Slide 1: Q1 2025 Investor Call
Q1 2025 Investor Call May 13, 2025
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the ac
Slide 3: Bill Anderson, Chief Executive Officer
BILL ANDERSON Chief Executive Officer
Slide 4: Solid Performance in First Quarter
Solid Performance in First Quarter Sales Core Free Growth EPS Cash Flow (cpa) Q1 2025 €13.7bn €2.49 €-1.5bn 0% vs. PY -12% vs. PY vs. PY Crop Science Pharmaceuticals Consumer Health Sales Growth (cpa) -3.3% +4.1% +2.5% EBITDA Margin (before special items) 33.7% 29.5% 22.8% Confirming Full Year Outlo
Slide 5: Executing with Full Force on All Strategic Priorities
Executing with Full Force on All Strategic Priorities Our Strategic Priorities Pharma Crop Science Litigation Cash & Deleveraging Growth & Pipeline Profitability • Filing of Durnell case for • Focus on execution of Five • Significant growth of SCOTUS review • Free Cash Flow up in Q1 vs. Year Framewo
Slide 6: Wolfgang Nickl, Chief Financial Officer
WOLFGANG NICKL Chief Financial Officer
Slide 7: Q1 2025: Group Performance
Q1 2025: Group Performance in €bn Q1 2024 Q1 2025 ∆% yoy 0% cpa Currency headwind of €0.1bn Net Sales 13.8 13.7 (0% rep) Lower Crop Science and Reconciliation, partly EBITDA 4.4 4.1 -7% offset by higher Pharmaceuticals result; before special items currency headwind of €0.2bn Core EPS (in €) 2.82 2.4
Slide 8: Q1 2025: Crop Science Results Weighed by Regulatory Challenges and Phasing Effects
Q1 2025: Results Weighed by Regulatory Challenges and Phasing Effects Crop Science in €bn Q1 2024 Q1 2025 ∆ yoy Q1 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 7.9 7.6 -3% cpa (-4% rep) Volume -3% Seeds -5% Core +2% -10% & Crop Glyphosate Price 0% Traits €4.3bn Protection €2.7bn €0.6bn FX
Slide 9: Q1 2025: Growth Across the Portfolio More Than Offsetting Xarelto Decline
Q1 2025: Growth Across the Portfolio More Than Offsetting Xarelto Decline Pharmaceuticals in €bn Q1 2024 Q1 2025 ∆ yoy Q1 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.4 4.5 +4% cpa (+4% rep) +80% -31% Volume +4% Price +1% €0.7bn €0.6bn FX 0% Portfolio 0% EBITDA 1.2 1.3 +12% +5% Base +6%
Slide 10: Q1 2025: Moderate Start to the Year
Q1 2025: Moderate Start to the Year Consumer Health in €bn Q1 2024 Q1 2025 ∆ yoy Q1 2025 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 1.4 1.5 +3% cpa (+5% rep) -5% +2% Allergy +2% Volume +2% Dermatology Nutritionals & Price +1% €0.4bn €0.4bn Cold €0.3bn FX 0% Portfolio +3% EBITDA 0.3 0.3 +3% D
Slide 11: Group Outlook Confirmed at Constant Currencies
Group Outlook Confirmed at Constant Currencies – Monitoring Geopolitical Developments and FX Volatility FY 2025 FX Outlook Estimate in €bn at constant FX1 / ∆ yoy % at month-end March2 45.0 to 47.0 ~-0.5 Net Sales -3% to +1%3 ~ -1%pts 9.5 to 10.0 ~-0.3 • Geopolitical Environment: EBITDA based on cur
Slide 12: Q&A Session
Q&A Session
Slide 13: Appendix: Outlook
Health for all, Hunger for none r APPENDIX BAYER R Outlook 2025
Slide 14: Outlook 2025: Updated FX Estimate
Outlook 2025: Updated FX Estimate updated FY 2024 FY 2025 Estimated in €bn Actuals Outlook FX Impact2 as reported at constant FX1 45.0 to 47.0 ~-0.5 Net Sales 46.6 (previously: not material) -3% to +1%3 ~ -1%pts EBITDA 9.5 to 10.0 ~-0.3 (previously: ~-0.2 / ~ -2%pts) before special items 10.1 -6% to
Slide 15: Outlook 2025: Divisions
Outlook 2025: Divisions FY 2024 FY 2025 FY 2025 Actuals Outlook Outlook as reported at constant FX1 estimated FX impact2 Net Sales €22.3bn -2% to +2%3 ~-1%pt EBITDA Margin 19.4% 18% to 20% ~ -1%pt Crop Science (before special items) Net Sales €18.1bn -4% to -1% ~-1%pt Pharmaceuticals EBITDA Margin 2
Slide 16: Outlook 2025: Modelling Considerations
Outlook 2025: Modelling Considerations FY 2025 Outlook in €bn at constant FX1 Portfolio effect in Sales ~+0.2 Portfolio effects driven by Natsana acquisition (Consumer Health) Special Items (EBITDA) -1.5 to -0.5 Special items (EBITDA) expected rather towards €-1.5bn, includes DSO related severances
Slide 17: Appendix: Q1
Health for all, Hunger for none r APPENDIX BAYER R Q1 2025
Slide 18: Q1 2025: Core Net Income and Free Cash Flow
Q1 2025: Core Net Income and Free Cash Flow [€ bn] Q1 2024 Q1 2025 [€ bn] Q1 2024 Q1 2025 Net Sales 13.8 13.7 Reported EBITDA 4.2 3.5 EBITDA before special items 4.4 4.1 Tax payments -0.4 -0.3 Core depreciation -0.4 -0.4 Delta pensions -0.1 -0.1 1 Core EBIT 4.0 3.7 Gains/Losses Divestments -0.1 0.0
Slide 19: Q1 2025: Core EPS to EPS Bridge
Q1 2025: Core EPS to EPS Bridge in € -0.79 2.49 -0.60 +0.30 -0.08 1.32 Core EPS Impairments on IP and PPE Special Items Special Items Tax Effect on EPS (total) Q1 2025 and regular amortization (EBITDA) Financial Adjustments Q1 2025 Results/Taxes 19 /// Bayer Q1 2025 Investor Call /// May 13, 2025
Slide 20: Q1 2025: Regulatory Challenges and Seed Phasing Weigh on Performance
Q1 2025: Regulatory Challenges and Seed Phasing Weigh on Performance Crop Science Corn S&T: driven by volume phasing into Q2 due to strategic Sales by Key Category and Strategic Business Entity (€m) change in distribution network and lower pricing in LATAM; partially offset by growth in EMEA and APA
Slide 21: Strong Demand and Low Glyphosate Pricing Anticipated
Strong Demand and Low Glyphosate Pricing Anticipated for 2025 Glyphosate Market Trends: Global demand continues to remain strong with excess supply in Branded Glyphosate-Based Herbicide Sales Normalizes as China. High channel inventory in US from China due to Generic Reference Price Stabilizes Below
Slide 22: Q1 2025: Strong Growth of Launch Products, Eylea and Base Business
Q1 2025: Strong Growth of Launch Products, Eylea and Base Business More Than Offsetting Xarelto Decline Pharmaceuticals Sales by Key Category and Product (€m) Nubeqa: strong growth across all regions, led by US and Europe Q1 2024 Q1 2025 ∆ yoy (cpa) Kerendia: further strong growth momentum, especial
Slide 23: Q1 2025: Growth Contribution From All Categories, Except Nutritionals
Q1 2025: Growth Contribution From All Categories, Except Nutritionals Consumer Health Dermatology: Growth primarily driven by continuous strong demand for Bepanthen and Canesten, along Sales by Category (€m) with support from innovations such as KangWang in China Q1 2024 Q1 2025 ∆ yoy (cpa) Nutritio
Slide 24: Q1 2025: Key Financial Measures by Division
Q1 2025: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ 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
Slide 25: Appendix: Innovation
Health for all, Hunger for none r APPENDIX BAYER R Innovation
Slide 26: Crop Science: R&D Pipeline
Not exhaustive Crop Science: R&D Pipeline Annual Update - May 2025 Total PSP ~€32bn Phase II Phase III Phase IV Lifecycle management1 PSP 2 Corn LEP5 Corn HT5 Preceon Smart Corn – Biotech Trait3 S&T - Corn Corn LEP4 ~€11bn CRW4 Corn Annual Germplasm Upgrades and New Hybrid Launches – Leveraging prec
Slide 27: Pharmaceuticals: R&D Developments (since March 5, 2025)
Pharmaceuticals: R&D Developments (since last update on March 5, 2025) Phase I Submission / Approval PRMT5 Inhibitor Submission to EMA for (BAY 3713372) regulatory approval of Eylea 8mg in RVO VVD RAS-PI3K Inhibitor (VVD-159642, BAY 3674171) 225Ac-GPC3 (BAY 3547926) Atrial fibrillation Oncology Card
Slide 28: Pharmaceuticals – Pipeline Overview
Pharmaceuticals – Pipeline Overview1 (as of May 02, 2025) Phase I Phase II Phase III Sevabertinib (HER2/mEGFR Inhibitor) (BAY 2927088) Sevabertinib (HER2/mEGFR Inhibitor) (BAY 2927088) Darolutamide (AR Inhibitor) Metastatic or Unresectable Solid Tumors With HER2-activating Mutations (panSOHO) Adjuva
Slide 29: Major R&D Milestones Expected Until End-2025
Major R&D Milestones Expected Until End-2025 Phase I Phase II Phase III Submission / Approval BRT-OpCT01 Primary Anti-a2AP : Finerenone CKD and T1D: Darolutamide/ADT mHSPC: Photoreceptor Diseases Primary completion (SIRIUS) Primary completion First approval Start Phase I/II (FINE-ONE) Sema3A mAB: Ve
Slide 30: Nubeqa Continues to Show Strong Uptake With Gains in All Regions
Nubeqa Continues to Show Strong Uptake With Gains in All Regions Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 +78% 1,400 515 1,200 417 443 1,000 380 800 285 600 400 200 Aug-22: mHSPC approval - Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 US Ex-US Nubeqa continues
Slide 31: Kerendia Demonstrates Continued Launch Uptake
Kerendia Demonstrates Continued Launch Uptake Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 10000 60,000 +87% 8000 50,000 161 40,000 126 137 6000 30,000 85 115 4000 20,000 2000 10,000 0 0 Feb 22 Aug 22 Sep 22 Feb 23 Aug 23 Sep 23 Feb 24 Aug 24 Sep 24 Feb 25 Mr
Slide 32: Eylea Maintaining Market Leadership; Launch of 8mg Gaining Momentum
Eylea Maintaining Market Leadership; Launch of 8mg Gaining Further Momentum Global sales development (€m, cpa growth rates) Market share of anti-VEGF therapies (ex-US)1 +5% 70.0% 60.0% 57.6% 57.5% 782 843 848 833 815 50.0% 48.6% 40.0% 30.0% 20.0% 20.4% 9.9% 10.0% 8.9% 0.0% Q1 2024 Q2 2024 Q3 2024 Q4
Slide 33: Thank you!
WWIII Health for all, Hunger for non