CORPORATE OVERVIEW Bayer AG March 2026 Cautionary Statements Regarding Forward-Looking Information This presentation may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. 2 /// Bayer AG /// Corporate Overview /// March 2026 Global Leader in Health & Nutrition: Uniquely Positioned to Meet Basic Needs of Humankind Crop Science Pharmaceuticals Various known and unknown risks, uncertainties and other factors could lead to material differences between the act ...

Core Insights - The article highlights the potential of FXI-targeted drugs to provide safer anticoagulation options without significantly increasing bleeding risks, with multiple drugs expected to enter critical data readout phases starting in 2026 [1][2] Market Overview - The global market for anticoagulant drugs reached $52.9 billion in 2023 and is projected to exceed $110 billion by 2033, driven by the aging population and rising cardiovascular disease prevalence [1] - The demand for anticoagulant drugs is steadily increasing, particularly in China, which lays a solid foundation for the development and commercialization of new anticoagulant drugs [1] Drug Development Trends - Traditional anticoagulants face challenges in balancing efficacy and bleeding risks, leading to the emergence of new oral anticoagulants (NOACs) that have improved upon the limitations of warfarin [1] - Major NOACs like Bayer's Xarelto (rivaroxaban) and BMS/Pfizer's Eliquis (apixaban) have achieved sales exceeding $1 billion, but still cannot avoid bleeding complications [1] - The expiration of core patents for these drugs will allow generics to enter the market, prompting a necessary shift towards the development and iteration of next-generation anticoagulants [1] FXI as a Target - FXI is identified as a key factor in pathological thrombosis, with studies showing that individuals with hereditary FXI deficiency have a significantly lower incidence of thrombotic events without a notable increase in spontaneous bleeding risk [2] - FXI inhibitors are being developed through various technological routes, including small molecules, monoclonal antibodies, and siRNA, targeting multiple indications such as atrial fibrillation, stroke prevention, and venous thromboembolism [2] Clinical Trials and Progress - Bayer's Asundexian has shown mixed results in pivotal Phase III trials, while BMS/Johnson & Johnson's Milvexian has faced challenges in its clinical trials [2] - Novartis's Abelacimab has received FDA fast track designation for two indications and is advancing in Phase III trials, while Regeneron's dual pipeline of FXI monoclonal antibodies is also in Phase III [2] - siRNA drugs are being explored for longer-lasting and safer treatment options, with companies like Ribopharma and Jingyin Pharmaceuticals making progress in Phase II studies [2]

Group 1 - The demand for antithrombotic drugs is expanding due to the aging population and rising prevalence of cardiovascular diseases, with the global market size reaching $52.9 billion in 2023 and expected to exceed $110 billion by 2033 [2] - Anticoagulants are the core category within this market, showing steady growth, particularly in China, which provides a broad market foundation for the development and commercialization of new anticoagulants [2] - The upgrade window for anticoagulants has arrived, with the next generation of drugs poised for development as traditional anticoagulants struggle to balance efficacy and bleeding risks [2] Group 2 - FXI is identified as a key target for the next generation of anticoagulants due to its unique advantages of "precise anticoagulation and low bleeding risk," with multiple FXI/FXIa inhibitors currently in registration clinical stages globally [3] - Bayer's Asundexian and BMS/Johnson & Johnson's Milvexian are among the small molecule FXIa inhibitors undergoing clinical trials, with varying degrees of success in different indications [4] - In the realm of monoclonal antibodies, Novartis' Abelacimab has received FDA fast track designation for stroke prevention in atrial fibrillation and cancer-related thrombosis, while Regeneron is advancing two FXI monoclonal antibodies into Phase III trials [4] Group 3 - Recommended companies include Heng Rui Medicine (01276), with related companies being Reblozyl Bio-B (06938) and Jingyin Pharmaceutical [5]

Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The demand for antithrombotic drugs is expanding, driven by the increasing prevalence of thrombotic diseases, particularly due to aging populations and rising cardiovascular disease rates. The global market for antithrombotic drugs reached $52.9 billion in 2023 and is expected to exceed $110 billion by 2033, with a compound annual growth rate (CAGR) of 7.7% from 2023 to 2033 [10][19] - The next generation of anticoagulants is on the horizon, with a focus on drugs targeting Factor XI (FXI) to provide effective anticoagulation with lower bleeding risks. Multiple FXI inhibitors are currently in clinical development, indicating a significant shift in the anticoagulation landscape [3][25] - The report highlights the competitive landscape for FXI inhibitors, which include small molecules, monoclonal antibodies, and siRNA therapies, all aiming to balance efficacy and safety in anticoagulation treatment [30][36] Summary by Sections 1. Expansion of Antithrombotic Drug Market - Thrombotic diseases are a leading cause of death globally, with an estimated 26.7 million cases in 2024, projected to rise to 29.1 million by 2034. Risk factors include aging, obesity, and metabolic disorders [9][10] - The global antithrombotic drug market is projected to grow from $52.9 billion in 2023 to $110.6 billion by 2033, with a CAGR of 7.7% [10][19] 2. Upgrade Window for Anticoagulants - The anticoagulant market is expected to grow from $28 billion in 2020 to $33 billion in 2024, with a CAGR of 4.2%. The Chinese market is also rapidly developing, projected to reach $9 billion by 2024 [15][19] 3. FXI Opens a New Era in Anticoagulation - FXI inhibitors are seen as ideal targets for new anticoagulants due to their ability to reduce thrombotic events without significantly increasing bleeding risks. Current research shows that individuals with low FXI activity have a significantly reduced risk of thrombotic events [25][27] - Multiple FXI inhibitors are in advanced clinical stages, including small molecules like Asundexian and monoclonal antibodies like Abelacimab, indicating a robust pipeline for future anticoagulant therapies [30][32]

Group 1 - Bayer's oral anticoagulant Asundexian achieved a 26% reduction in the risk of recurrent non-cardioembolic ischemic stroke in the OCEANIC-STROKE Phase 3 trial, without increasing the risk of major bleeding. The company plans to submit a New Drug Application to the FDA by the end of 2026, positioning Asundexian as a potential blockbuster product [1] - The U.S. EPA approved the federal registration of the low-volatility herbicide Stryax, which Bayer plans to launch in the 2026 planting season to address herbicide-resistant weed issues, subject to strict application restrictions [1] - Bayer's crop science division is responding to China's 2026 Central No. 1 Document by promoting high-yield corn varieties through local R&D, contributing to the development of new agricultural productivity [1] Group 2 - Bayer aims to save €2 billion annually starting in 2026 through its DSO operational model and plans to divest non-core assets, such as the moxifloxacin business, to focus on its innovative drug pipeline [1] - Bayer's original drugs, including acarbose, won bids in the national drug procurement process, covering treatment areas such as diabetes [1] - Bayer's stock price showed slight fluctuations, closing at $13.50 on February 12, with a year-to-date increase of 24.77%, indicating a generally positive long-term sentiment [2] Group 3 - Key drivers for Bayer in 2026 include the approval progress of innovative drugs like Asundexian, cost-saving initiatives, and improved profitability in crop science, although challenges such as patent cliffs and litigation risks may hinder growth [3] - Institutions like WuXi AppTec highlighted the positive Phase 3 data for Asundexian, suggesting it could transform the secondary prevention market for strokes [3]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Company Developments - Bayer's new oral anticoagulant Asundexian has completed Phase 3 clinical trials and is expected to receive FDA approval by the end of 2026, viewed as a key product with blockbuster potential [2] - The company plans to achieve five significant milestones in the first half of 2026, focusing on expanding indications for existing products and releasing new data to strengthen its position in innovative drug development [2] Strategic Initiatives - Bayer's Dynamic Shared Responsibility (DSO) operational model, initiated in 2023, aims to save €2 billion annually starting in 2026 through organizational streamlining and improved decision-making efficiency [3] - The company will continue to focus on four strategic areas: innovation, addressing litigation issues in the U.S., improving cash flow, and enhancing profitability in its crop science business, with the pharmaceutical sector (especially in oncology, cardiovascular, neuroscience, and rare diseases) seen as a core growth engine [3] Company Status - Bayer has divested non-core assets, such as the global business of the antibiotic moxifloxacin, to concentrate resources on its more promising innovative drug pipeline [4] Future Outlook - Bayer's core products, rivaroxaban (Xarelto) and aflibercept (Eylea), will continue to face sales pressure from generic competition in 2026, although the company anticipates that this pressure will gradually ease after 2026 [5] - Ongoing litigation related to glyphosate from the acquisition of Monsanto remains a significant uncertainty that requires continuous monitoring [6]

Core Insights - The OCEANIC-STROKE Phase III trial results are being presented at ISC 2026 in New Orleans, indicating significant advancements in secondary stroke prevention [1][2] - Bayer's team includes key figures in clinical development and neurology, highlighting the importance of collaboration in addressing unmet medical needs [2] Group 1: Unmet Medical Needs - There remains a significant unmet medical need in the secondary stroke prevention setting, which is a focus of Bayer's ongoing research efforts [2] Group 2: Trial Data and Implications - Ashkan Shoamanesh, a principal investigator of the OCEANIC-STROKE trial, will present the trial data, which is expected to be favorable [2] - The data from the trial may provide insights into potential treatment options for secondary stroke prevention [2] Group 3: Health Economic Challenges - Jan Voss will discuss health economic challenges in the secondary stroke setting and how asundexian could potentially address these issues in the future [2]

Core Insights - Bayer presented positive results from the late-stage OCEANIC-STROKE study for its investigational oral factor XIa inhibitor asundexian, showing significant efficacy in secondary stroke prevention [1][2][9] Group 1: Study Results - The OCEANIC-STROKE study involved 12,327 patients and demonstrated that asundexian (50 mg once daily) significantly reduced the risk of recurrent ischemic stroke by 26% compared to placebo, without increasing the risk of major bleeding [3][4][9] - The primary endpoint was the time to ischemic stroke, while the primary safety endpoint focused on major bleeding events [3] Group 2: Regulatory and Market Potential - Asundexian has received Fast Track designation from the FDA for stroke prevention, and Bayer plans to submit the study data for marketing approval, indicating strong regulatory momentum [5][9] - The drug is viewed as a potential blockbuster in a market with a high risk of recurrent strokes, which could significantly enhance Bayer's cardiovascular portfolio [5] Group 3: Cardiovascular Portfolio Development - Bayer's cardiovascular portfolio includes Kerendia, which received FDA approval for heart failure treatment in 2025, and is the only non-steroidal mineralocorticoid receptor antagonist approved for chronic kidney disease associated with type 2 diabetes [6][7] - The company is also advancing next-generation assets, including AB-1002 for congestive heart failure and aficamten for hypertrophic cardiomyopathy, further strengthening its precision cardiology portfolio [10][11] Group 4: Financial Performance - Bayer's shares have increased by 151.9% over the past year, significantly outperforming the industry average of 14%, driven by new drug approvals and positive pipeline developments [12] - The performance of new drugs like Nubeqa and Kerendia has offset declines in Xarelto sales, indicating a robust pharmaceutical division [13]

Summary of the Oceanic Stroke Phase III Trial Conference Call Company and Industry Overview - **Company**: Bayer - **Industry**: Pharmaceutical, specifically focusing on stroke prevention and treatment Key Points and Arguments Unmet Medical Need in Stroke Prevention - Over 100 million stroke survivors globally, with 12 million new cases annually - Stroke is the third leading cause of death and the second leading cause of disability - 20% of stroke survivors will experience a second stroke within five years, with 10% within one year - Recurrent strokes are more severe and can lead to increased disability and dementia [3][4] Asundexian Overview - Asundexian is the first oral, once-daily Factor XIa inhibitor that completed a Phase III trial for secondary stroke prevention - The trial was designed to represent a broad stroke population and align with current clinical practices [5][6] - Bayer aims for Asundexian to become the new standard of care in secondary stroke prevention, with blockbuster potential [6] Trial Design and Results - The OCEANIC-STROKE trial was a placebo-controlled, double-blinded study involving 12,327 participants across 702 sites in 37 countries [10][15] - Primary efficacy endpoint: time to first occurrence of ischemic stroke; primary safety endpoint: time to first occurrence of major bleeding [10][11] - Asundexian demonstrated a 26% reduction in the hazard of ischemic stroke compared to placebo [21] - Significant reductions in all stroke types and cardiovascular events were observed [22] Safety Profile - No significant increase in major bleeding or other safety endpoints compared to placebo [23] - The trial showed a consistent safety profile across various subgroups, including those with different stroke subtypes [29][30] Economic Impact and Market Potential - The global financial impact of stroke is nearing $900 billion, projected to exceed $1 trillion by 2030 [33] - Preventing recurrent strokes could alleviate economic burdens and improve productivity among stroke survivors [34] - Bayer is in discussions with health authorities to expedite the approval process for Asundexian [36] Future Considerations - Bayer is exploring additional indications for Asundexian, including its potential use in patients with atrial fibrillation [52] - The company is focused on understanding the total economic impact of stroke to inform pricing strategies for Asundexian [42] Other Important Content - The trial included a diverse population, with significant representation of various demographics, although there were challenges in recruiting female participants [17][18] - The study's design and results are expected to influence future treatment guidelines and practices in stroke prevention [36] - Bayer's commitment to making Asundexian available quickly reflects the urgency of addressing the unmet needs in stroke prevention [36]