Slide 1: FY 2024 Investor Call
FY 2024 Investor Call March 05, 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: 2024: Achieved Our Revised Financial Outlook
2024: Achieved Our Revised Financial Outlook Sales Core Free Growth EPS Cash Flow (cpa) Actuals 2024 €46.6bn €5.05 €3.1bn +1% vs. PY -21% vs. PY +137% vs. PY Crop Science Pharmaceuticals Consumer Health Sales Growth (cpa) -2% +3% +2% EBITDA Margin (before special items) 19.4% 26.0% 23.3% 4 /// Bayer
Slide 5: 2025: A Pivotal Year For Our Turnaround
2025: A Pivotal Year For Our Turnaround Sales Core Free Growth EPS Cash Flow (cpa) (at constant FX)1 (at constant FX)1 -3% to +1% €4.50 to €5.00 €1.5bn to €2.5bn Outlook 2025 vs. PY vs. PY vs. PY Crop Science Pharmaceuticals Consumer Health Sales Growth -2% to +2% -4% to -1% +2% to +5% (cpa) EBITDA
Slide 6: Our Three-Year Turnaround
Our Three-Year Turnaround Our Strategic Priorities Pharma Crop Science Litigation Cash & Deleveraging Growth & Pipeline Profitability Dynamic Shared Ownership 2024 2025 2026 and beyond Initiated Changes A Pivotal Year Improved Performance towards Significant Progress for Our Turnaround Long-Term Val
Slide 7: Advancing Our Strategic Priorities: Pharma Growth & Pipeline
Advancing Our Strategic Priorities Pharma Growth & Pipeline 2024 2025 2026 and beyond • ~€2bn combined sales for • >€2.5bn combined sales target • Return to sales growth by 2027 Nubeqa and Kerendia for Nubeqa and Kerendia • Expand margin1 by 2028 • 9 positive Phase III trial read-outs • Successfully
Slide 8: Advancing Our Strategic Priorities: Litigation
Advancing Our Strategic Priorities Litigation 2024 2025 2026 and beyond • Broadened efforts beyond the courtroom • Achieved important cross • Strive to make major steps towards containing litigation • Advance strategies to cutting wins • Advance along multipronged significantly contain litigation •
Slide 9: Advancing Our Strategic Priorities: Cash & Deleveraging
Advancing Our Strategic Priorities Cash & Deleveraging 2024 2025 2026 and beyond • Improved cash flow to €3.1bn, • Capital allocation policy remains ahead of guidance focused on debt reduction • Improve towards single A • Net Financial Debt reduced to • Further optimize cash category rating €32.6bn
Slide 10: Advancing Our Strategic Priorities: Crop Science Profitability
Advancing Our Strategic Priorities Crop Science Profitability 2024 2025 2026 and beyond • Market and business specific challenges, esp. crop protection • Execute action plan focused • Kicked-off comprehensive on profit and cash • Innovate to grow above market five-year plan • Accelerate improvements
Slide 11: Advancing Our Strategic Priorities: Dynamic Shared Ownership
Advancing Our Strategic Priorities Dynamic Shared Ownership 2024 2025 2026 and beyond • Completely embedded in • Vast majority of teams activated; • Transform resource allocation company’s DNA architectures completed and system support • Growth driven by innovation • ~7,000 FTE reduced • Continued F
Slide 12: Wolfgang Nickl, Chief Financial Officer
WOLFGANG NICKL Chief Financial Officer
Slide 13: 2024: Group Performance
2024: Group Performance in €bn FY 2023 FY 2024 ∆% yoy Net Sales 47.6 46.6 +1% cpa Currency headwind of ~€1.3bn (-2% rep) EBITDA 11.7 10.1 -14% Lower Crop Science and Reconciliation result; before special items currency headwind of ~€0.6bn Core EPS 6.39 5.05 -21% Lower EBITDA before special items; (i
Slide 14: Outlook 2025: Savings and Business Growth to Partially Compensate Xarelto LoE
Outlook 2025: Savings and Business Growth to Partially Compensate Xarelto LoE and Crop Regulatory Impact illustrative in € Negative Vectors Positive Vectors Neutral Vectors 5.05 Xarelto LoE 4.50 – 5.00 Regulatory (Dicamba, Core Financial Savings, Movento) Remaining Result & incl. DSO Business Core T
Slide 15: Outlook 2025: Group
Outlook 2025: Group FY 2024 FY 2025 Estimated in €bn Actuals Outlook FX Impact2 as reported at constant FX1 45.0 to 47.0 Net Sales 46.6 not material -3% to +1%3 EBITDA 9.5 to 10.0 ~-0.2 before special items 10.1 -6% to -1% ~ -2%pts Core EPS (in €) 5.05 4.50 to 5.00 ~-0.25 Free Cash Flow 3.1 1.5 to 2
Slide 16: Outlook 2025: Key Swing Factors
Outlook 2025: Key Swing Factors Potential Main Headwinds Potential Main Tailwinds • Faster Xarelto genericization • Slower Xarelto genericization • Channel inventory and increased pricing pressure • Reduced generic pricing pressure in Crop Protection on Crop Protection • Accelerated Ag market recove
Slide 17: Advancing Our Strategic Priorities: Cash & Deleveraging
Advancing Our Strategic Priorities Cash & Deleveraging 2024 2025 2026 and beyond • Improved cash flow to €3.1bn, • Capital allocation policy remains ahead of guidance focused on debt reduction • Improve towards single A • Net Financial Debt reduced to • Further optimize cash category rating €32.6bn
Slide 18: Continued Strong Focus on Improving Working Capital and Prioritizing Capital Expenditures
Continued Strong Focus on Improving Working Capital and Prioritizing Capital Expenditures Working Capital Optimization Active Monitoring & Steering in €bn Close tracking and management of Trade WoC 26.9% 25.8% Working Capital to Sales Ratio 24.6% 24.9% 25.0% development Trade WoC1 Improvement initia
Slide 19: Rodrigo Santos, President Crop Science
RODRIGO SANTOS President Crop Science
Slide 20: 2024: Crop Science Results Reflect Market Challenges
2024: Results Reflect Market Challenges and Factors Specific To Our Business Crop Science in €bn FY 2023 FY 2024 ∆ yoy FY 2024 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 23.3 22.3 -2% cpa -4% rep Volume +0% Seeds 0% Core -4% -6% & Crop Glyphosate Price -2% Traits €11.0bn Protection €8.7bn €2
Slide 21: Outlook 2025: Crop Science Holding Sales and Margin Flat
Outlook 2025: Holding Sales and Margin Flat, Despite Headwinds Crop Science FY 2025 Outlook Net Sales in €bn FY FY 2025 FY 2025 (∆ % yoy cpa) 2024 Outlook Outlook Actuals at constant FX1 estimated FX impact2 not Core Business -2% to +2% Glyphosate -4% to 0% Net Sales 22.3 -2% to +2% material EBITDA
Slide 22: Five Year Framework to Drive Mid-Term Growth, Margin and Cash Improvements
Five Year Framework to Drive Mid-Term Growth, Margin and Cash Improvements 2030+ Expand beyond the Core Unlocking further value from RegenAg systems driven by our core portfolio, such as biofuels Accelerating by 2027 and beyond >3.5bn€ Incremental net sales incl. innovation '24-'291 Capitalize pipel
Slide 23: Above Market Growth, Mid-20% Margin and Resilient Steering
We Will Deliver Above Market Growth, Mid-20% Margin and Resilient and Flexible Steering Mid-term Ambition Net Sales: Above Market Growth • Expected to grow above market, fueled by innovation EBITDA Margin before special items, incl. Glyphosate: Mid-20% EBITDA Margin • Annual margin expansion of 100-
Slide 24: Julio Triana, President Consumer Health
JULIO TRIANA President Consumer Health
Slide 25: 2024: Consumer Health Performance In Line With Revised Guidance
2024: Performance In Line With Revised Guidance Consumer Health in €bn FY 2023 FY 2024 ∆ yoy FY 2024 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 6.0 5.9 +2% cpa (-3% rep) +3% +10% Allergy -12% Volume -5% Dermatology Nutritionals & Price +7% €1.4bn €1.4bn Cold €1.3bn FX -4% Portfolio 0% EBITDA
Slide 26: Sustainable Sales Growth while Gradually Improving Profitability
Sustainable Sales Growth while Gradually Improving Profitability Consumer Health Outlook1 FY 2025 Execute our Brand • Net Sales Growth: +2% to +5%2 Growth Model • EBITDA Margin before special items: 23% to 24% Shape our Portfolio: Focus on Key Growth Mid-term Ambition Contributors • Growth above mar
Slide 27: Stefan Oelrich, President Pharmaceuticals
STEFAN OELRICH President Pharmaceuticals
Slide 28: 2024: Solid Performance Despite Accelerating Xarelto LoE
2024: Solid Performance Despite Accelerating Xarelto LoE Pharmaceuticals in €bn FY 2023 FY 2024 ∆ yoy FY 2024 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 18.1 18.1 +3% cpa (0% rep) +77% -13% Volume +1% Price +2% €2.0bn €3.5bn FX -3% Portfolio 0% EBITDA 5.2 4.7 -9% +5% Base +1% before special
Slide 29: Outlook 2025: Managing Xarelto Genericization while Driving Launches
Outlook 2025: Managing Xarelto Genericization while Continuing to Drive Launches Pharmaceuticals FY 2025 Outlook Net Sales in €bn FY 2024 FY 20253 FY 2025 Outlook Outlook Accelerated at constant FX1 estimated FX impact2 >€2.5bn Decline not Net Sales 18.1 -4% to -1% material Stable Robust EBITDA Marg
Slide 30: Building Momentum for Long-Term Growth as of 2027
Building Momentum for Long-Term Growth as of 2027 2023 2024-2026 (cpa) 2027+ illustrative Mid-term Ambition New Launch New Launch Assets: Assets Elinzanetant, Acoramidis Return to sales growth by and Asundexian Stroke1 2027 18.1 Nubeqa, Kerendia 1.1 €1.1bn Expand EBITDA margin 4.1 €4.1bn before spec
Slide 31: Q&A Session
Health for all, Hunger for none = FN ER Q&A Session am<>w
Slide 32: Appendix: Outlook
Health for all, Hunger for none r APPENDIX BAYER R Outlook 2025
Slide 33: 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) primarily driven by DSO related severances Special Items (EBITDA) -1.5 to -0.5 Core Tax Rate reflecti
Slide 34: 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 not material EBITDA Margin 19.4% 18% to 20% ~ -1%pts Crop Science (before special items) Net Sales €18.1bn -4% to -1% not material Pharmaceuticals EB
Slide 35: Solid Demand and Stabilized Glyphosate Pricing Expected in 2025
Solid Demand and Stabilized Glyphosate Pricing Expected in 2025 Glyphosate Market Trends: Branded Glyphosate-Based Herbicide Sales Normalizes as Global demand continues to remain strong in 2025 with Generic Reference Price Slightly Below Historical Median generic supply and channel inventory consist
Slide 36: Outlook 2025: Consumer Health Return to Sustainable Growth
Outlook 2025: Return to Sustainable Growth While Gradually Improving Profitability Consumer Health in €bn FY 2024 FY 2025 FY 2025 • Broad-based growth across regions Actuals Outlook Outlook • Return to more balanced volume / price profile at constant FX1 estimated FX impact2 • Focused resource alloc
Slide 37: Appendix: FY 2024
Health for all, Hunger for none r APPENDIX BAYER R FY 2024
Slide 38: Our Transformation: Architecture Setup and Team Activation Achieved
Our Transformation: Architecture Setup and Customer & Product Team Activation Achieved – Full Focus on Performance and Systems By end of 2024, every part of Bayer has started working in the new operating model. Crop Science Pharmaceuticals Consumer Health Activation of customer and product teams as
Slide 39: FY 2024: Core Net Income and Free Cash Flow
FY 2024: Core Net Income and Free Cash Flow [€ bn] FY 2023 FY 2024 [€ bn] FY 2023 FY 2024 Net Sales 47.6 46.6 Reported EBITDA 10.6 8.7 EBITDA before special items 11.7 10.1 Tax payments -1.3 -1.2 Core depreciation -1.6 -1.6 Delta pensions -0.2 -0.5 Core EBIT 1 10.1 8.5 Gains/Losses Divestments -0.2
Slide 40: FY 2024: Core EPS to EPS Bridge
FY 2024: Core EPS to EPS Bridge in € 5.05 -7.32 thereof impairment on IP -4.26 -2.60 -1.44 +1.53 -0.42 Core EPS Impairments on IP and PPE Special Items Special Items Tax Effect on EPS (total) FY 2024 and regular amortization (EBITDA) Financial Adjustments FY 2024 Results/Taxes 40 /// Bayer FY 2024 I
Slide 41: FY 2024: Crop Science Lower Corn Acreage and Pricing Pressure
FY 2024: Lower Corn Acreage and Crop Protection Pricing Pressure Weigh on Results Crop Science Sales by Key Category and Strategic Business Entity (€m) Corn S&T: lower acres in NA and LATAM more than offset pricing increases FY 2023 FY 2024 ∆ yoy (cpa) 0% Soy S&T: expanded acres in NA outweighed low
Slide 42: FY 2024: Pharmaceuticals Launches Growing Strongly
FY 2024: Launches Growing Strongly While Eylea and Base Business Remain Robust; Generic Headwinds on Xarelto as Expected Pharmaceuticals Nubeqa: strong growth across all regions, led by US, Germany and China Sales by Key Category and Product (€m) Kerendia: further US market uptake and strong launch
Slide 43: FY 2024: Consumer Health Growth Contribution by Category
FY 2024: Growth Contribution From All Categories, Except Allergy & Cold Consumer Health Sales by Category (€m) Dermatology: Growth mainly driven by Bepanthen FY 2023 FY 2024 ∆ yoy (cpa) and Canesten as well as strong demand for our regional brands Dermatology 1,352 1,438 +10% Nutritionals: Mainly dr
Slide 44: FY 2024: Key Financial Measures by Division
FY 2024: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Sales 23.270 22.259 18.081 18.131 6.027 5.870 259 346 47.637 46.606 Sales by reg
Slide 45: Appendix: Q4 2024
Health for all, Hunger for none r APPENDIX BAYER R Q4 2024
Slide 46: Q4 2024: Group Performance
Q4 2024: Group Performance in €bn Q4 2023 Q4 2024 ∆% yoy +0% cpa Net Sales 11.9 11.7 (-1% rep) Currency headwind of €0.1bn EBITDA 3.0 2.3 -22% Lower Reconciliation and Crop Science results; before special items currency headwind of €0.1bn Lower EBITDA before special items and higher Core EPS (in €)
Slide 47: Q4 2024: Core Net Income and Free Cash Flow
Q4 2024: Core Net Income and Free Cash Flow [€ bn] Q4 2023 Q4 2024 [€ bn] Q4 2023 Q4 2024 Net Sales 11.9 11.7 Reported EBITDA 2.6 1.9 EBITDA before special items 3.0 2.3 Tax payments -0.2 -0.3 Core depreciation -0.4 -0.4 Delta pensions 0.2 -0.1 Core EBIT 1 2.6 1.9 Gains/Losses Divestments -0.1 -0.1
Slide 48: Q4 2024: Core EPS to EPS Bridge
Q4 2024: Core EPS to EPS Bridge in € 1.05 -1.39 -0.34 -0.46 -0.14 +0.60 Core EPS Impairments on IP and PPE Special Items Special Items Tax Effect on EPS (total) Q4 2024 and regular amortization (EBITDA) Financial Adjustments Q4 2024 Results/Taxes 48 /// Bayer FY 2024 Investor Call /// March 05, 2025
Slide 49: Q4 2024: Crop Science Glyphosate Decline and Lower Pricing
Q4 2024: Decline in Glyphosate and Lower Pricing More Than Outweighed Higher Crop Protection Volumes Crop Science in €bn Q4 2023 Q4 2024 ∆ yoy Q4 2024 Net Sales by Segment (∆ % yoy cpa, €bn) Net Sales 5.6 5.4 -2% cpa -4% rep Volume -0% Seeds +1% Core -1% -19% & Crop Glyphosate Price -2% Traits €2.7b
Slide 50: Q4 2024: Crop Science Sales by Category
Q4 2024: Higher Crop Protection Volumes Offset by LATAM Corn Area Decline and Normalization of Glyphosate Shipping Patterns Crop Science Sales by Key Category and Strategic Business Entity (€m) Corn S&T: lower area in LATAM due to pest pressures and adverse weather Q4 2023 Q4 2024 ∆ yoy (cpa) Soy S&
Slide 51: Q4 2024: Pharmaceuticals Robust Top Line Amid Xarelto Headwinds
Q4 2024: Robust Top Line Amid Accelerating Xarelto Headwinds Pharmaceuticals in €bn Q4 2023 Q4 2024 ∆ yoy Q4 2024 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 4.6 4.7 +2% cpa (+2% rep) +71% -19% Volume +0% Price +2% €0.6bn €0.8bn FX -1% Portfolio 0% EBITDA 1.3 1.1 -13% +1% Base +2% before spec
Slide 52: Q4 2024: Pharmaceuticals Launches Growing Strongly
Q4 2024: Launches Growing Strongly While Eylea and Base Business Remain Robust; Generic Headwinds on Xarelto as Expected Pharmaceuticals Nubeqa: strong growth across all regions, led by US, Germany and China Sales by Key Category and Product (€m) Kerendia: further US market uptake and strong launch
Slide 53: Q4 2024: Consumer Health Performance in Line with Outlook
Q4 2024: Performance in Line with Revised Outlook Consumer Health in €bn Q4 2023 Q4 2024 ∆ yoy Q4 2024 Net Sales by Category (∆ % yoy cpa, €bn) Net Sales 1.6 1.6 -1% cpa (-1% rep) -4% +8% Allergy -13% Volume -4% Dermatology Nutritionals & Price +3% €0.4bn €0.4bn Cold €0.3bn FX 0% Portfolio 0% EBITDA
Slide 54: Q4 2024: Consumer Health Dermatology and Digestive Demand
Q4 2024: Strong Demand for Dermatology and Digestive Health Products, Not Fully Offset Soft Flu Season Consumer Health Sales by Category (€m) Dermatology: Growth mainly driven by Bepanthen brand family, Canesten and strong demand for our regional brands Q4 2023 Q4 2024 ∆ yoy (cpa) Nutritionals: Main
Slide 55: Q4 2024: Key Financial Measures by Division
Q4 2024: Key Financial Measures by Division Crop Science Pharmaceuticals Consumer Health Reconciliation Group [€ million, if not specified] Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Sales 5.630 5.385 4.579 4.658 1.578 1.567 75 119 11.862 11.729 Sales by region: Europe / Middle East
Slide 56: Appendix: Innovation
Health for all, Hunger for none r APPENDIX BAYER R Innovation
Slide 57: Crop Science: Seed & Traits and Digital R&D Pipeline
Crop Science: Seed & Traits and Digital R&D Pipeline (Annual Update March 2024) ~€21bn PSP Phase I Phase II Phase III Phase IV PSP CORN SEED & TRAIT Corn Disease Shield - NA Corn LEP5 PRECEON Smart Corn - Breeding Corn HT5 2nd Generation Seed Density PRECEON Smart Corn – Biotech Trait2 Digital Tool
Slide 58: Crop Science: Crop Protection R&D Pipeline
Crop Science: Crop Protection R&D Pipeline (Annual Update March 2024) ~€11bn PSP Phase I Phase II Phase III Phase IV Life Cycle Management1 PSP New AI Development Non-Selective New Herbicide New Herbicide New Herbicide Glyphosate LCM Selective HERBICIDES New Herbicide ~€5bn Merlin Flexx / Adengo LCM
Slide 59: Pharmaceuticals: R&D Developments
Pharmaceuticals: R&D Developments (since last update on Nov 8, 2024) Phase I Phase II Phase III Submission / Approval Regenerative Medicine Positive topline results of Submission of Finerenone in Advanced Therapy elinzanetant OASIS 4 HFmr/pEF (FINEARTS-HF) (RMAT) designation study in iVMS due to for
Slide 60: Pharmaceuticals Pipeline Overview
Pharmaceuticals – Pipeline Overview1 (as of February 27, 2025) Phase I Phase II Phase III HER2/mEGFR Inhibitor (BAY 2927088) HER2/mEGFR Inhibitor Darolutamide (AR Inhibitor) Metastatic or Unresectable Solid Tumors With HER2-activating Mutations (panSOHO) Adjuvant Prostate Cancer (DASL-HiCaP) DGKzeta
Slide 61: Major R&D Milestones Expected Until End-2025
Major R&D Milestones Expected Until End-2025 Phase I Phase II Phase III Submission / Approval Undisclosed target: Finerenone CKD and T1D: Darolutamide/ADT mHSPC: Start Phase I Primary compl. Phase III First approval (FINE-ONE) Undisclosed target: Vericiguat HFrEF: Start Phase I Asundexian Stroke: Da
Slide 62: Pipeline Replenishment in Full Swing
Pipeline Replenishment in Full Swing, Driven by New Innovation Model Early- and mid-stage Phase III advancements advancements Phase I additions Phase III additions VVD Keap1 Act (Oncology) Bemdaneprocel (Parkinson’s Disease) Pipeline progress since June 20231 HER2/m EGFR Inh (Oncology) VVD STAT3 Inh
Slide 63: Nubeqa Continues to Show Strong Uptake
Nubeqa Continues to Show Strong Uptake With Gains in All Regions Global sales development (€m, cpa growth rates) US launch performance (monthly NBRx)1 +73% 1200 417 443 1000 380 800 258 283 600 400 200 Aug-22: mHSPC approval 0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 US Ex-US Nubeqa continues to grow
Slide 64: 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 +62% 8000 50,000 137 40,000 115 126 6000 30,000 85 85 4000 20,000 2000 10,000 0 0 Feb 22 Feb 23 Feb 24 Mrz 22 Mrz 23 Mrz 24 Jul 22 Jul 23 Jul 24 Mai 22 Mai
Slide 65: Eylea Maintaining Market Leadership
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 +1% 70.0% 60.7% 60.0% 58.7% 826 814 848 832 54.1% 782 50.0% 40.0% 30.0% 20.0% 17.4% 12.0% 10.0% 4.6% 0.0% Q4 2023 Q1 2024 Q2 2024 Q
Slide 66: Thank you!
Health for all, Hunger for none ER Thank you! = FN am<>w