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1、 Bayer Quarterly Statement as of March 31,2025 2Bayer Group Key Data Change(%)million Q1 2024Q1 2025ReportedFx&p adj.Sales 13,765 13,738 0.20.1 Change in sales1 Volume 0.3%0.2%Price 0.3%+0.1%Currency 3.7%0.4%Portfolio 0.0%+0.3%Sales by region Europe/Middle East/Africa 4,491 4,404 1.92.1 North Americ

2、a 5,760 5,822+1.11.2 Asia/Pacific 1,914 2,079+8.6+7.5 Latin America 1,600 1,433 10.4+0.7 EBITDA1 4,205 3,498 16.8 Special items1(207)(587)EBITDA before special items1 4,412 4,085 7.4 EBITDA margin before special items1 32.1%29.7%EBIT1 3,092 2,324 24.8 Special items1(207)(587)EBIT before special item

3、s1 3,299 2,911 11.8 Financial result(501)(494).Net income(from continuing and discontinued operations)2,000 1,299 35.1 Earnings per share from continuing and discontinued operations()2.04 1.32 35.3 Core earnings per share1 from continuing operations()2.82 2.49 11.7 Net cash provided by(used in)opera

4、ting activities (from continuing and discontinued operations)(2,150)(1,015).Free cash flow1(2,626)(1,528).Net financial debt(at end of period)37,488 34,255 8.6 Cash flow-relevant capital expenditures (from continuing and discontinued operations)446 388 13.0 Research and development expenses 1,426 1,

5、458+2.2 Depreciation,amortization and impairment losses/loss reversals 1,113 1,174+5.5 Number of employees(at end of period)2 98,189 90,885 7.4 Personnel expenses (including pension expenses and restructuring measures)3,040 3,027 0.4 Fx&p adj.=currency-and portfolio-adjusted 1 For definition see Ann

6、ual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”2 Employees calculated as full-time equivalents(FTEs)Bayer Quarterly Statement as of March 31,2025 3Key Events Innovations and product approvals In March,we announced that the US Food and Drug Administration(FDA)had acce

7、pted our application and granted Priority Review designation for finerenone(brand name Kerendia)for the treatment of adult patients with heart failure with a left ventricular ejection fraction(LVEF)of 40%.Marketing authorization applications for this indication were submitted in the United States an

8、d China in January,and in the European Union and Japan in February.These submissions were based on the positive results from the Phase III FINEARTS-HF study.In April,we filed an application for a third indication of aflibercept 8 mg(brand name Eylea 8 mg)with the European Medicines Agency(EMA).Based

9、 on positive results from the global Phase III QUASAR study,we submitted an application seeking approval of aflibercept 8 mg for the treatment of patients with macular edema following retinal vein occlusion.Efficiency measures in the Crop Science Division In May,we decided to reorganize the Crop Sci

10、ence Divisions activities in the areas of crop protection production and research and development in Germany.As a result of the changes,the division will discontinue its activities in Frankfurt am Main after the end of 2028.We aim to sell parts of the activities,while others will be relocated.Produc

11、tion at the Dormagen site will be streamlined to ensure its competitiveness for the future.Earnings Performance of the Bayer Group1 First quarter of 2025 Group sales Group sales came in at 13,738 million in the first quarter of 2025(Q1 2024:13,765 million;Fx&portfolio adj.:0.1%;reported:0.2%).There

12、was a negative currency effect of 55 million(Q1 2024:525 million).Sales in Germany amounted to 791 million(Q1 2024:729 million).Sales at Crop Science were down year on year,primarily due to regulatory impacts in the United States and Europe as well as volume phasing into the second quarter.Sales at

13、Pharmaceuticals increased,mainly driven by significant gains for Nubeqa and Kerendia.We also registered continued sales growth for Eylea and our Radiology business,as well as strong performance in our contraceptives business.These positive effects were partially offset by Xarelto sales declining as

14、expected.Consumer Health likewise registered an increase in sales,with growth largely driven by the Digestive Health category.EBITDA before special items Group EBITDA before special items decreased by 7.4%to 4,085 million.This figure included a negative currency effect of 165 million(Q1 2024:206 mil

15、lion).Across all divisions,the change in sales was the main driver behind EBITDA before special items performance in the first quarter.At Crop Science,EBITDA before special items was held back by the decline in sales due to regulatory impacts.By contrast,Pharmaceuticals and Consumer Health both saw

16、an increase in EBITDA before special items that was largely driven by sales gains.In the Reconciliation,EBITDA before special items was down,largely due to higher expenses for the Group-wide long-term incentive(LTI)program,as well as negative currency effects arising from hyperinflationary impacts.T

17、he Group EBITDA margin before special items came in at 29.7%.1 For definition of alternative performance measures see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”Bayer Quarterly Statement as of March 31,2025 4EBIT and special items Group EBIT amounted to 2,324

18、million(Q1 2024:3,092 million)after net special charges of 587 million(Q1 2024:207 million).The special charges primarily related to allocations to provisions for the Roundup litigations as well as to expenses for ongoing restructuring measures.EBIT before special items decreased by 11.8%to 2,911 mi

19、llion(Q1 2024:3,299 million).The following special items were taken into account in calculating EBIT and EBITDA:A 1 Special Items1 by Category million EBITQ1 2024EBITQ1 2025EBITDAQ1 2024EBITDA Q1 2025 Total special items(207)(587)(207)(587)Restructuring(200)(125)(199)(125)of which in the Reconciliat

20、ion(17)(16)(17)(16)Divestments/closures 1 1 1 1 Litigation/legal risks 4(427)3(427)of which in the Reconciliation(26)(48)(26)(48)Other(12)(36)(12)(36)1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”Net income After a financial result of minus 4

21、94 million(Q1 2024:minus 501 million),income before income taxes amounted to 1,830 million(Q1 2024:2,591 million).The financial result was nearly level year on year,with an increase in net interest expense offset by an improvement in the net amounts of exchange gains and losses and of miscellaneous

22、financial income and expenses.After income tax expense of 526 million(Q1 2024:589 million)and accounting for noncontrolling interest,net income amounted to 1,299 million(Q1 2024:2,000 million).A 2 Financial Result1 million Q1 2024Q1 2025Income(loss)from investments in affiliated companies 2 9 Net in

23、terest expense(306)(366)Other financial income/(expenses)(197)(137)of which interest portion of discounted provisions(101)(107)of which exchange gain(loss)(41)7 of which miscellaneous financial income/(expenses)(55)(37)Total(501)(494)of which special items(net)(52)(75)1 Further information on the fi

24、nancial result is given in Note 10 of the Annual Report 2024.Core earnings per share Core earnings per share decreased by 11.7%to 2.49(Q1 2024:2.82),mainly due to the decline in earnings at the Crop Science Division.Earnings per share(total)came in at 1.32(Q1 2024:2.04).The difference between this f

25、igure and the one for core earnings per share is mainly due to amortization.Bayer Quarterly Statement as of March 31,2025 5A 3 Core Earnings per Share1 million Q1 2024Q1 2025EBIT1(as per income statements)3,092 2,324 Amortization and impairment losses/loss reversals on goodwill and other intangible

26、assets 696 752 Impairment losses(+)/loss reversals()on property,plant and equipment,and accelerated depreciation included in special items 26 26 Special charges(+)/special gains()(other than accelerated depreciation,amortization and impairment losses/loss reversals)207 587 Core EBIT1 4,021 3,689 Fin

27、ancial result(as per income statements)(501)(494)Special charges(+)/special gains()in the financial result2 52 75 Income taxes(as per income statements)(589)(526)Tax effects related to amortization,impairment losses/loss reversals and special items(207)(294)Income after income taxes attributable to

28、noncontrolling interest(as per income statements)(2)(5)Above-mentioned adjustments attributable to noncontrolling interest (1)Core net income from continuing operations 2,774 2,444 Shares(million)Weighted average number of shares 982.42 982.42 Core earnings per share from continuing operations1 2.82

29、 2.49 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”2 Includes in particular the changes in the fair value of the interests in Century Therapeutics,United States,and Pyxis Oncology,United States,as well as interest cost for the provisions for

30、 litigations/legal risks Personnel expenses and employee numbers The number of employees in the Bayer Group as of the closing date fell by 7.4%year on year to 90,885(March 31,2024:98,189).Personnel expenses declined by 0.4%to 3,027 million in the first quarter(Q1 2024:3,040 million),with savings off

31、set by expenses for the Group-wide long-term incentive(LTI)program as well as expenses relating to our restructuring programs,which remained at an elevated level.Bayer Quarterly Statement as of March 31,2025 6Business Development by Division Crop Science A 4 Key Data Crop Science Change(%)1 million

32、Q1 2024Q1 2025ReportedFx&p adj.Sales 7,907 7,580 4.13.3Change in sales1 Volume 0.1%3.0%Price 2.9%0.3%Currency 2.3%0.8%Portfolio 0.0%0.0%Sales by region Europe/Middle East/Africa 2,079 2,094+0.7+1.7North America 4,122 3,869 6.18.2Asia/Pacific 519 571+10.0+9.6Latin America 1,187 1,046 11.90.9EBITDA1 2

33、,789 2,157 22.7Special items1(60)(401)EBITDA before special items1 2,849 2,557 10.2EBITDA margin before special items1 36.0%33.7%EBIT1 2,063 1,386 32.8Special items1(59)(401)EBIT before special items1 2,122 1,786 15.8Net cash used in operating activities(2,865)(2,406).Cash flow-relevant capital expe

34、nditures 210 164 21.9Research and development expenses 625 616 1.4 Fx&p adj.=currency-and portfolio-adjusted 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”First quarter of 2025 Sales Sales at Crop Science decreased by 3.3%(Fx&portfolio adj.)t

35、o 7,580 million in the first quarter of 2025.Business was mainly down due to the vacatur of the dicamba label in the United States,which weighed on seeds and traits,as well as to the expiration of the Movento registration in Europe.Seeds and traits were additionally impacted by planned volume phasin

36、g into the second quarter in North America following a change of distribution network./Sales at Corn Seed&Traits declined slightly,with strong growth in the Asia/Pacific and Europe/Middle East/Africa regions only partially offsetting decreased volumes in North America due to volume phasing into the

37、second quarter,as well as lower prices in Latin America./In the Herbicides business,our non-glyphosate-based products saw gains that were driven by higher volumes in all regions.By contrast,sales of our glyphosate-based products fell substantially,largely due to volume phasing into subsequent quarte

38、rs in Latin America and North America./Sales at Fungicides were roughly level with the prior-year quarter,with volume recovery slightly outweighing a decline in prices./Our Soybean Seed&Traits business posted a strong decline in sales that was mainly due to regulatory impacts resulting from the dica

39、mba label vacatur in the United States./Sales at Insecticides declined markedly,with business mainly down in the Europe/Middle East/Africa region due to the expiration of the Movento registration in Europe.By contrast,we posted strong sales growth in Latin America.Bayer Quarterly Statement as of Mar

40、ch 31,2025 7/Our Vegetable Seeds business recorded encouraging gains that were largely driven by higher volumes and prices in Latin America./Sales at Cotton Seed decreased substantially due to the aforementioned regulatory impacts in the United States./In the reporting unit“Other”,we posted a declin

41、e in sales that was largely attributable to lower volumes in the other parts of our seed portfolio.This effect was partially offset by a volume increase within our SeedGrowth business.A 5 Sales by Strategic Business Entity Change(%)1 million Q1 2024Q1 2025ReportedFx&p adj.Crop Science 7,9077,5804.13

42、.3Corn Seed&Traits 3,2423,1891.61.7Herbicides2 1,6091,5940.9+0.7of which glyphosate-based products2 66559111.110.1Fungicides 9359162.0+0.5Soybean Seed&Traits 60452213.614.1Insecticides 45938715.712.3Vegetable Seeds 184192+4.3+5.8Cotton Seed 29023220.019.9Other2 5845486.26.1 Fx&p adj.=currency-and po

43、rtfolio-adjusted 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”2 Starting this year,we now report our Industrial Turf&Ornamental business outside the United States under Herbicides,glyphosate-based products.This is expected to result in an ef

44、fect of approximately 20 million for full-year 2025.The prior-year figures are presented accordingly.Earnings EBITDA before special items at Crop Science decreased to 2,557 million in the first quarter of 2025(Q1 2024:2,849 million).Earnings were mainly held back by the decline in sales due to regul

45、atory impacts.There was also a negative currency effect of 26 million(Q1 2024:92 million).The EBITDA margin before special items declined by 2.3 percentage points to 33.7%.EBIT came in at 1,386 million in the first quarter of 2025(Q1 2024:2,063 million)after net special charges of 401 million(Q1 202

46、4:59 million)that mainly related to allocations to provisions for the Roundup litigations.A 6 Special Items1 Crop Science million EBITQ1 2024EBITQ1 2025EBITDAQ1 2024EBITDAQ1 2025Restructuring(89)(22)(89)(22)Litigation/legal risks 30(379)29(379)Total special items(59)(401)(60)(401)1 For definition se

47、e Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”Bayer Quarterly Statement as of March 31,2025 8Pharmaceuticals A 7 Key Data Pharmaceuticals Change(%)1 million Q1 2024Q1 2025Reported Fx&p adj.Sales 4,358 4,548+4.4+4.1Change in sales1 Volume+3.1%+3.5%Price+0.8%+0.6

48、%Currency 5.0%+0.3%Portfolio 0.0%0.0%Sales by region Europe/Middle East/Africa 1,822 1,628 10.6 10.5North America 1,110 1,399+26.0+23.3Asia/Pacific 1,187 1,290+8.7+7.4Latin America 239 231 3.3+9.3EBITDA1 1,099 1,228+11.7 Special items1(95)(114)EBITDA before special items1 1,194 1,342+12.4 EBITDA mar

49、gin before special items1 27.4%29.5%EBIT1 872 989+13.4 Special items1(96)(114)EBIT before special items1 968 1,103+13.9 Net cash provided by operating activities 809 1,161+43.5 Cash flow-relevant capital expenditures 178 163 8.4 Research and development expenses 756 773+2.2 Fx&p adj.=currency-and po

50、rtfolio-adjusted 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”First quarter of 2025 Sales In the Pharmaceuticals Division,we increased sales by 4.1%(Fx&portfolio adj.)to 4,548 million in the first quarter of 2025.We registered significant ga

51、ins for our new products Nubeqa and Kerendia,and also posted continued sales growth for Eylea and our Radiology business.In addition,the Mirena and YAZ families of contraceptive products showed strong sales growth.By contrast,business headwinds mainly related to declines for Xarelto due to patent ex

52、pirations./Sales of our ophthalmology drug Eylea continued to grow thanks to higher volumes.Business was primarily up in Europe,with significant gains in France,and Japan.Sales in these countries benefited in particular from the market launch of Eylea 8 mg offering extended treatment intervals./As e

53、xpected,sales of our oral anticoagulant Xarelto decreased markedly as a result of competitive pressure from generics,especially in Europe and Japan.License revenues recognized as sales in the United States,where Xarelto is marketed by a subsidiary of Johnson&Johnson,were up against the prior-year qu

54、arter./Sales of our cancer drug Nubeqa rose significantly,with gains in all regions.The product therefore maintained its growth momentum,especially in the United States and Europe,with strong increases in volumes./We also achieved considerable gains for Kerendia,our product for the treatment of pati

55、ents with chronic kidney disease associated with type 2 diabetes,mainly thanks to a substantial rise in volumes in the United States and China./Sales of our long-term contraceptives in the Mirena product family likewise increased by a double-digit percentage,mainly driven by growth in the United Sta

56、tes./We also registered further gains for our oral contraceptives in the YAZ product family,especially in China.Bayer Quarterly Statement as of March 31,2025 9/Business with our pulmonary hypertension treatment Adempas showed encouraging growth,especially in the United States.As in the past,sales re

57、flected the proportionate recognition of the upfront and milestone payments resulting from the sGC collaboration with Merck&Co.,United States./We recorded strong gains for Aspirin Cardio,for the secondary prevention of heart attacks,and Adalat,for the treatment of hypertension and coronary heart dis

58、ease,with growth primarily driven by China./Sales of our Kovaltry/Jivi blood-clotting medicines declined as a result of competitive pressure,with business mainly down in the United States./Our Radiology business,which includes products such as Ultravist and CT Fluid Delivery,continued to post strong

59、 gains that were largely fueled by volume growth.A 8 Best-Selling Pharmaceuticals Products Change(%)1 million Q1 2024Q1 2025Reported Fx&p adj.Eylea 782815+4.2+4.7Xarelto 92663331.6 31.2Nubeqa 2 285515+80.7+77.5Mirena/Kyleena/Jaydess 293352+20.1+18.4Aspirin Cardio 151189+25.2+25.6YAZ/Yasmin/Yasminell

60、e 165187+13.3+14.1Adempas 171183+7.0+5.8Kerendia 85161+89.4+86.6Kovaltry/Jivi 1671585.4 6.4Adalat 127145+14.2+12.0CT Fluid Delivery 134144+7.5+5.6Ultravist 114134+17.5+19.4Gadovist product family 1051050.0+0.9Stivarga 1129812.5 13.6Glucobay 4149+19.5+18.3Total best-selling products 3,6583,868+5.7+5.

61、3Proportion of Pharmaceuticals sales 84%85%Fx&p adj.=currency-and portfolio-adjusted 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”2 2024 figure restated Earnings EBITDA before special items at Pharmaceuticals advanced by 12.4%to 1,342 millio

62、n(Q1 2024:1,194 million)in the first quarter of 2025,mainly thanks to the increase in sales.Earnings also benefited from cost savings generated by our efficiency programs.These effects more than offset the impact of higher investments in early-stage research and in our cell and gene therapy and chem

63、o-proteomics technologies,as well as a negative currency effect of 48 million(Q1 2024:127 million).The EBITDA margin before special items therefore rose by a significant 2.1 percentage points to 29.5%.EBIT came in at 989 million in the first quarter of 2025(Q1 2024:872 million)after net special char

64、ges of 114 million(Q1 2024:96 million)that mainly related to ongoing restructuring projects and the measurement of contingent considerations at fair value.A 9 Special Items1 Pharmaceuticals million EBITQ1 2024EBITQ1 2025EBITDA Q1 2024 EBITDAQ1 2025Restructuring(85)(79)(84)(79)Divestments/closures 1

65、1 1 1 Other(12)(36)(12)(36)Total special items(96)(114)(95)(114)1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”Bayer Quarterly Statement as of March 31,2025 10Consumer Health A 10 Key Data Consumer Health Change(%)1 million Q1 2024Q1 2025Repor

66、tedFx&p adj.Sales 1,432 1,499+4.7+2.5Change in sales1 Volume 12.1%+1.7%Price+10.3%+0.8%Currency 6.8%0.3%Portfolio 0.4%+2.5%Sales by region Europe/Middle East/Africa 523 572+9.4+3.9North America 528 554+4.9+2.0Asia/Pacific 208 218+4.8+2.7Latin America 173 155 10.40.4EBITDA1 322 334+3.7Special items1(

67、9)(8)EBITDA before special items1 331 342+3.3EBITDA margin before special items1 23.1%22.8%EBIT1 229 237+3.5Special items1(9)(8)EBIT before special items1 238 245+2.9Net cash provided by operating activities 219 405+84.9Cash flow-relevant capital expenditures 26 30+15.4Research and development expen

68、ses 55 61+10.9 Fx&p adj.=currency-and portfolio-adjusted 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”First quarter of 2025 Sales Sales at Consumer Health increased by 2.5%(Fx&portfolio adj.)to 1,499 million in the first quarter of 2025,with

69、 growth largely driven by higher volumes in North America and Asia/Pacific.We recorded strong gains at Digestive Health,with contributions from all regions,and also saw higher sales of cough and cold products in the United States following a slow start to the season in the previous quarter.By contra

70、st,sales were down in the allergy business and the Nutritionals category./Sales in Europe/Middle East/Africa increased.The Nutritionals category in particular posted substantial gains that were mainly driven by Supradyn and Berocca.In addition,the acquisition of Natsana GmbH,Germany,had a positive i

71、mpact on absolute sales and is reported as a portfolio effect.Sales also advanced in the Digestive Health category,partly thanks to a normalized supply situation.In addition,business was up significantly in the Pain&Cardio category,primarily thanks to the Aspirin product family./Sales in North Ameri

72、ca rose against a weak prior-year quarter,with growth largely driven by substantial gains for our cough and cold products.Business was also up significantly in the Digestive Health category,mainly thanks to MiraLAX.By contrast,the Nutritionals category saw a decrease in sales that was primarily attr

73、ibutable to the winding down of the direct-to-consumer business under the Care/of brand in the prior year./Sales in Asia/Pacific increased,with substantial gains in the Digestive Health and Pain&Cardio categories that were fueled by Talcid and Saridon,respectively.The Dermatology category also poste

74、d encouraging growth,with Bepanthen and Canesten among the drivers.By contrast,business was down markedly in the Nutritionals category./Sales in Latin America were level with the prior-year period(Fx&portfolio adj.),with gains in the Digestive Health category mainly offset by declines in our cough a

75、nd cold business in Mexico.Bayer Quarterly Statement as of March 31,2025 11A 11 Sales by Category Change(%)1 million Q1 2024Q1 2025ReportedFx&p adj.Consumer Health 1,4321,499+4.7+2.5Nutritionals 335351+4.85.2Dermatology 349352+0.9+2.0Allergy&Cold 335347+3.6+2.1Digestive Health 222252+13.5+12.7Pain&C

76、ardio 181188+3.9+6.5Other 10910.06.5 Fx&p adj.=currency-and portfolio-adjusted 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”Earnings EBITDA before special items at Consumer Health rose by 3.3%to 342 million in the first quarter of 2025(Q1 20

77、24:331 million),largely due to the increase in sales.In addition,our continuous cost management efforts had a positive impact,including a reduction in the cost of goods sold.By contrast,earnings were impacted by higher investments in marketing our innovative products.In addition,the prior-year quart

78、er had benefited from income from the sale of minor,nonstrategic brands.We did not record any material currency effects(Q1 2024:negative currency effect of 46 million).The EBITDA margin before special items declined by 0.3 percentage points to 22.8%.EBIT amounted to 237 million in the first quarter

79、of 2025(Q1 2024:229 million)after special charges of 8 million(Q1 2024:9 million)relating to restructuring.A 12 Special Items1 Consumer Health million EBITQ1 2024EBITQ1 2025EBITDAQ1 2024EBITDAQ1 2025Restructuring(9)(8)(9)(8)Total special items(9)(8)(9)(8)1 For definition see Annual Report 2024,A 2.3

80、“Alternative Performance Measures Used by the Bayer Group.”Bayer Quarterly Statement as of March 31,2025 12Financial Position of the Bayer Group Statement of Cash Flows Net cash used in operating activities/Net operating cash flow amounted to minus 1,015 million in the first quarter of 2025(Q1 2024:

81、minus 2,150 million),with the year-on-year improvement primarily due to effects relating to advance payments from Crop Science customers as well as to developments with respect to factoring.Payments to resolve proceedings in the litigations surrounding glyphosate,PCBs,Essure and dicamba resulted in

82、a net outflow of 66 million(Q1 2024:167 million).Net cash provided by investing activities/Net investing cash flow stood at 161 million in the first quarter of 2025(Q1 2024:303 million)./Net cash inflows from current financial assets totaled 702 million(Q1 2024:626 million)and were largely attributa

83、ble to the sale of investments in money market funds to cover the companys operational liquidity needs.Net cash used in financing activities/There was a net cash outflow of 1,241 million for financing activities in the first quarter of 2025(Q1 2024:net cash inflow of 677 million)./This figure includ

84、ed net debt repayments of 1,024 million(Q1 2024:net borrowings of 867 million)that largely related to the repayment of a Bayer AG bond./Net interest payments amounted to 217 million(Q1 2024:190 million).Free cash flow/Free cash flow(total)came in at minus 1,528 million in the first quarter of 2025(Q

85、1 2024:minus 2,626 million),mainly due to the improvement in operating cash flow.Net financial debt/Net financial debt of the Bayer Group increased by 1.7 billion to 34.3 billion in the first quarter of 2025(December 31,2024:32.6 billion),mainly as a result of cash outflows from operating activities

86、.From a year-on-year perspective,net financial debt was down 3.2 billion(March 31,2024:37.5 billion)./In January 2025,Bayer AG placed another Panda bond on the Chinese capital market.The bond has a volume of CNY 2 billion(264 million),a maturity of three years and a coupon of 2.4%./In the same month

87、,Bayer AG also redeemed a bond with a volume of 1.2 billion./In addition,Bayer AG issued a total of 396 million in commercial paper in late April and early May 2025.Bayer Quarterly Statement as of March 31,2025 13Corporate Outlook We confirm our currency-adjusted Group outlook for the year 2025 as p

88、ublished in the Annual Report 2024.Based on our latest projections,however,we now expect sales growth(Fx&portfolio adj.)and the EBITDA margin before special items at the Pharmaceuticals Division to come in at the upper end of the range given in our guidance.In view of developments with respect to th

89、e legal risks,we also expect the special items in both EBIT and EBITDA to come in at the upper end of the range given in our guidance(approximately minus 1.5 billion).We are continuously evaluating the impacts of the current geopolitical developments,especially in relation to potential tariffs from

90、the US government.Based on current calculations of the financial effects,we do not see a need to revise our full-year guidance.However,there is considerable uncertainty concerning the future impacts of any potential further developments in relation to this issue,as well as with respect to exchange-r

91、ate developments.When applying the closing rates as of March 31,2025,instead of December 31,2024,we project the following changes in currency effects with respect to our financial KPIs:A13 Forecast for 2025 Currency-adjustedforecast for 2025Forecast for 2025at closing rateson Dec.31,2024Forecast for

92、 2025at closing rateson March 31,2025 billion billion billionSales 45 to 4745 to 4744.5 to 46.5EBITDA before special items1 9.5 to 10.09.3 to 9.89.2 to 9.7Net financial debt1 31 to 3231.2 to 32.230.5 to 31.5 1 For definition see Annual Report 2024,A 2.3“Alternative Performance Measures Used by the B

93、ayer Group.”Bayer Quarterly Statement as of March 31,2025 14Condensed Consolidated Interim Financial Information as of March 31,2025 Bayer Group Condensed Consolidated Income Statements B 1 million Q1 2024Q1 2025Net sales 13,765 13,738 Cost of goods sold(5,463)(5,625)Gross profit 8,302 8,113 Selling

94、 expenses(3,245)(3,159)Research and development expenses(1,426)(1,458)General administration expenses(583)(548)Other operating income 269 205 Other operating expenses(225)(829)EBIT1 3,092 2,324 Equity-method income(loss)(14)(2)Financial income 161 92 Financial expenses(648)(584)Financial result(501)

95、(494)Income before income taxes 2,591 1,830 Income taxes(589)(526)Income after income taxes 2,002 1,304 of which attributable to noncontrolling interest 2 5 of which attributable to Bayer AG stockholders(net income)2,000 1,299 Earnings per share Basic 2.04 1.32 Diluted 2.04 1.32 1 For definition see

96、 Annual Report 2024,A 2.3“Alternative Performance Measures Used by the Bayer Group.”Bayer Quarterly Statement as of March 31,2025 15Bayer Group Condensed Consolidated Statements of Financial Position B 2 million Mar.31,2024Dec.31,2024Mar.31,2025Noncurrent assets Goodwill 32,76330,01629,583Other inta

97、ngible assets 23,34322,11221,056Property,plant and equipment 13,47213,45613,098Investments accounted for using the equity method 840820709Other financial assets 2,3622,2602,251Other receivables 1,1981,5781,597Deferred taxes 5,7366,1646,057 79,71476,40674,351Current assets Inventories 13,43713,46712,

98、687Trade accounts receivable 14,1948,96613,261Other financial assets 4,1972,2661,369Other receivables 2,0692,0521,925Claims for income tax refunds 1,5311,4801,556Cash and cash equivalents 4,7256,1914,015Assets held for sale 142219 40,16734,44434,832Total assets 119,881110,850109,183 Equity Capital s

99、tock 2,5152,5152,515Capital reserves 18,26118,26118,261Other reserves 14,82911,13211,671Equity attributable to Bayer AG stockholders 35,60531,90832,447Equity attributable to noncontrolling interest 157137135 35,76232,04532,582Noncurrent liabilities Provisions for pensions and other post-employment b

100、enefits 4,0073,3122,724Other provisions 7,6787,3967,385Refund liabilities 107978Contract liabilities 401303269Financial liabilities 37,98735,49835,020Income tax liabilities 1,5991,3461,324Other liabilities 9271,1241,081Deferred taxes 783865761 53,48949,85348,642Current liabilities Other provisions 3

101、,4163,8083,901Refund liabilities 8,0095,9058,088Contract liabilities 1,2803,6521,479Financial liabilities 8,2815,3134,365Trade accounts payable 6,3987,5186,587Income tax liabilities 1,0225471,113Other liabilities 2,2242,2092,426 30,63028,95227,959Total equity and liabilities 119,881110,850109,183 Ba

102、yer Quarterly Statement as of March 31,2025 16Bayer Group Condensed Consolidated Statements of Cash Flows B 3 million Q1 2024Q1 2025Income after income taxes 2,002 1,304 Income taxes 589 526 Financial result 501 494 Income taxes paid(438)(310)Depreciation,amortization and impairment losses(loss reve

103、rsals)1,113 1,174 Change in pension provisions(117)(147)(Gains)losses on retirements of noncurrent assets(55)(15)Decrease(increase)in inventories 566 491 Decrease(increase)in trade accounts receivable(4,809)(4,461)(Decrease)increase in trade accounts payable(1,171)(772)Changes in other working capit

104、al,other noncash items(331)701 Net cash provided by(used in)operating activities(2,150)(1,015)Cash outflows for additions to property,plant,equipment and intangible assets(446)(388)Cash inflows from the sale of property,plant,equipment and other assets 96 11 Cash inflows(outflows)from divestments le

105、ss divested cash 7(1)Cash inflows from noncurrent financial assets 6 Cash outflows for noncurrent financial assets(45)(58)Cash outflows for acquisitions less acquired cash(95)(203)Interest and dividends received 160 92 Cash inflows from(outflows for)current financial assets 626 702 Net cash provided

106、 by(used in)investing activities 303 161 Issuances of debt 1,559 941 Retirements of debt(692)(1,965)Interest paid including interest-rate swaps(190)(217)Net cash provided by(used in)financing activities 677(1,241)Change in cash and cash equivalents due to business activities(1,170)(2,095)Cash and ca

107、sh equivalents at beginning of period 5,907 6,191 Change in cash and cash equivalents due to exchange rate movements(12)(81)Cash and cash equivalents at end of period 4,725 4,015 Bayer Quarterly Statement as of March 31,2025 17Legal Risks To find out more about the Bayer Groups legal risks,please se

108、e Note 30 to the consolidated financial statements in the Bayer Annual Report 2024,which can be downloaded at .Since the Bayer Annual Report 2024,the following significant changes have occurred in respect of the legal risks:Roundup(glyphosate):A large number of lawsuits from plaintiffs claiming to h

109、ave been exposed to glyphosate-based products manufactured by Bayers subsidiary Monsanto have been served upon Monsanto in the United States.Glyphosate is the active ingredient contained in a number of Monsantos herbicides,including Roundup-branded products.Plaintiffs allege personal injuries result

110、ing from exposure to those products.As of April 25,2025,there have been 28 Roundup trials concluded before both federal and state courts in California,Missouri,Oregon,Arkansas,Delaware,Illinois,Georgia and Pennsylvania.In 17 of those trials,favorable outcomes were achieved on behalf of Monsanto,incl

111、uding 13 defense verdicts,one hung jury resulting in a mistrial,one mistrial based on plaintiffs motion,one directed verdict on behalf of Monsanto,and one dismissal of plaintiffs claims with prejudice mid-trial.In the other 11 trials,the plaintiffs were awarded compensatory damages and,in most cases

112、,a multiple thereof in punitive damages.In 2024,one of the 13 defense verdicts was overturned by the appellate court,and a re-trial may be scheduled.In April 2025,the company filed a petition for a writ of certiorari with the US Supreme Court in the Durnell case,shortly after the Missouri Supreme Co

113、urt denied Monsantos appeal.In its petition,the company argues that a split among federal circuit courts in the Roundup personal injury litigation,on the cross-cutting question of whether federal law preempts state-based failure-to-warn claims,warrants review and resolution by the countrys top court

114、.In May 2025,one of the plaintiff verdicts(Caranci)in Pennsylvania awarding US$25 million in compensatory damages and US$150 million in punitive damages was upheld by the appellate court;the Company will seek re-argument with the appellate court and further appeal with the Pennsylvania Supreme Court

115、.Bayers provision for the glyphosate litigation currently totals US$6.2 billion(5.7 billion).Shareholder litigation concerning Monsanto acquisition:In Germany and the United States,investors have filed lawsuits claiming damages suffered due to the drop in the companys share price.Plaintiffs allege t

116、hat the companys capital market communication in connection with the acquisition of Monsanto was flawed.In the German proceedings,there were approximately 55 plaintiffs with claims pending as of March 31,2025.In March 2025,following a court-induced mediation procedure,the parties to the proceeding i

117、n the United States agreed to the terms of a settlement resolving this litigation,without admission of liability and subject to approval by the United States District Court for the Northern District of California,San Francisco Division.The agreement provides for an amount to be paid by the defendant

118、s,most of which will be covered by insurers.Bayer continues to believe it has duly complied with its capital markets law obligations at all times in connection with the acquisition of Monsanto and its disclosures concerning glyphosate product liability claims and intends to defend itself vigorously

119、against the claims in all remaining shareholder lawsuits.Bayer Quarterly Statement as of March 31,2025 18Financial Calendar 2025 Half-Year Report August 6,2025 Q3 2025 Quarterly Statement November 12,2025 2025 Annual Report February 25,2026 2026 Annual Stockholders Meeting April 24,2026 Reporting Pr

120、inciples The present document is a Quarterly Statement pursuant to Section 53 of the Exchange Rules of the Frankfurt Stock Exchange(as of March 17,2025)and does not constitute an interim report according to the International Accounting Standard(IAS)34.This Quarterly Statement should be read in conju

121、nction with the Annual Report for the 2024 fiscal year and the additional information about the company provided therein.The Annual Report 2024 is available on our website at .The accounting policies and measurement principles applied in this Quarterly Statement are based on those used in the Consol

122、idated Financial Statements of the Bayer Group for fiscal 2024.Masthead Published by Date of publication Bayer AG,51368 Leverkusen,Germany Tuesday,May 13,2025 Editor English edition Danielle Staudt-Gersdorf,phone+49 214 3046309 Translation Services Email:danielle.staudt- Global Business Services Inv

123、estor Relations Bayer on the internet Denise Jahn,phone+49 214 3072704 Email: Forward-Looking Statements This Quarterly Statement may contain forward-looking statements based on current assumptions and forecasts made by Bayer management.Various known and unknown risks,uncertainties and other factors

124、 could lead to material 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 Bayers public reports which are available on the Bayer website at .The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.Legal Notice The product names designated with are brands of the Bayer Group or our distribution partners and are registered trademarks in many countries.