The second day at the 44th Annual J.P. Morgan Healthcare Conference in San Francisco on Tuesday, January 13, saw Bayer CEO Stefan Orick detail the company’s transformation following recent patent expirations. Orick highlighted the company’s revitalized portfolio, strong late-stage pipeline, and strategic operational changes designed to position the company for sustained growth.

Following a challenging period marked by the loss of exclusivity for key products such as Xarelto, Orick noted that Bayer has focused on stabilizing its business, demonstrating modest growth in 2025 despite headwinds from pricing pressures and currency fluctuations.

The company reported $1.7 billion in revenue from new product launches over the first nine months, highlighting the success of its portfolio refresh and the resilience of its base business, including radiology and women’s healthcare.

During his presentation, Orick emphasized operational efficiency, noting that it has been a key driver in Bayer’s turnaround. Organizational delayering, cost discipline, and an agile operating model has allowed the company to maintain its profitability despite market turmoil along with freeing up resources to invest in innovation.

“Innovation remains the lifeblood of any successful pharma company,” Orick said, pointing to Bayer’s expanding pipeline as evidence of a company entering a new phase.

Orick noted that there are five major catalysts central to Bayer’s growth strategy:

• Nubeqa, addresses an expanding patient population in prostate cancer and represents Bayer’s largest product to date in terms of revenue potential.
• Kerendia, positions Bayer as a leader in cardiovascular innovation, addressing patients with limited treatment alternatives.
• Lynkuet, Bayer’s entry into non-hormonal menopause management, a high-unmet-need segment historically dominated by hormone therapies.
• Asundexian, holds the potential to redefine the standard of care by combining efficacy with improved safety over existing antiplatelet therapies.
• Bayer’s reentry into the U.S. market with cardiovascular assets

Orick also discussed Bayer’s continuing focus on late-stage innovation through partnerships and strategic acquisitions, saying the company has leveraged platform deals to accelerate development in cardiovascular, oncology, and cell and gene therapy, while early-stage asset acquisitions have bolstered the pipeline in high-impact therapeutic areas such as prostate cancer and degenerative diseases.

“We are building a pipeline with quality and movement,” Orick said, pointing to upcoming proof-of-concept readouts in radiopharmaceuticals and gene therapies aimed at heart failure and prostate cancer.

Looking ahead, Bayer expects mid-single-digit revenue growth beginning in 2027, following the full impact of Xarelto’s loss of exclusivity in 2026. Orick noted that operational efficiencies and a disciplined approach to capital allocation are expected to drive the company’s margin expansion, with Bayer targeting the low-30% range over the medium term.

Orick underscored the importance of a strong, agile team, noting that Bayer’s “operating system” has enhanced cost consciousness, improved R&D productivity, and strengthened commercial execution.

In closing, Orick framed Bayer’s recent achievements as the foundation for future growth. A rejuvenated portfolio, a revitalized pipeline, and an efficient, innovative organization collectively position the company to navigate near-term challenges while capitalizing on long-term opportunities in cardiovascular, oncology, and women’s health, alongside emerging modalities in cell and gene therapy.

“Innovation remains the lifeblood of any successful pharma company, so how we've been growing the pipeline I think is truly impressive and we're extremely proud about the advances that we're making. All of that combined with an organizational model that drives efficiencies while at the same time delayering our organization is a true catalyst to an improved performance across the board,” said Orick

Sources

1. Bayer AG 44^th Annual J.P. Mporgan Healthcare Conference Webcast Bayer AG January 13, 2026 https://jpmorgan.metameetings.net/events/healthcare26/sessions/317377-bayer-ag/webcast?gpu_only=true&kiosk=true