Bayer AG: Feedback from Barclays Consumer Health Corporate Day

Research evidence excerpt

Bayer AG: Feedback from Barclays Consumer Health Corporate Day

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

29 June 2026

Bayer AG

Feedback from Barclays Consumer

Health Corporate Day

Bayer CH management see the division as undervalued vs BAYGn.DE/BAYN GY OVERWEIGHT

peers despite strong #3 positioning in a ~$200bn market. EuropeanBiotechnologyPharmaceuticals,& Life NEUTRAL

Near-term growth (~2.5–3%) is held back by e-commerce mix Sciences Price Target EUR 50.00

and pricing reset, not demand. We see intact LT fundamentals Price (25-Jun-26) EUR 47.00

and increasing strategic optionality. Potential Upside/Downside +6.4% Source: Bloomberg, Barclays Research

At our inaugural Barclays Consumer Health Corporate Day (see the full schedule here), we

European Pharmaceuticals,

hosted Bayer Consumer Health CFO Magnus Schellnock, Chief Marketing & Scientific Officer Biotechnology & Life Sciences

David Evendon-Challis and IR Tobias Feld and present our key takeaways below. Charles Pitman-King, CFA

+44 (0)20 3134 6023

Overall takeaways charles.pitman-king@barclays.com

1.1. Valuation gap: Management points to c.$17bn implied value based on peer valuations but Barclays, UK

believes Consumer Health remains under‑recognised, highlighting a clear need to improve James Gordon

investor visibility and articulate the equity story better. +44 (0)20 7116 2784

james.gordon@barclays.com a.a. We would note our recent structural scenario analysis here: Bayer AG; Consumer

Barclays, UK

Healthcare scenario analysis; post-litigation, structural optionality offers upside

(09/06/26) Yihan Li, PhD

+44 (0)20 3555 3563

2.2. Large, resilient addressable market: The ~$200bn market growing ~3–5% provides a yihan.li@barclays.com