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April 26, 2016 / Marijn Dekkers, CEO
Q1 2016 ResultsInvestor Conference Call
Disclaimer
This presentation may contain forward-looking statements based on currentassumptions and forecasts made by Bayer 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 http://www.bayer.com.
The company assumes no liability whatsoever to update these forward-lookingstatements or to conform them to future events or developments.
• Q1 2016 Investor Conference Call • Marijn Dekkers Page 2
Page 3
Q1 2016 – Highlights
Off to a successful start in 2016
Pharmaceuticals with significant sales growth
Earnings growth in all business segments
New approvals for Kovaltry and Xofigo
Patent term for rivaroxaban extended in US
Stake in Covestro reduced from 69% to about 64%
Outlook for 2016 confirmed
• Q1 2015 Investor Conference Call • Marijn Dekkers
Page 4
+20%
2,3351,944
+3%
11,94111,879
+16%
3,4042,941
+14%
2.372.08
Q1’16Q1’15 Q1’16Q1’15 Q1’16Q1’15 Q1’16Q1’15
Q1 2016 – Off to a Successful Start in 2016
• Q1 2016 Investor Conference Call • Marijn Dekkers
EBITin € million
EBITDAbefore special itemsin € million
Core EPScont. operationsin €
Salesin € million% currency & portfolio adj.
2015 figures restated
Q1 2016 –Cash Flow And Net Debt Development
• Q1 2016 Investor Conference Call • Marijn Dekkers Page 5
-€1.1bn
21.3
Dec. 31, 2015 March 31, 2016
17.4
Cash Flow in € million, ∆% yoy Fx adj.
Net Debtin € billion
16.3
*including net cash flow from discontinued operations of €819 million
GCF oFCF*
2,576
CapEx
363 959
∆y-o-y +28% +580
NCF*
1,322
+83% +5%
2015 figures restated
Q1 2016 – Launch Products Continued to Drive Performance at Pharma
Page 6 • Q1 2016 Investor Conference Call • Marijn Dekkers
Q1‘16 sales, ∆% yoy, Fx adj.
€617m +31%
€372m +49%
€67m -5%
€75m +37%
€56m +48%
Sum €1,187m +35%
Launch ProductsSalesin € million; ∆% yoy, Fx & portfolio adj.
EBITDA
3,5623,889 +12% 1,085
1,261
Q1‘15
+16%
Q1‘16Q1‘15Q1‘16
before special items, in € million; ∆% yoy
2015 figures restated
€253m* +4%
€187m -7%
€92m +10%
€64m +21%
Sum €596m +3%
Q1 2016 - Consumer Health with Positive Development
• Q1 2016 Investor Conference Call • Marijn Dekkers Page 7*incl. Aspirin Cardio
Salesin € million; ∆% yoy, Fx & portfolio adj.
1,556 1,520 +2%
369
383 +4%
Q1‘15 Q1‘16 Q1‘16Q1‘15
Q1‘16 sales, ∆% yoy, Fx adj. Key Products EBITDA
before special items, in € million; ∆% yoy
2015 figures restated
+6%
Q1'15 Q1'16
Q1 2016 - Crop Science Steady in Weak Environment
Page 8 • Q1 2016 Investor Conference Call • Marijn Dekkers
Europe €1,348m +1%
North America €952m +4%
Asia / Pacific €342m -3%
LatAm / Africa / Middle East €381m +1%
Environm.Science
Seeds
SeedGrowth
Fungicides
Insecticides
Herbicides 845
204
284
827
226
637
+3%
+12%
+5%
+3%
-12%
-4%
3,023
1,0401,106
Q1‘15 Q1‘16
906
203
335
830
221
597
3,092 +1%
Salesin € million; ∆% yoy, Fx & portfolio adj. ∆% yoy, Fx adj.
Regions EBITDAbefore special items, in € million; ∆% yoy
Q1‘16Q1‘15
€148m +3%
€54m +91%
€32m +7%
€28m -3%
Sum €262m +14%
Q1 2016 - Animal Health with SignificantSales and Earnings Growth
• Q1 2016 Investor Conference Call • Marijn Dekkers Page 9
Salesin € million; ∆% yoy, Fx & portfolio adj.
386 408 +9%
Q1‘15 Q1‘16
102
122 +20%
Q1‘16 sales, ∆% yoy, Fx adj. Key Products EBITDA
before special items, in € million; ∆% yoy
Q1‘16Q1‘15
FY 2016 Guidance Confirmed
Page 10 Outlook depends on specific planning assumptions as detailed in the Annual Report• Q1 2016 Investor Conference Call • Marijn Dekkers Assuming end Q1 2016 Fx rates (USD 1.14)
Life Sciences Group
SalesMid-single-digit %
increase~€35bn
Low-single-digit % increase>€47bn
Adj. EBITDA Mid-single-digit % increase
Mid-single-digit % increase
Core EPS(cont. operations)
Mid-single-digit % increase
Sales ∆ yoy Fx and portfolio adj., EBITDA before special items
April 26, 2016 / Marijn Dekkers, CEO
Q1 2016 ResultsInvestor Conference Call