Meet Management 2013Leverkusen, March 19, 2013Investor Handout
DisclaimerThis presentation may contain forward-looking statements based on currentassumptions and forecasts made by Bayer...
Our Mission –Innovation and Customer Value                                             Science For A Better Life          ...
Our Business Portfolio –Leading in Its Markets                                                                 €18.6bn    ...
We are Generating the Vast Majority of ourBusiness in the Life SciencesBreakdown excluding Reconciliation                 ...
Full Year 2012: SignificantStrategic and OperationalProgressPage 4 • Bayer Investor Presentation • Meet Management • March...
Full Year 2012 –Very Good Year, Operational Targets AchievedSales                                          EBIT           ...
Full Year 2012 –All Subgroups With Higher Sales and EarningsSales & adj. EBITDA (=before special items) in € million, sale...
Full Year 2012 –Continued Strong Emerging Markets GrowthIn € million, ∆% yoy Fx adjusted                    2012 Group Sal...
Workforce in the Emerging MarketsConsistently IncreasedBreakdown FTE figures in 1,000 as of Dec 31     31.2               ...
Full Year 2012 – Important Progress on KeyPharma Pipeline Assets                                         2012 sales of €32...
Innovations at CropScienceFungicides                                                             Seeds                    ...
Full Year 2012 –Dividend Proposal                            2007-2012*                                                   ...
Priorities, Targets, AspirationsPage 12 • Bayer Investor Presentation • Meet Management • March 2013
Full Year 2013 Outlook Projects FurtherGrowth And Higher EarningsSales ∆ Fx and portfolio adjusted, EBITDA before special ...
Full Year 2013 –R&D And CapEx Budgets            R&D 2013e: ~€3.2bn (+7%)                                         CapEx (P...
HealthCare –Building Growth Momentum, Improving MarginsSales ∆ Fx & portf. adjusted, margin = EBITDA before special items ...
Pharma – New Products Drive Growth andRejuvenate PortfolioSales from new Pharma pipeline in €m                            ...
CropScience – Above Market Growth atBenchmark ProfitabilitySales ∆ Fx & portf. adjusted, margin = EBITDA before special it...
CropScience – Translate R&D Effectivelyinto New Product SalesSales from new Crop Protectionproducts launched since 2006 in...
MaterialScience – Higher Asset Utilization &Efficiency Measures Are Driving PerformanceSales ∆ Fx & portf. adjusted, margi...
AppendixPage 20 • Bayer Investor Presentation • Meet Management • March 2013
Q4 2012 –Cash Flow and Net Debt DevelopmentCash Flow in € million, Net Debt in € billion                              Q4’1...
Q4 2012 –HealthCareIn € million, ∆% yoy, () = Fx & portf. adjusted                             Q4’12 Sales                ...
Q4 2012 –CropScienceIn € million, ∆% yoy, () = Fx & portf. adjusted                             Q4’12 Sales               ...
Q4 2012 –MaterialScienceIn € million, ∆% yoy, () = Fx & portf. adjusted                             Q4’12 Sales           ...
Q4 2012 –Regional PerformanceIn € million, ∆% yoy Fx adjusted         Q4’12 Group Sales by Region                         ...
Full Year 2012 –Cash Flow and Net Debt DevelopmentCash Flow in € million, Net Debt in € billion                           ...
Full Year 2012 –HealthCareIn € million, ∆% yoy, () = Fx & portf. adjusted                             2012 Sales          ...
Full Year 2012 –CropScienceIn € million, ∆% yoy, () = Fx & portf. adjusted                             2012 Sales         ...
Full Year 2012 –MaterialScienceIn € million, ∆% yoy, () = Fx & portf. adjusted                             2012 Sales     ...
Full Year 2012 –Regional PerformanceIn € million, ∆% yoy Fx adjusted               2012 Group Sales by Region             ...
Bayer HealthCareInvestor Handout – Meet ManagementMarch 2013 – Leverkusen
Leading Positions in Key HealthcareMarkets        Sales Split by Segment 2012                                             ...
Full Year 2012 –Growth in All SegmentsIn € million, ∆% yoy, () = Fx & portf. adjusted                             2012 Sal...
Full Year 2012 – Strong BusinessMomentum in Emerging MarketsSales in € million; ∆% y-o-y Fx adjusted       2012 HealthCare...
Bayer is One of The Leading InternationalHealthCare Companies in ChinaSales in € million; ∆% y-o-y Fx adjusted            ...
Full Year 2012 – Outstanding Clinical andRegulatory Progress     Launch in SPAF                                          ...
Top 10 Pharma Product Performancein 2012FY 2012 sales in € million (∆% yoy Fx-adj.) Betaseron                   Multiple S...
Consumer Health –Best-Selling Products in 2012 FY 2012 sales in € million (∆% yoy Fx-adj.)                                ...
Building Growth Momentum –Improving MarginsPage 39 • Bayer Investor Presentation • Meet Management • March 2013
HealthCare –Building Growth Momentum, Improving MarginsSales ∆ Fx & portf. adjusted, margin = EBITDA before special items ...
The Leader in Women’s HealthCareSales ∆% y-o-y, () Fx adj.   Yaz family                                                   ...
Mirena – The Leading Hormonal Long-Acting ContraceptiveSales in € million; ∆% Fx adj.                                     ...
Hemophilia Franchise –Stable GrowthSales in € million; ∆% Fx adj.                                                         ...
Betaseron – Long-term Experience inMultiple Sclerosis TreatmentSales in € million; ∆% Fx adj.                             ...
Nexavar –Our Cornerstone in OncologySales in € million; ∆% Fx adj.                                                        ...
Nexavar –Design of the DECISION Phase III Study    Locally Advanced,                                                  Sora...
Aspirin –More Than A Century of GrowthSales in € million; ∆% Fx adj.                                                      ...
New Products Drive Growthand Rejuvenate PortfolioPage 48 • Bayer Investor Presentation • Meet Management • March 2013
New Product Pipeline Strength                        Combined* Peak Sales Potential >€5.5bn                               ...
Xarelto –                                                                       Strong Launch                             ...
Xarelto –Effective Anticoagulation For More Patients1) Clinical   Breadth of indications: met or exceeded primary      ef...
The Market for Anticoagulants is Attractive                        Anticoagulants sales                                   ...
Xarelto –Strong Launch ExecutionSales in € million; ∆% Fx adj.                                                            ...
Xarelto –Development in Key MarketsStatus as of mid Feb 2013MarketMarket            Performance                    Perform...
Eylea –                                                                        Launch                                     ...
Eylea –Major Progress Achieved 1) Clinical     Positive phase III data in wet AMD and CRVO reported     Phase III in DME...
Retina Treatment is The Fastest GrowingArea Within Ophthalmology         Global Ophthalmology Market                      ...
Eylea – Developed for the Treatment ofVarious Back of the Eye Diseases                                       Wet age-relat...
Stivarga –                                                                       Encouraging                              ...
Stivarga (Regorafenib) – Three DimensionalMode of Action          Inhibition of proliferation                            I...
Stivarga –Major Milestones Achieved  1) Clinical     Positive phase III data in mCRC and mGIST     Phase III in 2nd line...
Regorafenib Phase III in 2nd Line HCC(RESORCE) – Study Design                                                             ...
Radium-223                                                                  dichloride –                                  ...
Radium-223 dichloride – AddressingSignificant Unmet Need First-in-class alpha-pharmaceutical (Radium-223 dichloride) Rad...
Radium-223 dichloride –Regulatory Progress Achieved 1) Clinical     Phase III (ALSYMPCA) in symptomatic castration-resist...
Treatments for CRPC Patients with BoneMetastases Needed                                                                   ...
Riociguat –                                                                         Adressing                             ...
Riociguat – A New Mode of Action Pulmonary hypertension (PH) is                                                          ...
Meet Management 2013 Investor Handout
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Meet Management 2013 Investor Day on March 19, 2013 in Leverkusen
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Meet Management 2013 Investor Handout

  1. 1. Meet Management 2013Leverkusen, March 19, 2013Investor Handout
  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 2013
  3. 3. Our Mission –Innovation and Customer Value Science For A Better Life Science / Innovation Better Life  Bayer is an innovation company  Bayer products improve the quality of people’s lives  With a strong “innovation portfolio”  Bayer has an excellent understanding  Addressing new growth areas of human, animal and plant health,  Capable of identifying and using as well as of high-quality materials breakthrough innovations  Respect for people and nature  Bayer is innovative in many ways: is an essential part of our values Products, technologies, processes, business models, strategiesPage 1 • Bayer Investor Presentation • Meet Management • March 2013
  4. 4. Our Business Portfolio –Leading in Its Markets €18.6bn HealthCare Pharmaceuticals €10.8bn, leading positions in core indications 22% Consumer Health €7.8bn, OTC pharmaceuticals, blood glucose meters, contrast media and veterinary 48% medicines, global #2-5 30% €8.4bn CropScience Chemical crop protection & biologicals, global #2, seeds & traits €11.5bn MaterialScience Sales 2012: €39.8bn Polyurethanes and polycarbonates, global #1/2 Break-down excluding reconciliationPage 2 • Bayer Investor Presentation • Meet Management • March 2013
  5. 5. We are Generating the Vast Majority of ourBusiness in the Life SciencesBreakdown excluding Reconciliation Sales 2012 Adj. EBITDA 2012*Material Human MaterialScience Health Science 45% Life Sciences 30% 85% 15% 3% 22% Animal Health Plant Health *EBITDA before special itemsPage 3 • Bayer Investor Presentation • Meet Management • March 2013
  6. 6. Full Year 2012: SignificantStrategic and OperationalProgressPage 4 • Bayer Investor Presentation • Meet Management • March 2013
  7. 7. Full Year 2012 –Very Good Year, Operational Targets AchievedSales EBIT EBITDA Core EPSin € million before special items% currency & portfolio adj. in € million in € million in € 39,760 8,284 36,528 7,613 5,35 4,83 4,149 3,960 FY’11 FY’12 FY’11 FY’12 FY’11 FY’12 FY’11 FY’12 +5% -5% +9% +11% Page 5 • Bayer Investor Presentation • Meet Management • March 2013
  8. 8. Full Year 2012 –All Subgroups With Higher Sales and EarningsSales & adj. EBITDA (=before special items) in € million, sales ∆% y-o-y Fx and portfolio adjusted Sales Adj. EBITDA 18,612 5,068HealthCare +4% +8% 10,803 3,203Pharma +4% +8%Consumer 7,809 1,865Health +4% +8% 8,383 2,008CropScience +12% +21% 11,503 1,251MaterialScience +3% +7%Page 6 • Bayer Investor Presentation • Meet Management • March 2013
  9. 9. Full Year 2012 –Continued Strong Emerging Markets GrowthIn € million, ∆% yoy Fx adjusted 2012 Group Sales Highlights Emerging EconomiesDeveloped Emerging  +12% driven mainly by ourEconomies Economies¹ BRIC LifeScience businesses +3% +7%  +13% with HealthCare +23% and CropScience +20% 63% 37%  +16% driven by CropScience, but also MaterialScience strong  +19% with both Consumer Health and MaterialScience +25%  +8% driven by CropScience Group €39,760m; +5% and MaterialScience ¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,Page 7 • Bayer Investor Presentation • Meet Management • March 2013 New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
  10. 10. Workforce in the Emerging MarketsConsistently IncreasedBreakdown FTE figures in 1,000 as of Dec 31 31.2 35.1 36.5 39.8 111.0 111.4 111.8 110.5  Net reduction in total workforce by ~500 during last 4 years  Net increase of workforce in 65% 64% 63% 62% Emerging Countries (~3,200), especially in Emerging Asia  Concurrent workforce decline in Western Europe and North America 35% 36% 37% 38% Initiated shift of workforce in line with business to Emerging Markets 2009 2010 2011 2012 Emerging Economies Developed Economies Sales in €bnPage 8 • Bayer Investor Presentation • Meet Management • March 2013
  11. 11. Full Year 2012 – Important Progress on KeyPharma Pipeline Assets 2012 sales of €322m above target following further launches and indication expansions Encouraging early feedback from first launches Positive feedback from commercial launch in the US, received US approval for GIST in Feb. 2013Radium-223 Submitted for treating bone metastases in patients withdichloride CRPC (Dec. 2012) Demonstrated efficacy in PAH and CTEPH in pivotal phase III trials, submitted (Feb. 2013) Combined peak sales potential of >€5.5bn CRPC: Castration resistant prostate cancer; PAH: Pulmonary arterial hypertension,Page 9 • Bayer Investor Presentation • Meet Management • March 2013 CTEPH: Chronic thromboembolic pulmonary hypertension; GIST: Gastrointestinal cancer
  12. 12. Innovations at CropScienceFungicides Seeds Cereals Numerous new vegetable varieties Corn and soybeans Fruits & vegetables New canola varieties with improved agronomic traits Herbicides Perennial crops New soybean varieties IVM and turf segment Conventional oilseed rapeSeedGrowth for Europe Protects against nematodes New cotton varieties Proprietary glyphosate Protects against fungus tolerance Rhizoctonia IVM: Integrated vegetation managementPage 10 • Bayer Investor Presentation • Meet Management • March 2013
  13. 13. Full Year 2012 –Dividend Proposal 2007-2012* Dividend Policy 6  Target is to pay out 30 to 40% of 5 core EPS  Successive history of dividend 4 payment for 60 years 3  Proposed dividend of €1.90 for 2012 up 15% vs. prev. year 1.90# 2 1.50 1.65  Proposal corresponds to a payout 1.35 1.40 1.40 of 2012 core EPS of 36% or 1 €1,571m 0 2007 2008 2009 2010 2011 2012 EPS (IFRS) Core EPS Dividend per share *in Euro per sharePage 11 • Bayer Investor Presentation • Meet Management • March 2013 #proposed dividend
  14. 14. Priorities, Targets, AspirationsPage 12 • Bayer Investor Presentation • Meet Management • March 2013
  15. 15. Full Year 2013 Outlook Projects FurtherGrowth And Higher EarningsSales ∆ Fx and portfolio adjusted, EBITDA before special items 2012 ∆ vs. 2011 2013E +4-5% to Sales €39.8bn +5% ~€41bn* mid-single-digit % adj. EBITDA €8.3bn +9% increase high-single-digit % Core EPS €5.35 +11% increase *Assuming Fx rate of $1.29 per €Page 13 • Bayer Investor Presentation • Meet Management • March 2013 Outlook depends on specific planning assumptions as detailed in the Annual Report
  16. 16. Full Year 2013 –R&D And CapEx Budgets R&D 2013e: ~€3.2bn (+7%) CapEx (PPE) 2013e: ~€1.9bn (+24%) HealthCare MaterialScience HealthCare MaterialScience ~€2.1n ~€0.2bn ~€0.6bn ~€0.6bn thereof Pharma 7% ~€1.7bn CropScience 28% ~€0.8bn 32% 26% 65% 14% 2% Reconciliation 25% ~€0.1bn Reconciliation CropScience ~€0.3bn ~€0.5bnPage 14 • Bayer Investor Presentation • Meet Management • March 2013
  17. 17. HealthCare –Building Growth Momentum, Improving MarginsSales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales Target Aspiration Priority 2012 2013* 2015 mid-single-digit CAGR ~6%  HealthCare: Accelerate sales growth €18.6bn % to ~€19bn towards €22bn  Pharma: Successfully commercialize new CAGR ~7% €10.8bn mid-single-digit products and realize emerging markets % to ~€11bn towards €13bn (EM) opportunity  New product sales¹ €368m ~€1bn >€2.5bn  EM growth 7.5% high-single high-single digit % digit %  Consumer Health: Aspire to become #1 mid-single-digit €7.8bn ~€9bn OTC company % to ~€8bn  HealthCare: Improve margins 27.2% slightly up towards 29%  Pharma 29.6% slightly up ≥31%  Consumer Health 23.9% at level ~25% ¹ Xarelto, Eylea, Stivarga, Radium-223 dichloride and Riociguat; subject to regulatory approvalPage 15 • Bayer Investor Presentation • Meet Management • March 2013 *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report
  18. 18. Pharma – New Products Drive Growth andRejuvenate PortfolioSales from new Pharma pipeline in €m >2,500  Global roll-out ongoing, targeting ~€600m sales in 2013 Xarelto 322 Eylea 14  Global roll-out in wAMD, first launches in CRVO Stivarga 32 expected during H2 2013  US launch ongoing, CHMP opinion expected ~1,000 1H 2013, Japan submitted July 2012 Radium-223 dichloride  Regulatory decision in the US expected for 368 2H 2013 (filed Dec. 2012) 86  Submitted for PAH and CTEPH (Feb. 2013) 2011 2012 2013e 2015e CTEPH: chronic thromboembolic pulmonary hypertension; CRVO: central retinalPage 16 • Bayer Investor Presentation • Meet Management • March 2013 vein occlusion; PAH: pulmonary arterial hypertension; wAMD: wet age-related macular degeneration
  19. 19. CropScience – Above Market Growth atBenchmark ProfitabilitySales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales Target Aspiration Priority 2012 2013* 2015 high-single CAGR ~6% +12.4%  Above-market sales growth digit % towards to €8.4bn towards €9bn €10bn  Translate R&D effectively into new €1.1bn ~€1.4bn ~€1.9bn product sales (CP products launched since 2006) double-digit % double-digit %  Extend seeds footprint +14% growth growth p.a. slight  Maintain industry leading profitability level 24.0% ~24% improvement CP: Crop ProtectionPage 17 • Bayer Investor Presentation • Meet Management • March 2013 *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report
  20. 20. CropScience – Translate R&D Effectivelyinto New Product SalesSales from new Crop Protectionproducts launched since 2006 in €bn ~1.9 2012 Highlights∆% y-o-y, () Fx adj.  Xpro (+61%) - New cereal fungicide with yield-boosting effect ~1.4  Adengo herbicide family (+85%) - Excellent weed control in corn and cereals, 1.1 also in case of glyphosate resistance +60%  Belt (+54%) - Broad-spectrum insecticide 0.7 with fast and long-lasting action  Launch of Luna fungicide in the US 0.3  First launch of new SeedGrowth family EverGol/Emesto in Canada 0.02 2007 2009 2011 2012 2013e 2015ePage 18 • Bayer Investor Presentation • Meet Management • March 2013
  21. 21. MaterialScience – Higher Asset Utilization &Efficiency Measures Are Driving PerformanceSales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales  Grow business (volume) above global GDP  Defend market leading positions in PCS and PUR  Sales to slightly increase  Realize 150 bp margin to ~€12bn contribution through new  Sales +3.0% to €11.5bn  Adj. EBITDA to further efficiency initiative (volumes +2%)  Optimize asset structure improve  Adj. EBITDA +7% to  Q1‘2013 vs Q4‘2012: in Germany €1,251m Sales to further increase  CFROI# > WACC  CFROI# 5.6% < WACC and adj. EBITDA at same 7.1% level 2012 Target 2013 Aspiration 2015 *Assuming Fx rate of $1.29 per €Page 19 • Bayer Investor Presentation • Meet Management • March 2013 #after reproduction Outlook depends on specific planning assumptions as detailed in the Annual Report
  22. 22. AppendixPage 20 • Bayer Investor Presentation • Meet Management • March 2013
  23. 23. Q4 2012 –Cash Flow and Net Debt DevelopmentCash Flow in € million, Net Debt in € billion Q4’12 Cash Flow Net Debt Development GCF NCF Invest- oFCF +€223m 7.0 cont. ments 6.8 755 903 743 160 ∆% y-o-y -25 -22 +2 -63 Q3´12 Q4´12 Net debt increase of €1bn due to pension funding, partly offset by positive cash generationPage 21 • Bayer Investor Presentation • Meet Management • March 2013
  24. 24. Q4 2012 –HealthCareIn € million, ∆% yoy, () = Fx & portf. adjusted Q4’12 Sales Earnings Consumer Adj. Adj. 36% Pharma Health EBITDA* EBIT* +7% (+5%) +7% (+5%) 2,056 2,867 1,342 +14% 1,180 1,001 +23% 827 +9% 815 758 594 +19% 498 515 +22% HealthCare €4,923m; +7% (+5%) 422 407 +28% 317 Price Volume Fx Portfolio 0% +5% +2% 0% Q4‘11 Q4‘12 Q4‘11 Q4‘12 *before special itemsPage 22 • Bayer Investor Presentation • Meet Management • March 2013
  25. 25. Q4 2012 –CropScienceIn € million, ∆% yoy, () = Fx & portf. adjusted Q4’12 Sales Earnings Environmental Crop Protection Adj. Adj. Science +12% (+11%) EBITDA* EBIT* +18% (+16%) 174 1,540 142 289 +6% 273 162 +12% 145 Seeds -10% (-11%) CropScience €1,856m; +11% (+9%) Price Volume Fx Portfolio 0% +9% +2% 0% Q4‘11 Q4‘12 Q4‘11 Q4‘12 *before special itemsPage 23 • Bayer Investor Presentation • Meet Management • March 2013
  26. 26. Q4 2012 –MaterialScienceIn € million, ∆% yoy, () = Fx & portf. adjusted Q4’12 Sales Earnings Polycarbonates Polyurethanes Adj. Adj. 0% (-3%) +11% (+9%) EBITDA* EBIT* 1,473 255 +141% 669 CAS** +3% (+5%) 451 106 93 +294% IO*** 168 0% (-1%) MaterialScience €2,761m; +6% (+5%) Q4‘11 Price Volume Fx Portfolio Q4‘11 Q4‘12 Q4‘12 +2% +3% +2% -1% -48 *before special itemsPage 24 • Bayer Investor Presentation • Meet Management • March 2013 **CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations
  27. 27. Q4 2012 –Regional PerformanceIn € million, ∆% yoy Fx adjusted Q4’12 Group Sales by Region Emerging Economies +14% Emerging +7% USA ~1,560 Economies¹ +5% ~1,420 +9% 20% 40% +12% 30% Western ~520 -1% 10% Others² Europe +2% ~460 +1% Group €9,862m; +5% Emerging Latin Eastern Africa & 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 EuropePage 25 • Bayer Investor Presentation • Meet Management • March 2013 ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia w/o Japan, Australia, New Zealand
  28. 28. Full Year 2012 –Cash Flow and Net Debt DevelopmentCash Flow in € million, Net Debt in € billion 2012 Cash Flow Net Debt Development GCF NCF Invest- oFCF 7.0 +€15m 7.0 cont. ments 4,599 4,532 1,929 2,603 ∆% y-o-y -11 -10 +19 -24 FY´11 FY´12 Net debt constant, despite €1bn pension funding in Q4’2012Page 26 • Bayer Investor Presentation • Meet Management • March 2013
  29. 29. Full Year 2012 –HealthCareIn € million, ∆% yoy, () = Fx & portf. adjusted 2012 Sales Earnings Consumer Adj. Adj. 36% Pharma Health EBITDA* EBIT* +9% (+4%) +8% (+4%) 7,809 10,803 5,068 +8% 4,702 3,736 +11% 3,203 +8% 3,367 2,972 2,298 +13% 2,042 1,865 +8% HealthCare €18,612m; +8% (+4%) 1,730 1,438 +9% 1,325 Price Volume Fx Portfolio 0% +4% +4% 0% FY‘11 FY‘12 FY‘11 FY‘12 *before special itemsPage 27 • Bayer Investor Presentation • Meet Management • March 2013
  30. 30. Full Year 2012 –CropScienceIn € million, ∆% yoy, () = Fx & portf. adjusted 2012 Sales Earnings Environmental Crop Protection Adj. Adj. Science +16% (+13%) EBITDA* EBIT* +9% (+5%) 680 6,741 962 2,008 +21% 1,654 1,526 +31% Seeds 1,168+17% (+14%) CropScience €8,383m; +16% (+12%) Price Volume Fx Portfolio +1% +12% +4% -1% FY‘11 FY‘12 FY‘11 FY‘12 *before special itemsPage 28 • Bayer Investor Presentation • Meet Management • March 2013
  31. 31. Full Year 2012 –MaterialScienceIn € million, ∆% yoy, () = Fx & portf. adjusted 2012 Sales Earnings Polycarbonates Polyurethanes Adj. Adj. -2% (-7%) +12% (+8%) EBITDA* EBIT* 5,995 2,823 1,251 +7% 1,171 CAS** 629 +7% +3% (+4%) 1,972 589 IO*** 713 +8% (+6%) MaterialScience €11,503m; +6% (+3%) Price Volume Fx Portfolio FY‘11 FY‘12 FY‘11 FY‘12 +1% +2% +4% -1% *before special itemsPage 29 • Bayer Investor Presentation • Meet Management • March 2013 **CAS: Coatings, Adhesives, Specialties *** IO: Industrial Operations
  32. 32. Full Year 2012 –Regional PerformanceIn € million, ∆% yoy Fx adjusted 2012 Group Sales by Region Emerging Economies +5% USA Emerging +9% Economies¹ ~5,700 +7% +12% 21% ~4,900 37% +10% ~2,400 0% 31% ~1,800 11% Western Europe Others² 0% +4% Emerging Latin Eastern Africa & Group €39,760m; +5% 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 EuropePage 30 • Bayer Investor Presentation • Meet Management • March 2013 ² Others = Japan, Australia, New Zealand, Canada ³ Emerging Asia = Asia w/o Japan, Australia, New Zealand
  33. 33. Bayer HealthCareInvestor Handout – Meet ManagementMarch 2013 – Leverkusen
  34. 34. Leading Positions in Key HealthcareMarkets Sales Split by Segment 2012 Pharma €10,803m  Leading positions in key therapeutic categories 25% Consumer Care 21% €3,853m  Global #2 in OTC-pharmaceuticals 58% Medical Care 14% €2,653m  #1 in fluid injection systems, #1 in contrast media, 7% #4 in blood glucose meters Animal Health €1,303m HealthCare €18,612m  Global #5, #2 in parasiticidesPage 32 • Bayer Investor Presentation • Meet Management • March 2013
  35. 35. Full Year 2012 –Growth in All SegmentsIn € million, ∆% yoy, () = Fx & portf. adjusted 2012 Sales Earnings Consumer Adj. Adj. 36% Pharma Health EBITDA* EBIT* +9% (+4%) +8% (+4%) 7,809 10,803 5,068 +8% 4,702 3,736 +11% 3,203 +8% 3,367 2,972 2,298 +13% 2,042 1,865 +8% HealthCare €18,612m; +8% (+4%) 1,730 1,438 +9% 1,325 Price Volume Fx Portfolio 0% +4% +4% 0% 2011 2012 2011 2012 *before special itemsPage 33 • Bayer Investor Presentation • Meet Management • March 2013
  36. 36. Full Year 2012 – Strong BusinessMomentum in Emerging MarketsSales in € million; ∆% y-o-y Fx adjusted 2012 HealthCare Sales Emerging Economies USA Emerging +6% +12% +8% Economies¹ 25% +8% 24% 33% ~2,100 ~2,100 +9% +1% 29% 14% ~1,100 ~900 Western Others² Europe -1% +1% Emerging Latin Eastern Africa & HealthCare €18,612m 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 34 • Bayer Investor Presentation • Meet Management • March 2013
  37. 37. Bayer is One of The Leading InternationalHealthCare Companies in ChinaSales in € million; ∆% y-o-y Fx adjusted HealthCare 2012  Driven by Pharmaceuticals (+21% Fx-adj) ~€1.5bn +21% y-o-y (Fx-adj.)  ~1,500 sales representatives added since 2011  Improved presence in lower-tier cities in 2012: Bayer has presence in all tier 1-4 cities and in a substantial number of tier 5 cities  €100m over 5 years to set-up a globalTop products growth in 2012 R&D center in China Aspirin +39%Ultravist +29%  Beijing manufacturing site expansion +26% (~€45m through 2015) AdalatNexavar +17%  Partnership with Tsinghua UniversityAvelox Avelox +17% (joint drug discovery, student support)Glucobay +12%Page 35 • Bayer Investor Presentation • Meet Management • March 2013
  38. 38. Full Year 2012 – Outstanding Clinical andRegulatory Progress Launch in SPAF  Positive phase III-data in PAH and CTEPH Positive phase III-data in EINSTEIN PE  Filed for PAH and CTEPH in Feb‘13 Approval/launch in PE/DVT-treatment (US) Approval/launch in PE-treatment (EU) Radium-223 dichloride  US and EU filings in mCRPC First launches in wAMD Women‘s Healthcare Filings for CRVO  Flexyess: successful conclusion of EU registration  Phase III-data for LNG-IUS12 and LNG-IUS16  Jaydess: successful conclusion of EU registration US-launch in mCRC (2012) and mGIST (Feb. 2013) Hemophilia Positive phase III-data in mCRC  Initiation of phase III for longer-acting rFVIII Positive phase III-data in GIST (BAY 94-9027) and phase II/III for rFVIIa Filings in GIST and mCRC (BAY86-6150) SPAF: stroke prevention in atrial fibrillation; PE: pulmonary embolism; DVT: deep vein thrombosis; wAMD: wet age related macula degeneration; CRVO: central retinal vein occlusion; mCRC: metastatic colorectal cancer: GIST:Page 36 • Bayer Investor Presentation • Meet Management • March 2013 gastrointestinal stromal rumors; PAH: pulmonary arterial hypertension; CTEPH: chronic thromboembolic pulmonary hypertension;mCRPC: metastatic castration resitant prostate cancer
  39. 39. Top 10 Pharma Product Performancein 2012FY 2012 sales in € million (∆% yoy Fx-adj.) Betaseron Multiple Sclerosis 1,216 +4% Kogenate Hemophilia A 1,182 +5% YAZ-family Contraception 1,045 -5% 792 +4% Nexavar Cancer Mirena Contraception 677 +9% Adalat Hypertension -2% 670 Antiinfective 486 -5% Avelox Aspirin C. MI prevention 476 +12% Glucobay Diabetes 408 +4% Xarelto Anticoagulation 322 +266% MI: Myocardial infarctionPage 37 • Bayer Investor Presentation • Meet Management • March 2013
  40. 40. Consumer Health –Best-Selling Products in 2012 FY 2012 sales in € million (∆% yoy Fx-adj.) 722 +9% 495 +11% 494* +1% 324 -1% 323 +5% 269 +14% 250 +8% 209 +27% 196 +4% 174 -12% * Only Aspirin CC sales, excluding Rx Aspirin CardioPage 38 • Bayer Investor Presentation • Meet Management • March 2013
  41. 41. Building Growth Momentum –Improving MarginsPage 39 • Bayer Investor Presentation • Meet Management • March 2013
  42. 42. HealthCare –Building Growth Momentum, Improving MarginsSales ∆ Fx & portf. adjusted, margin = EBITDA before special items to sales Target Aspiration Priority 2012 2013* 2015 mid-single-digit CAGR ~6%  HealthCare: Accelerate sales growth €18.6bn % to ~€19bn towards €22bn  Pharma: Successfully commercialize new CAGR ~7% €10.8bn mid-single-digit products and realize emerging markets % to ~€11bn towards €13bn (EM) opportunity  New product sales¹ €368m ~€1bn >€2.5bn  EM growth 7.5% high-single high-single digit % digit %  Consumer Health: Aspire to become #1 mid-single-digit €7.8bn ~€9bn OTC company % to ~€8bn  HealthCare: Improve margins* 27.2% slightly up towards 29%  Pharma 29.6% slightly up ≥31%  Consumer Health 23.9% at level ~25% ¹ Xarelto, Eylea, Stivarga, Radium-223-Dichloride and Riociguat; subject to regulatory approvalPage 40 • Bayer Investor Presentation • Meet Management • March 2013 *Assuming Fx rate of $1.29 per € Outlook depends on specific planning assumptions as detailed in the Annual Report
  43. 43. The Leader in Women’s HealthCareSales ∆% y-o-y, () Fx adj. Yaz family Women’s Healthcare 2012 -2 (-5) Mirena +17 (+9) Diane +7 (+5) Microgynon 0 (-1) Valette -31 (-31) €3,154m Meliane -8 (-8) +5% (+2%) Angeliq +6 (+4) Qlaira +37 (+35) Other products +13 (+10)Page 41 • Bayer Investor Presentation • Meet Management • March 2013
  44. 44. Mirena – The Leading Hormonal Long-Acting ContraceptiveSales in € million; ∆% Fx adj.  Intrauterine device, containing 677 levonorgestrel, for reversible long-term +9% contraception 581  Life-cycle opportunities: 539 490 292  Small low-dose long-acting (up to 3 years) device: 268 254  Jaydess: successful conclusion 218 of EU registration  Skyla: US-launch in Feb. 2013  Phase III for a long-acting (up to 5 385 years), low-dose, small contraception 285 313 272 device underway  2013 sales target: high-single to low- double-digit % increase 2009 2010 2011 2012 US Rest of the worldPage 42 • Bayer Investor Presentation • Meet Management • March 2013
  45. 45. Hemophilia Franchise –Stable GrowthSales in € million; ∆% Fx adj.  Global # 2 in hemophilia A treatment +5% 1,182  Competitive development program in 1,075 hemophilia underway: 1,004  Phase III with long-acting Factor 888 VIII (BAY 94-9027) 850 785  Phase III with product from 705 plasma-free process (BAY 81- 638 8973)  Phase II/III with modified recombinant Factor VIIa (BAY 86- 332 6150) 250 299 290  2013 sales target: low-single-digit % increase 2009 2010 2011 2012 US Rest of the worldPage 43 • Bayer Investor Presentation • Meet Management • March 2013
  46. 46. Betaseron – Long-term Experience inMultiple Sclerosis TreatmentSales in € million; ∆% Fx adj.  First interferon launched in multiple sclerosis, introduced in 1993 1,214 1,206 +4% 1,216  Wealth of clinical experience 1,117  Demonstrating excellent efficacy and tolerability 638 735 733 670  21-year long-term follow-up study demonstrated significant survival advantage with Betaseron treatment  2013 sales target: high-single-digit % 578 decline 479 473 447 2009 2010 2011 2012 US Rest of the worldPage 44 • Bayer Investor Presentation • Meet Management • March 2013
  47. 47. Nexavar –Our Cornerstone in OncologySales in € million; ∆% Fx adj.  Approved for kidney cancer (RCC) +4% 792 and for liver cancer (HCC) 705 725  Only approved drug with overall survival benefit in HCC 604  Positive phase III data in radioactive iodine refractory differentiated thyroid 588 531 551 cancer (DECISION-trial) 450  Phase III trials in:  Breast cancer  RCC (adjuvant)  HCC (adjuvant) 154 174 174 204  2013 sales target: mid-single-digit % increase 2009 2010 2011 2012 US Rest of the worldPage 45 • Bayer Investor Presentation • Meet Management • March 2013
  48. 48. Nexavar –Design of the DECISION Phase III Study Locally Advanced, Sorafenib 400 mg bid Metastatic Primary RAI-Refractory randomisation endpoint: Differentiated PFS Thyroid Cancer Placebo Primary endpoint: Progression-free survival (PFS) Secondary endpoints (selection): Overall survival, time to progression, response rate, disease control rate Total number of patients enrolled: 419● Study met primary endpoint ● Data to be presented at an upcoming scientific meeting ● Submission planned for 2013 RAI: radioactive iodinePage 46 • Bayer Investor Presentation • Meet Management • March 2013 bid: twice a day
  49. 49. Aspirin –More Than A Century of GrowthSales in € million; ∆% Fx adj.  One of the world’s most recognized brands +6% 970  Available as OTC and Rx Aspirin 875 776  Bayer’s #1 product in Emerging 715 476 Markets 404  Aspirin grew 17% in 2012 in the 358 315 Emerging Markets  Aspirin grew 39% in 2012 in China 471 494 400 418 2009 2010 2011 2012 Rx-Aspirin OTC-AspirinPage 47 • Bayer Investor Presentation • Meet Management • March 2013
  50. 50. New Products Drive Growthand Rejuvenate PortfolioPage 48 • Bayer Investor Presentation • Meet Management • March 2013
  51. 51. New Product Pipeline Strength Combined* Peak Sales Potential >€5.5bn VEGF Trap- Radium-223 Rivaroxaban Regorafenib Riociguat Eye dichloride Radium-223 dichloride 2011 2012 2012 2013e 2014e First launches in first / main indication* *Combined peak sales potential for Xarelto, Stivarga, Eylea, Radium-223 dichloridePage 49 • Bayer Investor Presentation • Meet Management • March 2013 and Riociguat assuming approvals and launches planned
  52. 52. Xarelto – Strong Launch ExecutionPage 50 • Bayer Investor Presentation • Meet Management • March 2013
  53. 53. Xarelto –Effective Anticoagulation For More Patients1) Clinical  Breadth of indications: met or exceeded primary efficacy endpoint in 11/11 phase III studies  Phase III trial initiated for the secondary prevention of myocardial infarction and death in patients with coronary or peripheral artery disease2) Regulatory  Filed for secondary prevention of ACS in Europe and US (Complete Response Letter March 2013)3) Marketing  VTE prevention following total knee/hip replacement surgery  Stroke prevention in patients with atrial fibrillation (SPAF)  Treatment of DVT, PE and to reduce the risk of recurrent DVT and PE Peak sales potential > €2bn SPAF: prevention of stroke and systemic embolism in patients with non-Page 51 • Bayer Investor Presentation • Meet Management • March 2013 valvular atrial fibrillation; DVT: deep vein thrombosis; VTE: venous thromboembolism; ACS: acute coronary syndrome
  54. 54. The Market for Anticoagulants is Attractive Anticoagulants sales Anticoagulants estimated treatment (MAT 9/2012) days in m (MAT 9/2012) Other Post ACS/MI DTI VTE 10% treatment ~360 15% ~200UFH 62% 6% LMWH Other primary ~420 ~$10.7bn prevention ~3,300mVKA 7% ~100 ~2,200 VTE prevention after orthopedic Stroke surgery prevention LMWHs: low molecular weight heparins in AF UFH: unfractionated heparins AF: atrial fibrillation VKA: vitamin K antagonists VTE: venous thromboembolism DTI: direct thrombin inhibitors (incl. dabigatran) ACS: acute coronary syndrome Other antithrombotics (incl. Xarelto®) MI: myocardial infarction Source: IMS MIDAS, GERS, FARMINFORM for sales Page 52 • Bayer Investor Presentation • Meet Management • March 2013 Bayer estimates for patient treatment days in main markets
  55. 55. Xarelto –Strong Launch ExecutionSales in € million; ∆% Fx adj. 131  Exceeded 2012 sales target  Sales 2012: €322m  Sales advanced strongly in all regions following further product launches and 81 109 indication expansions 68  Most successfull launch ever in the 272 German cardiovascular market 42 67 57  Sales target 2013: ~€0.6bn 31 34 23 22 8 8 11 14Q411 Q112 Q212 Q312 Q412 US* Rest of the world *Bayer reporting, not reflecting in-market salesPage 53 • Bayer Investor Presentation • Meet Management • March 2013
  56. 56. Xarelto –Development in Key MarketsStatus as of mid Feb 2013MarketMarket Performance Performance Market Share (IMS) Market Share (IMS) Germany: most successful launch ever in the Market share1 ~30% vs. dabigatran cardiovascular market ~10% Japan: 2 week prescription limitation to be lifted in April Market share2 ~9% 2013 Brazil: patient and prescriber base continously growing; Market share3 ~34% now leader in the anticoagulant market UK: generally low acceptance for novel oral Market share 2~4% vs. dabigatran anticoagulants ~4% France: now level with dabigatran Market share1 ~13%, dabigatran ~13% US4: steady uptake with consistent positive indicators ~30% new to brand prescription especially in cardiology, expanding access share5 Source: IMS; 1 sales market share anticoagulants (AC) ex manufacturer prices,Page 54 • Bayer Investor Presentation • Meet Management • March 2013 retail; 2 anticoagulants retail and hospitals, 3 sales market share AC , retail; 4:marketed by J&J; 5: oral anticoagulant market
  57. 57. Eylea – Launch UnderwayPage 55 • Bayer Investor Presentation • Meet Management • March 2013
  58. 58. Eylea –Major Progress Achieved 1) Clinical  Positive phase III data in wet AMD and CRVO reported  Phase III in DME and mCNV ongoing  First phase III data in mCNV expected 1H 2013  First phase III data in DME expected 2H 2013 2) Regulatory  Filed for CRVO in EU/J 3) Marketing  Bayer has marketing rights ex-US1, launched in first markets in wet AMD end 2012 (sales 2012: €14m)  Further roll out in wet AMD planned in Europe, Latin America & Asia in 2013  First launches in CRVO planned for 2H 2013 1: Regeneron has US marketing rights; AMD: age-related macular degeneration;Page 56 • Bayer Investor Presentation • Meet Management • March 2013 CRVO: central retinal vein occlusion; mCNV: myopic choroidal neovascularization
  59. 59. Retina Treatment is The Fastest GrowingArea Within Ophthalmology Global Ophthalmology Market in $bn CAGR 2010-2022e in % 35.6 5 2.8 2.7 3 14.8 14 16.0 Other 1.7 1.5 Dry eye 2.0 3 Retinal disorders 2.4 3.0 6.3 Anti-allergy / infec- 4.3 tive/ inflammatory 4.1 9.0 5 Glaucoma 5.2 5.0 2010 2022e Source: Visiongain report, “Ophthalmic Drugs: World Market Prospects ”Page 57 • Bayer Investor Presentation • Meet Management • March 2013
  60. 60. Eylea – Developed for the Treatment ofVarious Back of the Eye Diseases Wet age-related macular degeneration (wet AMD)  One of the leading cause of severe vision loss  Globally an estimated 12 million patients in the 50+ age group Diabetic macular edema (DME)  The most frequent cause of blindness in young and mid-aged adults  Globally. the treatable patient population for DME is estimated ~6.2 million Central retinal vein occlusion (CRVO)  90% occur in patients aged ~50, it can affect all ages  A common retinal vascular disorder affecting ~2.5 million people globally Myopic choroidal neovascularization (myopic CNV)  High prevalence in Asian population  In Japan and China treatable population of mCNV is approx. 2 million, with approx. 0.2 million new cases/year Peak sales potential ≥ €1bn Eylea has been in-licensed from Regeneron; Bayer has exclusive marketing rights ex-USPage 58 • Bayer Investor Presentation • Meet Management • March 2013 patient numbers are Bayer estimates
  61. 61. Stivarga – Encouraging StartPage 59 • Bayer Investor Presentation • Meet Management • March 2013
  62. 62. Stivarga (Regorafenib) – Three DimensionalMode of Action Inhibition of proliferation Inhibition of tumor Inhibition of of certain tumor cells microenvironment signals neoangiogenesis Regorafenib is an oral tumor deactivation agent that potently blocks multiple protein kinases, including kinases involved in:  Tumor angiogenesis (VEGFR1, -2, -3, TIE2)  Oncogenesis (KIT, RET, RAF-1, BRAF, BRAFV600E)  Tumor microenvironment (PDGFR, FGFR) VEGFR: vascular endothelial growth factor receptor; TIE2: tyrosine kinase withPage 60 • Bayer Investor Presentation • Meet Management • March 2013 immunoglobulin-like and EGF-like domains ; PDGFR: platelet derived growth factor receptor; FGFR: fibroblast growth factor receptor;
  63. 63. Stivarga –Major Milestones Achieved 1) Clinical  Positive phase III data in mCRC and mGIST  Phase III in 2nd line HCC initiated (RESORCE)  Colorectal cancer (adjuvant therapy) expected to start 2H 2013 2) Regulatory  Filed for mCRC in EU & Japan (priority review)  Regulatory decision in Europe expected 1H 2013  Filed for mGIST in Japan (priority review)  Filing for mGIST in Europe H1 2013e 3) Marketing  Launched in mCRC (Sep 2012) / mGIST (Feb 2013) in the US  Sales of €32m in 2012, peak sales potential ≥ €1bn mCRC: metastatic colorectal cancer; mGIST: metastatic gastrointestinalPage 61 • Bayer Investor Presentation • Meet Management • March 2013 stromal tumors; HCC: hepatocellular carcinoma
  64. 64. Regorafenib Phase III in 2nd Line HCC(RESORCE) – Study Design Regorafenib 160 mg od Advanced 3 wks on /1 wk off HCC Primary 2:1 endpoint: after failure of randomisation sorafenib OS Placebo Primary endpoint Overall survival (OS) Time to progression; progression-free Secondary endpoints (selection): survival; objective tumor response; disease control Time frame (months): ~33 Number of patients to be enrolled: 530 HCC: hepatocellular carcinoma (liver cancer)Page 62 • Bayer Investor Presentation • Meet Management • March 2013 od: once a day
  65. 65. Radium-223 dichloride – First-in-Class Alpha- PharmaceuticalPage 63 • Bayer Investor Presentation • Meet Management • March 2013
  66. 66. Radium-223 dichloride – AddressingSignificant Unmet Need First-in-class alpha-pharmaceutical (Radium-223 dichloride) Radium is a natural bone seeker, selectively targeting bone metastases with high-energy, short-range alpha-particles Bone metastases occur at high incidences in certain late-stage cancers, for example prostate cancer Inlicensed from Algeta Tumor cells Newly formed bone Bone metastases Radium-223 deposition highly localized tumor cell killing Peak sales potential ≥ €1bn CRPC: castration-resistant prostate cancerPage 64 • Bayer Investor Presentation • Meet Management • March 2013
  67. 67. Radium-223 dichloride –Regulatory Progress Achieved 1) Clinical  Phase III (ALSYMPCA) in symptomatic castration-resistant prostate cancer (CRPC) patients with bone metastases stopped early – Radium-223 dichloride demonstrated 44% improvement in overall survival  Broader clinical development program planned: studies in earlier settings of prostate cancer, including combination studies and studies in other tumors (such as breast cancer and osteosarcoma) 2) Regulatory  Submitted for treating bone metastases in patients with CRPC in Europe and the US in Dec 2012 (priority review granted by the FDA) 3) Marketing  Launch preparations underwayPage 65 • Bayer Investor Presentation • Meet Management • March 2013
  68. 68. Treatments for CRPC Patients with BoneMetastases Needed  ~900,000 men diagnosed and ~260,000 died from prostate cancer p. a. worldwide1  CRPC is a form of advanced prostate cancer in which the tumor grows despite castrate levels of testosterone  Up to 90% of CRPC patients have radiological evidence of bone metastases  Bone metastases are the main cause of disability and death in patients with CRPC  No survival benefit from current bone-targeted agents Bone metastasis occurs in almost all prostate cancer patients during the natural course of their disease and typically targets the lumbar spine, vertebrae and pelvis2 1 World Health Organization. GLOBOCAN 2008Page 66 • Bayer Investor Presentation • Meet Management • March 2013 2 Bubendorf L, et al. Hum Pathol. 2000;31(5):578-83 CRPC: castration-resistant prostate cancer
  69. 69. Riociguat – Adressing Unmet Medical NeedPage 67 • Bayer Investor Presentation • Meet Management • March 2013
  70. 70. Riociguat – A New Mode of Action Pulmonary hypertension (PH) is Riociguat associated with endothelial dysfunction, impaired synthesis of Nitric Oxide (NO) nitric oxide (NO) and insufficient stimulation of the NO-sGC-cGMP pathway sGC Riociguat targets sGC to increase production of cGMP  Stimulates native form of sGC directly (independently of NO)  Activity unaffected by depleted cGMP↑ NO levels  Makes sGC more sensitive to the body‘s own residual / existing NO Vasodilatation sGC: Soluble guanylate cyclase; cGMP: cyclicPage 68 • Bayer Investor Presentation • Meet Management • March 2013 guanosine monophosphate
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