32 -31 -446 -388 Crop Science Pharmaceuticals Consumer Health Reconciliation Group
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APPENDIX Innovation
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/// Bayer Q1 2025 Investor Call /// May 13, 202526 Crop Science: R&D Pipeline Annual Update - May 2025 PSP2Phase II Phase III Lifecycle management1 Phase IV S&T - Corn ~€11bn Corn LEP5 Corn HT5 Preceon Smart Corn – Biotech Trait3 Corn LEP4 CRW4 Corn Annual Germplasm Upgrades and New Hybrid Launches – Leveraging precision breeding S&T - Other4 Canola HT4 Sugarbeets 2nd Generation Herbicide Tolerance5 Cotton HT4 (5 Tolerances - Adds 2, HPPD & PPO) Cotton IP4 ~€4bn Wheat, Cotton, Canola/OSR, Veg, Rice Annual Germplasm Upgrades and New Hybrid and Variety Launches – Leveraging precision breeding CP New Herbicide New Herbicide New Herbicide New Herbicide Icafolin Non-selective: Glyphosate Selective: Merlin Flexx/Adego, Balance Flexx, Convintro, New over-the-top HER, Council Family, Ronstar One, Mesosulfuron ~€6bn New Insecticide Plenexos Vayego Duo, Fluopyram, New BLX-Containing Nematicide Mixture ~€2bn New Seed Treatment INS FUN ready mixture, LadoranIbisio ~€1bn Trait extensions (e.g., geographic expansion into APAC and Africa, event stacking) Enhancement of FieldView and continuous upgrades of digital features (e.g., next gen. seed placement and density tools) HT = Herbicide Tolerance CRW= Corn Rootworm LEP= Lepidoptera Protection IP = other Insect Protection Blockbuster= >€0.5bn exp. PSP S&T - Soy Soy IP4 Soy HT5 (6 Tolerances - Adds PPO) Vistive Gold Xtend ~€5bn Soy Annual Germplasm Upgrades and New Variety Launches – Leveraging precision breeding Soy IP3 Vyconic (5 Tolerances - Adds 2, 4-D & HPPD) New Fungicide New Fungicide New Fungicide8 Nativo Plus, Fox Supra Continous enhancement of digital features (e.g., wheat disease management tool) ~€3bn With digital upgrade Developed with CropKey Advanced to next phase Biologics HER6 FUN7 INS9SGR10 Total PSP ~€32bn Pipeline shown is not exhaustive 1. Shown here is a subset of Bayer’s total life cycle management activities; Products shown may not yet be fully registered in all jurisdictions; incl. all advancements made in FY’24, updated May ’25 2. PSP = Peak Sales Potential, 50% incremental; Expected to reach 30% of PSP by 2032, 80% of PSP by 2038 and remainder in 2039+;Note that products are excluded from the pipeline PSP typically the year following launch; Projects listed under S&T and included in the peak sales potential by segment do not include projects funded by "Leaps by Bayer" investments3. BASF collaboration 4. Includes seeds and traits, such as vegetables, cotton, canola, wheat, OSR, rice, vegetable seeds and sugarbeets, plus carbon and digital models 5. KWS collaboration 6. HER = Herbicide 7. FUN = Fungicide 8. 3rd party collaboration 9. INS = Insecticide 10. SGR = SeedGrowth
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Pharmaceuticals: R&D Developments (since last update on March 5, 2025) /// Bayer Q1 2025 Investor Call /// May 13, 202527 New LCM DiscontinuationsNewsflow Phase transition (FPFV)Others Phase I Submission / Approval Neurology & Rare Diseases Atrial fibrillation Cardiovascular+1 1 Including Precision Cardiovascular, Nephrology & Acute Care Submission to EMA for regulatory approval of Eylea 8mg in RVO PRMT5 Inhibitor (BAY 3713372) Oncology VVD RAS-PI3K Inhibitor (VVD-159642, BAY 3674171) No changes in Phase II & Phase III since March 5, 2025 225Ac-GPC3 (BAY 3547926)
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Pharmaceuticals – Pipeline Overview1 (as of May 02, 2025) 28 1 Bayer and partner sponsored + 3rd party label enabling studies with first patient first visit 2 Conducted by Merck & Co 3 Including Precision Cardiovascular, Nephrology & Acute Care Life cycle management New molecular entity Phase III Darolutamide (AR Inhibitor) Adjuvant Prostate Cancer (DASL-HiCaP) Prostate Cancer with Biochemical Recurrence after Curative Radiotherapy (ARASTEP) Sevabertinib (HER2/mEGFR Inhibitor) Advanced Non-small Cell Lung Cancer with HER2 Activating Mutations, 1L (SOHO-02) Finerenone (MR Antagonist) Non-diabetic Chronic Kidney Disease (FIND-CKD) Chronic Kidney Disease in Type 1 Diabetes (FINE-ONE) Vericiguat (sGC Stimulator) Heart Failure (HFrEF) (VICTOR2) Asundexian (FXIa Inhibitor) 2⁰ Stroke Prevention (OCEANIC-STROKE) Gadoquatrane (High Relaxivity Contrast Agent) Magnetic Resonance Imaging (QUANTI-CNS, QUANTI-OBR) Submissions Darolutamide (AR Inhibitor) US, EU, CN: Prostate Cancer (mHSPC) Finerenone (MR Antagonist) US, EU, CN, JP: Heart Failure (HFmr/pEF) Elinzanetant (Neurokinin-1,3 Rec Antagonist) US, EU: Vasomotor Symptoms Aflibercept 8mg (VEGF-Inhibitor) CN: Neovasc. Age-rel. Macular Degen. (nAMD) EU: Retinal Vein Occlusion Oncology Cardiovascular+3 Neurology & Rare Diseases Immunology Others Phase II Sevabertinib (HER2/mEGFR Inhibitor) (BAY 2927088) Metastatic or Unresectable Solid Tumors With HER2-activating Mutations (panSOHO) Congestive Heart Failure rAAV Gene Therapy (AB-1002) Congestive Heart Failure (GenePHIT) Anti-a2AP (BAY 3018250) Acute Ischemic Stroke; Pulmonary Embolism (SIRIUS) Nurandociguat (sGC Activator Oral) (BAY 3283142) Chronic Kidney Disease (ALPINE-1) Parkinson‘s Disease rAAV Gene Therapy (AB-1005) Parkinson´s Disease (REGENERATE-PD) Protein Therapeutics Cell Therapy Contrast Agent Genetic Medicine Radionuclide Therapy Small Molecule Phase I Sevabertinib (HER2/mEGFR Inhibitor) (BAY 2927088) DGKzeta Inhibitor (BAY 2965501) Lanerkitug (CCR8 Ab) (BAY 3375968) VVD KEAP1 Act (VVD-130037 aka NRF2 Inh, BAY 3605349) DGKalpha Inh (BAY 2862789) 225Ac-Pelgifatamab (BAY 3546828) VVD STAT3 Inhibitor (VVD-130850, BAY 3630914) 225Ac-PSMA-Trillium (BAY 3563254) SOS1 Inhibitor (BAY 3498264) PRMT5 Inhibitor (BAY 3713372) VVD RAS-PI3K Inhibitor (VVD-159642, BAY 3674171) 225Ac-GPC3 (BAY 3547926) SEMA 3a (BAY 3401016) Anti-coagulant (BAY 3389934) Atrial fibrillation Bemdaneprocel (Parkinson’s Disease Cell Therapy) (BRT-DA01) Multiple System Atrophy rAAV Gene Therapy (AB-1005 aka AAV2-GDNF-MSA) Pompe Disease rAAV Gene Therapy (ACTUS-101) LGMD2I/R9 rAAV Gene Therapy (AB-1003 aka LION-101) GPR84 Antagonist (BAY 3178275) BAY 2701250 Full pipeline package available for download under: https://www.bayer.com/en/pharma/development-pipeline /// Bayer Q1 2025 Investor Call /// May 13, 2025
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Major R&D Milestones Expected Until End-2025 29 1 Including Precision Cardiovascular, Nephrology & Acute Care Bemdaneprocel PD: Start Phase III Phase I Phase II Phase III Submission / Approval Elinzanetant Vasomotor Symptoms: First approval Gadoquatrane: First submission Vericiguat HFrEF: Data read-out Darolutamide/ADT mHSPC: First approval Finerenone HFmr/pEF: First approval Finerenone CKD and T1D: Primary completion (FINE-ONE) Asundexian Stroke: Primary completion (OCEANIC-STROKE) Sema3A mAB: Start Phase IIa BRT-OpCT01 Primary Photoreceptor Diseases Start Phase I/II New LCM Primary completion phases II/III or proof of concept Oncology Cardiovascular+1 Immunology Others First Submission / Approval Phase transition (FPFV) Neurology & Rare Diseases Anti-a2AP : Primary completion (SIRIUS) 225Ac-Pelgifatamab: Proof of concept 225Ac-PSMA-Trillium: Proof of concept /// Bayer Q1 2025 Investor Call /// May 13, 2025
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Nubeqa Continues to Show Strong Uptake With Gains in All Regions /// Bayer Q1 2025 Investor Call /// May 13, 202530 1Source: IQVIA, YTD January 2025 2ARI: Androgen Receptor Inhibitor 3mHSPC: metastatic hormone sensitive prostate cancer Nubeqa continues to grow faster than the ARI2 market in the US The mHSPC3 launch continues to be a success in all markets, with particularly strong uptake in EMEA Nubeqa is approved in more than 88 countries today (mHSPC approvals in 87 markets) Global sales development (€m, cpa growth rates) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 380 417 443 515 285 +78% Ex-USUS US launch performance (monthly NBRx)1 - 200 400 600 800 1.000 1.200 1.400 Aug-22: mHSPC approval
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Kerendia Demonstrates Continued Launch Uptake /// Bayer Q1 2025 Investor Call /// May 13, 202531 Global sales development (€m, cpa growth rates) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 126 137 161 85 115 +87% 1Source: This is based on information licensed from IQVIA: US Subnational NBRx for the period 11/21 to 03/25 US Market includes NBRx linked to T2D and CKD reflecting estimates of real-world activity. All rights reserved. FDA grants priority review for HF LVEF≥40% indication. Further regulatory submissions to health authorities conducted and ongoing. Solid sales growth momentum in the US, NBRx growth trending upward in CKD/T2D indication. HF indication launch anticipated in 2025, pending FDA approval. Growing ex-US penetration in key regions and countries, with China, India and Mexico as strong growth drivers. Ex-USUS US launch performance (monthly NBRx)1 Kerendia Market1 0 10.000 20.000 30.000 40.000 50.000 60.000 0 2000 4000 6000 8000 10000 Nov 21 Dez 21 Jan 22 Feb 22 Mrz 22 Apr 22 Mai 22 Jun 22 Jul 22 Aug 22 Sep 22 Okt 22 Nov 22 Dez 22 Jan 23 Feb 23 Mrz 23 Apr 23 Mai 23 Jun 23 Jul 23 Aug 23 Sep 23 Okt 23 Nov 23 Dez 23 Jan 24 Feb 24 Mrz 24 Apr 24 Mai 24 Jun 24 Jul 24 Aug 24 Sep 24 Okt 24 Nov 24 Dez 24 Jan 25 Feb 25 Mrz 25
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Eylea Maintaining Market Leadership; Launch of 8mg Gaining Further Momentum /// Bayer Q1 2025 Investor Call /// May 13, 202532 Global sales development (€m, cpa growth rates) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 833 815782 843 848 +5% 1Source: Company market data 1. MARS (IQVIA+GERS, NPI) value market share, 2 PFS: pre-filled syringe Increasing momentum of Eylea 8mg with continued roll-outs across available markets and the launch of the OcuClick PFS2 Continued strong leadership in the anti-VEGF segment with stable market share Unparalleled approved treatment interval of up to 5 months, EU application submitted for RVO indication on April 7 8mg2mg Market share of anti-VEGF therapies (ex-US)1 57,6% 48,6% 8,9% 9,9% 20,4% 57,5% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% Mar'24 Apr'24 May'24 Jun'24 Jul'24 Aug'24 Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Only products with a market share higher than 5% are represented in this slide
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Thank you!