Bayer AG: Catalyst Alert: Upcoming Glyphosate SCOTUS ruling could resolve majority of outstanding litigation overhang; Positive risk-reward - end-June/early July

Research evidence excerpt

Bayer AG: Catalyst Alert: Upcoming Glyphosate SCOTUS ruling could resolve majority of outstanding litigation overhang; Positive risk-reward - end-June/early July

Equity Research

22 June 2026

Bayer AG

Catalyst Alert: Upcoming

Glyphosate SCOTUS ruling could

BAYGn.DE/BAYN GY OVERWEIGHTresolve majority of outstanding

Unchanged

European Pharmaceuticals,litigation overhang; Positive risk- Biotechnology & Life NEUTRAL

Sciences

Unchangedreward - end-June/early July Price Target EUR 50.00

BAYN trades at a significant discount to peers, but we suggest Unchanged

Price (19-Jun-26) EUR 37.84

a favourable SCOTUS decision (end-Jun/early-Jul) could drive Potential Upside/Downside +32.1%

notable multiple upside. We see shares up/down of Source: Bloomberg, Barclays Research

+14%/-13%, and note our KOL's 75-80% POS for a favourable

Market Cap (EUR mn) 37174

outcome based on oral hearing review. Shares Outstanding (mn) 982.42

Free Float (%) 97.10

Catalyst: The US supreme court (SCOTUS) is set to announce its final ruling on the Durnell vs 52 Wk Avg Daily Volume (mn) 3.0

Monsanto case by the end of the current 2026 session (ends 30th June, but can extend into early Dividend Yield (%) 0.29

July). A favourable decision by SCOTUS would materially reduce the outstanding litigation Return on Equity TTM (%) -7.04

overhang in BAYN's multiple that we estimate accounts for ~50% of its conglomerate discount vs Current BVPS (EUR) 29.36

Source: Bloomberg

peers. While we await a further update from BAYN on the expected timing of its separate, but

related, $7.25bn class action settlement (for more details, see; Best-case outcome for settlement

as Judge Autrey remands case back to Missouri state; we now see limited risk of delays to final Price Performance Exchange-GER