Bayer (OTCPK:BAYR.Y) FY Conference Transcript

Bayer Healthcare Conference Summary Company Overview - Company: Bayer - Event: 2026 J.P. Morgan Healthcare Conference - Speaker: Stefan Oelrich, Head of Bayer Pharma Key Points Industry and Company Performance - Bayer Pharma is experiencing a transformation with renewed growth and innovation, marking a significant turnaround since the previous year [2][3] - The company upgraded its guidance from a decline of -4% to -1% to slight growth, despite the loss of exclusivity for Xarelto [3][4] - Bayer's overall profitability remains strong, with a focus on maintaining margins despite losing high-margin products [4][25] Growth Drivers - Nubeca: Achieved EUR 1.7 billion in sales in the first nine months of 2025, positioning it as a leading product in prostate cancer [4][7] - Kerendia: Expected to become a blockbuster, showing significant growth potential in chronic kidney disease and heart failure [10][11] - Eylea: Stable sales with volume growth, but facing pricing pressures due to biosimilars entering the market [6][33] - Acoramidis: Launched successfully with a strong uptake, aiming for over EUR 1 billion in sales [13][39] - Asundexian: An oral Factor XI inhibitor with potential to redefine secondary stroke prevention, data presentation expected soon [18][43] Pipeline and Innovation - Bayer is focusing on enhancing its R&D productivity, with a strong emphasis on cardiovascular, oncology, and cell and gene therapies [20][24] - Upcoming proof of concept for PSMA actinium in prostate cancer and a large cardiovascular trial for severe heart failure [21][50] - The company is committed to addressing unmet needs in various therapeutic areas, including menopause management and chronic diseases [14][17] Market Dynamics and Challenges - Bayer anticipates continued pricing pressure in markets like Canada, while performing well in countries like France [33][34] - The company is cautious about the competitive landscape, particularly with new entrants in the cardiovascular space [39][49] - Bayer is focused on educating physicians about new non-hormonal therapies in menopause management to expand the prescriber base [36][37] Financial Outlook - Bayer expects mid-single-digit growth starting in 2027, driven by new product launches and a rejuvenated portfolio [22][31] - The company aims to stabilize and expand margins despite challenges from patent expirations [25][30] Strategic Focus - Bayer is prioritizing deleveraging and improving financial health to enable future deal-making opportunities [22][57] - The company is exploring early-stage deals and innovative platforms to enhance its R&D capabilities [55][56] Conclusion - Bayer is positioned for a strong comeback with a robust late-stage pipeline and a commitment to innovation, aiming to overcome past challenges and capitalize on new market opportunities [19][26]