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44th Annual J.P. Morgan Healthcare Conference Stefan Oelrich Member Of The Board Of Management Of Bayer AG President Pharmaceuticals January 13th, 2026
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Driver for near-term growth Foundation for future growth Catalyst for improved performance Our Strategy is Showing Tangible Results Renew topline Grow pipeline value New Innovation Model yielding success Five new indications or products approved since last year Advanced or completed 16 clinical programs across phases in past year Asundexian topline data announced Leverage new operating model More focused and de-layered organization Increased performance and efficiency, while investing into future growth Sustaining a mid-twenties margin despite LoEs 44th Annual J.P. Morgan Health Conference2 Nubeqa and Kerendia with sustained growth momentum, offsetting Xarelto declines Next wave of growth with Beyonttra, Lynkuet and Asundexian Robust Eylea Franchise and Foundational Business
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Foundation for future growth Catalyst for improved performance Our Strategy is Showing Tangible Results Grow pipeline value New Innovation Model yielding success Five new indications or products approved since last year Advanced or completed 16 clinical programs across phases in past year Asundexian topline data announced Leverage new operating model More focused and de-layered organization Increased performance and efficiency, while investing into future growth Sustaining a mid-twenties margin despite LoEs 44th Annual J.P. Morgan Health Conference3 Driver for near-term growth Renew topline Nubeqa and Kerendia with sustained growth momentum, offsetting Xarelto declines Next wave of growth with Beyonttra, Lynkuet and Asundexian Robust Eylea Franchise and Foundational Business
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Pharmaceuticals to Deliver on Raised 2025 Guidance 44th Annual J.P. Morgan Health Conference4 9M 2025 Actual FY 2025 Guidance at constant FX1 2025 Estimated FX impact2 Net Sales ∆% yoy (cpa3) EBITDA Margin4 +2% 26.1% 0% to +3% (Previously -4% to -1%) 24% to 26% ~ -3%pts not material -30% (cpa3) €1.8bn +60% (cpa3) €1.7bn +79% (cpa3) €0.6bn -1% (cpa3) €2.4bn +2% (cpa3) €6.9bn Base Business 1 Reflects our 2025 outlook at the average actual currencies for 2024; 2 Estimated FX impact: Actual 9M FX impact plus for remainder of the year FX assumptions based on month-end September 2025 spot rates (1 EUR=) 1.17 USD, 6.24 BRL, 8.37 CNY, 1,595 ARS, 48.83 TRY.Impact is calculated as difference to constant currencies = at average actual currencies for 2023; 3 currency and portfolio adjusted;4 EBITDA Margin before special items Financial Performance Key Drivers 9M 2025 Guidance raised in August 2025
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Asundexian 44th Annual J.P. Morgan Health Conference5 Rejuvenated Portfolio and Solid Base Business Prepare Ground for Sustained Growth 2024-2026 2027-2030+ Resilience Ensured Growth Driven by potentially 5 New Blockbusters Base Business Radiology: Women‘s Health: Base CV: Base Onc: Others: NET SALES (growth cpa) ~18 bn Illustrative
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Asundexian 44th Annual J.P. Morgan Health Conference6 Rejuvenated Portfolio and Solid Base Business Prepare Ground for Sustained Growth 2024-2026 2027-2030+ Resilience Ensured Growth Driven by potentially 5 New Blockbusters Base Business Radiology: Women‘s Health: Base CV: Base Onc: Others: NET SALES (growth cpa) ~18 bn Illustrative
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Biggest Growth Driver in 2025 7 • Approved in nearly 90 countries in nmCRPCand mHSPC • Achieving market leading positions in its approved indications • Further market penetration with launch in ARANOTE setting Nubeqa: On Track to Take Market Leadership with Unbroken Growth Momentum US launch performance (monthly NBRx)5 44th Annual J.P. Morgan Health Conference 1 IQVIA Nov 2025 2 2030 Treated Estimates G7: U.S., EU5, JP; 3 nmCRPC: non-metastatic castration-resistant prostate cancer; 4 mHSPC: metastatic hormone sensitive prostate cancer; 5 IQVIA, YTD July 2025 The fastest growing product in its class1 in many of our key markets, driven by differentiated clinical profile - 200 400 600 800 1.000 1.200 1.400 1.600 1.800 2.000 2.200 2.400 2.600 Aug 22: mHSPC approval (ARASENS) Jun 25: mHSPC approval (ARANOTE) Positive NBRx trend: Expect unbroken positive sales momentum for 2026 and beyond Addressable market expansion expected with ongoing life cycle management ARAMIS ARASENS ARANOTE 2027 ARASTEP (ARAMON) 2028 DaSL-HiCap ~47k ~76k ~86k ~145k nmCRPC 3 mHSPC 4 BCR (nonmetastatic) (Neo-)Adjuvant (nonmetastatic)Drug treated patient estimates 2:
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Blockbuster Potential in both CKD and HF 8 The only non-steroidal MRA with proven heart1 and kidney2 benefit in a Phase III trial Kerendia: Accelerated Uptake In Line with other Multibillion CV Drugs Global launch performance (monthly Sales in mEUR)6 44th Annual J.P. Morgan Health Conference 1 Scott D. Solomon et al. Finerenone in Heart Failure with Mildly Reduced or Preserved Ejection Fraction. NEJM 2024; 391:1475-1485; 2 Bakris et al. Effect of Finerenone on Chronic Kidney Disease Outcomes in Type 2 Diabetes. NEJM 2020; 383(23):2219–29; Pitt B et al. Cardiovascular Events with Finerenone in Kidney Disease and Type 2 Diabetes. NEJM 2021; 385(24):2252– 63; 3Timelines of the Phase III program refer to estimated primary completion dates of the respective study; 4 chronic kidney disease in patients with type-2 diabetes; 5 Heerspink HJL et al. Finerenone in chronic kidney disease and type 1 diabetes [abstract]. Presented at: American Society of Nephrology Kidney Week; November 6, 2023; Houston, TX. 6 Monthly sales in mEUR Expect accelerated growth, driven by intensified uptake in T2D/CKD and further launches in HF in 2026 and beyond Ongoing trial program across the spectrum of CKD and HF to drive further market penetration 0 10 20 30 40 50 60 70 80 90 100 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 HF CKD T2D T1D Non-diabetic FIND-CKD 2026 Phase III program3 Phase III program1 Patients with HF, thereof 50% with LVEF ≥40% ~ 60m Patients with CKD ~ 700m REDEFINE- HF 2026 FINALITY- HF 2028 FINEARTS- HF 2024 CONFIRMATION- HF (Combination with SGLT2i) 2026 LVEF ≥40% LVEF <40% FIDELIO- DKD (2020) FIGARO- DKD (2021) FINE-ONE 2025 • Established as a key pillar in treatment of CKD/T2D4, launched in ~100 countries • First drug in >30 years to demonstrate benefit in CKD/T1D in a Phase III trial5 • Launched in HF with LVEF ≥40% in the U.S. in H2 / 2025
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Blockbuster Potential in Europe7 9 • ~200k ATTR-CM1 Patients in Europe, diagnosis rates still in low teens percentage range • First and only approved treatment with a label acknowledging near-complete stabilization of TTR • Working to establish Beyonttraas a preferable treatment option for ATTR-CM patients Beyonttra: Driving Our Next Wave of Growth Germany launch performance (monthly NBRx)6 44th Annual J.P. Morgan Health Conference 36% NBRx (TRx) Share – Germany Month Since Launch 0% 10% 20% 30% 40% 50% 0 1 2 3 4 5 6 7 8 Beyonttra vs tafamidis Achieved ~50% NBRx market share just 4 months after approval in Germany; ~90% market share in Denmark just 6 months after launch Now available in 13 EU countries; further EU launches to continue in 2026 Early separation of curves for the combined endpoint of ACM2 or first CVH3,4 3 months Relative risk reduction in combined endpoint of ACM or first CVH 4 50% Relative risk reduction in annual frequency of CVH alone 5 1 Transtherytin amyloid cardiomyopathy, 2 All-Cause Mortality (ACM); 3 Cardiovascular-related Hospitalization (CVH); 4 vs. placebo, composite endpoint, Cox regression analysis. The result was mainly due to the first cardiovascular hospitalizations. After month 3, the curves continued to diverge and showed significant differences between acoramidis and placebo by month 30. BEYONTTRA® (acoramidis) [Product Information, Annex I]. Leverkusen, Germany: Bayer AG. January 2026; 5 vs. placebo, secondary endpoint. Negative binomial regression model. Gillmore JD, et al. Efficacy and Safety of Acoramidis in Transthyretin Amyloid Cardiomyopathy. NEJM 2024; 390:132-42; 6 IQVIA LRx –04/2025 – 10/2025, 100% = tafamidis + Beyonttra; 7 Exclusive commercialization rights acquired for EU markets from BridgeBio Convincing profile to address an underdiagnosed patient population
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Blockbuster Potential 10 Strong clinical profile addressing VMS in a broad population (natural, surgical, ET-related VMS) • Firstnon-hormonal, oral, dual neurokinin-targeted therapy (NK1, NK3 receptor antagonist)1 • Demonstrated consistent benefits and safety profile in treatment of VMS, with additional benefits in sleep disturbances and menopause-related quality of life 2 Lynkuet: Driving Our Next Wave of Growth Addressing high unmet need 44th Annual J.P. Morgan Health Conference 1 LYNKUET® (elinzanetant) [Prescribing Information]. Whippany, NJ: Bayer HealthCare Pharmaceuticals, Inc.; October 2025 2 Pinkerton JV, et al. Elinzanetant for the treatment of vasomotor symptoms associated with menopause: OASIS 1 and 2 randomized clinical trials. JAMA. 2024 Oct 22;332(16):1343-54; Panay N, et al. Elinzanetant for the Treatment of Vasomotor Symptoms Associated With Menopause: A Phase 3 randomized clinical trial. JAMA 2025:185;(11):1319-1327; Cardoso F, et al. Elinzanetant for Vasomotor Symptoms from Endocrine Therapy for Breast Cancer. NEJM 2025; 393:753-763. 3 NIH. https://www.ncbi.nlm.nih.gov/books/NBK507826; 4 Market Research - IPSOS - Global VMS Women Segmentation; 5 Project Heat Market Research, 2018 SHA VMS Prescriber analysis • Launched in U.S. in November, approved in EU+ • Clearly differentiated labels OASIS 1 VMS: 26 Week Efficacy Study OASIS 2 VMS: 26 Week Efficacy Study OASIS 3 VMS: 52 Week Safety / Efficacy Study OASIS 4 iVMS due to breast cancer therapy Leveraging distinct MoA, differentiated clinical profile and #1 position in Women’s Health women per year entering menopause transition in US3 ~ 1.3m Women who experience4: Hot flashes ~ 4 in 5 Sleep disturbance ~ 3 in 5 2/3 Of women not choosing / not eligible for hormone therapy5
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11 First successfully completed Phase III study of a Factor XIa Inhibitor • Pragmatic study design1 well representative of clinical practice • Study demographics & stroke subtypes generalizable to global stroke population • Met primary efficacy and safety endpoints • Significant reduction of the risk of ischemic stroke • No increase in ISTH major bleeding risk Asundexian: A Potential Major Step Forward in Secondary Stroke Prevention Addressing high unmet need 44th Annual J.P. Morgan Health Conference 1 M. Sharma et al. Factor XIa (FXIa) inhibition with asundexian after acute non-cardioembolic stroke or high-risk transient ischemic attack (TIA): methods and baseline data for the OCEANIC-stroke trial. Presented at World Stroke Congress. October 23, 2025; Barcelona, Spain; 2 Feigin VL, et al. World Stroke Organization (WSO): Global stroke fact sheet 2022. International Journal of Stroke. 2022 Jan;17(1):18-29 [Accessed: December 2025]; 3 Kolmos M et al., J Stroke Cerebrovasc Dis. 2021, 30(8),105935; Asundexian Blockbuster Potential people have a stroke in their lifetime2 ~ 1 in 4 Patients having a recurrent stroke within the first year3 10% first 5 years3 25% 12m new strokes per year globally2 Engagement with Health Authorities initiated Potential to become a new treatment option in SSP Investor Webinar on February 6th Data presentation at ISC on February 5th, 2026
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Asundexian 44th Annual J.P. Morgan Health Conference12 Rejuvenated Portfolio and Solid Base Business Prepare Ground for Sustained Growth 2024-2026 2027-2030+ Resilience Ensured Growth Driven by potentially 5 New Blockbusters Base Business Radiology: Women‘s Health: Base CV: Base Onc: Others: NET SALES (growth cpa) ~18 bn Illustrative
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Nourishing Future Growth with our Unique Innovation Engine 44th Annual J.P. Morgan Health Conference13 Strong track record in internal R&D activities and excellence in execution Focused on four strategic innovation areas, shifted resources to assets with highest potential De-layered organization Increased productivity and efficiency Smart deal making to bridge near-term pipeline gap Beyonttra in-licensed from BridgeBio Oncology deals with Kumquat and Puhe Acquired radiotracers from Attralus for diagnosis of cardiac amyloidosis Increased contribution from platform companies Bemdaneprocel moved from Phase I to Phase III New innovation model yielding success External Innovation Platform Companies Internal Innovation
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Nourishing Future Growth with our Unique Innovation Engine 44th Annual J.P. Morgan Health Conference14 New innovation model yielding success External Innovation Plattform Companies Internal Innovation Continued pipeline replenishment New Addition Positive Read-out Negative Read-out 4 Terminations Advanced or successfully completed 16 clinical programs across phases in 2025 Five approvals for new indications or products 5 of 6 Phase III read outs positive Five Oncology programs entered Phase I Six Cell and Gene Therapy assets in pipeline Further derisking our pipeline Pipeline progress in 2025
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Nourishing Future Growth with our Unique Innovation Engine 44th Annual J.P. Morgan Health Conference15 New innovation model yielding success External Innovation Plattform Companies Internal Innovation Continued pipeline replenishment New Addition Positive Read-out Negative Read-out 4 Terminations Advanced or successfully completed 16 clinical programs across phases in 2025 • Five approvals for new indications or products • Five out of six Phase III read outs positive • Five Oncology programs entered Phase I • Six Cell and Gene Therapy assets in pipeline Further derisking our pipeline Pipeline progress since January 2025 Milestones expected 2026 Forging our leadership position in cardio-renal Asundexian data presentation at ISC Kerendia Phase III read out in non-diabetic CKD Phase II read outs for nurandociguat and Anti-alpha2-Antiplasmin Progressing gene therapy assets Phase II completion AB-1002 in CHF Phase III - Finerenone non- diabetic CKD Primary completion (FIND-CKD) Phase II - GIRK4 Inhibitor AF Start Phase IIa Phase II - Congestive Heart Failure rAAV Gene Therapy (AB-1002) Primary completion (GenePHIT) 225Ac-Pelgifatamab Proof of concept Phase III - Asundexian Stroke Data presentation (OCEANIC-STROKE) Phase II - Anti-a2AP AIS Proof of Concept (SIRIUS) Phase II - Nurandociguat CKD Topline results (ALPINE-1) Phase I - Multiple System Atrophy rAAV Gene Therapy: Primary completion Q1 2026 225Ac-PSMA-Trillium Proof of concept Q3 2026 Q4 2026Q2 2026
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Nourishing Future Growth with our Unique Innovation Engine New innovation model yielding success 44th Annual J.P. Morgan Health Conference16 Milestones expected 2026 Continued pipeline replenishment External Innovation Platform Companies Internal Innovation Phase III - Finerenone non-diabetic CKD Primary completion (FIND-CKD) Phase II - GIRK4 Inhibitor AF Start Phase IIa Phase II - Congestive Heart Failure rAAV Gene Therapy (AB-1002) Primary completion (GenePHIT) 225Ac-Pelgifatamab Proof of concept Phase III - Asundexian Stroke Data presentation (OCEANIC-STROKE) Phase II - Anti-a2AP AIS Proof of Concept (SIRIUS) Phase II - Nurandociguat CKD Topline results (ALPINE-1) Phase I - Multiple System Atrophy rAAV Gene Therapy: Primary completion Q1 2026 225Ac-PSMA-Trillium Proof of concept Q2 2026 Q4 2026Q3 2026
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Return to mid single-digit growth latest in 2027 Increase R&D productivity to further revitalize pipeline Improve margins from 2028 onwards towards 30% by 2030 Driving Growth and Performance into the Next Decade while Achieving our Mid-Term Ambitions Driver for near-term growth Rejuvenated portfolio Launch excellence Foundation for future growth Focused and improved pipeline Efficient innovation engine Catalyst for improved performance Agile and efficient organization Cost consciousness and smart spending 44th Annual J.P. Morgan Health Conference17 Mid-term ambition:
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44th Annual J.P. Morgan Healthcare Conference Appendix
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Pharmaceuticals – Pipeline Overview1 (as of October 30, 2025) 19 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) Bemdaneprocel (Cell Therapy) Parkinson’s Disease (exPDite-2) Submissions Darolutamide (AR Inhibitor) CN: Prostate Cancer (mHSPC) Sevabertinib (HER2/mEGFR Inhibitor) CN, US, JP: HER2-mut NSCLC 2L Finerenone (MR Antagonist) EU, CN, JP: Heart Failure (HFmr/pEF) Elinzanetant (Neurokinin-1,3 Rec Antagonist) EU: Vasomotor Symptoms Aflibercept 8mg (VEGF-Inhibitor) EU, JP, CN: Retinal Vein Occlusion Gadoquatrane (High Relaxivity Contrast Agent) US, EU, JP, CN: Magnetic Resonance Imaging 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 VVD KEAP1 Act (VVD-130037 aka NRF2 Inh, BAY 3605349) 225Ac-Pelgifatamab (BAY 3546828) 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) VVD WRN Inhibitor (VVD-214) KRAS G12D Inhibitor (BAY 3771249) SEMA 3a (BAY 3401016) Dual FIIa/Xa Inhibitor (BAY 3389934) GIRK4 Inhibitor (BAY 3670549) 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 Primary Photoreceptor Diseases Cell Therapy (BRT-OpCT-001) Full pipeline package available for download under: https://www.bayer.com/en/pharma/development-pipeline 44th Annual J.P. Morgan Health Conference