Bayer AG (ETR:BAYN, OTC:BAYZF) will find it tough to hit last year's targets and faces multiple adverse factors in 2024, said Stifel as it downgraded the German pharma giant and cut its share price target.  The US bank removed its 'buy' rating with a switch to a 'hold' stance with a reduced price target of €42 from €68. Analysts think Bayer "will find it tough" to reach the lower end of the 2023 earnings guidance of €11.3 billion excluding current effects.  According to new Bayer chief executive Bill Anders ...

Bayer AG (BAYRY) announced that the late-stage studies on the investigational compound elinzanetant were successful.Elinzanetant is the first dual neurokinin-1,3 receptor antagonist in late-stage clinical development for the non-hormonal treatment of moderate to severe vasomotor symptoms (“VMS”), also known as hot flashes associated with menopause, administered orally once daily.The phase III studies, OASIS 1 and 2 are double-blind, randomized, placebo-controlled multicenter studies investigating the effica ...

About this content About Andrew Kessel Andrew is a financial journalist with experience covering public companies in a wide breadth of industries, including tech, medicine, cryptocurrency, mining and retail. In addition to Proactive, he has been published in a Financial Times-owned newsletter covering broker-dealer firms and in the Columbia Misourian newspaper as the lead reporter focused on higher education. He got his start with an internship at Rolling Stone magazine.  Read more About the publisher Pr ...

| --- | --- | --- | --- | |-----------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | Q3 2023 | | | | | Investor Webinar //////////////// | | | | | November 8th, 2023 | | | | Cautionary Statements Regarding Forward-Looking Information This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between ...

Bayer Aktiengesellschaft (OTCPK:BAYZF) Q3 2023 Earnings Conference Call November 8, 2023 8:00 AM ET Company Participants Jost Reinhard - Senior Vice President & Head-Investor Relations Bill Anderson - Chief Executive Officer Wolfgang Nickl - Chief Financial Officer Rodrigo Santos - President, Crop Science Division Stefan Oelrich - President, Pharmaceuticals Division Heiko Schipper - President, Consumer Health Division Conference Call Participants Peter Verdult - Citi Sachin Jain - Bank of America Vincent An ...

Bayer Aktiengesellschaft (OTCPK:BAYZF) Q2 2023 Earnings Call Transcript August 8, 2023 8:00 AM ET Company Participants Oliver Maier - Head of IR Bill Anderson - CEO Wolfgang Nickl - CFO Rodrigo Santos - President, Crop Science Division Stefan Oelrich - President, Pharmaceuticals Division Heiko Schipper - President, Consumer Health Division Conference Call Participants Michael Leuchten - UBS Richard Vosser - JPMorgan James Quigley - Morgan Stanley Peter Verdult - Citigroup Sachin Jain - Bank of America Vince ...

| --- | --- | --- | --- | |--------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | Q2 2023 | | | | | Investor Call //////////////// | | | | | August 8th, 2023 | | | | Cautionary Statements Regarding Forward-Looking Information This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the act ...

| --- | --- | --- | --- | |----------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | Investor Conference Call Q1 2023 //////////////// | | | | | May 11th, 2023 | | | | Cautionary Statements Regarding Forward-Looking Information | --- | --- | --- | |-------|--------------------------------|-------| | | | | | | | | | | | | | | | | | | The company assumes no | | | | | | | | | | | | liability whatsoever to update | | | | | | | | | | | | these forward-looking | ...

Bayer AG (OTCPK:BAYZF) Q1 2023 Earnings Conference Call May 11, 2023 8:00 AM ET Company Participants Oliver Maier - Head of Investor Relations Werner Baumann - Chief Executive Officer Stefan Oelrich - Head, Pharmaceuticals Division Rodrigo Santos - Head, Crop Science Division Conference Call Participants Michael Leuchten - UBS Richard Vosser - JPMorgan James Quigley - Morgan Stanley Christian Faitz - Kepler Cheuvreux Kirsty Ross-Stewart - Citi Joe Bowden - Bank of America Jo Walton - Credit Suisse Andreas H ...

Financial Data and Key Metrics Changes - In 2022, Bayer achieved sales of €51 billion, a 9% increase on a currency and portfolio adjusted basis compared to the previous year [8] - EBITDA before special items rose by 21% year-on-year to €13.5 billion, with a core earnings per share of €7.94, exceeding expectations [11][72] - The proposed dividend increased by 20% to €2.40 per share [11] Business Line Data and Key Metrics Changes - Crop Science sales surpassed €25 billion, with a 15.6% cpa sales growth driven primarily by pricing [21] - Pharmaceuticals saw a slight increase in sales, with Eylea growing 9% and new products Nubeqa and Kerendia achieving combined sales of over €0.5 billion [10][36] - Consumer Health grew by 8.4% to over €6 billion, significantly exceeding guidance [56] Market Data and Key Metrics Changes - The Crop Science division's growth was largely attributed to higher glyphosate pricing, which accounted for approximately €2 billion of the sales increase [21] - The company anticipates a decline in glyphosate sales by 15% to 20% in 2023, impacting overall sales growth [31] - The Pharmaceuticals division faced challenges in China due to volume-based procurement regulations, significantly affecting sales of Xarelto [41][51] Company Strategy and Development Direction - Bayer's vision of "Health for All, Hunger for None" remains central to its strategy, particularly in addressing global food security and healthcare challenges [7] - The company plans to focus on innovation, with a peak sales potential for new pharmaceutical products raised to over €12 billion [13] - Bayer is optimizing its portfolio by divesting non-core assets and investing in strategic partnerships, such as with Ginkgo Bioworks [17][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented macro volatility and geopolitical challenges faced in 2022, including the impact of the Ukraine war and COVID-19 [6] - For 2023, Bayer expects a more challenging environment with normalized glyphosate prices and continued inflationary pressures [18][19] - The company anticipates EBITDA before special items and core EPS to remain ahead of midterm planning but not reach 2022 record levels [19] Other Important Information - Bayer's free cash flow more than doubled to €3.1 billion, driven by lower settlement payments compared to the prior year [74] - The company is focused on effective cash management, projecting around €3 billion in free cash flow for 2023 despite higher net settlement payouts [79] Q&A Session Summary Question: Clarification on energy cost hedging and inventory impact on P&L - Management clarified that energy costs are a small part of COGS and that inventory increases were strategic to mitigate potential supply issues [89] Question: Reasons for revenue decline in Q4 and outlook for 2023 - The decline in Q4 was attributed to the start of Adalat VBP and soft demand in China due to COVID-19 impacts [91] Question: Pharma margin recovery path and PCB litigation process - Management indicated that margin improvement will be driven by a stronger US market and cost management, while updates on PCB litigation included ongoing settlements and appeals [95][97] Question: Glyphosate pricing assumptions and hemophilia franchise outlook - Bayer expects a €900 million decline in glyphosate sales, while the hemophilia business remains resilient despite increased competition [104][106]