Bayer Confirms Its 2024 Guidance, Sales Of €47B-€49B And Core Earnings Per Share Of €5.10-€5.50

Corporate Outlook We confirm our 2024 Group guidance for currency- and portfolio-adjusted sales growth, currencyadjusted core earnings per share, and free cash flow as published in the 2023 Annual Report. However, in view of the weaker-than-anticipated development of the agricultural market, we are revising some parts of our Group forecast. We are also making adjustments to our guidance at divisional level: While business performance is below our initial expectations at Crop Science and Consumer Health, we now see Pharmaceuticals coming in at the upper end of our revised guidance. A 13 Forecast for 2024 Initial currency-adjusted forecast for 2024 Revised currencyadjusted forecast for 2024 Initial forecast for 2024 at closing rates on Dec. 31, 2023 Revised forecast for 2024 at closing rates on Sept. 30, 2024 € billion Fx & p adj. change (%) € billion Fx & p adj. change (%) € billion Fx & p adj. change (%) € billion Fx & p adj. change (%) Sales 47 to 49 – 1 to + 3 47 to 49 – 1 to + 3 46 to 48 – 1 to + 3 45.5 to 47.5 – 1 to + 3 Crop Science – 1 to + 3 – 3 to – 1 – 1 to + 3 – 3 to – 1 Pharmaceuticals – 4 to 0 0 to + 3 – 4 to 0 0 to + 3 Consumer Health + 3 to + 6 + 1 to + 3 + 3 to + 6 + 1 to + 3 Margin (%) Margin (%) Margin (%) Margin (%) EBITDA before special items1 10.7 to 11.3 10.4 to 10.7 10.4 to 11.0 10.0 to 10.3 Crop Science 20 to 22 18 to 20 20 to 22 18 to 20 Pharmaceuticals 26 to 29 26 to 29 24 to 27 24 to 27 Consumer Health 23 to 24 23 to 24 23 to 24 23 to 24 Financial result (core)2 ~ – 2.3 ~ – 2.0 ~ – 2.2 ~ – 2.0 Tax rate (core)3 ~ 23% 24 to 25% ~ 23% 24 to 25% Free cash flow1 2 to 3 2 to 3 2 to 3 2 to 3 Net financial debt1 32.5 to 33.5 32.5 to 33.5 32.5 to 33.5 32.5 to 33.5 Special items in EBITDA1 – 2 to – 1 – 2 to – 1 – 2 to – 1 – 2 to – 1 € € € € Core earnings per share1 5.10 to 5.50 5.10 to 5.50 4.95 to 5.35 4.80 to 5