拜耳 20250114-bayer-handout-jpm-2025.pdf

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1、/Health for all,Hunger for none43rdAnnual J.P.Morgan Healthcare ConferenceHandoutJanuary 2025Cautionary Statements Regarding Forward-Looking Information2This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management.The company assumes no

2、 liability whatsoever to update these forward-looking statements or to conform them to future events or developments.Various known and unknown risks,uncertainties and other factors could lead to material differences between the actual future results,financial situation,development or performance of

3、the company and the estimates given here.These factors include those discussed in Bayers public reports which are available on the Bayer website athttp:/ J.P.Morgan Healthcare Conference/Bayer PharmaceuticalsDelivering Sales Growth,Earnings and Cash Flow Guidance3Sales Growth(cpa)Core EPS20.2%26.9%2

4、3.4%-2%+4%+3%cpa=currency and portfolio adjustedBAYER GROUP4.00vs PY+1%vs PYFree Cash Flow-0.2bnvs PY9M 2024Sales Growth(cpa)EBITDA Margin(before special items)Crop SciencePharmaceuticalsConsumer HealthGrowth in Pharmaceuticals and Consumer Health offsetting headwinds in Crop Science/43rdAnnual J.P.

5、Morgan Healthcare Conference/Bayer PharmaceuticalsOur Ambition Through 20264GroupGrowth&Innovation:Crop Science:Outgrow market in core business;Improve profitability;Extend innovation leadership with annual portfoliorefresh and advancement of blockbuster technologiesPharmaceuticals:Support topline r

6、esilience during LoEs of major products;Drive productivity gains to support margins;Advance early assets to rebuild promising mid-/late pipelineConsumer Health:Grow above market;Deliver profitability at industry competitive margin level;Further build our iconic brands through innovation and commerci

7、al excellenceNew Operating Model:Implementation of dynamic shared ownershipHigher customer and product focus and leaner organizational set upCash&Deleveraging:Improve cash generation and cash conversion1Reduce net debt and improve leverage ratio towards 2.5xLitigation:Broaden litigation approach in

8、an effort to reduce the long-term exposureAdvance legal strategies inside and outside the courtroom1Cash conversion:Free Cash Flow/EBITDA before special items/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals43rd AnnualJ.P.Morgan HealthcareConferenceJanuary 14,2025Stefan OelrichMembe

9、r Of The Board Of Management Of Bayer AGPresident PharmaceuticalsAffirming Progress on Bayer Pharmas Strategic AgendaRENEW TOPLINEGROW PIPELINE VALUELEVERAGE NEW OPERATING MODEL/Managing through increasing Xarelto LoE pressures/Base business remains resilient/Launch of Eylea 8mg including Pre-filled

10、 Syringe underway/Continued strong uptakeof launch brands Nubeqaand Kerendia/Launch preparationsfor Acoramidisand Elinzanetant ongoing/Eight successful Phase III completions since 2024/Replenishment of early-and mid-stage pipeline with increased contributions from platform companies/New R&D model fo

11、cused on innovative FIC/BIC assets and productivity/Balancing pressure on earnings through shift of resources to focus areas/New architecture implemented vast majority of customer and product teams activated/Building a leaner and more agile organization resulting in significant headcount reductions/

12、43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals6Bayer Pharma to Deliver at Higher End of 2024 Guidance/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals7FINANCIAL PERFORMANCE+80%(cpa3)1.1bn+7%(cpa3)1.5bn+79%(cpa3)0.3bnKEY DRIVERS 9M 2024Net Sales%yoy(cpa3)9M 2024Act

13、ualFY 2024 Guidanceat constant FX1+4%0%to+3%(previously:-4%tp 0%)EBITDAMargin4 26.9%26%to 29%2024Estimated FX impact2-2%pts -4%pts Guidance for sales growth raised in August 2024On track to deliver at higher end of raised guidanceRadiology1Reflects our 2024 guidance at the average actual currencies

14、for 2023;2Estimated FX impact:Currency assumptions based on month-end September 2024 spot rates(1 EUR=)1.12 USD,6.08 BRL,7.83 CNY,1,082 ARS,38.27 TRY.Impact is calculated as difference to constant currencies=at average actual currencies for 2023;3currency and portfolio adjusted;4EBITDA Margin before

15、 special item+7%(cpa3)2.5bn-11%(cpa3)2.6bnBuilding Momentum for Long-Term Growth as of 2027+9.6bn3.2bn4.1bn1.1bnStable:Eylea 8mg to sustain franchise sales and shareDecline:XareltoNew Launch Assets:Elinzanetant,Acoramidisand Asundexian Stroke118.1bnRejuvenated Portfolio with 6 Potential New Growth D

16、riversNubeqa,KerendiaXarelto Base Business(incl.Radiology,WH and Other Late Lifecycle Assets)Eylea 2mg&8mg New Launch Assets2024-2026(cpa)2027+2023illustrativeand beyondPerspectives 2025Stabilize Xarelto after LoE impactDrive growth momentum of Nubeqa and KerendiaForge next wave of growthwith Acoram

17、idisand ElinzanetantSustain Eylea Market PositionPrepare for Asundexian Stroke/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals1Phase III read-out expected in H2 20258Eylea:Leader in Retinal Market and Well-Positioned to Sustain Market Position/43rdAnnual J.P.Morgan Healthcare Confe

18、rence/Bayer Pharmaceuticals9EYLEAis the#1 anti-VEGF treatment since 2016EYLEA 8mg:Setting a new standard in retinal diseasesUnprecedented clinical profile consistently confirmed across Phase III studiesFirst drug with approved treatment interval of up to 5 months in nAMD and DME1Pre-filled syringe a

19、vailabe(PFS)since September 2024and beyondPerspectives 2025Expect continued growth for anti-VEGF market 3-4%CAGR 2024-20332Execute on continued 8mg launches and PFS roll-out to maintain Eylea franchise market share Expect first data from RWE3study SPECTRUM in H1 2025gStrong market share uptake obser

20、ved in first-wave countries6,0%2,9%13,2%66,9%67,3%53,7%18,5%0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%Nov23Feb24May24Aug24Japan8,3%66,6%59,3%53,1%13,5%22,8%0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%Nov23Feb24May24Aug24SwitzerlandSource:MIDAS LC EUR Oct.241Source:https:/www.ema.europa.eu/en/documents/

21、product-information/eylea-epar-product-information_en.pdf 2 Evaluate Ltd,Dec 12,2024 3 RWE=Real World EvidenceNubeqa:Blockbuster Status with 100k+Patients Treated to Date/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals10gis a non-steroidal androgen receptor inhibitor(ARI)with marke

22、t-leading positions in the treatment of prostate cancerGlobal Sales(bn)Powerful efficacy and favourable tolerability profile demonstrated throughout Phase III program#1 in nmCRPC1and#2 in mHSPC2within 5 years of approval Continues to grow faster than the ARI market in the US;additional approvals dri

23、ving further growth ex-US2021202220232024e1.50.90.50.2Expect continued growth in nmCRPC1and mHSPC2Expand into significantly larger patient populations mid-to long-term:/High risk biochemical recurrence launch expected in 2028/(Neo)Adjuvant treatment of high risk localized prostate cancer launch expe

24、cted in 2028and beyondPerspectives 20251nonmetastatic Castration-Resistent Prostate Cancer 2 metastatic Hormone-Sensitive Prostate Cancer Kerendia:Building a True Cardiorenal Brand in Chronic Kidney Disease and Heart Failure/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals11gis the

25、only selective,nonsteroidal MRA1with proven Heart and Kidney benefitStrong growth in CKD2/T2D3in key regions and countries,driven by US and ChinaHF4indication offers significant growth potential:FINEARTS-HF showed groundbreaking results in highly underserved spaceApplications for HF indication in US

26、 and China just submitted2021202220232024e00.10.30.5Further drive uptake in 700m patient CKD market,by accelerating CKD/T2D indication and broadening to cover whole spectrum of CKDPrepare launch into underserved market,addressing 50%of HF patientsand beyondPerspectives 2025Global Sales(bn)1MRA=miner

27、alocorticoid receptor antagonist2 CKD=Chronoc Kidney Disease3 T2D=type-2 Diabetes4 HF=Heart FailureLeveraging our Market-Leading Positions in CV and WH to Drive Further Growth Momentum/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals12ACORAMIDIS in ATTR-CM1/Potential New Treatment O

28、ption in ATTR-CM1/Addressing high medical need in a focused,well defined but highly under-diagnosed patient population/ATTRibute-CM showed highly significant results/First non-hormonal,oral,dual neurokinin-1,3 receptor antagonist/Up to 80%of women going through menopausal transition experience vasom

29、otor symptoms(VMS)./2 out of 3 women will not be treated with hormones/OASIS 1-4 program consistently showed significant reduction in frequency and severity of VMSreduction in combined endpoint,showing benefits already after 3 months of treatment and 50%reduction in CV hospitalizations36%/In-license

30、d from BridgeBio,exclusive commercialization rights for European markets Expect first launches in H2 2025Expect first launches in H1 2025ELINZANETANTin VMS treatment1transtherytin amyloid cardiomyopathyOASIS 1VMS:26 Week Efficacy StudyOASIS 2VMS:26 Week Efficacy StudyOASIS 3VMS:52 Week Safety/Effica

31、cy StudyOASIS 4iVMS due to breast cancer therapyNEWPipeline Replenishment in Full Swing,Driven by New Innovation Model/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals13Phase IIIadvancementsEarly-and mid-stageadvancementsVVD Keap1 Act(Oncology)HER2/m EGFR Inh(Oncology)Phase I additi

32、onsDGKalpha Inh(Oncology)225Ac-Pelgifatamab(Oncology)VVD STAT3 Inh(Oncology)225Ac-PSMA-Trillium(Oncology)BAY 2701250(Pulmonary Hypertension)BAY 3389934(Anticoagulation)Phase II additionsAB-1002 Gene therapy(congestive HF)Anti-alpha2-AP(acute ischemic stroke)AB-1005 Gene therapy(Parkinsons Disease)sG

33、C activator oral(CKD)Gadoquatrane(Contrast agent)Phase III additionsAsundexian(Atrial fibrillation)OCEANIC-AFPhase III completionsElinzanetant(VMS)OASIS-1-4Nubeqa(mHSPC w/o chemotherapy)ARANOTEKerendia(HF with LVEF40%)FINEARTS-HFSOS1 Inhibitor(Oncology)Pipeline progress since June 20231New startsPha

34、se IPhase IIPhase IIIPhase IIIcompletionsFocused on4 Strategic Innovation AreasShifted resources to assets with highest potentialAdvanced or Completed over 20 Clinical Programs across phases in past 18 monthsBemdaneprocel(Parkinsons Disease)Eylea 8mg(RVO)QUASAR1Pipeline status as of Jan 14,2025;excl

35、uding future external/inorganic projectsKerendia(CKD in T1D)FINE-ONEggAccelerating Development of Promising Assets/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals14BEMDANEPROCELin Parkinsons disease/Parkinsons disease(PD)is the second most common neurodegenerative disease,affecting

36、 more than 11 million people globally and 1 million in the US/Current treatments do not replace lost dopaminergic neurons and lose efficacy over time,leading to motor complications/Bemdaneprocel is the first PSC1-derived cell therapy with positive Phase I data in PD/Plan to initiate Phase III trial

37、announced on Jan 13,2025/Favorable safety profile through 24-months post transplantation/Trends towards improvement or stability across motor,non-motor,and quality of life assessments indicate potential clinical benefit1PSC=pluripotent stem cellsNew Operating Model:Increased Focus,Quality,Productivi

38、ty and Efficiency/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals15FROM:Traditional hierarchical org focusTO:Mission-centric,value-focused operating modelFocus/Shift of resources towards launch brands;Expanded presence in the US/Stronger focus on customer needs with 300 dedicated p

39、roduct and customer teams/Innovation focus areas driven by value,differentiation,feasibility and competenciesQuality/Increased business ownership by micro enterprises/Teams to utilize most appropriate functional expertise when needed/Shift to breakthrough innovation leveraging scientific advances,pl

40、atforms,precision medicine and AITransformative Improvements to Drive Topline Growth and ProfitabilityProductivity/Shift to value creation,asset-centric operating model,leaner governance/Self-managed customer-and product teams with much greater autonomy/Small clusters operating with speed and effici

41、ent decision-makingEfficiency/Cost efficiencies realized with the elimination of roles,processes and activities not focused on our mission/Reduction of management layers/Stringent Cost and OPEX ManagementBuilding Momentum for Long-term Growth as of 2027while Managing LoE Transition/43rdAnnual J.P.Mo

42、rgan Healthcare Conference/Bayer Pharmaceuticals16Successful launches of Nubeqa,Kerendia and Eylea 8mg to largely balance LoEsRapid rebuild of competitive pipeline is in full swing,based on new Innovation ModelUpcoming launches of Acoramidis and Elinzanetant to drive further growth momentumNew Opera

43、ting Model is driving productivity and efficiency gains amid LoE pressures and growth investmentsThree strategic priorities:Renew topline grow pipeline value leverage new operating modelTreat the untreatable.Cure disease.Offer hope.BAYER/Health for all,Hunger for noneAppendixJanuary 2025Pharmaceutic

44、als Pipeline Overview1(as of December 11,2024)181 Bayer and partner sponsored+3rd party label enabling studies with first patient first visit2 Conducted by Merck&Co 3 Including Precision Cardiovascular,Nephrology&Acute Care4 Exclusive commercialization rights acquired for EU markets;pending marketin

45、g authorization approval.Submission to EMA under responsibility of BridgeBioLife cycle managementNew molecular entityPhase IIIDarolutamide(AR Inhibitor)Adjuvant Prostate Cancer(DASL-HiCaP)Prostate Cancer with Biochemical Recurrence after Curative Radiotherapy(ARASTEP)HER2/mEGFR InhibitorAdvanced Non

46、-small Cell Lung Cancer with HER2 Activating Mutations,1L(SOHO-02)Finerenone(MR Antagonist)Heart Failure(HFmr/pEF)(FINEARTS-HF)Non-diabetic Chronic Kidney Disease(FIND-CKD)Chronic Kidney Disease in Type 1 Diabetes (FINE-ONE)Vericiguat(sGC Stimulator)Heart Failure(HFrEF)(VICTOR2)Asundexian(FXIa Inhib

47、itor)2 Stroke Prevention(OCEANIC-STROKE)Aflibercept 8mg(VEGF Inhibitor)Retinal Vein Occlusion(QUASAR)Gadoquatrane(High Relaxivity Contrast Agent)Magnetic Resonance Imaging (QUANTI-CNS,QUANTI-OBR)SubmissionsDarolutamide(AR Inhibitor)US,EU:Prostate Cancer(mHSPC)(ARANOTE)Elinzanetant(Neurokinin-1,3 Rec

48、 Antagonist)US,EU:Vasomotor SymptomsAflibercept 8mg(VEGF-Inhibitor)CN:Neovasc.Age-rel.Macular Degen.(nAMD)OncologyCardiovascular+3Neurology&Rare DiseasesImmunologyOthersPhase IICongestive Heart Failure rAAV Gene Therapy(AB-1002)Congestive Heart Failure(GenePHIT)Anti-a2AP(BAY 3018250)Acute Ischemic S

49、troke;Pulmonary Embolism(SIRIUS)sGC Activator Oral(BAY 3283142)Chronic Kidney Disease(ALPINE-1)Parkinsons Disease rAAV Gene Therapy(AB-1005)Parkinsons Disease(REGENERATE-PD)Protein TherapeuticsCell TherapyContrast AgentGenetic MedicineRadionuclide TherapySmall MoleculePhase IHER2/mEGFR Inhibitor(BAY

50、 2927088)DGKzeta Inhibitor(BAY 2965501)CCR8 Ab(BAY 3375968)VVD KEAP1 Act(VVD-130037 aka NRF2 Inh,BAY 3605349)DGKalpha Inh(BAY 2862789)225Ac-Pelgifatamab(BAY 3546828)VVD STAT3 Inhibitor(VVD-130850,BAY 3630914)225Ac-PSMA-Trillium(BAY 3563254)SOS1 Inhibitor(BAY 3498264)SEMA 3a(BAY 3401016)Anti-coagulan

51、t(BAY 3389934)Bemdaneprocel(Parkinsons Disease Cell Therapy)(BRT-DA01)Multiple System Atrophy rAAV Gene Therapy(AB-1005 aka AAV2-GDNF-MSA)Pompe Disease rAAV Gene Therapy(ACTUS-101)LGMD2I/R9 rAAV Gene Therapy (AB-1003 aka LION-101)GPR84 Antagonist(BAY 3178275)BAY 2701250Acoramidis4(TTR-Stabilizer)EU:Transthyretin Amyloid Cardiomyopathy/43rdAnnual J.P.Morgan Healthcare Conference/Bayer Pharmaceuticals