The following is a summary of the Bayer AG (BAYZF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Bayer reported Q1 sales of €13.8 billion, slightly lower than the previous year.

• Core earnings per share stood at €2.82, also slightly below the previous year's earnings.

• The company's free cash flow was negative €2.6 billion, which marked an improvement from Q1 of the preceding year, largely due to lower litigation payouts.

• Crop Science unit sales were down by 3%, impacted by adverse weather conditions and lower glyphosate pricing, while the Pharmaceuticals business saw a 4% rise in sales largely due to strong performance from their new launched products.

Business Progress:

• Both Pharmaceutical products, Nubeqa and Kerendia, are seeing growth.

• Bayer introduced Iberogast to the US market after its success in Europe.

• Significant reductions in management roles are expected to save approximately €500 million in 2024 and target savings of $2 billion by 2026.

• As part of their Dynamic Shared Ownership, Bayer is consolidating roles and designing teams for greater impact.

• Bayer's Pharmaceuticals team expects to have readouts of Kerendia's first Phase 3 study in heart failure and Nubeqa's ARANOTE trial.

• Despite competition, Eylea is showing positive longevity and volume increases in most territories.

• Their Consumer Health segment has globally initiated around 90 teams, with one team reducing the product launch time from 36 months to 9 months in the ASEAN region.

• Bayer is also working towards improving its supply situation for better product availability and gaining market share in key products.

More details: BAYER AG IR

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