Meet Management 2015 in New York Investor Handout

Disclaimer
This presentation may contain forward-looking statements based on current
assumptions and forecasts made by Bayer Group or subgroup management.
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 the company and the estimates given here.
These factors include those discussed in Bayer’s public reports which are
available on the Bayer website at www.bayer.com.
The company assumes no liability whatsoever to update these forward-looking
statements or to conform them to future events or developments.

The New Bayer
Transforming into a pure Life Science
company
Marijn Dekkers, CEO
• Bayer Investor Presentation • Meet Management • June 2015Page 1

ǀ Transforming into a pure Life Science company and exiting MaterialScience
ǀ Executing a strategy of organic growth complemented by bolt-on acquisitions
ǀ Generating strong growth with new product innovations
ǀ Expecting important R&D pipeline progress during the next 12 – 18 months
ǀ Targeting low single-digit % organic growth and high-teens % improvement in
Core EPS in 2015
The New Bayer

Portfolio Transformation Will Focus
Business and Strengthen Life Sciences
Consumer Health
€7.9bn1)
CropScience €9.5bn
Crop Protection #2, Seeds &
Traits
Pharma €12.1bn
Leading positions in core
therapeutic areas
A leader in OTC and contrast
media, blood glucose
meters #3/4, Animal Health #5
MaterialScience3) €11.7bn
Polyurethanes #1/2, Polycarbonates #1,
Coatings, Adhesives, Specialties, #1
Diabetes Care3)
€0.9bn
Sales 2014
Merck & Co. OTC, Dihon,
€1.6bn pro-forma2)
1) includes €0.3bn from Merck & Co. in Q4 2014
2) FY 2014 pro-forma
3) pending

Sales
+5%
Core EPS
Track Record of Consistently Strong
Performance
• Bayer Investor Presentation • Meet Management • June 2015
36.5
35.1
20112010 20142012 2013
39.8
40.2
42.2
4.83
4.19
20112010 20142012 2013
5.35 5.61 6.02
CAGR 2010-2014
+9%CAGR 2010-2014
€ billion
€

EBIT
€ million
-5%
1,9982,096
Sales
€ million
% currency & portfolio adj.
+3%
12,117
10,555
EBITDA
before special items
€ million
+10%
3,000
2,738
Core EPS
€
+8%
2.10
1.95
Q1’15Q1’14 Q1’15Q1’14 Q1’15Q1’14 Q1’15Q1’14
Q1 2015 –
Strong Start to the Year

Q1 2015 – Full-Year Group Guidance Raised
Mainly Due to Fx
Page 6
2014 2015
original guidance
2015
Update (April)
Fx effect
Sales €42.2bn
Low-single digit %
increase
~€46bn
Low-single digit %
increase
€48 - 49bn
~ +9%
EBITDA
before special
items
€8.8bn
Low-to-mid-teens %
increase
High-teens %
increase
~ +8%
Core EPS €6.02
Low-teens %
increase
High-teens %
increase
~ +7%
Sales Δ% Fx and portfolio adj.
Assuming spot Fx rates as of March 31, 2015 for rest of the year
Outlook depends on specific planning assumptions outlined in the Annual Report• Bayer Investor Presentation • Meet Management • June 2015

HealthCare Mid-single-digit % increase
Low-twenties % increase
(previously: mid-teens %)
Pharma Mid-to high-single-digit % increase
Mid-teens % increase
(previously: low-teens % increase)
Consumer
Health
Mid-single-digit % increase
Mid-thirties % increase
(previously: mid- to high-twenties %
increase)
CropScience Low-to mid-single-digit % increase
Low-to mid-teens %
(previously: low to mid-single digit %)
MaterialScience
Lower sales, as volume growth is over
compensated by lower selling prices
Significant increase
CFROI ≥ WACC
Full Year 2015 –
Guidance by Subgroup (Q1 update)
Page 7
*Assuming spot Fx rates as of March 31, 2015 for rest of the year
Sales Δ% Fx & portf. adjusted, EBITDA before special items
Outlook depends on specific planning assumptions outlined in the Annual Report
Sales * Adj. EBITDA *

4 Key Elements Constitute
Our Successful Strategy
The New Bayer

1.Deliver growth and performance

Fast-Growing Global Pharma Business
Page 10
€ billion; Δ% yoy Fx & portfolio adj.
Sales
10.0 9.9
10.8 11.2
12.1
3.2
2010 2011 2012 2013 2014 Q1 2015
+9%
 Maximize the value of launch
products
 Drive commercial excellence
in marketing and sales
 Advance early and mid-stage
pipeline
 Achieve phase III readiness for
key phase II assets by mid-2016
 Explore opportunities for
partnerships, open innovation
and bolt-on acquisitions
Plans for
continued growth
+11%
+ 7 %
+1%
+4%

Pharma Launch Products Drive Growth:
Combined Peak Sales Potential of ≥€7.5bn
Page 11 • Bayer Investor Presentation • Meet Management • June 2015
Q1 2015 Individual Sales
482
71
253
€ million
38
54
Total
€898m
€ billion
2012 2013 2014 2015e
0.4
1.5
2.9
Collective Sales
> 4.0

Xarelto –
Leading Novel Anticoagulant
Sales
€ million; Δ% Fx adj.
Global Market Sales Share*
• Continued dynamic growth: gaining 5%-age points market share yoy
and 1%-age point sequentially since year end 2014
• ~13 million patients treated to date
• Comprehensive Life-cycle management program including peripheral artery disease and
chronic heart failure
 Peak sales potential of ~€3.5bn reiterated
*Anticoagulant market, as of March 2015
322
949
1,679
482
2012 2013 2014 Q1 2015
+ 38%
33%
12% 13%
Xarelto Pradaxa Eliquis

Eylea –
Gaining Share in Key Markets
Page 13
• Successful roll-out, 2014 sales more than doubled
• Significant label expansion achieved. New indications approved: DME, mCNV and RVO
• Life-cycle management incl. combination therapy with PDGFR-β antibody**
Marketed by Bayer ex-US only
*Sales market share, March 2015
**in collaboration with Regeneron
Japan
55%
46%
2015*2013
DME: Diabetic macula edema
mCNV: myopic Choroidal neovascularization
RVO retinal vein occlusion
14
333
759
253
2012 2013 2014 Q1 2015
+ 55 %
Sales
 Peak sales potential of ≥ €1.5bn reiterated
Europe
5 main countries + Switzerland
37%
22%
2015*2013

Merck & Co. Consumer Care / Dihon
Leveraging Potential of OTC Leadership
 Strong #2 position
 Track record of outperforming
market growth
 Success in long-term brand
building
 Highly complementary
acquisitions, incl. Merck & Co.
Consumer Care
 Globalize established brands
 Launch innovation pipeline
 Execute Emerging Markets
focus strategies
 Fully realize synergy potential
from acquisitions
 Target strategic acquisitions
and alliances
Plans for
continued growth
AchievementsConsumer Care Sales
€ billion; 2014 pro forma
2013 2014
€3.9
€5.6

Q1 2015 – Consumer Care:
Generated Strong Growth
Page 15
36%
1,556
Sales
923
1,556*
Q1 2014 Q1 2015
+9%
+9%
+14%
+8%
Performance key brands
Δ% yoy, Fx adj.
*including €495m from Merck
€ million; Δ% Fx & portfolio adj.

Delivering Strong Growth in CropScience
6.8
7.3
8.4
8.8
9.5
3.1
2010 2011 2012 2013 2014 Q1 2015
 Strengthen portfolio through
focused and integrated crop
solutions
 Drive commercial excellence
in marketing and sales
 Drive new product growth,
invest in life-cycle management
 Expand seeds portfolio by
building business in soybeans
and wheat
€ billion; Δ% Fx & portfolio adj.
Sales
Page 16
Plans for
continued growth
+1%
+11%
+9%
+9%
+12%

New Products Drive Growth at
Crop Protection
Page 17
0.4
0.7
1.1
1.5
1.9
~2.8
2010 2011 2012 2013 2014 2017e
New products generated nearly 70% of
absolute sales growth at Crop Protection
€1.9bn
By segment
€ billion; new CP products launched since 2006; Δ% nominal
New product sales
+23%
Insecticides Herbicides
SeedGrowthFungicides

2.Develop new growth opportunities

2%
MaterialScience
~€0.2bn
HealthCare
~€2.6bn
thereof
Pharma
~€2.2bn
Reconciliation
~€0.1bn
66%
27%
5%
CropScience
~€1.1bn
R&D 2015e: >€4.0bn +10% yoy
 26 successful phase III clinical trials
at Pharma since 2010
 Strengthened brands through
multiple line or product
introductions in Consumer Care
 Launched 12 active ingredients
between 2006 and 2014 in
CropScience
 Initiated R&D projects that leverage
synergies between human, animal
and plant health
Achievements
Confidence in Our R&D Investments

Pharma R&D Focus Areas
 Cardiology /
Hematology
 Oncology
 Additional areas incl.
Ophthalmology
Research and Early
Pipeline
 Damoctocog alfa pegol
 ODM-201
 Copanlisib
 Finerenone
 Vericiguat
 Molidustat
 Vilaprisan
 ISIS-FXIRx
 Xarelto (Rivaroxaban)
 Eylea (Aflibercept)
 Xofigo (Radium-223
dichloride)
 Stivarga (Regorafenib)
 Adempas (Riociguat)
Life-cycle
Management
Mid- and Late-stage
Pipeline Projects

Mid- and Late-Stage Pharma Pipeline
Progressing – Current Timelines
CHF: Chronic heart failure; CRPC: Castration-resistant prostate cancer;
NHL: Non-Hodgkin‘s lymphoma; r/pEF: Reduced/preserved ejection fraction
Damoctocog alfa pegol
Hemophilia A
ODM-201
CRPC
Copanlisib
Cancer; NHL
Finerenone
Worsening CHF
Diabetic nephropathy
Vericiguat
Worsening CHF rEF
Worsening CHF pEF
Molidustat
Renal anemia
Vilaprisan
Uterine fibroids
Endometriosis
Phase III (pediatric)
Phase III
Phase IIa
Phase III
Phase IIb
Phase IIb
Phase IIb
Phase IIb
Phase IIb
201620152014
Phase IIb
Phase IIb
Phase IIa
PH III decision
PH III decision
PH III decision
PH III decision
PH III decision
reported

CropScience Innovation Pipeline 2014-2019
with Combined Peak Sales Potential > €5bn
New launches Planned launches*
2014 2015 2016 2017 2018 2019
Verango/Velum
Nematicide
Sivanto
Insecticide
Disease control
New mixture /
formulation
Pest control
New active
ingredient
Weed control
New mixture /
formulation
Pest control
New active
ingredient
Flocter
Biological
nematicide
Council
Rice herbicide
Disease control
Country / label
extension
Disease control
Country / label
extension
Weed control
New mixture /
formulation
Disease control
New active
ingredient
FiberMax
GlyTol + TwinLink
cotton
Movento
Country / label
extension
Weed control
Country / label
extension
Weed control
Country / label
extension
Disease control
New mixture /
formulation
InVigor
Canola pod shatter
reduction
Alion
Country / label
extension
Oilseeds
Improved canola oil
profile
Cotton
Dual HT + IR
Soybeans
Triple HT
Arize
Bacterial Leaf
Blight resistant rice
Wheat
Non-hybrid wheat
seed (Ukraine)
Oilseeds
Dual HT canola
Oilseeds
Dual HT canola
Soybeans
Dual HT
Rice
Insect resistance +
disease resistance
Oilseeds
HT Ogura hybrid
Rice
Disease resistance
+ salinity tolerance
Rice
Disease tolerance
Rice
Disease resistance
+ submergence tol.
Soybeans
Dual HT
*subject to regulatory approval
**includes selected native traits
Major Life Cycle Innovation
Chemical Crop Protection
Biological Crop Protection
Seeds & Traits**
HT: Herbicide tolerance trait
IR: Insect resistance trait
More than 100 Life Cycle Management projects
Several hundred new varieties in vegetables and broad acre crops

Trend-setting Research in the Fields of
Human, Animal and Plant Health
Related challenges for human, animal and plant health* Potential for collaboration & synergies
Host-
microbe
interaction
Resistance
control
Unregulated
growth
*Examples
HealthCare
R&D
CropScience
R&D
Knowledge Platforms
(ie. genomics etc.)
 
Molecular Target
(ie. ion channels etc.)
 
Common Mechanisms
(ie. protein modification etc.)
 
Technology Platforms
(ie. HTS etc.)
 
Preclinical Evaluation
(ie. Toxicology etc.)
 
New Molecular Entities
(ie. NCE/NBE)
 

3.Execute Portfolio Transformation
• Integrate acquired businesses
• Exit MaterialScience businesses
• Adjust Group structures to reflect Life Science
focus

Transforming Into a Pure Life Science Company
Transaction Volume >€48bn Since 2004*
2003 Sales €28.6bn
HealthCare
CropScience
MaterialScience
Chemicals
Major examples only
Pro-Forma 2014 Sales ~ €31bn
CropScience
HealthCare
Divestitures
€12bn
Acquisitions
€36bn
Diagnostics
Plasma
Diabetes Care**
–
+
+
+
Merck & Co. Consumer Care
Dihon
Algeta
Conceptus
Steigerwald GmbH
Schering AG
Roche OTC
+
+
+
+
AgraQuest
Athenix
Stoneville Cotton Seed
Gustafson Seed Treatment +
+
+
+
Capital-market
exit planned
*Transaction volume: acquisitions/divestments 2004 – 2014
**pending
–
–
Lanxess spin-off
Bayer Silicones
–
–
–
–
HC Starck
Wolff Walsrode
Divested
Divested
–

Life Science Transformation on Track
Page 26
Exit of
Diabetes Care
 Divestment for total
consideration of ~€1,022m
 Closing expected in
Q1 2016
LS: Life Sciences
Demerger of
MaterialScience
 Targeted time frame
for capital-market exit:
latest mid-2016
 Timing, structure and
exit options depend
on market
environment;
decision 2H 2015e
 Potential proceeds re-
invested in the
business/
reduction of net debt
Merck Consumer Care
Integration
 Integration progressing
as planned
 Synergy tracking and
integration teams in
place
 Confirmed 2017
synergy targets:
• USD400m top-line
• USD200m cost-
synergies by 2017

4.Delever balance sheet and use
cash efficiently

 CapEx budget 2015 ~€2.3bn PP&E
 R&D 2015e: >€4.0bn
Efficient Use of Cash
Fuel organic growth
M&A
Dividend policy
Pay down debt
 Organic growth complemented by bolt-on
acquisitions
 Maintaining single-A credit rating category
 Potential proceeds from MaterialScience exit
and Diabetes Care divestment
 Pay out 30-40% of core EPS

The New Bayer – A World-Class
Life Science Company
Page 30
• Fast-growing global pharma business
• Leveraging potential of OTC leadership
• Gaining market share in CropScience
• Progressing innovation pipeline
• Setting trends in research-intensive areas in the field
of human, animal and plant health
• Leveraging sales growth into value creation
• Excellence in R&D and commercialization
• Leveraging leading brands with decade-long brand equity
• Superior emerging-market presence
Performance
Capabilities
Value

Progress of Cardiovascular
Pipeline in 2015
Joerg Moeller, Head of Global Development Bayer HealthCare

Heart Failure –
A Common and Potentially Fatal Condition
● Heart failure (HF) has a high prevalence and a growing incidence
● ~ 26 million people with HF worldwide
● 600,000 new HF cases per year in Europe
● 500,000 new HF cases per year in the US
● ~ 6 million Americans suffer from HF
● 1 in 5 HF patients die within 1 year
Ref: http://www.medicographia.com/2012/02/the-heart-failure-epidemic

Heart Failure –
A Heterogenous Condition
Forms of Heart Failure
1:McMurray et al. ESC HF Guidelines 2012. Eur Heart J 2012;33(14):1787-847 2:according to ACC/AHA (stage of HF based on structure
and damage to heart muscle) and NYHA (severity based on symptoms and physical activity; MRA: mineralocorticoid receptor antagonist
ACE: angiotensin-converting-enzyme; ARB: angiotensin receptor blocker; ACC/AHA: American College of Cardiology Foundation/American
Heart Association; NYHA: New York Heart Association
Form “systolic” HF =
HF due to reduced
ejection fraction
(HFrEF)
“diastolic” HF =
HF with
preserved
ejection fraction
(HFpEF)
Therapies Multiple,therapies available incl. MRAs,
ARBs, ACE, MRAs; beta blocker etc.
No treatment available to reduce
morbidity and mortality1
● Further classification includes duration / change in symptoms2
● 2 general forms can be distinguished:

High Unmet Medical Need Persisting
in Both HFrEF and HFpEF
CHF: chronic heart failure
HFrEF: heart failure with reduced ejection fraction
HFpEF: HF with preserved EF
1:Oktay et al. Curr Heart Fail Rep (2013) 10:401–410 Steinberg et al. Circulation. (2012)126(1):65-75; 2:Fonarowet al.. JACC (2007) 50:768 ff
HFpEF passes HFrEF as cause of
hospitalizations1
HFpEF prognosis is as bad
as HFrEF after hospitalization2
R&D pipeline is addressing both forms, HFrEF and HFpEF with
innovative mechanisms and molecules.
50% EF > 50%; 35% EF < 40%; 15% EF 40 - 50%
OPTIMIZE-HF registry
HFrEF HFpEF
Postdischarge event rates at 60-90d (%)
Mortality 9.8 9.5
Mortality
and/or
re-hospitalization
36.1 35.3

Hemophilia A
ODM-201
CRPC
Copanlisib
Cancer; NHL
Finerenone
Worsening CHF
Vericiguat
Worsening CHF rEF
Worsening CHF pEF
Molidustat
Renal anemia
Vilaprisan
Uterine fibroids
Endometriosis
Phase III
Phase IIa
Phase III
Phase IIb
Phase IIb
Phase IIb
Phase IIb
Phase IIb
201620152014
Phase IIb
Phase IIb
Phase IIa
PH III decision
PH III decision
PH III decision
PH III decision
PH III decision
reported
CHF: Chronic heart failure; CRPC: Castration-resistant prostate cancer

Vericiguat

Vericiguat –
Targeting HFrEF and HFpEF
Page 37
● Vericiguat is a novel sGC stimulator targeting to stimulate cGMP
generation which is hampered in both forms of HF, HFrEF and
HFpEF
● SOCRATES phase IIb program covers two parallel trials in CHF
patients with reduced or preserved ejection fraction
1. HFrEF: SOCRATES-REDUCED phase IIb program:
● First data planned to be presented at AHA,
November, 2015
2. HFpEF: SOCRATES-PRESERVED phase IIb program:
● First data planned to be presented at a scientific
congress 1H 2016
HFrEF: heart failure with reduced ejection fraction; HFpEF: HF with preserved EF
sGC: soluble guanylate cyclase; CHF: chronic heart failure; EF: ejection fraction; cGMP:
cyclic guanosine monophosphate; NO, nitric oxide; CHF: chronic heart failure

● For CHF patients requiring
hospitalization or iv diuretic
treatment, outcomes remain
exceptionally poor
● For HF with preserved EF, no
evidence-based therapies exist
● cGMP pathway modulation is a
potential therapeutic target in
HFrEF and HFpEF
cGMP, cyclic guanosine monophosphate; eNOS, endothelial nitric oxide
synthase; GTP, guanosine triphosphate; NO, nitric oxide; sGC, soluble
guanylate cyclase
CHF:chronic heart failure; iv: intravenous, HF: heart failure
EF: ejection fraction; HFrEF: HF with reduced EF; HFpEF: HF with
preserved EF
sGC role in heart failure Vericiguat - mode of action
sGC-Stimulation – Potentially New
Approach for Heart Failure Treatment

sGC-Stimulation – Rationale for Exploration
in HFrEF and HFpEF
1. Similar mechanism of myocardial remodeling in HFrEF and
advanced HFpEF1
2. Phase II study in patients with PH-sLVD and HF (LEPHT)2
• Although the primary end point of the study was not met, Riociguat
was well tolerated in patients with PH-sLVD and HF and improved
cardiac index and pulmonary and systemic vascular resistance
3. Phase II study in patients with HFpEF (DILATE-1)3
• Riociguat was well tolerated, had no significant effect on mPAP, and
improved exploratory hemodynamic and echocardiographic
parameters
PH-sLVD: PH systolic left ventricular dysfunction; HF: heart failure; HFpEF: HF with
preserved ejection fraction (EF); HFrEF: HF reduced EF; mPAP: mean pulmonary
arterial pressure
Ref: 1. Bonderman et al Circulation. 2013 ;128(5):502-11.; 2. Bonderman et al. Chest. 2014 146(5):1274-85

The SOCRATES Phase IIb in Worsening
Chronic Heart Failure - Study Design
Design
2 randomized parallel-group, placebo-controlled, double-blind,
dose finding phase IIb studies of 4 dose regimens (1.25 – 10 mg)
of the oral sGC stimulator Vericiguat over 12 weeks
Inclusion
criteria
Worsening chronic heart failure requiring hospitalization
(or IV diuretic for HF) with initiation after clinical stabilization
LVEF < 45% (HFrEF)
LVEF ≥ 45% (HFpEF)
Left atrial (LA) enlargement
Primary
outcome
NT-proBNP at 12 weeks NT-proBNP / LAV at 12 weeks
Secondary
outcomes
Secondary endpoints include clinical outcomes (cardiovascular death; recurrent
hospitalization for worsening heart failure etc.)
Sample size 410 patients in 5 arms 470 patients in 5 arms
sGC: soluble guanylate cyclase; LVEF: left ventricular ejection fraction; NT-proBNP:
N-terminal of the prohormone brain natriuretic peptide; LAV: left atrial volume
HFpEF: heart failure with preserved ejection fraction; HFrEF: HF reduced EF

Finerenone

Finerenone – Developed as a Potential
New Treatment Option for HF and DKD
Page 42
● MRAs are an established therapeutic option in HFrEF, but
underutilized due to their side effect profile
● Finerenone is a differentiated MRA currently developed in two
indications:
1. Chronic Heart Failure
● Phase IIb (ARTS-HF and ARTS-HF Japan) completed
● Data presentation planned for ESC, Aug 29-Sept 2, 2015
2. Diabetic Kidney Disease
● Phase IIb (ARTS-DN) met primary endpoint of reducing a
surrogate marker for kidney function
● Phase III preparation under way – initiation of phase III 2H 2015e
HF: heart failure, DKD diabetic kidney disease; MRA: mineralocorticoid
receptor antagonist; HFrEF: heart failure with reduced ejection fraction

Benefit in pivotal studies in HFpEF not
established
MRAs are approved in HFrEF
● Benefit in patients with HFrEF
demonstrated in clinical studies
MR-Blockade is a Proven Principle in the
Treatment of Heart Diseases
● MRAs are underutilized
● Approved MRAs have a risk to
cause
● Hyperkalaemia,
● Renal dysfunction and
● Anti-androgenic / progestogenic
side effects
MRA: mineralocorticoid receptor antagonist;HFrEF: heart failure with reduced ejection fraction
HFpEF: HF with preserved ejection fraction; 1: NEJM 1999 341, 709ff
2. NEJM 2003;348:1309ff; 3 NEJM 2011;364:11ff
Study / N Drug Total mortality HR (p value)
RALES1
N= 1,663
Spironolactone 38.1% vs 50.5% 0.68
(<0.001)
EPHESUS2
N=6,642
Eplerenone 26.6% vs 30.0% 0.87 (0.002)
EMPHASIS3
N=2,737
Eplerenone 18.3% vs 25.9% 0.63
(<0.001)
Steroidal MR antagonists are not
approved for kidney diseases
Use of approved MRAs limited

Finerenone –
Differentiated Profile Amongst MRAs
Page 44
Finerenone - Profile Summary*Finerenone - Data
At least as potent as Spironolactone
and as selective as Eplerenone (based
on in vitro data**)
● Lower incidence of hyperkalaemia vs. spironolactone
● Lower incidence of worsening of renal function
● Decreased BNP/NT-proBNP – a key parameter for
cardiac stress
At least similar efficacy and
improved safety vs. Spironolactone
(based on phase IIa (ARTS) data***)
Non-steroidal structure
(Eplerenone and Spironolactone are
steroids)
N
N
H
N
O
O
O
NH2
O
O
O
O
O
O
Spironolactone Eplerenone Finerenone
O
S
O
O
O
H
H H
MRA: mineralocorticoid receptor antagonist; *based on published data as of June 2015
**Pitt B Eur J Heart Fail. 2012 Jun;14(6):668-75
*** Pitt B et al. European Heart Journal (2013) 34, 2453-63

Phase IIb in Worsening Chronic Heart
Failure (ARTS-HF) – Study Design
Page 45
Primary efficacy endpoint: patients with decrease in NT-proBNP > 30% (baseline to visit 9 [day 90])
Further exploratory efficacy variables include: all-cause death; CV death etc.
Details on study design at: Pitt et al European Journal of Heart Failure (2015) 17, 224–232

Rationale for Developing Finerenone in
Diabetic Kidney Disease
Page 46
MRA: MR antagonist ; HF: heart failure; CKD: chronic kidney disease; CV: cardiovascular
UACR: urine albumine-creatinine ratio; AEs: adverse events: SAE: severe AEs
1: United States Renal Data System 2012
● ~29 million people with diabetes in the US (9.3% of the population)
● Diabetes causes 44% of new cases of kidney failure
● > 35% of people > 20 years of age develop diabetes “diabetic”
kidney disease (DKD)
● Cardiovascular (CV) mortality dominates CKD with 45% of deaths1
 Significant need for innovative therapies
 The mineralocorticoid receptor (MR) is a link between HF,
diabetes and CKD
MRAs may prevent massive pathophysiological effects of an over-activated MR

Finerenone – Phase IIb (ARTS-DN) in
Diabetic Nephropathy Met Endpoint
Page 47
UACR: urine albumine-creatinine ratio
AEs: adverse events: SAE: severe AEs; 1: United States Renal Data System 2012
● Study met primary endpoint - Finerenone dose-dependently
decreased UACR - a surrogate marker for kidney function/disease
● All doses studied were safe and well tolerated
● Incidence of treatment-emergent AEs and SAEs were comparable
to placebo
● Low incidence of confirmed hyperkalemia
(serum potassium ≥ 5.6 mmol)
Phase III is currently under preparation
Initial phase IIb data in diabetic nephropathy:

Finerenone – Potential to Improve Treatment
Standard in Cardio/Renal Diseases
Page 48
MR(A): mineralocorticoid receptor (antagonist)
CHF: chronic heart failure HFrEF: heart failure with
reduced ejection fraction;: DKD: diabetic kidney disease
DKD
● Finerenone targeted
to be first-in-class
● No MRA marketed
CHF (HFrEF)
● Finerenone targeted
to be best-in-class
● May overcome low
use of marketed
steroidal MRAs*
1 based on published information as of May 11, 2015; * Although 1A recommendation in treatment guidelines, only about 32% of eligible pts
receive MRAs in the US (Krantz at al, Am J. Cardiology 2011, 107: 1818-23)
Finerenone
● Differentiated profile
vs marketed MRAs1
● Balanced renal/cardiac
activity and electrolyte
vs. anti-remodelling
effects
N
N
H
N
O
O
O
NH2

Molidustat

Molidustat –
Targeting Treatment of Renal Anemia
Page 50
● The HIF stabilizer Molidustat is a potent oral EPO-inducer
currently in phase IIb for treatment of renal anemia
● Molidustat is a “hypoxia mimetic” with high selectivity of the
induction of EPO-gene expression
● Favorable PK/PD, toxicology and safety profile - once daily
dosing efficient in inducing endogenous EPO within physiological
range
● No hypertension signals - may be add-on benefit for CKD
patients
● Phase IIb data expected 1H 2016e
HIF: hypoxia-inducible factor; CKD: chronic kidney disease; EPO: Erythropoietin
PK/PD: pharmacokinetic/pharmacodynamic

Renal Anemia – Pathophysiology,
Epidemiology and Treatment
EPO: Erythropoietin; CKD: chronic kidney disease; 1: estimate - US, Japan
and EU5 countries combined 2.Ref: Decision Resources, 2013, estimate
- refers to time 2012-2022; ESA: erythropoietin stimulating agents
● In CKD patients, kidneys do not produce enough EPO to stimulate
sufficient red blood cell production - patients become anemic
● Estimated prevalence of CKD in adult population: ~13%
● ~7 million renal anemia patients1
● ESA including EPO have a share of ~70% amongst CKD therapies2
● EPO has to be given parenteral
 unphysiologically high peak levels may be associated with
hypertension, increased CV events and mortality
 restriction in usage

Molidustat –
Design of the Phase IIb Program "Dialogue"*
Page 52
04 / 2014
Ph IIb – Dialogue Program
Maintenance / Titration / 4 months
N = 120 CKD on Darbepoetin alfa / 3 start doses: 25, 50, 75 mg OD vs Darbepoetin alfa
Maintenance / Titration / 4 months
N = 188 ESRD on EPO / 4 start doses: 25, 50, 75, 150 mg OD vs EPO
Fixed Dose / 4 months Treatm.
N = 120 naive CKD pts / 25, 50, 75 mg OD & 25, 50 bid vs placebo
FPFV
10 / 2013
Long-term Extension
Long-term Extension
* Daily oral treatment increasing endogenous erythopoietin
CKD: chronic kidney disease; EPO: Erythropoietin; OD: once a day, bid: twice
a day; eGFR: estimated glomerular filtration rate
DialysisPre-dialysis
Primary outcome: change in local laboratory hemoglobin level (baseline to the average
during the last 4 weeks treatment period)
Secondary outcomes include: safety, mean of the hemoglobin (Hb) levels in the target
range (10.0 to 11.0 g/dL), etc..

Summary

Summary –
Cardiovascular Pipeline Progress
Page 54
● Mid-stage cardiovascular pipeline progressing
● Bayer’s pipeline is uniquely positioned to address unmet
medical need in heart failure and kidney diseases
● Multiple decision points on potential phase III transitions
expected 2H 2015 and 1H 2016

Expected Major Newsflow from
the Pharma Pipeline
Page 55
Regorafenib
Multikinase inhibitor
Wet AMD (eye drops) • Phase II completion 1H 2016e Congress 2016e
Finerenone
Mineralocorticoid receptor antagonist Chronic heart failure • Phase IIb; completed ESC Aug/Sept 2015e
Copanlisib
PI3 kinase inhibitor Non-Hodgkin’s lymphoma • Phase II completion 1H 2016e Congress 2016e
Vericiguat
sGC stimulator
Wors. chronic heart failure
• Phase IIb; reduced ejection
fraction - compl. mid 2015e
AHA Nov 2015e
• Phase IIb; preserved ejection
fraction - compl. end 2015e
ODM-201
Androgen receptor antagonist
Non-metastatic castration-
resistant prostate cancer
• Phase III completion 2018e tbd
Asset Intended Indication
Status /
Expected Completion
Milestone / Data
Presentation* Targeted
Molidustat
HIF-PH inhibitor
Anemia • Phase II completion 1H 2016e Congress 2016e
Vericiguat
sGC stimulator
Wors. chronic heart failure Congress 2016e
Vilaprisan
Selective progesterone
receptor modulator
Uterine fibroids • Phase IIb; completion 1H 2016e Congress 2016e
Regorafenib
Multikinase inhibitor
HCC (2nd line) • Phase III completion 1H 2016e Congress 2016e
AMD: age-related macular degeneration; HCC: hepatocellular carcinoma

HealthCare

Leading Positions in Key Healthcare
Markets
Pharma
€12,052m
 Leading positions in key therapeutic categories
Consumer Care
€4,245m
 Global #2 in OTC-pharmaceuticals
Medical Care
€2,360m
 #1 in fluid injection systems, #1 in contrast
media, #3/4 in blood glucose meters
Animal Health
€1,318m
 Global #5, #2 in parasiticides
Sales by Segment 2014
25%
60%
7%
21%
12%
HealthCare €19,975m
ConsumerHealthRx

FY 2014 – Dynamic Growth of HealthCare
Driven by Pharma
Page 58
Pharma
+8% (+11%)
Consumer
Health
+2% (+2%)
36%
HealthCare €19,975m; +6% (+8%)
12,0527,923
Price
+1%
Volume
+6%
Fx
-4%
Portfolio
2%
€ million; Δ% yoy, () = Fx & portfolio adj.
FY‘13 FY‘14 FY‘13 FY‘14
5,334 5,484 +3%
3,973 3,912 -2%
Adj.
EBITDA
Adj.
EBIT
EarningsSales
1,844 1,785
3,6993,490 +6%
-3%
2,552 2,657
1,2551,421
+4%
-12%
before special items, € million; Δ% yoy

FY 2014 – Top 10 HealthCare Products
MI: Myocardial infarction
1,679
1,109
819
773
927
759
819
768
658
588
Anticoagulation
Hemophilia A
Multiple Sclerosis
Contraception
Cancer
Blood Glucose Meter
Contraception
Analgesic & sec.
MI Prevention
Ophthalmology
Hypertension
+82%
-6%
+5%
-20%
+15%
+4%
-3%
+133%
-8%
+2%
Sales

FY 2014 – Strong Business Momentum in
All Regions, Especially Emerging Markets
Emerging Economies
25%
HealthCare Sales
Latin
America
Eastern
Europe
Africa &
Middle East
~2,450
+12%
~1,930
+14%
~1,230
~890
+8%
24%
USA
+6%
30%
33%
13%
Emerging
Economies¹
+13%
Emerging
Asia³
Western
Europe +8%
Others²
+10%
€19,975m; +6% (+8%)
Page 60
+16%
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia w/o Japan, Australia, New Zealand

Q1 2015 – HealthCare:
All Divisions Generated Strong Growth
Pharma
+15% (+7%)
Consumer
Health
42% (+7%)
36%
HealthCare €5,742m; +26% (+7%)
3,2002,542
Price
1%
Volume
+7%
Fx
+8%
Portfolio
+11% Q1‘14 Q1‘15
873 988
428 627
+13%
+46%
1,301
1,615 +24%
321 +46%
946
1,185 +25%
625
470
715 +14%
Sales
Earnings
Q1‘14 Q1‘15
Adj.
EBITDA
Adj.
EBIT

Q1 2015 – Pharma:
Launch Products Drove Growth
Launch products
Pharmaceuticals €3,200m; +15% (+7%)
898
Q1‘14 Q1‘15 Q1‘14 Q1‘15
873
988 +13%
625
715 +14%
Sales
Earnings
Adj.
EBITDA
Adj.
EBIT

Q1 2015 – Consumer Health:
All Businesses with Strong Growth
Medical Care
+12% (+6%)
Consumer
Care
+69% (+8%)
36%
Consumer Health €2,542m; +42% (+7%)
600
1,556
Q1‘14 Q1‘15 Q1‘14 Q1‘15
428
627 +46%
321
+46%470
Animal Health
+17 (+6%)
386
Sales
Earnings
Adj.
EBITDA
Adj.
EBIT

HealthCare:
2015 Financial Outlook (Q1 Update)
Page 64
Sales Δ% Fx & portfolio adj.
*Assuming spot Fx rates as of March 31, 2015 for rest of the year
HealthCare
(Fx +9%)
Low-twenties % increase
Pharma
Mid-to-high-single-digit % increase
(Fx +9%)
Launch product sales: above €4bn
Mid-teens % increase
Margin slightly below prior year
Consumer
Health
(Fx +9%)
Mid-thirties % increase
Sales* EBITDA before special items*

Commercial Excellence at Pharma
Absolute product sales increase/decline FY 2014 yoy, Fx adj.
Δ% Fx & portfolio adj.
+€1,668m
-€364m
Growth
Decline
+€1,298m
Pharma
overall
Xarelto
Eylea
Xofigo
Mirena family
Adempas
Aspirin Cardio
Stivarga
Nexavar
other
Betaseron
Kogenate
Levitra
Avelox
YAZ family
other
+11%

Pharma Launch Products Drive Growth:
Combined Peak Sales Potential of ≥€7.5bn
€ billion
FY 2014 Individual Sales
2010 2011 2012 2013 2014 2015e
0.1
1,679
224
759
€ million
0.1
0.4
1.5
2.9
89
157
Total
€2.9bn
Collective Sales
> 4.0

Xarelto: The Leading Novel Oral
Anticoagulant
Sales Achievements
 Continued dynamic growth
 Clear market share lead among novel
oral anticoagulants:
Xarelto: ~33%
Pradaxa: ~12%
Eliquis: ~13%
(Global anticoagulant market, sales share, March, 2015)
 ~13 million patients treated to date
 Comprehensive global life-cycle-
management program in place
 Label expansion: recommendend for
cardioversion in A‘fib-patients in
Europe
 Approved for SPAF and for treatment
of DVT in China
86
322
949
1,679
482
2011 2012 2013 2014 Q1 '15
+ 38 %
€ million; Δ% yoy Fx adj.

Eylea: Label Expansion to Support Further
Growth
Sales Achievements
 Strong growth driven by continued
roll-out activities
 Label expansion since mid 2014
including:
 DME Europe & Japan
 mCNV Japan
 RVO Europe
 Positive data from NIH/DRCR
sponsored study comparing Eylea,
Avastin and Lucentis in DME1
 Agreement with Regeneron to
develop a coformulation of Eylea and
a PDGFR-β antibody for treatment of
wAMD
DME: Diabetic macular edema, BRVO: Branched retinal vein occlusion, mCNV: Myopic choroidal
neovascularization, wAMD: Wet age-related macula degeneration NIH: National Institutes of Health, DCRC:
Diabetic Retinopathy Clincial Research Network, RVO: Retinal vein occlusion;
PDGFR: Platelet derived growth factor receptor
1) NEJM February 18, 2015 DOI: 10.1056/NEJMoa1414264
14
333
759
253
2011 2012 2013 2014 Q1 '15
+ 55 %

Xofigo: Significant Growth Expected
Achievements
 Launch activities ongoing
 Approved in 42 countries1
 Launched in 30 countries1
 Targeting >€300m sales in 2015
 Life-cycle management program
targeting label expansions in CRPC
and additional cancer indications
underway
CRPC: Castration resistant prostate cancer
1) As of April 2015
41
157
54
2012 2013 2014 Q1 '15
Sales
+ 28 %

Stivarga: Leading 3L+ Treatment of
Metastatic Colorectal Cancer
Achievements
 Most prescribed agent in 3rd-line
plus treatment of mCRC in the US
and in Japan
 Roll-out activities in mCRC and GIST
continuing
 Targeting increased use in 3L-
treatment of mCRC
 ~45,000 patients treated to date
mCRC: Metastatic colorectal cancer; GIST: Gastrointestinal stromal tumor
32
197
224
71
2011 2012 2013 2014 Q1 '15
Sales
+ 14 %

Adempas: Encouraging Early Launch
Experience
Achievements
 Launched in PAH and CTEPH in first
countries
 ~4,300 patients treated to date2
 Life-cycle management trials in
systemic sclerosis, cystic fibrosis and
in PH associated with idiopathic
interstitial pneumonias initiated
 Agreement with Merck & Co. for joint
development and commercialization
of sGC-modulators in place
1) as of end of May 2015; 2) as of May 2015, PH: Pulmonary hypertension
PAH: Pulmonary arterial hypertension, CTEPH: Chronic thrombo-embolic pulmonary
hypertension, sGC: Soluble guanylate cyclase
PAH CTEPH
Approved1 53 53
Launched1 29 30
9
23
26
31
38
Sales
€ million
Q1 ‘14 Q2 ‘14 Q3 ‘14 Q4 ‘14 Q1 ‘15

Increased R&D Investment to Support
Pharma Innovation
 Support maturing mid-stage pipeline
 Phase III for Copanlisib initiated
Finerenone and Vericiguat in 2015
Molidustat and Vilaprisan in 2016
 Enhance research capabilities /
technologies etc.
 Advance / build early pipeline
 Support life-cycle management
activities for recently launched
products2014 2015e
~350m1.9
2.2
Pharma R&D expense 2014
& Budget 2015e
€ billion

Pharma R&D Focus Areas
 Cardiology /
Hematology
 Oncology
 Additional areas incl.
Ophthalmology
Research and Early
Pipeline
 Damoctocog alfa pegol
 ODM-201
 Copanlisib
 Finerenone
 Vericiguat
 Molidustat
 Vilaprisan
 ISIS-FXIRx
 Xarelto (Rivaroxaban)
 Eylea (Aflibercept)
 Xofigo (Radium-223
dichloride)
 Stivarga (Regorafenib)
 Adempas (Riociguat)
Life-cycle
Management
Mid- and Late-stage
Pipeline Projects

Expanding Life-cycle Management
Programs for Recently Launched Products
Major Adverse
Cardiac Events:
COMPASS
Chronic Heart
Failure:
COMMANDER-HF
Medically ill Patients:
MARINER
Atrial Fibrillation
Percutaneous Coronary
Intervention:
PIONEER AF-PCI
Embolic Stroke due
to Unknown Source:
NAVIGATE ESUS
PHIII VIVID-EAST
Polypoidal Choroidal
Vasculopathy -
PLANET
Phase III combination
study in metastatic
prostate cancer
Phase II combination
study in metastatic
breast cancer
Repeat dosing/higher
dose in CRPC
Phase I/II studies in
additional cancer
types
Phase II Eye-drop
formulation in wet
AMD
Phase III in Liver
Cancer 2nd line
Phase I combination
studies to support
programs in various
cancer types
Phase IIb in PH with
Idiopathic Interstitial
Pneumonia
Phase IIb in Diffuse
Systemic Sclerosis
RESPITE: Phase IIIB
in PAH patients who
did not respond top
PDE5-inhibitors
Signal-generating
studies in Raynaud’s
phenomenon and
Cycstic Fibrosis
Combination with
PDGFR antibody
Peripheral Artery
Disease (PAD):
VOYAGER PAD
This slide provides a selection of studies
Cancer-associated
Thrombosis (CAT):
CALLISTO

Rivaroxaban X-VeRT Trial: Protecting
Patients with AF who Undergo Cardioversion
 Restoration of sinus rhythm through cardioversion in patients with AF requires adequate
anticoagulation
 Current guidelines recommend at least 3 weeks of effective anticoagulation with VKAs
prior to cardioversion1 and 4 weeks after the procedure
 X-VeRT investigated the efficacy and safety of rivaroxaban compared to dose adjusted
VKA in patients with non-valvular atrial fibrillation scheduled for cardioversion
Main X-VeRT study findings:
 50% numerical2 reduction in the risk of stroke, TIA, peripheral embolism, myocardial
infarction and CV-death (composite primary efficacy outcome) compared to VKA
 24% numerically2 lower risk of major bleeding compared to VKA3
 Shorter time to cardioversion compared to VKA
1) Or less if a transesophageal echocardiogram has revealed no thrombus in the left atrial or left atrial appendage; 2) Study not powered for statistical significance
AF: Atrial fibrillation; VKA: Vitamin K antagonist; TIA: Transient ischemic attack; CV: Cardiovascular 3) primary safety outcome
January 2015 – EU label was updated with information on clinical utility of rivaroxaban in
patients with AF who require cardioversion

VENTURE-AF: Evaluating Rivaroxaban in
Patients Undergoing Catheter Ablation for AF
 Catheter ablation is a technique routinely used in patients with AF in order to restore
normal heart rhythm.
 Current guidelines recommend uninterrupted oral anticoagulation for these patients
before, during and after the procedure to reduce the risk of thromboembolic events.
 VENTURE AF investigated rivaroxaban compared to dose adjusted VKA in 248 patients
undergoing catheter ablation for atrial fibrillation.
Main VENTURE AF study findings:
Rivaroxaban-Group: No thromboembolic events
No major bleeding (ISTH scale)
No major bleeding (TIMI and GUSTO scale)
VKA-Group: Two thromboembolic events
One major bleed (ISTH scale)
No major bleeding (TIMI and GUSTO scale)
Low incidence of non-major bleeding in both study arms
AF: Atrial fibrillation; VKA: Vitamin K antagonist

Committed to Improving Thrombosis
Management – Clinical Studies and Registries
Registries
N≈97,000
Phase IV/NIS
N≈47,000
Phase IIIb
N≈2,400
Phase II/III
N≈51,000
Completed
Over 275,000 patients are expected to be included in both clinical trials and real world settings.

Addressing Multiple Life-cycle
Opportunities for Radium-223 dichloride
Life-cycle Opportunities
Repeat dosing in CRPC
Higher dose in CRPC
Earlier disease stages
of CRPC
Combination studies in CRPC
Expansion into additional
cancer types
Addressed Through
Phase II trial assessing the short and long-term
safety of re-treatment
Phase II trial with dose higher than the
approved 50 kBq/kg
Phase I and/or II studies in breast cancer,
osteosarcoma and potentially in additional
cancer types
Phase III combination trial with abiraterone
Phase II trial in combination with abiraterone or
enzalutamide

Regorafenib – Potential for Significant
Advances in Treating wAMD
Today’s standard of
care is administered
by injection into the
eye
Eye drops could
reduce efforts,
costs, logistics and
would be more
convenient
 Regorafenib inhibits VEGF receptor
signaling, a well established principle
to treat wAMD
 Regorafenib eye drops may offer
topical treatment of wAMD - targeting
superior convenience but non-inferior
efficacy
 Phase I completed
 Phase IIa/b initiated
 Comparator: Lucentis
 Target enrollment: N=350 patients
 Completion expected April 2016
wAMD: Wet age-related macular degeneratio; Primary completion dates
as published at clinicaltrials.gov, status May, 2015
Current Standard
intravitreal injection
Project Goal
topical treatment (drops)
as additional option

Potential of sGC Stimulation Goes Beyond
Vasodilation
cGMP
sGC - Stimulation
Schlossmann J & Schinner E. Naunyn Schmiedebergs Arch Pharmacol 2012;doi:10.1007/s00210-012-0730-6.
Stasch J-P et al. Circulation 2011;123:2263–73. Evgenov OV et al. Nature Rev Drug Disc 2006;5:755–68.
Effect of riociguat on bleomycin-
induced fibrosis in a mouse model (lung)
Anti-fibrosis Vasodilation Anti-proliferation Anti-inflammation
Evgenov OV et al. Poster presented at ATS, Denver, USA; 13–18 May 2011.
*p<0.05 vs control; †p=0.05 vs bleomycin
sGC: Soluble guanylate cyclase
cGMP: Cyclic guanosine monophosphate
Riociguat is developed in collaboration with Merck & Co., Inc.

Riociguat – Life-cycle Management Beyond
PAH and CTEPH
 Positive phase II data in PH-ILD prompt initiation of phase IIb in PH-IIP (a specific sub-
segment of PH-ILD)
 Majority of PH-IIP patients suffer from pulmonary hypertension due to idiopathic
pulmonary fibrosis
 No approved treatment option
 Phase IIb ongoing – completion January 2017e*
 Chronic systemic autoimmune disease characterized by fibrosis
 No approved treatment
 Strong preclinical antifibrotic data
 Phase IIb ongoing – completion July 2017e*
Riociguat is developed in collaboration with Merck & Co., Inc.
PAH: Pulmonary arterial hypertension; CTEPH: Chronic thromboembolic pulmonary
hypertension; PH-ILD: Pulmonary hypertension due to interstitial lung disease
*Primary completion dates as published at clinicaltrials.gov; status May, 2015
Pulmonary hypertension with idiopathic interstitial pneumonia (PH-IIP)
Diffuse systemic sclerosis (SSc)

Data on Life-cycle Management Projects
Expected 2015 - Early 2017
Amikacin
inhale
Regorafenib
Rivaroxaban
Ra-223
Inhaled Antibiotic
Multi-kinase Inhibitor
Factor Xa Inhibitor
Alpha Pharmaceutical
Adjunctive therapy; intubated /
mech. ventilated patients with
gram-neg. pneumonia
2nd line HCC
Various areas
Bone metastases in breast
cancer
Completion* phase III
January 2016e
Completion* phase III
(RESORCE) April 2016e
NAVIGATE ESUS (PHIII) and
GEMINI ACS 1 (PHII)
ongoing, start PHIII
VOYAGER PAD, 2H 2015e
Completion* phase II May
2017e
Regorafenib Multi-kinase Inhibitor Wet AMD
Completion* phase II April
2016e
Riociguat sGC Stimulator
Pulmonary hypertension (PH)
associated with idiopathic
interstitial pneumonia (IIP)
Completion* phase IIb January
2017e
*Primary completion estimates - published at clinicaltrials.gov; status April, 2015
Project Mechanism Target Area / Indication Milestone

CHF: Chronic heart failure; CRPC: Castration-resistant prostate cancer;
Hemophilia A
ODM-201
CRPC
Copanlisib
Cancer; NHL
Finerenone
Worsening CHF
Vericiguat
Worsening CHF rEF
Worsening CHF pEF
Molidustat
Renal anemia
Vilaprisan
Uterine fibroids
Endometriosis
Phase III
Phase IIa
Phase III
Phase IIb
Phase IIb
Phase IIb
Phase IIb
Phase IIb
201620152014
Phase IIb
Phase IIb
Phase IIa
PH III decision
PH III decision
PH III decision
PH III decision
PH III decision
reported

Milestones – Mid- / Late-Stage Pipeline
Molidustat HIF-PH Inhibitor Renal Anemia First Phase II data 1H 2016e tbd
Finerenone
Mineralocorticoid
Receptor Antagonist
Diabetic Nephropathy Phase IIb; completed Reported
Finerenone
Mineralocorticoid
Receptor Antagonist
wCHF Phase IIb; completed ESC Aug/Sept 2015e
Copanlisib PI3-Kinase Inhibitor Non-Hodgkin‘s Lymphoma Phase II completion 1H 2016e tbd
Vericiguat sGC Stimulator
wCHF; reduced ejection
fraction
Phase IIb; compl. mid 2015e AHA Nov 2015e
Vericiguat sGC Stimulator
wCHF; preserved ejection
fraction
Phase IIb; compl. 2H 2015e Congress 2016e
Damoctocog
alfa pegol
Long-acting FVIII Hemophilia A Data from Phase III reported Filing mid 2016e
Vilaprisan
Progesterone
Receptor Modulator
Uterine Fibroids
Phase IIb; completion 1H
2016e
Reported
ODM-201
Androgen Receptor
Antagonist
Non-Metastatic Castration-
Resistant Prostate Cancer
Phase III ongoing, completion
2018e
tbd
*Primary completion estimates - published at clinicaltrials.gov; status
May, 2015; **Current plan for presentation
Project Mechanism Target Indication Status/Completion* Milestone**

ODM-201 – Strengthening Bayer’s Prostate
Cancer Franchise
enzalutamide 19%*
ARN-509 29%*
ODM-201 +
main metabolite 3% **
 ODM-201 is an AR antagonist in
development in non-metastatic
CRPC
 M0 prostate cancer market:
no approved therapies
 Unique profile including
 Promising phase II results
 Low penetration into the brain
demonstrated in preclinical models
 No CYP inhibition or induction
expected with therapeutic doses
 In-licensed from Orion
 Phase III ongoing
*Refs. Clegg et al, Cancer Research 2012; Forster et al, Prostate 2011; ** Rat autoradiography (QWBA) confirms brain/plasma ratio of 14C-ODM-201
related radioactivity was 0.04-0.06, indicating negligible penetration to the brain; profile published at ECC2013 poster E17-2119
ODM-201 has a unique preclinical profile
Compound AR
affinity
Ki (nM)
Antagonism
WT AR
IC50 (nM)
Proliferation
VCaP
IC50 (nM)
enzalutamide 78 155 400
ARN-509 53 168 300
ODM-201 9 65 500
ORM-15341
(main metabolite)
8 25 600

MR-Inhibition is a Proven Principle in the
Treatment of Heart Diseases
MR(A): Mineralocorticoid receptor (antagonist)
HF: Heart failure
aldosterone / cortisol
Overactivated
MR
causing e.g.
 Na+ and water retention
 K+ loss
 Hypertensive effects
 Vascular
inflammation/injury
 Myocardial/renal fibrosis
 Proteinuria
MR antagonist
KidneyHeart
 MR has multiple functions:
 Regulation of salt, fluid homoestasis and
blood pressure
 Mediator of oxidative stress, subsequent
inflammation, fibrosis and cardiorenal
disease
 Steroidal MR antagonists spironolactone
and eplerenone have been shown to be
effective in reducing cardiovascular
mortality in patients with HF but are
underutilized due to the risk of
hyperkalaemia, renal dysfunction and
anti-androgenic / progestogenic side
effects
 Steroidal MRA are not approved for
kidney diseases eg. diabetic nephropathy

Finerenone –
Differentiated Profile Amongst MRA
MRA: Mineralocorticoid receptor antagonist
*based on published data as of Feb 2015; **Pitt B Eur J Heart Fail. 2012 Jun;14(6):668-75;
*** B. Pitt et al., Eur. Heart J. 2013; doi:10.1093/eurheartj/eht187; 1: vs. baseline;
Finerenone - Profile Summary*Finerenone - Data
At least as potent as Spironolactone
and as selective as Eplerenone (based
on in vitro data**)
● Lower incidence of hyperkalaemia vs. spironolactone
● Lower incidence of worsening of renal function
● Decreased BNP/NT-proBNP – a key parameter for
cardiac stress
At least similar efficacy and
improved safety vs. Spironolactone
(based on phase IIa (ARTS) data***)
Non-steroidal structure
(Eplerenone and Spironolactone are
steroids)
N
N
H
N
O
O
O
NH2
O
O
O
O
O
O
Spironolactone Eplerenone Finerenone
O
S
O
O
O
H
H H

Copanlisib – A Selective and Highly Potent
Pan Class I PI3K Inhibitor
Page 91
● Copanlisib is a potent pan PI3K
inhibitor with significant PI3Ka &
PI3Kd inhibitory activity
● Copanlisib may tackle both the
disease and resistance drivers:
● PI3Kd inhibition is recognized as a driver of
efficacy in NHL – quick onset of clinical response
● Upregulation of the PI3Ka isoform may lead to
tumor relapse via resistance mechanisms
● Dual inhibition of PI3Ka and PI3Kd may delay
resistance - leading to longer duration of response
● IV administration may provide a
differentiated safety profile vs.
oral administration-related side
effects including GI toxicity
d
a
Disease driver
Potential resistance
driver*
In aggressive lymphomas. Role of alpha in refractory / relapsed
lymphoma needs to be ascertained
A) Chem Biol (2013) 20:1364ff
Cellular IC50 values (nM)
PI3K: Phosphoinositol 3 kinase; NHL: (indolent) Non-Hodgkin’s Lymphoma
IC50: inhibitory concentration 50; GI: gastrointestinal; LFT liver function test
Isoenzyme
class

Copanlisib –
Comprehensive Clinical Program in NHL
Page 92
● Phase II in iNHL ongoing - preliminary results* encouraging:
● Significant activity shown
● Complete responses observed in several forms of NHL**
● Given positive phase IIa trial results, a successful development
program overall and regulatory approval, best-case scenario
could see first launch as early as 2017
● Phase III program in ≥ 3rd line iNHL and ≥ 2nd line iNHL initiated
● Clinical program also addresses aggressive NHL (DLBCL) –
phase II initiated
iNHL: indolent Non-Hodgkin’s lymphoma; DLBCL: diffuse large B cell lymphoma;
*Dreyling et al. ASH 2013; **in FL, mantle cell lymphoma, peripheral T-cell lymphoma
and DLBCL; *** providing positive results in the respective development programs
Copanlisib could potentially be positioned in both indolent NHL and
aggressive NHL***

NHL – Significant Potential for an Agent
Addressing the Unmet Need
Page 93
● Limited treatment options for dual
refractory iNHL patients –
refractory to Rituxan and an
alkylating agent
● Need for more effective options in
earlier lines of therapy
● Safer and more tolerable
therapies for long term utilization
● Need to address both disease
and resistance drivers to extend
overall survival
Unmet need in indolent NHL
2.37
5.72
2.2
3.4
0.96
1.48
0
2
4
6
8
10
12
2013 2020
Other NHL FL MZL
Global Market Size [$ billion]
Sources: Evaluate Pharma; Decision Resources
NHL: (indolent) Non-Hodgkin’s Lymphoma
FL: follicular lymphoma; MZL: marginal zone lymphoma

Copanlisib – Clinical Development Program
Broadly Addressing iNHL
Page 94
Patients with R/R iNHL
who progressed after
≥ 2 lines of treatment
N=120
NCT01660451
Copanlisib
IV; 60mg QW (3 weeks
on / 1 week off) until
disease progression
Primary outcome:
Tumor response
Selected inclusion criteria:
• Relapsed or refractory iNHL;
• at least 2 prior treatments
• Male or female; >18 years
• ECOG performance status ≤ 2
• Life expectancy of > 3 months
CHRONOS 1:
open-label, uncontrolled phase II
N=189
NCT02369016
Copanlisib
on / 1 week off) vs.
placebo
Primary outcome:
Progression-free
survival
• iNHL; with foll. histologies: FL,
MZL, SLL; LPL/WM; MZL
• at least 2 prior treatments incl.
rituximab and alkylating agents
• refractory to the last rituximab-
based treatment (no response
or response lasting < 6 months)
CHRONOS 2:
randomized, double-blind phase III - Copanlisib vs. placebo in Rituximab-refractory iNHL
(i)NHL: (indolent) Non-Hodgkin’s Lymphoma; FL: follicular lymphoma; MZL marginal zone lymphoma; SLL: small
lymphocytic lymphoma; LPL/WM: : lymphoplasmacytoid lymphoma/Waldenström macroglobulinemia
QW: administration three weeks on days 1, 8 and 15 of each 28-day cycle
N=567
NCT02367040
Copanlisib
on / 1 week off) +
Rituximab vs.
Rituximab + placebo
Primary outcome:
Progression-free
survival
• Confirmed CD20 pos iNHL;
• histologies: FL (grade 1.3a); SLL;
• LPL/WM; MZL relapsed after at
• least 1 prior treatments incl.
• rituximab and alkylating agents
• ECOG performance status ≤ 2
• Life expectancy of > 3 months
CHRONOS 3:
randomized, double-blind phase III - Copanlisib + Rituximab vs. Rituximab in 2L iNHL
Slide provides a selection of ongoing and currently planned studies only

Selective Progesterone Receptor Modulation
for Treatment of Uterine Fibroids
Page 95
● Uterine fibroids are the most common benign
tumors in women of reproductive age: 5-10%
of premenopausal population suffers from
symptomatic fibroids
● Symptoms may include heavy menstrual
bleeding and tumor size - related symptoms
● Current therapies include surgical procedures
or short-term use of GnRH analogs for
estrogen depletion
● Growth of fibroids strongly depends on
progesterone and estrogen
● Progesterone receptor modulation may offer
long-term treatment of uterine fibroids without
estrogen depletion side effects of GnRH
analogs
PR
Transcription
Activation
Endometrial
Modulation &
Fibroid Growth
sPRM
Transcription
Endometrial
Modulation &
Fibroid Growth
PR
GnRH: Gonadotropin-releasing hormone
sPRM: Selective progesterone receptor modulator

Vilaprisan –
Clinical Program Progressing
Page 96
● Vilaprisan is a novel oral, highly potent
and selective progesterone receptor
modulator
● Phase I data (N=67) showed proof of
concept including*:
● Reduction of bleeding: induced
amenorrhea (non-bleeding) in >60% of
women treated with dosages >1mg/day
● Reversal of amenorrhea after treatment
cessation
● No prohibitive safety findings
● Phase IIb (ASTEROID 1) in patients
with symptomatic uterine fibroids
ongoing – data expected 1H 2016
Vilaprisan Phase I data*
Dose effect curve for amenorrhea rate
0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5
0102030405060708090100
Point estimate (median)
90% Credible interval
Observed rate
Efficacy threshold
Dose (mg)
Amenorrhearate(%)
*Data presented by Rohde et al, SRI 2015

Renal Anemia is an Important Area of Unmet
Medical Need
 Diseased kidneys do not produce
sufficient levels of erythropoietin (EPO)
in response to hypoxia, leading to
anemia
 CKD/ESRD is the leading cause of
anemia in industrialized countries
 Substitution with parenteral EPO is
standard of care – however, un-
physiologically high EPO doses
correlate with significant side effects
 There is a need for novel therapies that
lack the side effects of high doses of
EPO-substitution
CKD: Chronic kidney disease
ESRD: End-stage renal disease
Anemia
Low oxygen
level (Hypoxia)
Normal kidney
function
Impaired kidney
function
EPO
Red blood cell
formation
EPO
Normal red blood
cell count
Insufficient
formation of
red blood cells

Molidustat – An Oral HIF-PH Inhibitor for
Treatment of Renal Anemia
Increased red blood
cell production
Inhibition of HIF-PH increases the
stability of HIF resulting in production of
endogeneous EPO - potential novel
therapeutic approach for the treatment
of renal anemia
Under normal oxygen conditions, HIF
gets hydroxylated by HIF-PH and then
degraded
Under hypoxia conditions, HIF is
activated and induces the synthesis of
erythropoietin (EPO) in the kidneys
which stimulates red blood cell
formation
Nucleus
HIFHIF
Low oxygen levels
HIF
Hydroxylation
HIF
Normal oxygen levels
HIF-PH
O2
hHIFhHIF
Degradation
Degraded HIF
HIFHIF
Inhibition of HIF-PH in renal
HIF-PH
O2
EPO ↑
Nucleus
EPO ↑
Nucleus
Increased red blood
cell production
HIF: Hypoxia-inducible factor
HIF-PH: HIF prolyl hydroxylase (enzyme)
hHIF: hydroxylated HIF

Molidustat –
Proof of Concept Demonstrated
EPO: Erythropoietin
HIF-PH: HIF prolyl hydroxylase
 Molidustat is a novel oral inhibitor of the
enzyme HIF-PH
 In development for the treatment of
anemia associated with chronic kidney
disease
 Phase I in healthy subjects showed:
 Significant increase of EPO levels after ≥
12.5 mg
 Significant increase of reticulocytes for
doses ≥ 37.5 mg
 No prohibitive safety findings
 First data from ongoing Phase IIb
program expected 1H 2016
Maximal EPO concentration after single dose
administration of Molidustat (Phase I)
0
10
20
30
40
50
Placebo 5 mg 12,5 mg 25 mg 37,5 mg 50 mg
EPO[U/L]
Dose

Robust Innovation Pipeline in Hemophilia
and Bleeding Disorders
Kogenate
BAY 81-8973
Damoctocog Alfa Pegol (long acting FVIII)
Phase I Phase II Phase III Filed MarketedPreclinical
FVIII substitution
Novel MoAGene Therapy
Oral Plasminogen-Inhibitor
Anti-TFPI Antibody
TFPI: Tissue factor pathway inhibitor
MoA: Mode of action

Expanding the Hemophilia Franchise – Long-
Acting Site-specific PEGylated Factor VIII
 Damoctocog alfa pegol (BAY 94-
9027) is a site-specific PEGylated B-
domain-deleted recombinant factor
VIII (BDD-rFVIII)
 Attachment of PEG extends half-life
without reducing FVIII activity
 Positive PROTECT VIII phase III
data
 Filing planned for mid 2016
Site-specific
PEGylation to
extend FVIII
half life
B-domain
deletion

ABR: Annualized bleeding rate
 PROTECT VIII is a pivotal study assessing safety and efficacy of the site-
directed PEGylated FVIII Damoctocog alfa pegol
 Part A: On-demand and prophylactic treatment (completed)
 Part B: Major surgery (completed)
6
Randomization
0 10 14 20 28weeks
2x/week 25 IU/kg (n  120)
2 or more breakthrough bleeds:
No or 1 breakthrough bleeds:
36                   
Screening
Screening
2  
On-demand therapy individual dosage n=20
2x/week 30 to 40 IU/kg n=24*
Every 5 days 45-60 IU/kg n=43
Every 7 days 60 IU/kg n=43
* 13 assigned due to bleeding; 11 default/randomization arms full
38
Damoctocog alfa pegol (BAY 94-9027) –
Design of the PROTECT VIII Phase III Study

 Met primary objective of protection from bleeds with fewer infusions
 10 week run in-period to identify patients at high risk of bleeding, who need 2x/week dosing (12%) -
for 88%, primary objective of protection from bleeds with fewer infusions met
 Extending infusion intervals up to 7 days resulted in protection from bleeds
 No inhibitors against FVIII developed during treatment period, hypersensitivity reaction in two patients
within the first 2 weeks of treatment
Study Arm
Patients (n)
remaining on
treatment
Patients with no
bleeding
Median ABR
Prophylaxis: infusion
2x/week
n.a. n.a.
17.4 (reduction to 4.1 after
dose increase)
every 5 days
43/43 44% 1.9
every 7 days
32/43
37%
(incl. non-completers)
3.9 *
(incl. non-completers)
On-demand treatment n.a. n.a. 23.0
*Median ABR for the 32 (74%) completers was 0.96
ABR: Annualized bleeding rate
Damoctocog alfa pegol Phase III Results -
Reduction of Infusion Frequency in Prophylaxis

 Inhibition of fibrinolysis by inhibiting
plasminogen is an accepted
principle to prevent bleeding
 Small molecule plasminogen
inhibitor currently in preclinical
testing for oral administration
 Potential target indications include
hemophilia, vWD, platelet function
disorders, FXI deficiency
 Initiation of phase I expected mid
2015
Characteristics Tranexamic
Acid
BAY
Frequency of dosing 3-4 times/day once a day
Estimated dose ~10 g <0.5 g
Potency (KD) 660 nM <10 nM
Clot stability 90% lysis* 2% lysis*
 Inhibition of fibrinolysis stabilizes clots
 Fragile clots of patients with bleeding
disorders remain in place until healing occurs
 Plasminogen-deficiency is not thrombogenic
BAY
PlasminPlasmino-
gen
Fibrin clot
tPA
endothelium
*4 hours after p.o. administration of 30mg/kg p.o. to rats
tPA: Tissue plasminogen activator
vWD: von Willebrand disease
Plasminogen-Inhibition for Treatment of
Rare Bleeding Disorders

 TFPI is a single-chain polypeptide
which can reversibly inhibit various
clotting factors leading to bleeding
 TFPI-inhibition may offer a potential
novel treatment principle for
Hemophilia A/B patients with or
without inhibitors
 Hemophilia patients depend on extrinsic
pathway for clotting. anti-TFPI Ab inhibits
TFPI - thereby restoring impaired
hemostasis
 BAY1093884 is a fully human moAB
 Phase I initiated
TFPI: Tissue factor pathway inhibitor
moAB: monoclonal antibody
anti-TFPI FactsRole of TFPI in Coagulation
TFPI-Inhibition as a Potential Novel
Treatment Principle for Hemophilia A/B

 Antisense oligonucleotide that
specifically reduces the biosynthesis
of clotting factor XI
 Potential for prevention of thrombosis
in patients for whom currently
available anticoagulants may not be
used
 Positive Phase II data, Phase II
ongoing
 In-licensed from Isis-Pharmaceuticals
 Bayer to assume global clinical
development as well as worldwide
regulatory and commercialization
responsibilities
1) Büller et al., N Engl J Med. (2015) 372; 232
ISIS-FXIRX an Antisense Drug Candidate for
the Prevention of Thrombosis
Prevention of thrombosis in patients
undergoing total knee arthroplasty1
0
5
10
15
20
25
30
35
ISIS FXI ISIS FXI Enoxaparin
Thrombosis (%) Bleeding (%)
Primary efficacy outcome: total venous thromboembolism
Principal safety outcome: major or clinically relevant non-
major bleeding
200 mg 300 mg 40 mg

Anti-FXIa Antibody Developed for
Anti-Coagulation Therapy
Page 107
 Inhibition of FXIa has potential for anti-
thrombotic therapy without increased
bleeding
 FXI deficiency is associated with a reduced
incidence of Ischemic Stroke and DVT
 BAY1213790 is a fully-human IgG1
antibody
 Preclinical studies showed
 Strong antithrombotic effect in standard
animal models of venous & arterial
thrombosis
 No bleeding in sensitive animal models
despite overdosing & combination with
antiplatelet therapy
 Phase I initiated
ASA ASA ASA ASA ASA ASA
BAY1213790
Thrombusweight[mg]
20
10
0
Bleedingtime[s]
ASA ASA ASA ASA ASA ASA
BAY1213790
200
400
Preclinical data (Rabbit Model)
Ctrl 0.1 0.3 1 3 10
Ctrl 0.1 0.3 1 3 10 mg/kg
mg/kg
ASA: Acetylsalicylic acid
DVT: Deep vein thrombosis

Attractive Early Pipeline Projects*
*Selection only
BAY 1067197 Non-nucleosidic partial A1 receptor
agonist
Worsening chronic heart failure Phase IIa
ISIS-FXIRx FXIa antisense Anti-coagulation therapy Phase II
BAY 1213790 FXIa antibody Anti-coagulation therapy Phase I
BAY 1142524 Chymase inhibitor Cardiovascular diseases Phase I
BAY 1093884 Anti-TFPI antibody Hemophilia Phase I
Plasminogen-
Inhibitor
Inhibition of fibrinolysis Various bleeding disorders incl.
hemophilia
Phase I start mid
2015e
Roniciclib Pan-CDK-inhibitor Small-cell lung cancer Phase II
Anetumab
ravtansine
Mesothelin antibody-drug-
conjugate
Solid tumors Phase II
BAY 1179470 FGFR2 antibody Solid tumors Phase I
BAY 2010112 PSMA-BiTE Prostate cancer Phase I
BAY 1128688 AKR1C3 inhibitor Endometriosis Phase I
Project Mechanism Target Indication Status

€ billion
Consumer Care - #2 Player in a
Fragmented, Growing OTC Market
Market Category Split 2014**Market Positions 2014*
*Pro-forma OTC sales 2014 after allowing for the Novartis/Glaxo deal and
Bayer/Merck transaction; ** Growth 2014 vs. 2013
CC: Consumer Care; CASF: Cold, Allergy, Sinus, Flu; GI: Gastrointestinal
5.5%
GSK/Novartis Bayer/Merck CC J&J Sanofi Pfizer
RB Boehringer P&G Taisho Takeda
€112.0bn
Other
13%
21%
15%
19%
13%
19%
Dermatology
(+7.1%)
CASF
(+2.6%)
Analgesics
(+5.9%)
Nutrition
(+4.5%)
GI
(+7.0%)
Others
€112.0bn
(+5%)
market data based on IMS/PARS FY 2014

 A global OTC leader with €5.6bn sales*
 Track record of market outperformance
 Broad geographic presence
 Excellent presence in key categories
 Leading consumer brands with decade-
long brand equity
 Dedicated management team with strong
track record of both performance and
smooth integration of acquired brands
Consumer Care – A Global Leader in the
OTC Market
*Pro-forma combined sales 2014 including Merck & Co.
Consumer Care and Dihon• Bayer Investor Presentation • Meet Management • June 2015

 Portfolio of some of the world’s most
recognized OTC brands
 Outperforming market growth in past
7 out of 8 years
 Successful expansion in EM focus
markets China, Brazil, and Russia
 Selected bolt-on acquisitions in key
countries: Steigerwald/Germany and
Dihon/China
 Acquisition of Merck & Co’s Consumer
Care business
3.4
3.5
3.9 3.9
4.2
2010 2011 2012 2013 2014
+5%
+7%
+6%
Consumer Care sales in € billion; Δ% Fx & portfolio adj.
Successfully Executing Growth Strategy
+5%

Strategic Focus on OTC Growth
Grow in Emerging Markets and the US - increase scale & scope
Maximize brand potential - focus on innovation & global expansion
Bolt-on acquisitions – strengthen portfolio & regional presence
Accelerate consumer-centric innovation – improved pipeline

 Focus on five key categories:
CASF, dermatology, analgesics,
gastrointestinal, nutritionals
 Focus on OTC blockbuster brands
with annual sales volume of >€100m
 Grow brands through line extensions
and geographic expansion
 Reflect deep customer insights in
innovative products
 Leverage Rx-to-OTC switch
capabilities
Building Long-Term Brand Equity
CASF: Cold, Allergy, Sinus, Flu
Maximize brand potential -
focus on innovation & global
expansion

Strong Consumer Brands Build Equity
For Decades
Brands Years Old 2014 Sales €m yoy change (Fx-adj.)
115 9271 +5%
27 495 -
21 350 +10%
70 346 +18%
42 253 +3%
83 2262 +6%
62 198 -
109 187 -
71 167 -5%
56 154 +8%
Top 10 Brands Ø 66 3,303
Former Merck &Co Inc brands 2014 sales are pro-forma; Claritin (excl. Rx)
1Total Aspirin includes Aspirin Complex and Aspirin Cardio
(Rx);2Total Alka-Seltzer includes Alka-Seltzer and Alka-Seltzer Plus

Leading Category Positions with Well-
Known Brands
1 incl. Cardio; 2 incl. Suncare; 3 incl. foot health, women’s health, other
*After allowing for the Novartis/Glaxo deal
Global position*

 Continue innovations to keep brands
relevant to consumers
 Provide new benefit areas to
consumers, e.g., Aleve PM,
TruBiotics
 Develop Rx to OTC switch pipeline
 Further develop & expand natural /
herbal portfolio (Steigerwald, Dihon)
Need for Robust Innovation Pipeline
Accelerate Consumer-centric
innovation – develop improved
new product pipeline

• Bayer Investor Presentation • Meet Management • March 2015Page 118
New Aspirin – One of The Biggest
Advances in Brand’s 115-Year History
* Two post-surgical dental pain efficacy studies were conducted to evaluate Bayer New Aspirin 500 mg and 325 mg tablets; both demonstrated
faster onset of pain relief compared to the previous Bayer Aspirin tablet. The results demonstrated that Bayer New Aspirin provides meaningful
pain relief twice as fast as previous Bayer Aspirin tablets.
 Patent-pending micro-active technology
 Clinically proven to relieve pain twice as
fast as before*
Innovative product characteristics
Launch strategy
 Re-introducing Aspirin as modern and
efficacious pain reliever
 Launched in Germany and Italy in 2014**
 Plans to expand into 25+ countries in Europe
and Latin America through 2016
Consumer benefit
 Effective pain management - speed of relief
and product strength being critical
 No major changes in overall tolerability
** Italy: June 2014, Germany: mid-July 2014

Innovative product characteristics
● First OTC PM product to contain Naproxen
Sodium and Diphenhydramine HCI combination
Consumer benefit
● Consumers are yearning for a pain relieving
sleep product that provides pain relief that can
last until the morning
● Provides a sleep aid with 12-hour relief of Aleve
so you can have a restful night’s sleep with less
pain that can lead to a better morning
Launch status
● Launched in USA September 2014
Aleve PM – Addressing Consumer Needs
Through Innovation

 Establish strategic partnerships with
retailers through scale & scope
 Transfer brand success from
developed to emerging markets
 Focus on key emerging countries
Brazil, Russia and China
 Create marketing excellence
through global best-practice sharing
Building Success Stories in Emerging
Markets and the US
Grow in Emerging Markets and
the US - increase scale & scope

Enhanced Scale and Broader Category
Scope Improve Product Offerings
Example: US CASF category Benefits from Enhanced Scale
 Co-promoting complementary
brands
 New item assortment and shelving
opportunities
 Improved merchandising
efficiencies
 Bigger and more impactful trade
events
 Foster strategic partnerships with
retailers
FY 2014 retail sales in CASF in $ million*
*Source: IRI; Latest 52WK; December 2014
CASF: Cold, allergy, sinus, flu
Make Consumer Care a Top Strategic Partner for US Retailers
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000

Exploiting Brand Potential Globally
Brand Sales by Major Region 2014 Expansion Plans
Analgesic
~80% in North America
~95% in North America
Wound-healing
70% in Europe
Anti-fungal
70% in Europe & LatAm
Vitamins & minerals
~60% in Europe
~80%* in North America
CASF
Sun Care
*Claritin (excl. Rx)

Country OTC Market Sales 2014* Execution Plans
China
 Global #2
 Bayer Consumer
Care #1
+28%
Extend geographic footprint by launching
global brands in China (e.g. build sun care
category with Coppertone and extend Claritin
Leadership)
Brazil
 Global #6
 Bayer Consumer
Care #8
+26%
Focus on brand building and channel
capabilities to gain share in key new
categories (Suncare, Allergy, Footcare)
Russia
 Global #7
 Bayer Consumer
Care #2
+26%
Focus on CASF brands using current position
to roll-out extended offerings
Continue Successful Emerging Market
Strategy with New Portfolio
*Bayer Consumer Care sales, Fx-adj. growth
Market data based on IMS/PARS FY 2014

 Enhanced regional positioning
in the Americas and China
 Strengthened category positioning
in dermatology, GI, CASF
 Closed gaps in allergy indication
 Entered herbal medicines
 Improving growth / profitability profile
 Focus on realization of significant
synergy potential
Pursuing External Opportunities Strengthen
Portfolio and Regional Presence
Bolt-on acquisitions –
strengthen portfolio & regional
presence
CASF: Cold, Allergy, Sinus, Flu; GI: Gastrointestinal

Strengthening Portfolio Through Highly
Complementary Business Acquisitions
Dihon Pharmaceutical
Group: Chinese OTC brands
Merck& Co.ConsumerCare:
American OTC/CC brands
 Creating leading position
amongst multinationals in
OTC China
 Access to lower-tier cities
 Entry into Traditional
Chinese Medicine
 Creating global OTC #2
 Scaling-up US business
to #1
 Gaining global leadership
in dermatology and GI
 Entry into new categories:
Allergy, Suncare, Footcare
 Established pharmacy-
only herbal products
 Competence in
increasingly important
phytopharmaceuticals
Steigerwald:
Herbal medicines
Note: Steigerwald closed in 06/2013, Dihon closed in 11/2014
Merck & Co. Consumer Care closed in 10/2014

Well-Positioned for Future Growth –
Aspire to OTC Leadership
 Strong #2 position
 Leader in key categories
 Multiple strong brands
 Success in long-term
brand building
 Track record of out-
performing market
 Successful M&A
 Globalize established brands
 Launch innovation pipeline
 Execute EM focus strategies
 Successfully realize synergy
potential from acquisitions
 Target strategic acquisitions
and alliances
Plans for
continued growth
Achievements

Animal Health –
A Strong Player in an Attractive Market
Sales in € million; Δ% Fx & portfolio adj.
 Overall global #5 and global #2 in
parasiticides
 Ranked #3 in CAP (~60% of sales)
 Sector driven by:
 Emotional relationships to pets
 Infectious and chronic diseases
 Ranked #7 in FAP (~40% of sales)
 Sector driven by:
 Increasing customer/consumer
awareness
 Food safety & disease transmission
 Globalization in farm exports
Highlights
977
1,120
1,186
1,303 1,306 1,318
2009 2010 2011 2012 2013 2014
+4%
CAP: Companion animal products
FAP: Food animal products

Animal Health –
Global Trends Drive Growth Opportunities
 Pet well-being – “family” members
 Convenience & Quality of Life
 Resistance breaking parasiticides
 Emerging resistance to antibiotics -
alternatives to antibiotics
 Robust prevention and control of infectious
diseases
 Improved productivity & cost-benefit ratio
 Safe and sustainable food
Trends driving needs…

Selected R&D Activities
New
formulations
Antimicrobials Pharmaceutical
SpecialtiesParasiticides
Focus to improve:
 Convenience
 Efficacy
 Safety
 Antibiotics
(Quinolones)
 Dairy Health
 Respiratory
Diseases
 Allergy &
Inflammation
 Chronic Kidney
Disease
 Ecto-
parasiticides
 Endo-
parasiticides
 Endecto-
parasiticides
R&D Investment approx. 10% of sales
Immuno-
stimulation
 Metaphylaxis
 Respiratory
Diseases
 others

Antiinfective Health Management –
Current Limitations and Potential Solution
Limitations at present… … potential future solution
Prevention
(vaccines)
Treatment
(antibiotics)
Metaphylaxis
(antibiotics play in the category)
● Treatment: political / public pressure on
antibiotic use (resistance)
● Prevention: weeks delay in onset of
immunity, protection limited to selected
antigens
Prevention
(vaccines)
Treatment
(antibiotics)
Metaphylaxis
(immunostimulation)
● Not antigen-specific („one-for many“)
● Potential use in prophylaxis AND treatment
● Fast onset of activity

Innovative Immunostimulants – Potential Non-
Antibiotic Solution to Combat Infections
● jump-starts the
innate immune
system & helps to
eliminate infection
● Broader effect than
antibiotics and no
resistance building
● Faster & broader
effect than vaccines
● Ideal herd treatment to
reduce disease &
antibiotic usage
● Field trials ongoing
● Pending positive data, launches in 2015e
From Lab… … to Market

Sustained Life Cycle Management Building
On Excellent Brands
Our Animal Health business demonstrated strength in LCM over the past decades with a
number of top selling Brands in Industry
Advantix: + permethrin
Spectrum: + tick/mosquito
Advocate: + moxidectin
Spectrum: + worms
Advantage: imidacloprid
Spectrum: fleas/lice
Seresto: Imidacloprid/flum. collar
Spectrum: fleas/ticks 8 months duration
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
600
500
400
300
200
100
0
Advantage
Advantix
Advocate
Seresto
LCM: Life Cycle Management

Advocate – Achieving Double-Digit Growth
Ten Years After Launch
● Advocate brand is a member of the
Advantage family of parasiticides
● Long-term growth due to continuous post
marketing studies supporting new claims
● Strong performance in EU, especially in
UK due to first in category lungworm claim
Highlights
2013
136
149
+10%
2014
Advocate Sales

Seresto – On Track to Become a Leading
Product in Animal Health
● Seresto showed strong over-
performance in all regions since
launch
● Life-cycle management includes new
claims on vector borne diseases
● Target at least €100m sales mid-term2014
52
+71%
2013
31
2012
9
US
Ex-America
HighlightsSeresto Sales

Medical Care – A Global Player in Diabetes
Care and Radiology
RadiologyDiabetes Care
Sales 2014
Medical Care €2,360m; -7% (-4%)
38% 62%
Diabetes Care:
 Comprises self testing blood
glucose monitoring devices
- to be divested
Radiology
 Combines our Contrast
Media, Injector and
Informatics businesses

Radiology – Leading Positions in Contrast
Media and Application Devices
1,363
1,474 1,498
1,606
1,519
1,459
2009 2010 2011 2012 2013 2014
Sales in € million; Δ% Fx & portfolio adj.
0%
 Integrated subsidiary Medrad Inc. and
our contrast media business
 The business comprises:
 Contrast media: CT and MRI
 Contrast media injectors: Medrad
brand
 Informatics
 Services
 Synergies through focus on similar
centers / physicians
Highlights

CropScience

We Expect the Ag-Input Market to Grow
to Around €100bn by 2020
CHANGING
CONSUMPTION PATTERNS
POPULATION
GROWTH
COMMODITY PRICE
VOLATILITY
WEATHER
FLUCTUATIONS HECTARES OF
FARMLAND
PER CAPITA
INSUFFICIENT
STORAGE
HUNGER
DECLINE IN FARMER
POPULATION
HIGHER ENVIRON-
MENTAL STANDARDS
Core challenges in the future  Increase in global crop
production is required to meet
future demand for food, feed,
fuel and fiber
 To cope with challenges such
as climate change and limited
global farmland, higher yields
per hectare are key
 Professionalization in emerging
markets ongoing
 Innovation in Agriculture is vital
to safeguard harvests and
secure future food supply
Ag input market includes Crop Protection, Seeds & Traits
Source: Bayer CropScience forecast, February 2015

Fulfilling Customer Needs with Differentiated
and Sustainable Crop Solutions
Differentiated and Sustainable Crop Solutions
Chemical
Crop
Protection
Biological
Crop
Protection
Seeds
 Herbicides
 Fungicides
 Insecticides
 SeedGrowth
 Microbial
fungicides,
insecticides and
nematicides
 Canola, cotton,
rice, soy, wheat,
vegetables
 Conventional
seeds
 GMO seeds
 Traits
 Weed, pest &
disease control
 Stress
tolerance
 Resistance
management
Customer Needs:
 Yield
 Quality
 Convenience
 Tradeability
 Processability
 Sustainability
GMO: Genetically modified organism
 Services

24%
22%
14%
14%
8%
7%
5%
4% 3%
Fruits & Vegetables
CerealsOilseed
Soy
Corn
Cotton
Rice
Sugar Crops
CropScience Sales 2014*
Other
Fruits, Vegetables and Cereals –
A Major Part of Our Portfolio
*by major crop groups excluding industrial business and non-agricultural solutions

Customer-Centric Strategy Pays Off
Enhance Crop
Protection & ES
Strengthen
Customer Centricity
Lead the Way
in Innovation
Expand
Seeds Business
 Adding new and
improved products
 Concentrating on
core brands
 Offering integrated
solutions
 Expanding production
capacities
 Driving commercial
excellence in
marketing and sales
 Connecting partners
along the value chain
through integrated
Go-to-Market
practices
 Build on expertise in
seeds, breeding,
chemical and
biological crop
protection to develop
holistic solutions
 Explore new areas of
innovation, such as
digitization in
agriculture
 Further strengthening
position in rice,
vegetables, oilseed
rape and cotton
 Extend portfolio by
building up significant
positions in soybeans
and wheat
ES = Environmental Science

FY 2014 – Record Sales and Earnings
Crop Protection
+7% (+11%)
Environmental
Science
+4% (+7%)
Seeds
+13% (+20%)
CropScience €9,494m; +8% (+11%)
Price
+2%
Volume
+9%
Fx
-4%
Portfolio
0%
7,712
FY‘13 FY‘14 FY‘13 FY‘14
2,248
2,360 +5%
1,801 1,838 +2%
Adj.
EBITDA
Adj.
EBIT
678
1,104
25.5% 24.9%
Sales
€ million; before special items
Earnings

25%
CropScience €9,494m; +8% (+11%)
Latin
America
Eastern
Europe
Africa &
Middle East
Emerging
Asia³
~920
+6%
2,510
+21%
~660
+17%
~320
+18%
FY 2014 – Strong Contribution to Growth
from Emerging Economies, esp. LatAm
18%
USA
+10%
24%
46%
12%
Emerging
Economies¹
+17%
Western
Europe +4%
Others²
+9%
CropScience Sales
Emerging Economies
¹ Emerging economies include: Latin America, Asia w/o Japan, Australia,
New Zealand, Africa and Middle East incl. Turkey, Eastern Europe
² Others = Japan, Australia, New Zealand, Canada
³ Emerging Asia = Asia w/o Japan, Australia, New Zealand

FY 2014 – Growth Above Market
*Sources: Cropnosis (Crop Protection) and GFK (Seeds)
CP excl. biologics; growth rates based on USD nominal
data; Seeds: incl. GM seeds & traits/biotechnology,
growth rates based on USD data; ES: internal estimates
2014 Sales
(€ million)
Growth
(Δ%yoy fx&portfolio adj.)
Market
Growth*
Growth
above market
Crop Protection 7,712 +11% +5% 
Seeds 1,104 +20% +6% 
Environmental
Science
678 +7% +3% 
2014 Market position
Crop Protection #2
Seeds #7
Environmental
Science
#1

Q1 2015 - Steady in Weak Market
Environment
Sales
€ million; before special items
Earnings
Crop Protection
+3% (-1%)
Environmental Science
+22% (+4%)
Seeds
+19% (+8%)
CropScience €3,092m; +7% (+1%)
Price
+3%
Volume
-2%
Fx
+5%
Portfolio
+1%
2,292
Q1‘14 Q1‘15 Q1‘14 Q1‘15
1,089
1,040 -5%
988
921 -7%
203
597
Adj.
EBITDA
Adj.
EBIT

Herbicides
Fungicides
Seeds
Decline mainly driven by North America
Double-digit growth in Europe
High demand for cereal prod. in Europe
Fox maintained its leadership in Brazil
Decline mainly driven by lower pest
pressure in Brazil
Lower sales in North America due to
reduced corn acreage
Sales increase in all core crops, esp.
oilseed rape / canola and soybeans
Underlying growth in both segments
Acquisition of DuPont Land Management
906
- 8%
830
+22%
335
-13%
221
-17%
203
+4%
597
+8%
Insecticides
Sales in € million; Δ% yoy Fx & portfolio adj.
Q1 2014 Nominal yoy growth/decline Q1 2015
Seed
Growth
Env.
Science
Q1 2015 – Slight Decline in Crop Protection
Compensated by Growth in Seeds and ES
ES = Environmental Science

 We expect to grow faster than the market
 We aim to raise sales to approx. €11 billion
 This corresponds to a low- to mid-single-digit percentage increase on a
currency- and portfolio-adjusted basis
 We anticipate positive currency effects of about 11% compared with 2014
 We plan to improve EBITDA before special items by a low- to mid-teens
percentage
Assuming spot Fx rates as of March 31, 2015 for rest of the year
Full Year 2015 Guidance (Q1 update)

861
974
1,080
2013 2014 2015e
Key Investments to Fuel Future Growth of
CropScience Independent of Cycle
 Assure pipeline delivery
 Enhance Biologicals portfolio
 Build enabling technology platforms
 Expansion of production capacity for
herbicide glufosinate-ammonium
 Integrated R&D site for vegetable
seeds and biological crop protection
 Build soybean and wheat business
 2013 – 2016e CapEx:  €2.4bn
Key Investment Areas
453
634
720
2013 2014 2015e
€ million
R&D expenses
€ million; PPE only
CapEx
*
2015e
2015e
~700
~1.1bn
*R&D expenses 2013 restated

€1.9bn
2014 Target of > €1.8bn Sales From New
Crop Protection Products Achieved
0.4
0.7
1.1
1.5
1.9
~2.8
2010 2011 2012 2013 2014 2017e
Insecticides
New products generated nearly 70% of
absolute sales growth at Crop Protection
Herbicides
SeedGrowthFungicides
By segment
€ billion; new CP products launched since 2006
New product sales
+44% CAGR

Poncho
VOTiVO
Includes a biological
providing protection
against nematodes
> €250m2011
Adengo > €350m2009
Cross-spectrum weed
control in corn at low
use rate
Four Crop Protection Innovations Launched
with High Potential
Product Key Customer Benefit Peak Sales Potential
Luna
Fungicide prolongs
shelf-life of misc. fruits
& veg. by several days
> €250m2012
Xpro
Cereal fungicide can
raise yields by >10%* > €300m2011
Launch
*Individual trials in high-yielding locations, depending
on crop, variety and disease pressure

R&D Priorities at CropScience to Deliver
Differentiated and Sustainable Crop Solutions
 Innovate first and best in class products
 Life-Cycle Management to fully exploit portfolio value
 Strategies to defend existing products
Deliver
Integrate
 Multiple technologies toolbox
 Global and integrated R&D organization
 State-of-the-art enabling platforms
 World class external collaboration network to strengthen
scientific expertise
 Bayer-internal R&D synergies
Open
Innovation

Superior R&D Position with Integrated
Approach and Enabling Technologies
Accelerated
discovery of target genes
Trait Research
Improved selection &
classification of lines
Breeding
Improved
quality of candidate
selection & lead discovery
Chemicals
Accelerated
discovery of leads
Biologicals
Biologicals Customer
Need
Breeding
Trait
Research
Synthetic
Chemistry

Using our Multiple Technologies Toolbox to
Address the Soybean Nematode Problem
 Approx. 12% world crop production is lost due to nematode damages,
accounting for a value of US$100 billion per year*
 Soybean cyst nematodes (SCN) are now found throughout the soybean
growing areas in both the USA and Brazil, impacting vigor and yield
 High need for new modes-of-action and new approaches
Bayer CropScience
Chemicals Biologicals Traits Breeding
SCN trait
Germplasm
improvements
• Nematicide
• Chemical: fluopyram
• Launched 2015 in
soybeans (ILeVO)
• Seed treatment
• Biological: Bacillus firmus
• Chemical: clothianidin
• Launched 2011
• Technical Proof-of-
Concept demonstrated
• Effective against all
major varieties of SCN
• In development
• Collaboration with
Natural Source
Genetics
• In development
*All host crops combined

Meet Management 2015 in New York Investor Handout

Meet Management 2015 in New York Investor Handout

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