Bayer Ag · XETR:BAYN
Bayer — FY2021 Earnings Presentation
31 slides from Bayer's earnings presentation, Mar 1, 2022
Slide 1: Investor Conference Call FY/Q4 2021 Results
Investor Conference Call /////////// FY/Q4 2021 Results March 1, 2022 Werner Baumann, CEO Wolfgang Nickl, CFO
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: FY 2021 Results: Business Update
FY 2021 Results Business Update /////////// Werner Baumann, CEO
Slide 4: Setting the Stage for Future Growth
Setting the Stage for Future Growth 1 Strong Sales Growth Momentum 2 Progress on Innovation Agenda 3 Attractive Outlook for 2022 4 Bayer FY/Q4 2021 Investor Conference Call /// March 1st, 2022
Slide 5: FY 2021 Results: Divisional Performance & Outlook
FY 2021 Results Divisional Performance & Outlook /////////// Rodrigo Santos Stefan Oelrich Heiko Schipper
Slide 6: Crop Science: Achieved Record Sales
Crop Science: Achieved Record Sales Sales Sales EBITDA Key Messages InIn million €,€, million ∆% yoy, ∆% yoycpa. In million €, before special items • Substantial sales growth across all regions and business units Volume +7% • Herbicides (+15%) driven by higher prices 6% (+11% cpa) 20.207 amidst tigh
Slide 7: Crop Science: Set to Perform and Transform in 2022
Crop Science: Set to Perform and Transform in 2022 Sales Growth EBITDA-margin 2022 1 2022 1 (cpa) (before special items) Crop ~ 7% 25% - 26% Science Key Assumptions • Strong commodity prices expected to continue; 180-182m U.S. corn and soybean acres anticipated • Expected stronger than PY pricing in
Slide 8: Pharmaceuticals: Strong Volume Expansion
Pharmaceuticals: Strong Volume Expansion Sales Sales EBITDA Key Messages InIn million €,€, million ∆% yoy, ∆% yoycpa. In million €, before special items • Solid topline growth after COVID-19 related restrictions in prior year Volume +6% • Flagship products performed particularly +9% (+7% cpa) well,
Slide 9: Pharma: Advances Launches and Pipeline in 2022
Pharma: Advances Launches and Pipeline in 2022 Sales Growth EBITDA-margin 2022 1 2022 1 (cpa) (before special items) Pharmaceuticals 3% - 4% ~ 32% Key Assumptions • New launches to increasingly contribute to topline, EyleaTM expected to grow mid-single digit • Volume growth for XareltoTM to largely
Slide 10: Consumer Health: Strong, Above Market Growth
Consumer Health: Strong, Above Market Growth Sales Sales EBITDA Key Messages InIn million €,€, million ∆% yoy, ∆% yoycpa. In million €, before special items • Broad-based sales growth across regions and categories Volume +5% +3% • Standout performance of Nutritionals (+12%), (+7% cpa) two consecutiv
Slide 11: Consumer Health: Continued Growth and Innovation Focus in 2022
Consumer Health: Continued Growth and Innovation Focus in 2022 Sales Growth EBITDA-margin 2022 1 2022 1 (cpa) (before special items) Consumer 4% - 5% 22% - 23% Health Key Assumptions • Growth expected at the high end of mid-term guidance of 3%-5% • Growth dynamics to be weighted towards HY1 with low
Slide 12: FY 2021 Results: Group Performance & Outlook
FY 2021 Results Group Performance & Outlook /////////// Wolfgang Nickl, CFO
Slide 13: Strong Business Performance in a Challenging Environment
Strong Business Performance in a Challenging Environment Outlook 2021 FY 2020 as of Nov 2021 FY 2021 incl. currency impact Net Sales 41.4 ~ 43 44.1 in €bn; ∆% yoy +7% / +9% cpa EBITDA margin 27.7% ~ 25.5% 25.4% before special items Core EPS 6.39 6.10 – 6.30 6.51 in € Free cash flow1 1.3 ~ -0.5 – 1.4
Slide 14: Attractive Outlook for 2022
Attractive Outlook for 2022 Outlook Estimated at constant currencies1 currency impact2 Key Assumptions Net Sales ~ €46bn ~ +€1bn • Represents sales growth of ~5% cpa • Margin expansion despite inflationary cost pressure; EBITDA margin offset by pricing and efficiency measures ~26% not material (befo
Slide 15: Investor Conference Call FY/Q4 2021 Results
Investor Conference Call /////////// FY/Q4 2021 Results March 1, 2022 Werner Baumann, CEO Wolfgang Nickl, CFO
Slide 16: FY 2021: Core EPS to EPS Bridge
FY 2021: Core EPS to EPS Bridge in € -1.58 6.51 -4.86 -0.10 1.05 1.02 Core EPS Depreciation & Special items Special items Tax effect EPS (total)FY'2021 FY'2021 Amortization (EBITDA) financial result/ on adjustments (on IP & PPE) taxes 16 Bayer FY/Q4 2021 Investor Conference Call /// March 1st, 2022
Slide 17: Guidance 2022: Other Group KPIs
Guidance 2022: Other Group KPIs Outlook Estimated at constant currencies1 currency impact2 Special items (EBITDA) ~ €1.0bn not material Depreciation and amortization (clean) ~ €3.6bn +€0.1bn of which for intangible assets (clean) ~ €2.1bn +€0.1bn Core financial result ~ -€1.5bn not material Core tax
Slide 18: FY 2021: Key KPIs Bayer Group
FY 2021: Key KPIs Bayer Group FY 2020 FY 2021 Net Sales 41,400 44,081 EBITDA before special items 11,461 11,179 Special items -14,371 -4,770 Reported EBITDA -2,910 6,409 Depreciation & Amortization -13,259 -3,056 1 Reported EBIT -16,169 3,353 Amortization and impairment losses / loss reversals on 11
Slide 19: FY 2021: Key KPIs by Division
FY 2021: Key KPIs by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million] FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 Sales 18,840 20,207 17,243 18,349 5,054 5,293 263 232 41,400 44,081 Sales by region: Europe / Middle East / Africa 4,053 4,205 6,940
Slide 20: Q4 2021: Key KPIs Bayer Group
Q4 2021: Key KPIs Bayer Group Q4 2020 Q4 2021 Net Sales 9,995 11,118 EBITDA before special items 2,392 2,395 Special items -368 -664 Reported EBITDA 2,024 1,731 Depreciation & Amortization -509 290 1 Reported EBIT 1,515 2,021 Amortization and impairment losses / loss reversals on 254 -651 1 intangib
Slide 21: Q4 2021: Key KPIs by Division
Q4 2021: Key KPIs by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million] Q4'20 Q4'21 Q4'20 Q4'21 Q4'20 Q4'21 Q4'20 Q4'21 Q4'20 Q4'21 Sales 4,176 4,690 4,476 4,951 1,250 1,405 93 72 9,995 11,118 Sales by region: Europe / Middle East / Africa 545 573 1,918 2,127 452
Slide 22: Q4 2021: Strong Growth and Cash Flow Performance
Q4 2021: Strong Growth and Cash Flow Performance Sales EBITDA Core EPS Free Cash Flow In million €, ∆% yoy In million €, before special items In €, Cont. Operations In million € +11% (+8% cpa) 11.118 9.995 +0% 2.392 2.395 1900 1.535 -5% 1400 1,32 1,26 900 400 23.9% 21.5% -100 Q4'20 Q4'21 -600 -503 Q
Slide 23: Crop Science Q4: LATAM and APAC Drive Excellent Growth
Crop Science Q4: LATAM and APAC Drive Excellent Growth Sales Sales EBITDA Key Messages InIn million €,€, million ∆% yoy, ∆% yoycpa. In million €, before special items • Latin America and Asia / Pacific +12% contributed double-digit sales growth Volume (+9% cpa) -1% 4.690 • Higher volumes in Latin Am
Slide 24: Pharmaceuticals Q4: Healthy Volume Trends of Top Brands
Pharmaceuticals Q4: Healthy Volume Trends of Top Brands Sales Sales EBITDA Key Messages InIn million €,€, million ∆% yoy, ∆% yoycpa. In million €, before special items • Another recovery quarter after COVID-19 related restrictions in prior year Volume +11% +8% (+8% cpa) • EyleaTM +14%, supported by
Slide 25: Consumer Health Q4: Strong Business Performance Continues
Consumer Health Q4: Strong Business Performance Continues Sales Sales EBITDA Key Messages InIn million €,€, million ∆% yoy, ∆% yoycpa. In million €, before special items • Continued growth momentum across regions and categories Volume +12% +5% • Nutritionals (+7%) remain key growth driver (+9% cpa)
Slide 26: Innovation
Innovation 26 Bayer FY/Q4 2021 Investor Conference Call /// March 1st, 2022
Slide 27: Key Pharma R&D Developments in Q4 2021
Key Pharma R&D Developments in Q4 2021 • Ongoing strong launch momentum in the US Kerendia (Finerenone) • Received A recommendation in ADA guidelines based on FIDELIO-DKD trial • Received positive CHMP opinion for patients with chronic kidney disease and type 2 diabetes • Ongoing strong launch momen
Slide 28: Pharmaceuticals Division: Overview Development Portfolio (as of March 2022)
Pharmaceuticals Division: Overview Development Portfolio (as of March 2022) Phase I (23) Phase II (14) Phase III (10) Elimusertib (ATR Inhibitor) Regorafenib* (combi Nivolumab) Darolutamide (AR Inhibitor) /// Solid tumors (recurrent or metastatic) /// Prostate Cancer (mHSPC) (ARASENS) Regorafenib* (
Slide 29: Crop Science Division: R&D Pipeline (Seed & Traits)
Crop Science Division: R&D Pipeline (as of February 2022) Key Corn Seed & Traits, Soybean Seed & Traits and Other Projects with ~€19-€21bn Peak Sales Potential; ~50% Incremental Phase I Phase II Phase III Phase IV Life Cycle Mgmt.1 Digital Disease Mgmt. – NA 5th Generation Lepidoptera Protection Tra
Slide 30: Crop Science Division: R&D Pipeline (as of February 2022)
Crop Science Division: R&D Pipeline (as of February 2022) Key Crop Protection Projects with ~€9bn Peak Sales Potential; ~50% Incremental Phase I Phase II Phase III Phase IV Life Cycle Management1 New AI Development Non-Selective Glyphosate LCM New Herbicide New Herbicide (Post-Emergence Broad Acre)
Slide 31: Consumer Health Division: Accelerating Growth with Innovation
Consumer Health Division: Accelerating Growth with Innovation Selected Examples of Recent Launches or Approvals Astepro Rx-to-OTC Switch AleveX Topical Pain Relief Solutions Bepanthen extension to Dry Skin (launch in 2022) (launched 2021) (launched 2021) First OTC Steroid-Free Antihistamine Expa