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Investor PresentationMeet ManagementMarch 2012 I Leverkusen
DisclaimerThis presentation may contain forward-looking statements based on currentassumptions and forecasts made by Bayer...
Bayer –Science For A Better Life Market leading positions in vast majority of portfolio New product pipeline strength in...
Full Year 2011 –Record Sales and EBITSales                                          EBIT                      EBITDA      ...
2007 – 2011A Period of Significant Progress                             Sales (€ billion)                                 ...
2007 – 2011Consistent Strong Cash Generation                   Gross Cash Flow* (€ billion)                               ...
2012                                                                         –                                            ...
Outlook 2012 –Planning AssumptionsGDP growth by regions in % vs previous yer                                              ...
Outlook 2012 –Planning Assumptions2011 Group sales break-down in %, growth estimates in %                                 ...
Fiscal 2012 Outlook Projects Further GrowthAnd Higher EarningsSales ∆ Fx and portfolio adjusted, EBITDA before special ite...
Fiscal 2012 –Guidance By Subgroup                                                                  Expect sales to increas...
Strategic                                                                       PrioritiesPage 10 • Bayer Investor Present...
Building A World-Class InnovationCompany               Portfolio                                               Growth     ...
Two Distinct Business Models                LifeSciences                                                                 M...
Mid-term                                                                       TargetsPage 13 • Bayer Investor Presentatio...
HealthCare –Building Growth Momentum  Priority                                                             Target 2014  A...
CropScience –Propelling Future Growth  Priority                                                             Target 2014 (n...
MaterialScience –Earn A Premium Over Cost of Capital  Priority                                                            ...
New Incentive Scheme Reflects BusinessSpecific Challenges               Individual                                        ...
InnovationPage 18 • Bayer Investor Presentation • Meet Management • March 2012
Pharma Pipeline –2011 - Significant Progress Achieved Project               Indication                     Peak Sales     ...
Crop Protection –Pipeline with €2bn Sales PotentialSales in €bn from launches 2011-2015e                                  ...
New LifeSciences’ Technologies Allow For AStronger Cross-Fertilization    From a species-oriented research …              ...
Opportunity                                                       Emerging MarketsPage 22 • Bayer Investor Presentation • ...
Emerging Markets –Sales Growth Well Above Global AverageIn € million, ∆% yoy Fx adjusted          FY2011 Group Sales by Re...
Emerging Markets –All Subgroups Have Strong FootholdFY 2011 Group sales breakdown; ∆% yoy Fx adjusted           HealthCare...
All BRIC-Countries in Our MostImportant Country PortfolioFY 2011 sales in € billion; ∆% yoy Fx adjusted            +3%    ...
Bayer in Greater China – Key Facts Sales Bayer FY 2011 In € million                                                       ...
China - A Growth Engine for BayerSales Greater China in €bn           Group Sales Target 2015                             ...
EfficiencyPage 28 • Bayer Investor Presentation • Meet Management • March 2012
Restructuring Program Fully On Track       Contribution by Subgroup                                         Target: €800m...
Full Year 2012 –R&D And CapEx Budgets            R&D 2012e: ~€3.0bn                                                   CapE...
AppendixPage 31 • Bayer Investor Presentation • Meet Management • March 2012
Financial                                                                Performance –                                    ...
4th Quarter 2011 –Mixed Business Performance( ) = Fx & portfolio adjusted                                            Q4‘10...
4th Quarter 2011 –HealthCareIn € million, ∆% yoy, () = Fx & portf. adjusted                          Q4’11 Sales          ...
4th Quarter 2011 –CropScienceIn € million, ∆% yoy, () = Fx & portf. adjusted                          Q4’11 Sales         ...
4th Quarter 2011 –MaterialScienceIn € million, ∆% yoy, () = Fx & portf. adjusted                          Q4’11 Sales     ...
4th Quarter 2011 –Cash Flow And Net Debt DevelopmentCash Flow in € million, Net Debt in € billion,                        ...
Financial                                                                Performance –                                    ...
Fiscal 2011 –All Group Targets AchievedSales ∆ Fx and portfolio adjusted, EBITDA before special items                     ...
Fiscal 2011 –Subgroup Performance vs. Targets                                         2011 Outlook                   2011 ...
Bayer HealthCareInvestor Handout – Meet ManagementMarch, 2012 – Leverkusen
Leading Positions in Key HealthcareMarketsSales in € million                                                              ...
Fiscal 2011 –Key Financials HealthCare      In € million                                                    FY 2010      F...
Fiscal 2011 -Operating PerformanceSales in € million; ∆% y-o-y, () Fx & portfolio adj.                                   S...
Fiscal 2011 -Regional Sales SplitSales in € million; ∆% y-o-y, Fx adj.                       Pharmaceuticals              ...
Fiscal 2011 - Strong BusinessMomentum in Emerging MarketsSales in € million; ∆% y-o-y Fx adjusted      2011 HealthCare Sal...
Bayer is One of The Leading InternationalHealthCare Companies in ChinaSales in € million; ∆% y-o-y Fx adjusted            ...
Fiscal 2011 -Major Progress AchievedSales in € million; ∆% y-o-y Fx adjusted                                              ...
HealthCare -Positioned for Future GrowthOpportunities                                       4 potential blockbusters to b...
Financial                                                                       OutlookPage 10 • Bayer Investor Presentati...
Market Outlook 2012                                    The Pharma market is expected to grow in the                       ...
Financial Outlook 2012 HealthCare Expect sales to increase by a low- to mid-single-digit percentage (Fx & portf.–adj.) P...
Building Growth                                                          Momentum –                                       ...
Pharma – Top 10 Products2011 sales in € million (y-o-y changes Fx-adj.)  Betaseron                                        ...
The Leader in Women’s HealthCareSales ∆% y-o-y, () Fx adj.   Yaz family                                                   ...
Mirena - The Leading Hormonal Long-ActingContraceptiveSales in € million; ∆% Fx adj.                                      ...
Hemophilia Franchise -Growth Trajectory IntactSales in € million; ∆% Fx adj.                                              ...
Betaseron - Long-term Experience in MSTreatmentSales in € million; ∆% Fx adj.                                             ...
Nexavar - Our Cornerstone in OncologySales in € million; ∆% Fx adj.                                                       ...
Aspirin –More Than A Century of GrowthSales in € million; ∆% Fx adj.                                                      ...
Xarelto -Key Features and Differentiators Effectively reducing the risk of stroke and systemic embolism in AF-patients N...
Xarelto –Above €2bn Commercial Opportunity1                       Anticoagulants sales                                Anti...
Xarelto – Targeting A Broad Range ofMajor Chronic Thromboembolic Diseases                       Venous                    ...
Xarelto –Rolled-out for Success Launched in >110 countries for VTE prevention     following total knee/hip replacement su...
Xarelto in SPAF –Global Launch UnderwayStatus as of March 2012               J&J: generating positive launch momentum and ...
Xarelto –       Strong Market Performance in Germany*         Sales Market Share in %                                     ...
Secondary Prevention of ACS –Key Findings from the ATLAS Phase III Study 16 percent relative risk reduction for cardiovas...
EINSTEIN PE – Study Design      The EINSTEIN PE study addresses the treatment of pulmonary embolism     (PE) and the secon...
Xarelto –Major Expected Upcoming Newsflow    EINSTEIN PE Phase III data presentation at ACC, March 26, 2012     Secondar...
Building Growth                                                         Momentum –                                        ...
Consumer Health Businesses –A Highly Attractive Part of Our Portfolio        Attractive                                   ...
Consumer Care –Gained Share in 2011Sales in € million; ∆% Fx & portfolio adj.                                             ...
Consumer Care –Strong Brands MatterSales in € million; ∆% Fx adj.     Brand                                               ...
Radiology & Interventional – CombiningMedrad and Diagnostic ImagingSales in € million; ∆% Fx & portfolio adj.             ...
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Meet Management in Leverkusen
2012-03-14
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  1. 1. Investor PresentationMeet ManagementMarch 2012 I Leverkusen
  2. 2. DisclaimerThis presentation may contain forward-looking statements based on currentassumptions and forecasts made by Bayer Group or subgroup management.Various known and unknown risks, uncertainties and other factors could lead tomaterial 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 areavailable on the Bayer website at www.bayer.com. The company assumes noliability whatsoever to update these forward-looking statements or to conformthem to future events or developments.Page 2 • Bayer Investor Presentation • Meet Management • March 2012
  3. 3. Bayer –Science For A Better Life Market leading positions in vast majority of portfolio New product pipeline strength in Pharma, CropProtection & BioScience Strong and profitable growth in emerging markets, especially China Unique opportunity at the interfaces of human, animal and plant health Group wide excellence initiatives to further boost earnings and free-up growth resources Incentive systems aligned to business specific challenges Mid-term targets show significant further value generation potentialPage 1 • Bayer Investor Presentation • Meet Management • March 2012
  4. 4. Full Year 2011 –Record Sales and EBITSales EBIT EBITDA Core EPSin € million adjusted*% portfolio & currency adj. in € million in € million in € 35,088 36,528 7,613 4,149 7,101 4.83 4.19 2,730 FY´10 FY´11 FY´10 FY´11 FY´10 FY´11 FY´10 FY´11 +6% +52% +7% +15% *before special items Page 2 • Bayer Investor Presentation • Meet Management • March 2012
  5. 5. 2007 – 2011A Period of Significant Progress Sales (€ billion) EBITDA before special items margin* (%) 22 36.5 35.1 21.1 32.4 32.9 31.2 21 20.9 20.8 20.8 20.2 20 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 EBITDA before special items* (€ billion) Core earnings per share* (€) 6 7.6 7.1 4.83 6.9 5 6.8 6.5 4.17 4.19 4 3.80 3.64 3 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 * 2007 - 2008 from continuing operationsPage 3 • Bayer Investor Presentation • Meet Management • March 2012
  6. 6. 2007 – 2011Consistent Strong Cash Generation Gross Cash Flow* (€ billion) Trade working capital to sales ratio (%) 5.3 40 5.2 35 31.2 4.8 4.8 30.4 4.7 29.6 30 26.4 26.4 25 20 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Net Cash Flow* (€ billion) Net financial debt** (€ billion) 20 5.4 5.8 16 14.2 5.1 12.2 4.3 9.7 3.6 12 7.9 7.0 8 4 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 *2007 - 2008 from continuing operationsPage 4 • Bayer Investor Presentation • Meet Management • March 2012 ** year-end data
  7. 7. 2012 – Financial OutlookPage 5 • Bayer Investor Presentation • Meet Management • March 2012
  8. 8. Outlook 2012 –Planning AssumptionsGDP growth by regions in % vs previous yer  Global economic/political risks remain high5  Outlook for economic growth 5.14 4.8 marked by uncertainty3 3.3  Positive signals for North America, 2.6 in Europe we expect slower2 expansion in 2012 than 2011 1.71 0.7  Asian emerging markets continue to drive growth  $/€ 1.40, 1% depreciation of Euro increases sales by ~€70m and EBITDA by ~€20m  Crude oil: average $110/bbl (Brent)Page 6 • Bayer Investor Presentation • Meet Management • March 2012
  9. 9. Outlook 2012 –Planning Assumptions2011 Group sales break-down in %, growth estimates in % Expected 2012 Global Market Development 10 % OTC-pharma Low- to mid-single digit growth 3 % Diabetes care low-single digit growth 27 % Rx-pharma Mid-single digit growth, driven by emerging markets 3 % Animal Health Moderate growth 20 % Agrochemicals/Seeds Positive development 15 % Others 5 % Furniture/wood 6 % Automotive Robust growth Ongoing recovery, small growth 6 % Construction 5 % Electro/electronic Ongoing recovery Robust growthPage 7 • Bayer Investor Presentation • Meet Management • March 2012
  10. 10. Fiscal 2012 Outlook Projects Further GrowthAnd Higher EarningsSales ∆ Fx and portfolio adjusted, EBITDA before special items 2011 ∆ vs. 2010 2012E +~3% or Sales €36.5bn +6% ~€37bn* Adj. EBITDA €7.6bn +7% Slightly improve Core EPS €4.83 +15% Slightly improve *Assuming Fx rate of $1.40 per €Page 8 • Bayer Investor Presentation • Meet Management • March 2012 Outlook depends on specific planning assumptions as detailed in the Annual Report
  11. 11. Fiscal 2012 –Guidance By Subgroup Expect sales to increase by low- to mid-single-digitHealthCare percentage. Plan to slightly improve adj. EBITDA . Expect sales to remain stable or move slightly higher, and adj. Pharma EBITDA to approx. match prior year level. Consumer Anticipate mid-single-digit percentage growth of sales and Health adj. EBITDA. Plan to grow above market and to increase sales and adj.CropScience EBITDA by mid-single-digit percentages. Expect sales and adj. EBITDA to remain level with prior year. Should market develop more favorably than anticipated, weMaterialScience expect sales and earnings to increase accordingly. Q1’12: Expect sales to be roughly level with Q4’11 and adj. EBITDA to be well above Q4’11 but below Q1’11. Sales ∆ Fx and portfolio adjusted, EBITDA before special itemsPage 9 • Bayer Investor Presentation • Meet Management • March 2012 Outlook depends on specific planning assumptions as detailed in the Annual Report
  12. 12. Strategic PrioritiesPage 10 • Bayer Investor Presentation • Meet Management • March 2012
  13. 13. Building A World-Class InnovationCompany Portfolio Growth Productivity  Enhance competitive  Invest in innovation  Decomplex position capabilities structures and processes  Strengthen  Maximize value of LifeSciences new product pipeline  Implement two-year strength group restructuring  Intensify cooperation plan & licensing activities  Leverage competitive advantage of new  Further adjust  Exploit synergy TDI gas phase business processes potential of human, technology at MaterialScience to animal and plant ongoing health  Realize emerging commoditization market opportunityPage 11 • Bayer Investor Presentation • Meet Management • March 2012
  14. 14. Two Distinct Business Models LifeSciences MaterialScience Product innovation,  Process innovation, R&D-ratio ~11% of sales capital intensive COGS relatively low,  COGS high (~79%) 16% selling & distribution 31% marketing & selling relatively high relatively low (SAARE** High profitability, ~11%) adj. EBITDA-margins  Lower profitability, adj. 23-27%* 84% EBITDA margins ~11%* Increasing generic 69%  Few competitors, new competition & government entrants from Asia, Middle intervention East Structural risk: approvals,  Cyclical risk: demand and meta-analysis, product Sales Adj. EBITDA supply fluctuations liability 2011 2011 Breakdown excl. ReconciliationPage 12 • Bayer Investor Presentation • Meet Management • March 2012 *EBITDA before special items in % of sales, 2011 **Selling, administration and R&D
  15. 15. Mid-term TargetsPage 13 • Bayer Investor Presentation • Meet Management • March 2012
  16. 16. HealthCare –Building Growth Momentum Priority Target 2014  Accelerate growth  HealthCare sales of ~€20bn  Pharma: Successfully commercialize  Sales of ~€11.5bn late-stage pipeline and realize  High-single to low-double-digit % EM emerging markets (EM) opportunity growth  Consumer Health: Aspire to become  Sales of ~€8.5bn world-leading OTC company  HealthCare margin* of ≥28%  Improve profitability  Pharma margin* of >30%  Consumer Health margin* of ~25% *EBITDA before special items to sales in %Page 14 • Bayer Investor Presentation • Meet Management • March 2012
  17. 17. CropScience –Propelling Future Growth Priority Target 2014 (normal market conditions)  Above market growth  >€8bn sales  New crop protection product sales  Translate R&D effectively into sales (=launched since 2006) of ~ €1.5bn  Aspiration to grow business in-line with  Extend BioScience footprint average of last 3 years, i.e. CAGR ~20% p.a.  Improve profitability  Generate adj. EBITDA* margin of ~24% *EBITDA before special items to sales in %Page 15 • Bayer Investor Presentation • Meet Management • March 2012
  18. 18. MaterialScience –Earn A Premium Over Cost of Capital Priority Performance Targets  Grow business (volume) above global  Growth GDP  Defend #1 market positions in  Leadership polycarbonates and MDI  Leverage competitive advantage of  Increase market share of TDI business TDI gas-phase technology (2011: 23-24%*)  CapEx (PPE) budget of €1.5-2bn until  Closely monitor timing and necessity 2014 of capital investments  Expand Caojing, China site  Establish world-scale facilities in Germany  Earn a premium over cost of capital  CFRoI after reproduction > WACC *by volumePage 16 • Bayer Investor Presentation • Meet Management • March 2012
  19. 19. New Incentive Scheme Reflects BusinessSpecific Challenges Individual Subgroup Group Performance + Performance + Performance HealthCare  Sales growth & adj. EBITDA* margin, innovation CropScience Individual  Sales growth & adj. Business EBITDA* margin; relative Core EPS Targets performance vs. peers, innovation MaterialScience  CFRoI vs. cost of capital, process innovation *before special itemsPage 17 • Bayer Investor Presentation • Meet Management • March 2012
  20. 20. InnovationPage 18 • Bayer Investor Presentation • Meet Management • March 2012
  21. 21. Pharma Pipeline –2011 - Significant Progress Achieved Project Indication Peak Sales Status & Targets Potential Xarelto Cardiology / > €2bn  SPAF: launched (US, EU, others) Anticoagulation  DVT treatment and sec. prevention: launched  VTE prev. ORS: launched in US  Sec. prev. ACS: filed VEGF Trap- Ophthalmology / ≥ €1bn  Filed for wet AMD in EU and Japan Eye Inhibition of blood  Phase III for DME and wet AMD (China) vessel growth initiated  Positive phase III data in CRVO Alpharadin Oncology / ≥ €1bn  CR prostate cancer: 44% improvement of OS Targeting of bone  Fast track designation by FDA metastases  Filing target: mid 2012 Regorafenib Oncology / ≥ €1bn  Metastatic colorectal cancer: 29% Oral multi-kinase improvement of OS inhibition  Fast track designation by FDA  Filing target: 1H 2012 SPAF: stroke prevention in atrial fibrillation; DVT: deep vein thrombosis; ORS: orthopedic surgery; ACS: acute coronary syndrome; VTE: venous thromboembolism AMD: age-related macular degeneration; DME: Diabetic macular edemaPage 19 • Bayer Investor Presentation • Meet Management • March 2012 CRVO: central retina vein occlusion; CR: castration refractory; OS: overall survival
  22. 22. Crop Protection –Pipeline with €2bn Sales PotentialSales in €bn from launches 2011-2015e Launches 2011–2015e* ~ 2.0 Fungicide Seed Treatment Herbicide Fungicide Seed Treatment ~ 0.2 Sivanto Insecticide Peak sales 2011 potential Triafamone Herbicide * subject to regulatory approvalPage 20 • Bayer Investor Presentation • Meet Management • March 2012
  23. 23. New LifeSciences’ Technologies Allow For AStronger Cross-Fertilization From a species-oriented research … … to a multi-species research approach Human Health Animal Health Plant Health Human Health Animal Health Plant Health New Technologies New PerspectivesParadigm: Paradigm: Mammals and crops differ substantially from each  There is more common ground between mammals and other crops than assumed before► Strong silo mentality in research ► Growing interest of researchers in different species („cross fertilization“)Page 21 • Bayer Investor Presentation • Meet Management • March 2012
  24. 24. Opportunity Emerging MarketsPage 22 • Bayer Investor Presentation • Meet Management • March 2012
  25. 25. Emerging Markets –Sales Growth Well Above Global AverageIn € million, ∆% yoy Fx adjusted FY2011 Group Sales by Region Emerging Economies +5% USA Emerging +3% Economies¹ ~5,100 +9% +12% 19% ~4,300 36% +12% +9% ~2,100 34% 11% ~1,800 Western Europe Others² +4% +4% Emerging Latin Eastern Africa & Group €36,528m; +6% Asia³ America Europe Middle East ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ² Others = Japan, Australia, New Zealand, CanadaPage 23 • Bayer Investor Presentation • Meet Management • March 2012 ³ Emerging Asia = Asia w/o Japan, Australia, New Zealand
  26. 26. Emerging Markets –All Subgroups Have Strong FootholdFY 2011 Group sales breakdown; ∆% yoy Fx adjusted HealthCare CropScience MaterialScience 32% 43% 42% +10% +11% +7% = Developed Markets = Emerging Markets1 ¹ Emerging markets: Latin America; Asia/Pacific w/o Japan, Australia,Page 24 • Bayer Investor Presentation • Meet Management • March 2012 New Zealand; Africa and Middle East incl. Turkey; Eastern Europe
  27. 27. All BRIC-Countries in Our MostImportant Country PortfolioFY 2011 sales in € billion; ∆% yoy Fx adjusted +3% +5%4.03.0 +4%2.0 +3% +13% +2% +1%1.0 +5% +5% +10% -2% +15% +11% +14% * * Greater China includes PR China, Hong Kong, Macau and TaiwanPage 25 • Bayer Investor Presentation • Meet Management • March 2012
  28. 28. Bayer in Greater China – Key Facts Sales Bayer FY 2011 In € million 37% BHC 8% China: €2,957m €2,957m €36,528m 58% 5% BMS BCS Employees Sales Development Bayer Greater China (FTE) Bayer Greater China (in € billion) 10,924 10,001 8,350 2.9 3.0 1.9 2.1 1.8 1.5 2009 2010 2011 2006 2007 2008 2009 2010 2011 Greater China: PR China, Hongkong, Macao, TaiwanPage 26 • Bayer Investor Presentation • Meet Management • March 2012
  29. 29. China - A Growth Engine for BayerSales Greater China in €bn Group Sales Target 2015 Expansion in All Subgroups ~6.0bn  Well positioned to capture opportunities in one of the world´s fastest-growing economies ~19% p.a.  Sales targets by subgroup: 3.0bn €bn 2011 2015e HealthCare 1.1 ~2.5 CropScience 0.1 ~0.3 MaterialScience 1.7 ~3.0 2011 2015ePage 27 • Bayer Investor Presentation • Meet Management • March 2012
  30. 30. EfficiencyPage 28 • Bayer Investor Presentation • Meet Management • March 2012
  31. 31. Restructuring Program Fully On Track Contribution by Subgroup  Target: €800m annual cost savings by 2013 Holding & HealthCare  Reinvestment of ~50% Admin. ~12%  One-time-charges of approx. €1bn of ~54% which €803m booked in 2010/11  Plans include staff reductions of 4,500 €800m €800m ~34%  2,500 new hires in growth and innovation, particularly in emerging markets CropScience Measures with €543m annualized savings already implemented by end of 2011Page 29 • Bayer Investor Presentation • Meet Management • March 2012
  32. 32. Full Year 2012 –R&D And CapEx Budgets R&D 2012e: ~€3.0bn CapEx (PPE) 2012e: ~€1.5bn HealthCare MaterialScience HealthCare MaterialScience 2.0bn 0.2bn 0.5bn 0.5bn thereof Pharma 1.5bn 8% 8% 33% 34% CropScience 0.8bn 25% 24% 66% 67% 1% 13% 20% Reconciliation Reconciliation CropScience 0.05bn 0.2bn 0.3bnPage 30 • Bayer Investor Presentation • Meet Management • March 2012
  33. 33. AppendixPage 31 • Bayer Investor Presentation • Meet Management • March 2012
  34. 34. Financial Performance – Q4 2011Page 32 • Bayer Investor Presentation • Meet Management • March 2012
  35. 35. 4th Quarter 2011 –Mixed Business Performance( ) = Fx & portfolio adjusted Q4‘10 Q4‘11 ∆% Highlights of Financial Results € million € million Sales 9,012 9,191 +2 (+2)  Top-line driven by ConsumerHealth and CropScience EBITDA - reported 1,510 1,415 -6  Emerging Markets sales up 5% - adjusted* 1,689 1,541 -9  Improvement of reported EBIT due to EBIT lower special charges - reported 51 629 • - adjusted* 1,005 844 -16  Adj. EBITDA* declined due to a sharp Net income -145 397 • drop at MaterialScience NCF 1,941 1,152 -41  Net cash flow impacted by payments in oFCF 1,417 427 -70 connection with LL Rice (€484m) EPS - reported -0.18 0.48 • - core 0.95 0.97 +2 *before special itemsPage 33 • Bayer Investor Presentation • Meet Management • March 2012
  36. 36. 4th Quarter 2011 –HealthCareIn € million, ∆% yoy, () = Fx & portf. adjusted Q4’11 Sales Earnings Consumer Pharma Adj. Adj. Health 36% +1% (+1%) EBITDA* EBIT* +5% (+5%) 1,915 2,680 1,138 1,180 +4% 771 758 -2% 772 815 +6% 541 498 -8% 367 422 +15% HealthCare €4,595m; +3% (+2%) 231 317 +37% Price Volume Fx Portfolio 1% 2% 0% 0% Q4‘10 Q4‘11 Q4‘10 Q4‘11 *before special itemsPage 34 • Bayer Investor Presentation • Meet Management • March 2012
  37. 37. 4th Quarter 2011 –CropScienceIn € million, ∆% yoy, () = Fx & portf. adjusted Q4’11 Sales Earnings Environmental Crop Protection / Adj. Adj. Science 36% BioScience EBITDA* EBIT* -5% (-6%) +2% (+4%) 148 1,528 270 273 +1% 144 145 +1% CropScience €1,676m; +1% (+3%) Price Volume Fx Portfolio -1% 3% 0% -1% Q4‘10 Q4‘11 Q4‘10 Q4‘11 *before special itemsPage 35 • Bayer Investor Presentation • Meet Management • March 2012
  38. 38. 4th Quarter 2011 –MaterialScienceIn € million, ∆% yoy, () = Fx & portf. adjusted Q4’11 Sales Earnings Polycarbonates Polyurethanes Adj. Adj. -9% (-10%) 36% +5% (+5%) EBITDA* EBIT* 667 1,341 297 CAS** 420 156 0% (-1%) 168 106 -64% IO*** +13% (+11%) MaterialScience €2,596m; 0% (0%) -48 • Price Volume Fx Portfolio 4% -4% 0% 0% Q4‘10 Q4‘11 Q4‘10 Q4‘11 *before special itemsPage 36 • Bayer Investor Presentation • Meet Management • March 2012 **CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations
  39. 39. 4th Quarter 2011 –Cash Flow And Net Debt DevelopmentCash Flow in € million, Net Debt in € billion, Q4’11 Cash Flow Net Debt Development GCF NCF Invest- oFCF +€25m cont. ments 7.0 7.0 1.004 1,152 725 427 ∆% y-o-y -29 -41 +38 -70 Q3´11 Q4´11Page 37 • Bayer Investor Presentation • Meet Management • March 2012
  40. 40. Financial Performance – Fiscal 2011Page 38 • Bayer Investor Presentation • Meet Management • March 2012
  41. 41. Fiscal 2011 –All Group Targets AchievedSales ∆ Fx and portfolio adjusted, EBITDA before special items 2011 Outlook 2011 2011 Comments original actual ∆ 4-6% to  Raised to 5-7% or €36-37bn Sales €36.5bn +6% €35-36bn in Q1 increase Adj. towards €7.6bn +7%  Raised to >€7.5bn in Q1 EBITDA €7.5bn Increase by Core EPS €4.83 +15%  Raised to ~15% in Q1 ~10% Net Debt reduce €7.0bn -€0.9bn  Record GCFPage 39 • Bayer Investor Presentation • Meet Management • March 2012
  42. 42. Fiscal 2011 –Subgroup Performance vs. Targets 2011 Outlook 2011 in € million adj. ∆ Comments original actual HealthCare  Targets achieved or exceeded Sales low/mid single-digit 17,169 +2%  Top-line driven by Consumer increase Health Adj. EBITDA* small improvement 4,702 +7%  Pharma margin up 140 bpts. CropScience ≥ mid-single digit Sales 7,255 +9% increase  Achieved or exceeded all targets grow at higher rate Adj. EBITDA* 1,654 +28% than sales MaterialScience  Sales growth above, bottom-line mid single-digit clearly below expectations Sales 10,832 +8% increase  Pressure from higher raw grow at higher rate material prices and deteriorating Adj. EBITDA* 1,171 -14% business environment than sales *before special itemsPage 40 • Bayer Investor Presentation • Meet Management • March 2012
  43. 43. Bayer HealthCareInvestor Handout – Meet ManagementMarch, 2012 – Leverkusen
  44. 44. Leading Positions in Key HealthcareMarketsSales in € million Sales Split by Segment 2011 Pharma €9,949m  Leading positions in key therapeutic categories Consumer Care 25% €3,534m 20%  Global #2 in OTC-pharmaceuticals 58% Medical Care 14% €2,500m  #1 in fluid injection systems, #1 in contrast media, #4 in blood glucose meters 7% Animal Health €1,186m  Global #4 HealthCare €17,169mPage 2 • Bayer Investor Presentation • Meet Management • March 2012
  45. 45. Fiscal 2011 –Key Financials HealthCare In € million FY 2010 FY 2011 ∆% Sales 16,913 17,169 +1.5 EBIT 1,861 3,191 +71.5 EBIT adjusted* 3,030 3,367 +11.1 EBITDA adjusted* 4,405 4,702 +6.7 Gross cash flow 2,948 3,254 +10.4 Net cash flow 3,320 3,357 +1.1 CapEx 605 611 +1.0 Free operating cash flow 2,747 2,749 +0.1 R&D expenses 2,066 1,948 -5.7 Capital invested (average) 23,022 22,757 -1.2 CFRoI 12.8 % 14.3 % ● * before special itemsPage 3 • Bayer Investor Presentation • Meet Management • March 2012
  46. 46. Fiscal 2011 -Operating PerformanceSales in € million; ∆% y-o-y, () Fx & portfolio adj. Sales Earnings Consumer Pharma Adjusted Adjusted Health 0% (+1%) EBITDA* EBIT* +4% (+5%) 25% 4,702 +7% 4,405 42% 3,367 +11% 2,832 2,972 +5% 3,030 58% 1,900 2,042 +7% 1,573 1,730 +10% 1,130 1,325 +17% HealthCare €17,169m +1.5% (+2%) Price Volume Fx Portfolio +0.2% +2.2% -1.2% 0.3% 2010 2011 2010 2011Page 4 • Bayer Investor Presentation • Meet Management • March 2012 * before special items
  47. 47. Fiscal 2011 -Regional Sales SplitSales in € million; ∆% y-o-y, Fx adj. Pharmaceuticals Consumer HealthNorth America LA / Africa / North America LA / Africa /-10.5% Middle East +6.0% Middle East +11.3% 15% +8.3% 21% 17% 32% 16% 25% 37% 38%Europe -3.5% Asia/Pacific Europe +4.8% Asia/Pacific +11.8% +4.4% € 9,949m € 7,220mPage 5 • Bayer Investor Presentation • Meet Management • March 2012
  48. 48. Fiscal 2011 - Strong BusinessMomentum in Emerging MarketsSales in € million; ∆% y-o-y Fx adjusted 2011 HealthCare Sales Emerging Economies USA Emerging +11% -2% Economies¹ +13% 25% 32% +10% 23% ~1,900 +6% ~1,700 +9% 14% ~1,000 31% ~886 Western Others² Europe -1% +4% Emerging Latin Eastern Africa & HealthCare €17,169m Asia³ America Europe Middle East ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia, ² Others = Japan, Australia, New Zealand, Canada New Zealand, Africa and Middle East incl. Turkey, Eastern Europe ³ Emerging Asia = Asia without Japan, Australia, New ZealandPage 6 • Bayer Investor Presentation • Meet Management • March 2012
  49. 49. Bayer is One of The Leading InternationalHealthCare Companies in ChinaSales in € million; ∆% y-o-y Fx adjusted HealthCare 2011  Driven by Pharmaceuticals (+26% Fx-adj) ~€1bn +19% y-o-y (Fx-adj.)*  ~1,000 sales representatives added in 2011  Approx. 6,200 employees  €100m over 5 years to set-up a global R&D center in China  Beijing manufacturing site expansion (~€45m through 2015)Top products growth in 2011*  Partnership with Tsinghua University Aspirin +35% (joint drug discovery, student support)Adalat +24%Nexavar +24%Glucobay Avelox +22%AveloxNexavar +19% * People‘s Republic of ChinaPage 7 • Bayer Investor Presentation • Meet Management • March 2012
  50. 50. Fiscal 2011 -Major Progress AchievedSales in € million; ∆% y-o-y Fx adjusted  First Xarelto-launches in chronic indications  Regulatory filings for Xarelto, VEGF-Trap-Eye, LCS Pipeline  Successful completion of major clinical studies (incl. programs for Xarelto, Alpharadin, Regorafenib, VEGF Trap-Eye)  Improved margins* at Pharma and Consumer Health (+140 Performance bp each)  Above market growth at Consumer Health  HealthCare EM-sales growth of +10% Emerging Markets  PR China: Above market growth at Pharma (+26%)  Expansion of marketing and sales organization LCS: Levonorgestrel contraceptive systemPage 8 • Bayer Investor Presentation • Meet Management • March 2012 *Adjusted EBITDA EM: Emerging markets
  51. 51. HealthCare -Positioned for Future GrowthOpportunities  4 potential blockbusters to be launched near-termPharma  Limited patent expiration exposure  Strong presence in emerging markets  Strong brandsConsumer  Leading positions in all businessesHealth  Increasing share in mature and expand in Emerging MarketsPage 9 • Bayer Investor Presentation • Meet Management • March 2012
  52. 52. Financial OutlookPage 10 • Bayer Investor Presentation • Meet Management • March 2012
  53. 53. Market Outlook 2012 The Pharma market is expected to grow in the mid-single-digit percentage range driven by Emerging Markets For the OTC market we expect low-to-mid single-digit percentage growth The Diabetes Care market is expected to grow by a low-single-digit percentage Moderate growth expected in Animal Health marketPage 11 • Bayer Investor Presentation • Meet Management • March 2012
  54. 54. Financial Outlook 2012 HealthCare Expect sales to increase by a low- to mid-single-digit percentage (Fx & portf.–adj.) Plan to slightly improve adjusted EBITDA* Pharmaceuticals Expect sales to remain stable or move slightly higher (Fx & portf.–adj.) Expect adjusted EBITDA* to approx. match prior-year level Consumer Health Anticipate mid-single digit percentage growth of sales (Fx & portf.–adj.) Anticipate mid-single digit percentage growth of adjusted EBITDA*Page 12 • Bayer Investor Presentation • Meet Management • March 2012 * before special items
  55. 55. Building Growth Momentum – PharmaceuticalsPage 13 • Bayer Investor Presentation • Meet Management • March 2012
  56. 56. Pharma – Top 10 Products2011 sales in € million (y-o-y changes Fx-adj.) Betaseron 670 (-9%) 447 (0%) 1,117 -5% Kogenate 785 (+11%) 290 (+2%) 1,075 +8% YAZ-Family 891 (+6%) 179 (-30%) 1,070 -3% Nexavar 551 (+3%) 174 (+5%) 725 +4% Adalat 637 (-5%) 3 (•) 640 -5% Mirena 268 (+6%) 313 (+15%) 581 +11% Avelox 398 (+8%) 88 (-31%) 486 -2% Aspirin C. 404 (+13%) 404 +13% Glucobay 362 (+4%) 362 +4% Levitra 227 (+7%) 105 (-51%) 332 -22% U.S. Rest of the worldPage 14 • Bayer Investor Presentation • Meet Management • March 2012
  57. 57. The Leader in Women’s HealthCareSales ∆% y-o-y, () Fx adj. Yaz family Women’s Healthcare 2011 -4 (-3) Mirena +8 (+11) Diane +6 (+7) Microgynon -2 (-1) Valette -3 (-2) €2,992m Meliane -6 (-6) +2% (+3%) Angeliq +13 (+14) Qlaira +67 (+69) Other products +4 (+5)Page 15 • Bayer Investor Presentation • Meet Management • March 2012
  58. 58. Mirena - The Leading Hormonal Long-ActingContraceptiveSales in € million; ∆% Fx adj. +11%  Leading long-acting (up to five years) reversible contraception device 581  2011 growth driven by higher volumes 539 in the US 490 268  Life-cycle opportunities: 254  Small, low-dose long-acting (up to three years) LCS filed in the US 218 and EU in 2011  Further phase III program for a 313 long-acting contraception LCS for 285 up to five years underway 272  2012e sales: high-single/low-double digit % increase 2009 2010 2011 U.S. Rest of the worldPage 16 • Bayer Investor Presentation • Meet Management • March 2012 LCS: Levonorgestrel-releasing system
  59. 59. Hemophilia Franchise -Growth Trajectory IntactSales in € million; ∆% Fx adj. +8%  Global # 2 in hemophilia A treatment  Increased market share in 2011 1,075  Development program underway 1,004 888  Longer acting factor VIII: Start of a pivotal study targeted for 2012  Recombinant FVIIa: Target to 785 initiate a phase II/III study in 2012 705 638  Studies with plasma-free formulation on track  2012e sales: mid-single digit % 250 299 290 increase 2009 2010 2011 U.S. Rest of the worldPage 17 • Bayer Investor Presentation • Meet Management • March 2012
  60. 60. Betaseron - Long-term Experience in MSTreatmentSales in € million; ∆% Fx adj. -5% 1,214 1,206 1,117 735 733  Wealth of clinical experience, demonstrating excellent efficacy and 670 tolerability of Betaseron  21-year long-term follow-up study demonstrated significant survival 479 473 advantage with Betaseron treatment 447  2012e sales: mid-to-high single-digit % decline 2009 2010 2011 U.S. Rest of the worldPage 18 • Bayer Investor Presentation • Meet Management • March 2012
  61. 61. Nexavar - Our Cornerstone in OncologySales in € million; ∆% Fx adj.  Approved for kidney cancer (RCC) and +4% for liver cancer (HCC) 725  Only approved drug with overall survival benefit in HCC 705 604  Comprehensive development program underway, including phase III trials in  Lung cancer (NSCLC)  Thyroid cancer 531 551  Breast cancer 450  RCC (adjuvant)  HCC (adjuvant)  HCC (combination) 154 174 174  2012e sales: low-to-mid single-digit % increase 2009 2010 2011 U.S. Rest of the world RCC: Renal cell carcinoma, HCC: Hepatocellular carcinoma,Page 19 • Bayer Investor Presentation • Meet Management • March 2012 NSCLC: Non-small cell lung cancer
  62. 62. Aspirin –More Than A Century of GrowthSales in € million; ∆% Fx adj.  One of the world’s most recognized +10% brands 844  Available as OTC and Rx Aspirin 776  Bayer’s #2 product in Emerging 404 Markets; over-proportional growth 715 358  Aspirin grew 35% Fx-adj. in 2011 315 in China  2012e sales: mid-to-high single-digit % increase (Rx-Aspirin Cardio) 440 418 400 2009 2010 2011 OTC-Aspirin Rx-AspirinPage 20 • Bayer Investor Presentation • Meet Management • March 2012
  63. 63. Xarelto -Key Features and Differentiators Effectively reducing the risk of stroke and systemic embolism in AF-patients Novel single-drug approach for DVT-treatment and sec. prevention Superior efficacy with no increase in bleeding in VTE prevention after orthopedic surgery Convenient once-daily, fixed oral dose; no need for routine coagulation monitoring Proven efficacy in the broadest range of indications tested among novel anticoagulants Only novel anticoagulant to complete successful study in ACS also showing mortality benefit Unique phase III program for stroke prevention in AF-patients in Japan AF: atrial fibrillation, DVT: Deep vein thrombosis;Page 21 • Bayer Investor Presentation • Meet Management • March 2012 VTE: Venous thromboembolism; ACS: Acute coronary syndrome
  64. 64. Xarelto –Above €2bn Commercial Opportunity1 Anticoagulants sales Anticoagulants estimated treatment days MAT 9/2011 in 2010 Other Post ACS/MI DTI 0.73 VTE 8% treatment ~350 0.76 8% ~200 UFH 0.63 Other 7% primary ~400 0.71 ~$9.2bn prevention ~3,100m VKA 8% 6.33 69% ~100 ~2,100 LMWH VTE prevention Stroke after orthopedic prevention surgery in AF LMWHs: low molecular weight heparins, UFH: unfractionated heparins, VKA: vitamin K antagonists, DTI: direct thrombin inhibitors AF: atrial fibrillation, ACS: acute coronary syndrome, MI: myocardial (incl. Pradaxa), Other antithrombotics (incl. Xarelto); MAT: Moving infarction, VTE: venous thromboembolism annual total 1 Subject to approvalPage 22 • Bayer Investor Presentation • Meet Management • March 2012 Source: IMS MIDAS, GERS, FARMINFORM for sales Bayer estimates for patient treatment days in main markets
  65. 65. Xarelto – Targeting A Broad Range ofMajor Chronic Thromboembolic Diseases Venous Arterial Pulmonary embolism (PE) Stroke prevention in atrial fibrillation ● Caused by embolism of a clot ● Atrial fibrillation (AF) can cause the that migrates to the lungs development of clots, via stasis in the where it becomes trapped atria, which can travel to the brain ● Leading cause of in-hospital death ● AF increases stroke risk ~5-fold ● ~ 3.5 million AF-patients in the US, Deep venous thrombosis (DVT) > 6 million in EU and > 800,000 in J ● SOC: OAC ● Thrombi (clots) are formed in the deep veins of the leg Secondary prevention in ACS ● Risk factors include surgery, particularly orthopedic, and age ● Acute coronary syndromes (ACS) ● High risk of recurrent events, or comprise unstable angina and MI developing a pulmonary embolism ● The underlying cause is thrombosis ● After initial treatment, patients remain DVT + PE = VTE at high risk (venous thromboembolism) ● Annual cases of ACS in US, EU major ● Estimated ~ 900,000 cases/year in 5 and J estimated to be ~ 2 million major EU countries ● SOC: antiplatelets ● SOC: LMWH followed by VKA; Xarelto approved in Europe LMWH: Low molecular weight heparins; SOC: Standard of care; VKA: VitaminPage 23 • Bayer Investor Presentation • Meet Management • March 2012 K antagonists; OAC: Oral anticoagulants; MI: Myocardial infarction
  66. 66. Xarelto –Rolled-out for Success Launched in >110 countries for VTE prevention following total knee/hip replacement surgery Launched in Europe and Canada in SPAF and DVT treatment Launched in SPAF in US Approved for SPAF in Japan Filed in ACS in Europe and US (priority review) SPAF: prevention of stroke and systemic embolism in patients with non-valvularPage 24 • Bayer Investor Presentation • Meet Management • March 2012 atrial fibrillation, DVT: deep vein thrombosis
  67. 67. Xarelto in SPAF –Global Launch UnderwayStatus as of March 2012 J&J: generating positive launch momentum and steady growth; growing faster than competition in new Rx’s among novel OACs overall; favorable formulary access across majority of plans Strong market uptake Positive recommendation by SMC for SPAF, discussion with NICE ongoing Pricing and reimbursement discussions underway Approved, launch planned for Q2 First weeks of sales in SPAF in-line with expectations SPAF: prevention of stroke and systemic embolism in patients with non-valvularPage 25 • Bayer Investor Presentation • Meet Management • March 2012 atrial fibrillation, Rx: prescription; OAC: Oral anticoagulant; SMC: Scottish Medicines Consortium; NICE: National Institute for Health and Clinical excellence
  68. 68. Xarelto – Strong Market Performance in Germany* Sales Market Share in % Cumulated daily therapies (DDD) - all (based on ex-manufacturer prices) dosage strengths and pack sizes at10,0 week 7 after launch Xarelto 1.800 Xarelto 1.600 7,5 7,2 6,8 6,8 1.400 6,2 Cumulated Daily Therpaies (000) 6,0 5,5 5,7 1.200 5,0 1.000 Pradaxa 800 600 2,5 1,8 400 1,4 200 0 calendar week 7 after launch 1/2/12 1/16/12 1/30/12 2/13/12 2/27/12 * As of March 2012 Source: IMS Health, Weekly Retail Sell-Out Data; BAYER Page 26 • Bayer Investor Presentation • Meet Management • March 2012 Sales market share estimates based on AC market
  69. 69. Secondary Prevention of ACS –Key Findings from the ATLAS Phase III Study 16 percent relative risk reduction for cardiovascular (CV) death, stroke or myocardial infarction in patients taking rivaroxaban > 30 percent reduction of risk of CV death or all cause death if rivaroxaban (2.5 mg BID) is added to standard anti-platelet therapy > 30 percent reduction in stent thrombosis in patients taking rivaroxaban More TIMI major bleeding in the rivaroxaban groups (up to 2.4% in the 5mg BID group) compared to placebo (0.6%) No excess risk of fatal intracranial hemorrhage or fatal bleeding associated with rivaroxaban compared to placebo ACS: Acute coronary syndrome,Page 27 • Bayer Investor Presentation • Meet Management • March 2012 BID: twice daily
  70. 70. EINSTEIN PE – Study Design The EINSTEIN PE study addresses the treatment of pulmonary embolism (PE) and the secondary prevention of venous thromboembolism (VTE) using oral rivaroxaban alone vs. standard therapy (LMWH followed by VKA) ● Randomized, open-label, event-driven, non-inferiority study Treatment period: 3, 6 or 12 months* Day 1 Day 21 30-day observation Rivaroxaban Rivaroxaban N=4,833 Objectively period 15 mg bid 20 mg od confirmed PE ± R DVT Enoxaparin 1.0 mg/kg bid for ≥5 days, followed by VKA, INR range 2–3*Decision to treat for 3, 6 or 12 months made by investigator at time of randomization; up to 48 hours pre-treatment with heparins/fondaparinux permitted before study entry LMWH: Low molecular weight heparin; VKA: Vitamin K antagonist; DVT: Page 28 • Bayer Investor Presentation • Meet Management • March 2012 Deep vein thrombosis; R: Randomization: PE: Pulmonary embolism; INR: International normalized ratio
  71. 71. Xarelto –Major Expected Upcoming Newsflow  EINSTEIN PE Phase III data presentation at ACC, March 26, 2012  Secondary prevention of ACS – approval expected summer 2012 (US) and end 2012 (EU)Page 29 • Bayer Investor Presentation • Meet Management • March 2012
  72. 72. Building Growth Momentum – Consumer HealthPage 30 • Bayer Investor Presentation • Meet Management • March 2012
  73. 73. Consumer Health Businesses –A Highly Attractive Part of Our Portfolio Attractive Sustainable Consumer Financially underlying trends brands centered attractive  Aging population  Less patent  Evolution from  Predictable cash and increasing dependent “passive patient” flow life expectancy to “pro-active  Less R&D and  Attractive consumer”  Emerging capital intensive growth potential markets: OTC  Consumer  Strong  Consistent, growth due to expertise consumer attractive accessibility and becoming a brands have returns at lower cost required attractive long modest risk competency for lifetimes successPage 31 • Bayer Investor Presentation • Meet Management • March 2012
  74. 74. Consumer Care –Gained Share in 2011Sales in € million; ∆% Fx & portfolio adj. +7% 3,534 3,371 3,020 3,080 2,6342,531 Performance  Global #2 in a growing market  Track record of performance  Some of the world’s most recognized brands  Acquired Roche OTC, Citracal, Sagmel and Topsun2006 2007 2008 2009 2010 2011Page 32 • Bayer Investor Presentation • Meet Management • March 2012
  75. 75. Consumer Care –Strong Brands MatterSales in € million; ∆% Fx adj. Brand 2011 Sales y-o-y Growth 440* +9% 285 +9% 235 +11% 224 +7% 174 +2% 140 +4% * Only Aspirin CC sales, excluding Rx Aspirin CardioPage 33 • Bayer Investor Presentation • Meet Management • March 2012
  76. 76. Radiology & Interventional – CombiningMedrad and Diagnostic ImagingSales in € million; ∆% Fx & portfolio adj. Highlights +2% Medrad: 1,474 1,4981,371* 1,363  Clear #1 1,298 1,323  Active in fluid injection systems for contrast media and endovascular devices  Business strengthened around strategic core through adjacent acquisitions of Possis (thrombectomy) and Pathway (mechanical atherectomy) Diagnostic Imaging:  Clear market leader in contrast media  Synergy creation through integration underway2006 2007 2008 2009 2010 2011 * pro forma salesPage 34 • Bayer Investor Presentation • Meet Management • March 2012
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