April 26, 2016
Interim report for the first quarter of 2016:

Bayer off to a successful start in 2016

Substantial sales growth at Pharmaceuticals / Earnings expand in all segments / Group sales increase to EUR 11,941 million (plus 0.5 percent / Fx & portfolio adj. plus 3.2 percent) / EBITDA before special items advances by 15.7 percent to EUR 3,404 million / EBIT up 20.1 percent to EUR 2,335 million / Net income grows by 13.3 percent to EUR 1,511 million / Core earnings per share up 13.9 percent to EUR 2.37 / Outlook for 2016 confirmed
Leverkusen, April 26, 2016 - The Bayer Group got off to a successful start in
the new fiscal year. "All segments posted gains in their operating
performance," said CEO Dr. Marijn Dekkers when he presented the interim report
for the first quarter on Tuesday. At Pharmaceuticals, Bayer again benefited
from the very good development of its recently launched products. The Consumer
Health business also developed positively. Crop Science outperformed the
prior-year quarter despite a weak market environment. Animal Health posted
substantial gains. Thus the Life Science businesses showed encouraging
development. Sales at Covestro declined as anticipated, while earnings rose
significantly. Dekkers remains optimistic for the year as a whole: "We confirm
our outlook for 2016."

Sales of the Bayer Group moved ahead in the first quarter of 2016 by 0.5
percent to EUR 11,941 million (Q1 2015: EUR 11,879 million). After adjusting
for currency and portfolio effects (Fx & portfolio adj.), the increase was 3.2
percent. EBITDA before special items advanced by a substantial 15.7 percent to
EUR 3,404 million (Q1 2015: EUR 2,941 million), despite higher research and
development expenses at Pharmaceuticals and Crop Science and negative currency
effects of around EUR 60 million. EBIT climbed by a robust 20.1 percent to EUR
2,335 million (Q1 2015: EUR 1,944 million) after special charges of EUR 272
million (Q1 2015: EUR 244 million). These mainly comprised impairment losses on
intangible assets, costs for the integration of acquired businesses and costs
associated with efficiency improvement measures. Net income grew 13.3 percent
to EUR 1,511 million (Q1 2015: EUR 1,334 million). Core earnings per share from
continuing operations advanced by 13.9 percent to EUR 2.37 (Q1 2015: EUR 2.08).

Gross cash flow from continuing operations advanced by 28.1 percent to EUR
2,576 million (Q1 2015: EUR 2,011 million), due mainly to the expansion of
business. Net cash flow (total) was diminished by an increase in cash tied up
in working capital but rose by 82.6 percent to EUR 1,322 million (Q1 2015: EUR
724 million), mainly because of the inflow from the divestiture of the Diabetes
Care business. Net financial debt declined by EUR 1.1 billion against December
31, 2015, to EUR 16.3 billion on March 31, 2016.

Pharmaceuticals Division posts substantial sales and earnings growth

Sales of prescription medicines (Pharmaceuticals) rose in the first quarter by
a very encouraging 12.2 percent (Fx & portfolio adj.) to EUR 3,889 million.
"This was largely attributable to the continued strong development of the
company's recently launched products," said Dekkers. The anticoagulant
Xarelto™, the eye medicine Eylea™, the cancer drugs Stivarga™ and Xofigo™, and
Adempas™ to treat pulmonary hypertension generated total combined sales of EUR
1,187 million (Q1 2015: EUR 898 million). Xarelto™ posted encouraging sales
gains of 31.5 percent (Fx adj.), which were mainly attributable to volume
increases in Europe and Japan. Business with Xarelto™ also developed positively
in the United States, where it is marketed by a subsidiary of Johnson &
Johnson. Bayer registered considerably higher sales (Fx adj. plus 48.9 percent)
of the eye medicine Eylea™ in all regions, particularly in Europe, Canada and

Among the established products, the blood-clotting medicine Kogenate™ posted
significant sales gains in comparison with a weak prior-year quarter. Bayer
also began marketing the new hemophilia medicine Kovaltry™ in Europe and the
United States in the first quarter of 2016. Sales of the Kogenate™/Kovaltry™
product family climbed 13.7 percent (Fx adj.). Business with the
hormone-releasing intrauterine devices of the Mirena™ product family rose by
7.2 percent (Fx adj.) overall, benefiting especially from expanded volumes in
the United States. The cancer drug Nexavar™ achieved currency-adjusted growth
of 10.8 percent, due particularly to considerable sales gains in the United
States. Sales of the multiple sclerosis product Betaferon™/Betaseron™ were down
7.9 percent (Fx adj.) overall, due partly to changes in sales phasing for
tender businesses in Latin America. By contrast, sales rose in the United
States. Overall, Bayer substantially expanded the Pharmaceuticals business (Fx
adj.) in all regions.

EBITDA before special items of the division advanced by 16.2 percent to EUR
1,261 million. This substantial increase in earnings was due largely to very
good business performance, more than offsetting higher investments in research
and development and negative currency effects of around EUR 30 million.

Positive business development at Consumer Health

"Our business with self-care products also developed positively," said Dekkers.
Sales of the Consumer Health Division rose by 2.2 percent (Fx & portfolio adj.)
to EUR 1,520 million. The business posted significant gains in Latin
America/Africa/Middle East and in Asia/Pacific, while sales were down in Europe
due mainly to the macroeconomic situation in Russia. Sales declined slightly in
the United States.

Significant gains of 10.4 percent (Fx adj.) were achieved with the Bepanthen™/
Bepanthol™ wound and skin care products, while business with the antifungal
Canesten™ advanced by 21.1 percent (Fx adj.). The multivitamin product Berocca™
also developed very positively (Fx adj. plus 31.6 percent). Sales of the
antihistamine Claritin™ declined by 7.4 percent (Fx adj.) cycling over a strong
prior-year quarter due to shifts in order volumes in China. The encouraging
sales development in the United States was not sufficient to offset this
effect. The Alka-Seltzer™ family of products to treat gastric complaints and
cold symptoms registered a sales decline of 14.5 percent (Fx adj.), due
particularly to a weaker cold season in the United States.

EBITDA before special items improved by 3.8 percent to EUR 383 million.
Alongside earnings contributions from positive sales development, cost
synergies had a favorable effect. By contrast, negative currency effects
amounted to about EUR 20 million.

Ongoing weak market environment at Crop Science

First-quarter sales of the agricultural business (Crop Science) moved ahead by
1.2 percent (Fx & portfolio adj.) to EUR 3,023 million. "We slightly expanded
business at Crop Protection/Seeds despite an ongoing weak market environment,"
explained Dekkers. In regional terms, the Crop Science business developed
positively in North America in particular (Fx adj. plus 3.8 percent). In Latin
America/Africa/Middle East, sales increased slightly by 1.0 percent (Fx adj.),
whereas sales in Europe were level year on year (Fx adj. plus 0.7 percent).
Business in the Asia/Pacific region declined by 2.5 percent (Fx adj.).

At Crop Protection, the SeedGrowth business grew by 5.4 percent (Fx. &
portfolio adj.). The Fungicides business also developed positively (Fx &
portfolio adj. plus 2.9 percent), whereas sales of Insecticides and Herbicides
declined (Fx & portfolio adj. minus 12.2 percent and minus 3.8 percent,
respectively). Sales of Seeds grew by a substantial 11.9 percent (Fx &
portfolio adj.). Business at Environmental Science advanced by 3.0 percent (Fx
& portfolio adj.).

EBITDA before special items of the Crop Science Division improved by 6.3
percent to EUR 1,106 million. Earnings contributions from higher selling prices
and lower cost of goods sold stood against higher research and development
spending and a negative currency effect of EUR 15 million.

Animal Health benefits from strong U.S. business

The Animal Health business grew sales by 8.8 percent (Fx & portfolio adj.) to
EUR 408 million. This growth was chiefly attributable to increased demand in
the United States. While sales of the Advantage™ family of flea, tick and worm
control products rose by 3.5 percent (Fx adj.), sales of the Seresto™ flea and
tick collar nearly doubled. EBITDA before special items of Animal Health
climbed by 19.6 percent to EUR 122 million.

Substantial earnings growth at Covestro

Sales of the high-tech polymer materials business (Covestro) fell by 4.7
percent (Fx & portfolio adj.) to EUR 2,850 million. Selling prices were down
significantly, due mainly to the raw material price development and primarily
at Polyurethanes. Volumes were above the level of the prior-year quarter
overall. EBITDA before special items improved by a considerable 18.9 percent to
EUR 504 million. Higher volumes and decreased raw material prices outweighed
the lower selling prices to deliver a net increase in earnings.

Outlook for 2016 confirmed

Bayer is confirming the forecast for the full year it published in February.
According to this, sales of approximately EUR 35 billion are planned for the
Life Science businesses, i.e. the Bayer Group excluding Covestro (2015 pro
forma: EUR 34,342 million). This corresponds to a mid-single-digit percentage
increase on a currency- and portfolio-adjusted basis. Bayer also plans to
increase EBITDA before special items of the Life Science businesses by a
mid-single-digit percentage (2015 pro forma: EUR 8,607 million). The company
aims to increase core earnings per share from continuing operations including
Covestro by a mid-single-digit percentage as well (2015: EUR 6.83). (See
Chapter 18.2 of the Annual Report 2015 for the full forecast.)


The following tables contain the key data for the Bayer Group and its segments
for the first quarter 2016.

The interim report for the first quarter 2016 is available on the Internet at:

Supplementary features at www.investor.bayer.com:
- presentation charts for the investor conference call at 12:00 noon CEST
- live webcast of the investor conference call from approximately 2:00 p.m. CEST
- recording of the investor conference call from approximately 6:00 p.m. CEST.

Forward-looking statements

This release may contain forward-looking statements based on current
assumptions and forecasts made by Bayer management. Various known and unknown
risks, uncertainties and other factors could lead to material differences
between the actual future results, financial situation, development or
performance of the company and the estimates given here. These factors include
those discussed in Bayer's public reports which are available on the Bayer
website at www.bayer.com. The company assumes no liability whatsoever to update
these forward-looking statements or to conform them to future events or