Bayer AG (BAYGn.DE): Key takeaways from the Kerendia deep-dive event

Research evidence excerpt

Bayer AG (BAYGn.DE): Key takeaways from the Kerendia deep-dive event

Equity Research

15 July 2026 | 7:34PM BST

Bayer AG (BAYGn.DE): Key takeaways from the Kerendia deep-dive

event

We hosted Bayer for a Kerendia deep-dive event on July 15 with Bernardo Kanahuati James Quigley

+44(20)7051-3800 |

– Kerendia Product Team Lead from Bayer, Dr. Meike Brinker– Kerendia Development james.quigley@gs.com

Goldman Sachs International

Lead from Bayer, and Dr. Vlado Perkovic – Provost and Scientia Professor at the

Rajan Sharma

University of New South Wales (no replay available). +44(20)7051-7995 |

rajan.sharma@gs.com

Our key takeaways are: 1) Bayer sees a multi-blockbuster opportunity across CKD

Max Da, Ph.D.and Heart Failure, with 800m+ patients eligible for therapy, with a strong body of +44(20)7051-8835 | max.da@gs.com

evidence and positive guidelines supporting Kerendia as part of the standard of care; Goldman Sachs International

Shyam Kotadia2) The KOL is optimistic about Kerendia’s rapid uptake driven by non-diabetic CKD +44(20)7051-6153 |

data which support drug use across various CKD subtypes and in combination of shyam.kotadia@gs.comGoldman Sachs International

SGLT2s; 3) The KOL underscored Kerendia’s competitive advantage over other CKD Kaaviya Ganesan

drugs including Baxfendy (in clinical development) and Vanrafia, while noting +1(332)245-7519 | kaaviya.ganesan@gs.com

combination potential with APRIL inhibitors; 4) Bayer management expressed Goldman Sachs India SPL

confidence in a positive outcome of the reduced ejection fraction (HFrEF) trial,

noting potential to update peak sales guidance for Kerendia, although data will now

likely be disclosed in 2027.

An emerging question on Kerendia is potential future competition from Baxfendy/