2024 Highlights

Think beyond

Boehringer Ingelheim — 2024 Highlights

2024 Highlights

Our Company

Our purpose is to transform the lives of patients and animals for generations. It brings a strong sense of urgency to the work of our more than 54,500 employees, especially in areas where the medical need for innovation is high.

We have the richest human pharma pipeline in our 140-year history and are committed to introducing new treatments in therapeutic areas including oncology, respiratory diseases, mental health and cardiovascular, -renal and metabolic diseases.

Our animal health business plays a key role in the fight against transboundary diseases such as avian influenza, the bluetongue virus and foot and mouth disease, and operates at the intersection of public, animal, and environmental health. It is also one of the world’s leading providers of therapeutics and preventive care for pets.

26,796 million EUR net sales

Boehringer Ingelheim has been family-owned since it was founded in 1885. In 2024, the company generated sales of 26.8 billion EUR and invested 5.7 billion EUR in research and development for Human Pharma alone, making it one of the world's top 20 pharmaceutical companies.

~ 54,500 employees worldwide

employees worldwide

5,714 million EUR Human Pharma expenses in Research & Development in 2024

Our businesses (net sales)

Human Pharma 21,928

21,928

million EUR

thereof 1,235 million EUR BioXcellence

Content

Our Company 02 The Shareholders’ Perspective 05 The Board of Managing Directors 06 Key Aspects 2024 07 Corporate Bodies 09 Boehringer Ingelheim 2024 10 Information about the Group 11 Report on economic position 35 Report on expected developments 40 Overview of selected consolidated companies 42 Imprint 44

Top 4 products – Human Pharma (Net sales 2024) (in million EUR)

Financial Highlights

Boehringer Ingelheim — 2024 Highlights Our Company — The Shareholders’ Perspective 5

The Shareholders’ PerspectiveFor 140 years patients have been core to our purpose. We dedicate our work to improving their

lives, which we have been doing for generations and will continue to do so: independent, with curiosity, resilience, and confidence.

In 2024, we saw changes to our Board of Managing Directors (BMD), with Dr. Armin Wiesler joining the Board to lead the Animal Health Business Unit and Frank Hübler joining the Board to lead Finance. Shashank Deshpande moved to lead the Human Pharma Business Unit, while Michael Schmelmer added the role of Vice Chairman to his Group Functions mandate. We are thankful for the BMD’s successful leadership in 2024 and are fully committed to supporting them in success- fully navigating the company through its next, promising wave of innovation and growth.

Our product pipeline offers hope to hundreds of millions of humans and animals: For patients in therapeutic areas including cardio-renal-metabolic diseases, mental health, immunology, oncology, respiratory diseases and retinal health, and for animals in areas such as bluetongue, avian flu and rabies.

As we look ahead to the coming years, we do so with confidence. These years will not only be char- acterized by further growth of our existing product portfolio, but also by significant investments in the late stages of clinical development and preparations for market launches.

Change offers opportunities. We can only deliver on these with the efforts of a dedicated work- force. On behalf of the Shareholders’ Committee, I would like to thank all our employees for their commitment. I also would like to extend our high appreciation to all the partners that have sup- ported our journey in 2024 and that will continue to do so in the years to come.

signed by Christian Boehringer Chairman of the Shareholders’ Committee

Boehringer Ingelheim — 2024 Highlights Our Company — The Board ofManaging Directors 6

The Board of Managing Directors

Michael Schmelmer

Dr. Armin Wiesler

Frank Hübler

Hubertus von Baumbach

Dr. Paola Casarosa

Shashank Deshpande

Key Aspects 2024

Dear Reader,

2024 was a good year for our company, a year in which we made great progress in advancing new medicines in our strong pipeline, driven by our purpose: to transform the lives of patients and animals for generations. Our purpose brings a strong sense of urgency to our work, to improve care for patients and animals, especially in areas where medical need for innovation is high.

In 2024, we received eight external designations for products in our pipeline, including three FDA Fast Track Designations, two FDA Breakthrough Designations and three Pioneer Drug Designations in Japan in some of our key therapeutic areas including oncology, respiratory, mental health and cardiovascular, renal and metabolic diseases. We see these recognitions as confirmation of our work, and as an incentive to continue to face the most demanding challenges in the future.

Our innovative medicines, led by JARDIANCE® and OFEV® make a true difference to patients. JARDIANCE®, which is now also available for treatment of chronic kidney diseases, making it available to even more patients. We now know how important kidney health is for heart health and we also know how important it is to diagnose kidney diseases early.

During the year, we successfully completed clinical trials, representing another breakthrough in the advances we have made over the past decades in the treatment of idiopathic pulmonary fibrosis (IPF). IPF is one of the more common progressive fibrosing interstitial lung diseases, which affects about three million people worldwide. Our FIBRONEER-IPF trial with nerandomilast met its primary endpoints, marking the first IPF Phase-III-trial in a decade to do so. For patients, this is a real breakthrough as it fundamentally improves treatment options.

Zongertinib, our investigational oral tyrosine kinase inhibitor that is being developed as a potential treatment for HER2 mutated non-small cell lung cancer, showed encouraging efficacy and tolerability, in Phase Ib primary analysis. We have high hopes of introducing zongertinib and nerandomilast to patients starting 2025.

Our Animal Health business made a significant and relevant impact in 2024 and will continue to do so in the fight against transboundary diseases such as avian influenza, the bluetongue virus and foot and mouth disease, which is at the intersection of public, animal, and environmental health.

When an outbreak occurs, healthy animals are often culled as part of preventing the disease from spreading, leading to existential losses in agriculture. Fast responses and close cooperation with governments are key in managing these devastating animal diseases. For example, with BULTAVO 3™, a new vaccine that protects cattle and sheep against bluetongue virus serotype 3 (BTV-3), we were able to prevent severe losses for farmers.

BULTAVO 3™ received a so-called allowance for use under Article 110, paragraph 2 of the EU Veterinary Medicines Regulation, which typically is temporary and granted to products not yet authorized in the EU in the event of a transmissible animal disease outbreak.

Animal Health also added an innovative technology platform to our pet therapeutics R&D port folio with the acquisition of Saiba Animal Health AG, which focusses on the development of medicines for chronic diseases in pets.

Determined by the focus on long-term success, our R&D investments reached 6.2 billion EUR in 2024 across both our businesses, a 7.7 percent rise from last year. It signifies our commitment to patients and supports our ‘Our Path To 2035’.

Collaborating with partners is key to continue to innovate and deliver on Our Path to 2035 agenda, and our network has grown again in 2024. Our dedicated workforce, as well as all partners that support our efforts, deserve our deepest gratitude and appreciation for their persistence to bring our current and future portfolio to ever more patients, ever faster.

signed by Hubertus von Baumbach

Hubertus von Baumbach

signed by Michael Schmelmer

Michael Schmelmer

signed by Dr. Paola Casarosa

signed by Shashank Deshpande

Shashank Deshpande

signed by Frank Hübler

signed by Dr. Armin Wiesler

Dr. Armin Wiesler

Boehringer Ingelheim — 2024 Highlights

Our Company — Corporate Bodies

Corporate Bodies

Shareholders’ Committee

Christian Boehringer Chairman of the Shareholders’ Committee

Christoph Boehringer

Erich von Baumbach

Isabel Boehringer

Dr. Mathias Boehringer

Board of Managing Directors

Michael Schmelmer Member of the Board of Managing Directors, Finance & Group Functions (until 30.04.2024) Vice Chairman of the Board, Group Functions (from 01.05.2024)

Hubertus von Baumbach Chairman of the Board of Managing Directors

Carinne Knoche-Brouillon (until 30.09.2024) Member of the Board of Managing Directors, Human Pharma

Dr. Paola Casarosa Member of the Board of Managing Directors, Innovation

Frank Hübler Member of the Board of Managing Directors (from 01.01.2024), Finance (from 01.05.2024)

Advisory Board

Dr. Hagen Duenbostel Former Chief Executive Officer (CEO) KWS SE Member of the Supervisory Boards of Georg von Holtzbrinck GmbH Publishing Group and Georg von Holtzbrinck GmbH & Co. KG (from 01.05.2024)

Dr. Frank Mastiaux Former Chief Executive Officer EnBW Energie Baden-Württemberg AG Chairman of the Supervisory Board of Sunfire AG Former Member of the Board of Directors, Alstom S.A. (until 20.06.2024)

Jan Rinnert CEO & Chairman of the Board of Managing Directors Heraeus Group

Karl von Rohr Former President of Deutsche Bank AG Member of the Supervisory Board of DWS Group GmbH & Co. KGaA Member of the Management Board of Hertie Foundation (from 01.02.2024)

Angela Titzrath Chairwoman of the Executive Board of Hamburger Hafen and Logistik AG Member of the Supervisory Boards of Talanx AG, Evonik Industries AG and Deutsche Lufthansa AG

• in accordance with the Supervisory Board resolution of Boehringer AG dated 29.07.2024

Information about the Group 11 The Group’s business model 11 Research and development 12 Production 22 Employees 23 Sustainable Development for Generations25 Report on economic position 35 Macroeconomic environment 35 Net Sales 36 Development of the businesses 37 Report on expected developments 40

Boehringer Ingelheim 2024

Information about the Group

The Group’s business model

Our aim is to transform the lives of patients across generations. Boehringer Ingelheim has been developing pharmaceutical breakthroughs that increase survival rates and improve quality of life for 140 years. Independent and family-owned, we pursue a strategy that is aimed at securing our independence in the long term through the research, development, production and marketing of innovation-based solutions in areas where medical and therapeutic needs are still unanswered or inadequately addressed. This goal inspires all of our approximately 54,500 employees to make a real and significant contribution to the health of humans and animals alike. We are one of the world’s leading research-based pharmaceutical companies and serve patients in over 130 markets.

In addition to the Board of Managing Directors, CHBS has two other statutory bodies: The “Shareholders’ Committee” – which is made up of non-executive members – represents the shareholders and serves as the highest approval and supervisory body. The “Advisory Board” – composed of independent members from various industries – complements the expertise of the Board of Managing Directors and the shareholders and advises both bodies from an external perspective.

Net sales by region (in million EUR)

Net sales by business

Boehringer Ingelheim is divided into two business areas: Human Pharma and Animal Health. The Human Pharma business is the mainstay of our activities and accounts for 81.8% of overall sales. This business area is underpinned by an innovative portfolio, and in many cases its products are standard treatments in medicine. Our research focuses on therapeutic areas of cardiovascular, renal and metabolic diseases, oncology, respiratory diseases, immunology, mental health, and retinal diseases.

Our best-selling product in 2024 was JARDIANCE®. JARDIANCE® is a versatile medicine used for several important treatments: It is used to treat type-2 diabetes and symptomatic chronic heart failure (HFpEF and HFrEF). In addition, JARDIANCE® is approved for the treatment of adults with chronic kidney disease by the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA). OFEV® was also one of our most important medicines this year. It is used for the treatment of the respiratory disease idiopathic pulmonary fibrosis (IPF) and also for a further indication – systemic sclerosis with interstitial lung disease (SSc-ILD). Four other products made a significant contribution to Boehringer Ingelheim’s corporate success: TRAJENTA®, which is used for the treatment of type-2 diabetes; SPIRIVA®, which is used for the treatment of chronic obstructive pulmonary disease (COPD) and asthma; and ACTILYSE® and METALYSE®, which are used to treat various blood clots.

The BioXcellence division (biopharmaceutical contract manufacturing) also falls under the Human Pharma business. Our Biopharmaceutical activities comprise the commercial production of biopharmaceuticals for third-party global industrial customers as well as the manufacture of our own products (such as ACTILYSE®, METALYSE®, PRAX- BIND®, and SPEVIGO®).

In its Animal Health business, Boehringer Ingelheim is a leading provider of therapeutics and vaccines. Our portfolio includes products for pets and horses as well as livestock: swine, ruminants, and poultry. Our core brands NEXGARD®, FRONTLINE® and HEART- GARD® are the foundation of our success in the pets segment. A major growth driver in 2024 was the NEXGARD® product portfolio. In the Swine segment, the established swine vaccine INGELVAC CIRCOFLEX® – which is used to treat porcine circovirus type 2 – is an important component of the company’s product portfolio. The vaccine portfolio was expanded in 2024 to include BULTAVO 3™, which is used against bluetongue virus serotype 3 (BTV-3) in cattle and sheep.

In the 2024 financial year, we achieved the majority of our sales in the Americas (46.0%) and in Europe (34.9%). The Asia/Australia/Africa (AAA) region generated a sales share of 19.1%.

Other net sales also include the activities of discontinued operations that are no longer of strategic importance for Boehringer Ingelheim.

Our goal is to research and develop first-in-class breakthrough medicines that change the lives of people for whom there are no satisfactory treatments available. With our innovations we have already transformed the health of millions of both human and animal patients around the world. It is our aim to continue doing this in the future.

Research and development

We employed an average of 11,563 employees in our two global research networks for Human Pharma and Animal Health in 2024. We are present in eight countries, with central facilities in Germany (Biberach an der Riss and Ingelheim am Rhein), the USA (Ridgefield, Connecticut; Duluth, Georgia; and St. Joseph, Missouri), Austria (Vienna), Japan (Kobe), and France (Lyon), as well as China (Shanghai). Through our activities at these locations, we are continuing to expand and renew our existing product portfolio in order to safeguard the Group’s organic long-term growth. Accordingly, we have consistently increased our research and development (R&D) expenses in recent years. And with a total of approximately 6.2 billion EUR invested in the research and development of new medicinal products, we have again increased this value compared to the previous year. This corresponds to 23.2% of consolidated sales. Of this, a large part of the R&D expenditure – 5.7 billion

to 23.2% of consolidated sales. Of this, a large part of the R&D expenditure – 5.7 billion EUR – was invested in the Human Pharma business.

Research and development

• without BioXcellence net sales

R&D partnerships Long-term collaborations with academic institutions and other public research institu-

R&D partnerships Long-term collaborations with academic institutions and other public research institutions as well as with biopharmaceutical companies are an integral part of our R&D work. We are collaborating in more than 150 active research partnerships with more than 120 academic institutions spanning four continents. In addition, we are continually expanding our R&D portfolio through collaboration and licensing agreements as well as company acquisitions. Approximately 50% of our research and clinical pipeline is anchored in collaborations with external partners. By combining the strengths of our own research with those of our partners, we achieve a competitive positioning in the development of innovative treatments with medical breakthrough potential in our therapeutic areas of focus as well as in emerging areas. We expand our therapeutic reach through partnerships and our Research Beyond Borders initiative. Furthermore we invest in earlier-stage and more demanding approaches through strategic investments by our Corporate Venture Fund with the aim of identifying new technologies at an early stage.

with Circle Pharma (South San Francisco, California, USA) we aim to develop a first-in-class cyclin inhibitor that can halt the growth of cancer cells. And finally, Boehringer has gained access to a novel small molecule that acts as an immune checkpoint inhibitor through the acquisition of Nerio Therapeutics (La Jolla, California, USA).

Cardio-renal-metabolic (CRM) diseases were another area of focus for our activities. Here we started the development of regenerative treatments for advanced liver diseases in collaboration with Ochre Bio (Oxford, Great Britain), and successfully progressed the development of siRNA treatments for metabolic dysfunction-associated steatohepatitis (MASH) with Suzhou Ribo Life Science Co., Ltd. (Kunshan, China) and Ribocure Pharmaceuticals AB (Mölndal, Sweden).

In Mental Health, we entered a new partnership with Sosei Heptares (Tokyo, Japan and Cambridge, Great Britain) (now Nxera Pharma) to develop first-in-class GPR52 agonists to improve patient outcomes in schizophrenia. A further first-in-class opportunity in this area is our collaboration with the Broad Institute of MIT and Harvard (Cambridge, Massachusetts, USA) to develop novel, first-in-class treatments to address cognitive impairment in mental health conditions.

We continued to promote the development of targeted approaches to combat anti microbial resistance (AMR). Aurobac Therapeutics SAS (Lyon, France), a joint venture founded by Boehringer Ingelheim, bioMérieux and Evotec, presented its strategy and pipeline in 2024 and entered into a new collaboration and license agreement with Boehringer Ingelheim for a treatment for septic shock.

R&D sites

Animal Health (AH) Human Pharma (HP) BI X Digital Lab

Americas USA

USA

1. Ames, Iowa (AH)

2. Ames, Iowa (AH)

3. Athens, Georgia (AH)

4. Athens, Georgia (AH)

5. Colbert, Georgia (AH)

6. Colbert, Georgia (AH)

7. Duluth, Georgia (AH)

8. Fulton, Missouri (AH)

9. Duluth, Georgia (AH)

10. Fulton, Missouri (AH)

11.  North Brunswick, New  Jersey
    

12.  North Brunswick, New  Jersey 
    

    (AH)

13.  Ridgefield, Connecticut (HP)
    

(AH) 7. Ridgefield, Connecticut (HP) 8. St. Joseph, Missouri (AH)

8. St. Joseph, Missouri (AH)

Europe Germany

Germany 9. Biberach an der Riss (HP)

Germany 9. Biberach an der Riss (HP) 10. Ingelheim am Rhein

10.  Ingelheim am Rhein 
    

    (AH, HP, BI X)
11. Kathrinenhof-Rohrdorf (AH)

(AH, HP, BI X) 11. Kathrinenhof-Rohrdorf (AH) 12. Ochsenhausen (HP)

Switzerland 19. Allschwil (HP)

17. Innsbruck (HP)

18. Vienna (HP)

19. Kathrinenhof-Rohrdorf (AH)

20. Ochsenhausen (HP)

21. Geneva (HP)

22. Zurich (AH)

France 13. Lyon – Boreal (AH)

Netherlands 16. Lelystad (AH)

22. Zurich (AH)

23. Lyon – Boreal (AH)

24. Lyon – Porte des Alpes (AH)

25. Saint-Vulbas (AH)

26. Allschwil (HP)

27. Basel (HP)

28. Geneva (HP)

Asia China

China 23. Beijing (AH)

23. Beijing (AH)

24. Shanghai (AH, BI X)

25. Taizhou (AH)

Boehringer Ingelheim is also involved in basic and application research in the field of quantum computing. With the current three-year cooperation agreement with Google, as well as other well-known partners such as the University of Toronto and QC Ware Corp. (Palo Alto, California, USA), we aim to harness the computing potential of the new technology in order to drive innovation in Boehringer Ingelheim’s R&D. Furthermore, Boehringer Ingelheim has been a member of the Quantum Technology and Application Consortium (QUTAC) since 2021, which pursues the aim of making quantum computing industrially usable and economically successful.

Digital innovation

26. Kobe (HP)

In 2024, BI X, Boehringer Ingelheim’s digital innovation lab, advanced its mission to develop ambitious digital products. In collaboration with colleagues across Boehringer Ingelheim, and external experts, the focus was on digital advances in disease prevention and treatment, to empower patients. Key efforts included enhancing diagnostic support and streamlining processes for quicker results.

This year, BI X made significant progress in the field of AI, in particular large language models. These technologies, now implemented and in use, accelerate identification of potential targets for T-cell engagers and contribute to help us to further enhance our research capabilities in early drug discovery.

Patient-centricity remains a core driver of BI X’s work. The digital lab is working to integrate patients for fast and frequent feedback to co-create better products and product experience, through a digital solution that facilitates faster, more cost-effective patient insights. One of BI X’s platform initiatives offers a range of opportunities for pharmacovigilance-related topics, including the use of mixed reality technologies and AI. In addition, the team has begun work on digital side effect management, starting with oncology-focused solutions.

Fostering science

The Research Institute of Molecular Pathology (IMP) in Vienna (Austria) is a biomedical basic research institute and a group company of Boehringer Ingelheim. With more than 220 scientists from approximately 40 countries, the IMP conducts research into molecular and cellular mechanisms that form the basis of complex biological life processes as well as human diseases. The IMP is one of the leading institutions of its kind: As of late 2024, 12 of its 13 group leaders had received at least one of the prestigious grants awarded by the European Research Council (ERC). Seven of its 13 group leaders have been elected full members of the European Molecular Biology Organization (EMBO).

With its open innovation platform, opnMe.com, Boehringer Ingelheim contributes to the acceleration of research initiatives that enable new disease biology insights in areas of high unmet medical need by sharing well-characterized molecules, and offering scientific collaborations and postdoc grants. The opnMe program has already yielded more than 200 scientific publications. More than 140 research partnerships have been established, which has not only significantly advanced the understanding of disease mechanisms, but also directly benefitted Boehringer’s R&D pipeline. Furthermore, opnMe received the Best Practice Award of the World Open Innovation Conference (Berkeley, California, USA) in 2024 from Henry Chesbrough, who is known as one of the founding fathers of Open Innovation.

Boehringer Ingelheim’s R&D activities – both preclinical as well as clinical R&D – are the basis of our sustainable success. The Group’s positive business development in recent years has been underpinned by an organic process of renewing its portfolio based on its own R&D activities. In-house R&D – supplemented by external cooperation and partnerships – will also continue to be a top priority in the future. This high level of innovation is also reflected in our pipeline. In this regard, we have been granted the Breakthrough Therapy Designation (BTD) by the FDA for SPEVIGO® in 2023. With the help of SPEVIGO®, we would like to develop a new treatment option to prevent flare-ups of generalized pustular psoriasis (GPP) in adolescents and adults.

Human Pharma

In 2024, our Human Pharma business and the R&D organization played a pivotal role in bringing new innovations to a large number of patients. In collaboration with scientists, patients, and health systems, we are developing new, holistic therapeutic breakthroughs that address the most significant challenges in the treatment of diseases of our time. Our efforts focus on the connection of cardiovascular, renal and metabolic (CRM) diseases, respiratory diseases, immunology and oncology. In addition, we are advancing our therapy development and redefinition in mental health and retinal diseases.

The Human Pharma research and development pipeline includes over ten new Phase II and III trials over the next 12 to 18 months, with potentially 20 new therapeutic launches by 2030.

Development pipeline end of 2024

Development pipeline end of 2024 (continued)

Being investigated only in combination with other therapies

Key Pipeline Advances in 2024

Being investigated only in combination with other therapies

Key Pipeline Advances in 2024

• Partnered projects or acquired assets ↗ Breakthrough Therapy Designation or equivalent granted by the US, EU, China, or Japan

The following significant developments occurred in 2024:

• Partnered projects or acquired assets ↗ Breakthrough Therapy Designation or equivalent granted by the US, EU, China, or Japan

Cardiovascular, Renal and Metabolic diseases Over one billion lives are affected globally by interconnected cardiovascular, renal and

Over one billion lives are affected globally by interconnected cardiovascular, renal and metabolic (CRM) diseases. We are committed to developing the next wave of innovative medicines through our rich and competitive pipeline.

In 2024, we advanced survodutide (BI 456906), a glucagon/GLP-1 receptor dual agonist, into two global Phase III clinical trials – LIVERAGE in adults with metabolic dysfunction-associated steatohepatitis (MASH) and moderate or advanced fibrosis, and LIVERAGE-Cirrhosis in those with MASH and compensated cirrhosis. Based on the groundbreaking results of the survodutide Phase II trial, we received US FDA Breakthrough Therapy Designation for the treatment of adults with non-cirrhotic MASH and moderate or advanced fibrosis. In addition, we received Breakthrough Therapy Designation status in China for the treatment of adults with MASH and fibrosis. In June 2024, we reported the results of the Phase II trial in people living with MASH and liver fibrosis stages F1, F2 and F3 with up to 83.0% of adults achieving significant improvement of

stages F1, F2 and F3 with up to 83.0% of adults achieving significant improvement of MASH versus 18.2% for placebo after 48 weeks of treatment. Also, additional sub-analysis

MASH versus 18.2% for placebo after 48 weeks of treatment. Also, additional sub-analysis demonstrated that up to 64.5% of adults with fibrosis stages F2 and F3 (moderate to advanced scarring) achieved an improvement in fibrosis without worsening of MASH versus placebo, 25.9%. Based on our scientific understanding of the interconnected nature of CRM diseases, we are investigating survodutide also in six Phase III trials, SYNCHRONIZE, for people living with overweight or obesity.

In 2024, we advanced vicadrostat (BI 690517), a novel selective aldosterone synthase inhibitor (ASi) solely developed by Boehringer Ingelheim, into two global Phase III clinical trials – EASi-KIDNEYTM in adults living with chronic kidney disease (CKD) in collaboration with Oxford Population Health and EASi-HFTM in adults with heart failure with preserved ejection fraction (HFpEF). In this global trial program, we are investigating the efficacy and safety profile of vicadrostat given in combination with empagliflozin (marketed as JARDIANCE®), compared to placebo and empagliflozin on top of standard of care. With the initiation of the EASi-KIDNEYTM and EASi-HFTM trial program, we mark an important step in our pursuit of developing patient-centric solutions for people living with cardiovascular, renal and metabolic (CRM) conditions including chronic kidney disease and chronic heart failure.

In July 2024, we announced a multi-year sponsorship of the American Heart Association’s Cardiovascular-Kidney-Metabolic Health Initiative that aims to address the complex health threat of these interconnected conditions.

Oncology Despite significant treatment advancements, cancer continues to claim 10 million lives

Despite significant treatment advancements, cancer continues to claim 10 million lives each year globally. We made it a priority to develop life-changing, best-in-class treatments that aim to improve and extend lives.

Our precision oncology efforts focus on key cancer drivers, with zongertinib, our investigational HER2 tyrosine kinase inhibitor (TKI), being a prime example. Highlighting its potential, zongertinib was granted Breakthrough Therapy Designation by the US FDA and China’s CDE for the treatment of adult patients with advanced, unresectable, or metastatic non-small cell lung cancer (NSCLC) with HER2 tyrosine kinase domain mutations, who have received prior systemic therapy. In September 2024, we reported positive results from a Phase Ib primary analysis of Cohort 1 of the Beamion LUNG-1 trial, which evaluated zongertinib in pre-treated patients with advanced or metastatic NSCLC with HER2 tyrosine kinase domain mutations. Beamion LUNG-2, a global Phase III trial evaluating zongertinib compared to standard of care as first-line treatment for patients with advanced or metastatic NSCLC with activating HER2 mutations, is currently ongoing.

Our asset in immune-oncology, obrixtamig (BI 764532), is a DLL3/CD3 T-Cell engager designed to activate T-cells to target tumors expressing the DLL3 protein. Its Phase I trial data was presented in September 2024. This investigational treatment, which was granted US FDA Fast Track Designation in 2023 as well as US FDA and EMA Orphan Drug Designations in 2024, is currently being evaluated in patients with large-cell neuroendocrine carcinoma of the lung (LCNEC-L), small cell lung cancer (SCLC) and extrapulmonary neuroendocrine cancer (epNEC). Obrixtamig advanced into clinical Phase II trials in SCLC, epNEC and LCNEC-L at the end of 2023.

Our commitment in oncology is weaving, we take a diligent and broad approach to some of the most challenging, yet potentially most impactful areas of cancer research. Our commitment to scientific innovation is evident in our diverse pipeline of around 15 clinical - stage programs for cancer cell-directed and immuno-oncology examination therapies, as well as the combination of these approaches.

For more than 100 years, we have been committed to developing scientific innovations for the treatment of a range of respiratory conditions. Building on this legacy of expertise, our aspiration is to continue to revolutionize the treatment landscape of pulmonary fibrosis by bringing new, life-changing therapies to people living with this disease.

Respiratory diseases For more than 100 years, we have been committed to developing scientific innovations

Nerandomilast is the next milestone of potentially highly innovative treatments for interstitial lung diseases. It is the first molecule in the class of PDE4B inhibitors being studied for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF).

In September 2024, we announced that nerandomilast reached its primary endpoint in the pivotal Phase III FIBRONEER™-IPF trial. Based on these results, we will submit a new drug application for nerandomilast for the treatment of IPF to the US FDA and other global health authorities.

In February 2022, nerandomilast was granted US FDA Breakthrough Therapy Designation for the treatment of idiopathic pulmonary fibrosis (IPF).

Immunological diseases have a significant impact on patients’ lives. We are dedicated to discovering and developing first-of-their-kind therapies for these serious inflammatory diseases.

Immunology Immunological diseases have a significant impact on patients’ lives. We are dedicated to

In 2024, spesolimab received expanded and additional indications in the US and China including subcutaneous dosing for adult GPP patients and pediatric GPP patients aged 12 years and above, weighing at least 40 kg. In the EU, a new indication was approved for the prevention of GPP flares in adults and adolescents aged 12 years and above as well as the indication for the treatment of GPP flares was expanded to include adolescent GPP patients aged 12 years and above as monotherapy. The approvals were based on the positive results of the Phase IIb EFFISAYIL 2 trial, which demonstrated superiority vs. placebo in preventing GPP flares up to 48 weeks.

SPEVIGO® is the first targeted therapy for the treatment of generalized pustular psoriasis and has been evaluated in a large clinical program specifically for the treatment of patients with GPP.

Mental Health

Mental Health Boehringer Ingelheim conducts research in the field of mental illness and aims to alleviate the burden on people living with these conditions, their caregivers, loved ones, and society. We have made a long-term commitment to invest in research with the aspiration of redefining mental healthcare in partnership with multiple stake holders and innovative partners.

We own an innovative pipeline of investigative therapies in all stages of development.

Our ambition is to create a deeper understanding of the drivers of serious mental illnesses and to provide targeted therapies for those living with these conditions. In this way, we not only try to increase effectiveness and reduce side effects, but also to better integrate patients into society and improve their quality of life. Our efforts go beyond treatment approaches because we recognize that the needs of people living with mental health conditions are complex and highly individualized.

pleasure, social withdrawal, and reduced motivation, significantly impact people’s lives and have been shown to result in poor treatment outcomes. In 2024, we received US FDA Breakthrough Device Designation for CT-155.

BI 1569912 is an investigational oral NMDA subunit 2b-selective negative allosteric modulator (NR2B NAM) designed to rapidly relieve depressive symptoms in patients with Major Depressive Disorder (MDD). In 2024, Phase II trials were initiated for BI 1569912.

We want to pave the way for people with serious mental illnesses, such as schizophrenia and depression, to live the lives they want to live. We’ve recently agreed a three-year partnership with the World Health Organization (WHO) Foundation that aims to advance access to quality healthcare services for all, with a special focus on vulnerable populations in the Americas who are at greater risk of suicide.

Retinal Health Our aim is to lead retinal health into a new era of early detection and intervention to stop preventable vision loss caused by retinal diseases such as diabetic retinopathy, geographic atrophy, and wet age-related macular degeneration.

Retinal Health

Our most advanced asset is BI 764524, a first-in-class antibody targeting the Sema3A pathway. BI 764524 aims to improve retinal non-perfusion (RNP), which is considered the driver of diabetic retinopathy and may be an early marker of disease progression. To date, no treatment has shown to improve RNP, and the HORNBILL Phase I/IIa trial of BI 764524 was the first to explore RNP as a key driver of the disease.

Together with our partner CDR-Life (Horgen, Switzerland), we announced plans to advance BI 771716 following positive results from the Phase I trial. This antibody fragment is being developed to preserve vision in people with geographic atrophy.

In addition, we established a new, long-term collaboration with the Mary Tyler Moore (MTM) Vision Initiative, becoming the first pharmaceutical company to join the “MTM Vision Consortium”. The consortium unites innovators from universities, foundations, pharmaceutical and biotech companies in the pre-competitive space to combat vision loss from diabetes. The collaboration will help us explore new functional endpoints as well as enhance our understanding of the progression of diabetic retinopathy and the role of retinal non-perfusion. Ultimately, this will enable us to identify new ways of diagnosing and treating the disease earlier.

Animal Health

Our goal is to pioneer leading innovations in preventing, detecting, and treating diseases in pets, livestock, and equine. The research and development strategy is based on the approach of studying disease causes and mechanisms to discover new ways to reduce or intervene in the disease process. Our focus areas include infectious diseases, noninfectious diseases, and parasiticides:

To deliver innovation in the various geographical regions, we organize our 17 R&D sites into four regional innovation centers located in the USA, Europe (the centers in France/ Netherlands and Germany), and China. This structure allows us to concentrate critical mass and expertise. Designated sites within each region focus on specific segments of our overall strategy. Our local presence strengthens our execution capabilities and facilitates the development of regional external networks and partnerships.

• In infectious diseases, we are working on detecting and preventing the spread of trans-boundary and emerging diseases. We also investigate the immune system and new vaccine technologies to reduce infections in both livestock and pets.

Largest R&D site in the US

In October 2024, we opened our newly expanded research and development facility in Athens (Georgia, USA). This state-of-the-art facility reflects Boehringer’s commitment to innovation and improving the health and well-being of animals. This facility represents our largest R&D site in the US and the third largest globally. This sustainably focused facility houses the US innovation center, Boehringer’s largest pet vaccine production facility for the US, and a key manufacturing site for poultry and wildlife vaccines.

With a capital investment of 66 million USD and with 63 new jobs created, this expansion sets the stage for groundbreaking discoveries. The site serves as a beacon of creativity across all disease areas and modalities, shaping the future of animal health.

Internal and external collaboration is key Collaboration between our Human Pharma and Animal Health divisions is crucial. Our

Collaboration between our Human Pharma and Animal Health divisions is crucial. Our research and development teams collaborate to share knowledge about disease mechanisms, chemistry, compounds, and cutting-edge techniques. This collaboration has led to successful product introductions like SENVELGO® and SEMINTRA®. With additional promising compounds in our pipeline, we anticipate further innovation in non-infectious diseases through this connection.

External collaborations also play a key role in complementing our in-house R&D capabilities. We focus on various disease areas in our partnerships, including cardiometabolic diseases, immunology and inflammation, oncology, oral health, and infectious diseases. We partner with a range of institutions, from early academic research to established biotech companies, to develop new solutions for areas with a high unmet medical need.

Acquisition of our long-term partner, Saiba Animal Health AG

Saiba Animal Health’s innovative technology platform uses a first-of-its-kind therapeutic vaccine approach, which is designed to create an immune response, targeting chronic diseases such as allergy, inflammation, and pain. The therapeutic vaccines incorporate virus-like particles to induce the animal’s immune system to produce neutralizing antibodies against the animal’s own disease-causing proteins. This approach may result

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in a longer duration of action, better treatment outcomes, and increased pet owner convenience and compliance.

With this acquisition, we are strengthening our Animal Health R&D pipeline, specifically in the fast-growing pet therapeutics category. As life expectancy for pets increases, more pets are at risk of developing chronic diseases. This, in turn increases the need for effective treatment of debilitating diseases.

Preventing and controlling the bluetongue virus – BULTAVO 3™ Boehringer Ingelheim partners with health authorities, governments, and Non-govern- mental organizations (NGOs) around the world to provide vaccines and control solutions against government-regulated transboundary animal diseases (TA D s). In case of an outbreak, such as with the bluetongue virus serotype 3 (BTV-3) which started in Europe in September 2023, governments in each country will regulate disease control measures.

In May 2024, we supported farmers and authorities in their fight against BTV-3, with our vaccine BULTAVO 3™. In a short period of time and in close collaboration with our long- term manufacturing partner Bioveta, we made it possible to have a vaccine against sero- type 3 on the market. With BULTAVO 3™, future BTV-3 outbreaks can be prevented, and farmers can protect not only their herds, but also their livelihoods.

Boehringer holds the industry’s largest portfolio of inactivated vaccine strains against bluetongue as we have vaccines for serotypes 1, 2, 4, 8 and now 3. The addition of BULTAVO 3™ underscores our ongoing efforts to expand our portfolio and help prevent and contain outbreaks of transboundary animal diseases affecting livestock and keeping animals and humans healthy.

Production

Human Pharma

Human Pharma In the Human Pharma business, our production facilities are responsible for the steady supply of top-quality medicines for patients. The ongoing development of the company’s internal production facilities and our strategic cooperation with external manufacturers have established a modern, global, and flexible network that encompasses reliable market supply along the entire value chain, from suppliers of starting materials to worldwide logistics and the distribution of finished pharmaceutical products. Boehringer Ingelheim’s internal production sites focus on products that are strategically important to the company and introduce technically challenging or newer manufacturing technologies in line with the requirements of our pipeline. At the same time, partnerships with external manufacturers add specialist technologies to our production network that are not available in-house. They also expand the production capacity of standard technologies for products that have very high-capacity requirements. Furthermore, Boehringer Ingelheim’s biotechnology manufacturing sites also include the commercial production of biopharmaceuticals for third-party industrial customers.

Boehringer Ingelheim was also able to ensure a steady supply of medicines for patients in the reporting year. This was enabled by the creation and optimal use of strategic safety stocks. In addition, in the 2024 financial year we continued to develop manufacturing for essential production steps and technologies at several locations in different geographical regions. Through the advanced implementation of the HP Supply Network strategy, the management of the value chain from the supplier to the patient has been further optimized. The further advanced digital transformation of the production network and the entire supply chain made a significant contribution here. In particular, the use of digital and automated processes and technologies enables a high level of transparency within the supply chain and efficient control of the global production network.

Animal Health (AH) Human Pharma (HP)

Americas Brazil

1. Paulínia (AH)

USA 5. Athens, Georgia (AH) 6. Fremont, California (HP) 7. Gainesville, Georgia (AH) 8. St. Joseph, Missouri (AH)

USA 5. Athens, Georgia (AH)

Europe Belgium 9. Evergem (AH)

Denmark 10. Kalundborg (AH)

Germany 11. Biberach an der Riss (HP) 12. Dortmund (HP) 13. Ingelheim am Rhein (HP)

France 14. Grand Lyon Industrial Biologic Center* (AH) 15. Toulouse (AH)

Greece 16. Koropi (HP)

Italy 18. Fornovo (HP) 19. Noventa (AH)

Great Britain 17. Pirbright (AH)

Austria 20. Vienna (HP)

Spain 21. Sant Cugat (HP)

Asia China 22. Nanchang (AH) 23. Shanghai (HP) 24. Taizhou (AH)

• composed of the three sites Lyon Porte-des-Alpes, Lentilly, Jonage

Important capital expenditure is being initiated and implemented to expand production capacities in our chemical, biological and pharmaceutical network. Expansion of production technologies and capacities for active chemical substances at the Ingelheim am Rhein (Germany) and Fornovo (Italy) facilities and for pharmaceutical medicinal products at the Ingelheim am Rhein (Germany), Koropi (Greece) and Yamagata (Japan) facilities was initiated or pushed forward in a sustained manner to ensure the supply of antidiabetics (in particular JARDIANCE®) as well as for our pipeline products. A launch factory for the aseptic production of medicines for injection purposes is being built at the headquarters in Ingelheim am Rhein (Germany). In addition, in the area of injection systems, capital was expended for capacities for aseptic production at the Sant Cugat site (Spain) and the Biberach an der Riss site (Germany).

Animal Health

In 2024, Animal Health products were manufactured in a network of 14 production facilities in nine countries. In addition to the company’s own facilities, approximately 70 contract manufacturers produced medicines for Boehringer Ingelheim in 2024.

The product portfolio essentially consists of vaccines, pharmaceutical products, stem cell therapeutics and nutraceuticals. It was successfully expanded with the market launches of BULTAVO 3™ (in the EU), EURICAN® L4 (France), VETMEDIN® ORAL SOLUTION (US), and further rollouts including NEXGARD® COMBO, FRONTPRO® and SENVELGO® in other countries.

Boehringer Ingelheim continues to invest in its manufacturing capacity for vaccines of the highest biological safety class in Jonage/Lyon (France) as well as the expansion and renewal of the aseptic production of vaccines in North America. The production network optimization that has already begun will be further advanced.

Employees

In 2024, Boehringer Ingelheim employed an average of 54,543 people worldwide. This represents an increase of +1.8% over the previous year.

Average headcount by region

As stated in the core of our Leitbild, we know that “we are powered by our people”. Our corporate culture is oriented externally towards the patients and internally towards the employees – the focus is on people at both levels. This is also reflected in our promise to our current and future employees, our “People Promise”. It reflects that our employees are the beating heart of Boehringer Ingelheim. They are united by the belief they can help make millions of lives better and are brave enough to break new ground. In our workplace, we promote a culture that knows that our differences are our strengths and that supports our employees in developing their own paths.

Our company’s success is based on the innovation developed by our employees in 78 countries. The global nature of our value chain, the international nature of our clientele, and the stringent and greatly varying requirements of national regulators demand great flexibility from our organization. We are convinced that relationships based on trust as well as mutual openness, respect, and empathy are values that make us strong and competitive. Working together, sharing different ideas, thoughts and perspectives with one another promotes a capacity for innovation in every area of our business. We equip our employees for the future requirements of the constantly changing health

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objectives with our employees’ skills. The learning content is accessible to all employees We are committed to be an employer of choice and constantly striving to improve our at any time via our digital learning platform, the “Virtual Campus”. In 2024, more than work environment. Therefore, we stay in exchange with our workforce and provide feed- 36,900 employees worldwide have taken the opportunity to develop their own career back loops. We use different opportunities for regular conversations, such as through path in the learning environment of our “Virtual Campus”. employee reviews held at least biannually. In addition, our annual global employee survey helps to make sure that we are on the right track. Another important cornerstone for our people development is our training programs: With 32 different scientific, technical, and commercial training courses and cooperative study programs, our company offers diverse opportunities to get started in professional life. An average of 792 talents worldwide were enrolled in Boehringer Ingelheim’s voca- tional training program in 2024.

At the German facilities of Boehringer Ingelheim, a total of 248 new colleagues started their careers. The selection of training places and cooperative study programs is closely coordinated with our disciplines to ensure that the curricula and training programs also meet our company needs.

Our impactful people development is reflected in the certification as a “Global Top Employer 2024” by the Top Employers Institute. High scores in development and steering practices reflect how individual growth contributes to our company purpose. Our company has been listed among the top employers in multiple countries and regions for the past ten years. In 2024, we received the award in 30 countries. The regional certifications grew to four awards.

Our employee rewards and benefits program is competitive, and transparent. Besides attractive career paths, our benefits to the workforce include a range of company pension plans, flexible and home-based work options, and numerous health-related benefits. Notably, we offer a holistic employee wellbeing program covering mental, physical, social, and financial health. The approach is person-centered, training both managers and employees, and designed to make wellbeing resources easily accessible. Our flexible working models are conducive to our employee wellbeing. These acknowledge our employee’s needs at every life stage and matter to their personal situation. A recent example is the opportunity to temporarily work abroad. This year, the first rollout has been implemented for Germany-based employees.

Sustainable Development for Generations

As a leading healthcare company, we help millions of people and animals around the globe to live healthier, longer lives. Sustainability is firmly anchored in our corporate culture. We work towards becoming more sustainable every day – knowing that we can always do more to tackle sustainability challenges for the benefit of our patients and customers, people and planet.

Our sustainability framework, “Sustainable Development for Generations”, focuses on health for humans, animals, our employees and communities, and the planet. We aim to embed sustainability in everything we do. Our 2030 commitments are in alignment with the United Nations Sustainable Development Goals (UN SDGs) and the Paris Climate Agreement. It incorporates initiatives we have been implementing for many years. We strive to integrate these into our core business, uniquely positioned to address the interconnected relationship between humans, animals, and the environment. It is based on three pillars:

MORE HEALTH – Good Health for People and Animals Our ambition is to develop better therapies and solutions for global healthcare challenges.

Our ambition is to develop better therapies and solutions for global healthcare challenges. This pillar addresses healthcare and wellbeing across the entire patient continuum of care: from pharmaceutical innovation over prevention and healthcare delivery to tackling access. Each program features projects and initiatives to meet the needs of our patients, customers, and broader societal healthcare challenges.

MORE POTENTIAL – Good Health for Communities and Our People We build on our culture to activate our employees and partners to make an impact.

We build on our culture to activate our employees and partners to make an impact. This pillar integrates efforts that enables our people to realize their potential through our culture and leadership approach. It also aims to improve healthcare through social engagement models.

A healthy planet is essential for the health of people, animals, and communities. An intact environment can foster the health of entire societies. The pillar aims to reduce the environmental footprint of our operations, promote sustainable resource use along the value chain, and raise internal awareness on environmental sustainability to protect current and future generations.

In late 2023, we sharpened our strategic focus on MORE HEALTH, which we believe is our most significant contribution to the UN SDGs. To achieve this, we incorporated nine sustainability programs through which we, as a company, can create positive impact for society and minimize our environmental footprint. These programs are Innovation, Disease Prevention, Access, Healthcare Delivery Support, Social Engagement Models, Impact through our People, Responsible & Sustainable Sourcing, Sustainable Medicines, and Decarbonization & Water Management. In 2024, these programs were put into action. Boehringer is strongly committed to health: developing innovative, lifesaving medicines for decades. We focus on rapid innovation, integrating sustainability along our value chain and fostering multi-stakeholder collaboration. This is also reflected in our continuously increasing investments in research and development and medicine.

MORE HEALTH: expanding access to healthcare for 50 million people, investing 35 billion EUR in health innovation and research to tackle non-communicable diseases and an additional 250 million EUR in partnerships to combat emerging infectious diseases.

MORE POTENTIAL: improving the lives of 50 million people around the globe, by engaging employees, partners, and social entrepreneurs to collabo- rate and create solutions that achieve more economically sustainable, inclusive, and healthy communities..

MORE GREEN: We will be carbon neutral in our operations (Scope 1 and 2), cut our resource footprint by half across the value chain and continue to create best practices in a range of areas, from water stewardship and waste-to-landfill to tackling anti-microbial resistance.

External recognition External recognition of our sustainability efforts validates our strategy’s effectiveness,

External recognition of our sustainability efforts validates our strategy’s effectiveness, progress and impact of our commitments. Key achievements in 2024 included:

• Inclusion in the Top Ten in the Access to Medicine Index, moving to 8th place from 13th in 2022. This improved ranking highlights our progress across key areas, especially in R&D and Product Delivery, due to strong performance in capacity building, measuring outcomes, and health system strengthening. It also acknowledges our tailored strategies to improve accessibility and affordability of treatments in low- and middle-income countries.

• Achievements in green chemistry were honored with the 2024 Peter J. Dunn Award for Green Chemistry & Engineering Impact by the ACS GCI Pharmaceutical Roundtable, a leading US organization. The award recognized our innovative chemical process for a key spiroketone building block, which reduces waste, organic solvent use and water, and also significantly cuts costs and lead times.

Integrity – Strong foundations for sustainability Our aim is to embed sustainability in everything we do. Therefore, integrity is the foun-

Our aim is to embed sustainability in everything we do. Therefore, integrity is the foundation of all our sustainability initiatives, encompassing ethics, human rights and strong governance models.

Ethics and Code of Conduct

Our Code of Conduct sets the ethical standards that guide all our business activities. In 2024, we revised it further to highlight the responsibilities of our managers and our three pillared approach, which includes “How we change lives”, “Together we excel” and “Our speak-up culture.” We act with honesty, adhering to regulations and corporate principles, ensuring we make the right choices. Accountability, respect, and mutual support guide us in making ethical decisions every day.

Reporting potential misconduct is crucial to maintaining our integrity. We provide multiple reporting channels, including through line managers, Compliance Officers, HR, or the Speak Up Portal, accessible both internally and externally. In 2024, processes have been updated in accordance with the German Supply Chain Due Diligence Act.

Our approach to Human Rights aligns with the UN Guiding Principles on Business and Human Rights. These principles are embedded in our company culture, and incorporated into our Code of Conduct, Human Rights Policy Statement, and Environmental, Health, Safety & Sustainability guidelines. We are a member of the “Pharmaceutical Supply Chain Initiative” (PSCI) and align our guidelines with PSCI principles.

Human Rights

Since 2023, we strengthened our commitment by implementing a multi layered governance structure and appointing a Human Rights Officer to enhance oversight and address our due diligence and reporting obligations under the Modern Slavery & Child Labor laws and Supply Chain Due Diligence Act (LkSG). We improved our third-party risk management process to address Human Rights in the supply chain more effectively. Additionally, we enhanced our speak -up measures and increased internal awareness on Human Rights through targeted due diligence trainings for board members, top executives, risk experts and the compliance function, as well as general information sessions for all employees.

Governance

Good governance ensures that we operate with integrity, ethics and quality, while respecting human rights within the business and along our value chain.

Boehringer applies a decentralized model to embed sustainability across all functions. Each business area is responsible for managing relevant sustainability matters and related potential impacts, risks, and opportunities, while ensuring availability of expertise, skills and resources.

Oversight of our sustainability governance model has been delegated to the Sustain ability Executive Committee (SEC). This cross-functional management committee comprises senior executives nominated by the members of our Board of Managing Directors (BMD). The SEC is the highest governance and advisory body for sustainability matters, with the authority to make decisions regarding the execution and implementation of our corporate sustainability strategy and programs, steering their implementation to achieve our 2030 commitments, and managing reporting requirements. The SEC’s mandate also extends to key strategies regarding other sustainability matters at Boehringer, including updating relevant corporate policies and making decisions on managing potential impacts, risks and opportunities. It is complemented by dedicated governance structures for Ethics and Human Rights related subject matters.

Sustainability matters are regularly reported to the BMD. Global key metrics are monitored, assured, and regularly reported to the BMD under the Chairman’s responsibility. Additionally, the SEC Chair, the Chief Sustainability and Culture Officer, the Chief Compliance Officer, and the Human Rights Officer provide regular reports and updates to the BMD. Moreover, risk monitoring is conducted as a group-wide process under the responsibility of the BMD Member Finance.

Partnerships

To improve global health outcomes, we value partnerships based on shared objectives, long-term collaboration and trust. In 2024, highlights included:

• Continued support of the Defeat-NCD Partnership, based on four interconnected pillars: National NCD Capacity Building, Community Scale-Up of NCD Services, Affordability and Accessibility of Essential NCD Supplies, and Financing for Country-Level NCD Programming in India, Gambia, Rwanda, and Djibouti. Boehringer joined this public-private-people partnership in 2019, following the launch in 2018 with the vision of achieving universal health coverage for non-communicable diseases (NCDs) in less developed regions.

• Initiation of a new partnership with the NCD Alliance, with the intention of strengthen
ing healthcare systems to ensure more inclusive and sustainable access to noncommunicable disease care. The focus will be on Cardiovascular, Renal and Metabolic Disease (CRM), and aims to strengthen evidence and advocacy for access to care.

• Boehringer Ingelheim has a long -term commitment to invest in mental health research with the aspiration of redefining healthcare to improve outcomes for people living with serious mental illnesses. Subsequently, in 2024 Boehringer announced a partnership with the WHO Foundation to elevate the importance of financing and improving In 2024, Boehringer implemented an External Sustainability Advisory Board, an indepen healthcare services to address mental health globally. Boehringer will provide financial support to WHO’s Fourteenth General Program of Work, spanning from 2025 to 2028. Additionally, Boehringer Ingelheim and the WHO Foundation will support evidence- based interventions in the Americas to improve access to healthcare and suicide prevention.

Our nine sustainability programs

1. Innovation

The aim of this sustainability program is to more robustly include sustainability considerations in the innovation phase of the value chain, particularly encompassing the Disease Map, broadening patient populations in clinical trials, and Real World Evidence (RWE). Milestones in 2024 included:

• To broaden patient populations for our clinical trials, we collaborated with partners to reach a number of patient populations and improve access to clinical trials. We partnered with EmVenio Research to introduce mobile clinical research units. In collaboration with Walgreens, we leverage their pharmacies in local communities as clinical trial sites.

• We established a global advisory board with 19 representatives, including patients, caregivers, healthcare professionals, and researchers, to gain additional insights on how to broaden patient populations for our clinical trials.

2. Disease prevention

This sustainability program focuses on measures to prevent diseases. Milestones in 2024 included:

• Through our “Stop Rabies” program, we deliver on-the-ground solutions to prevent rabies, collaborating with governmental and non-governmental organizations, health authorities, veterinarians, dog owners, and other groups. The program focuses on the three pillars: vaccination, education, and surveillance, contributing to the global goal of eliminating human dog-mediated rabies by 2030. By 2038, we aim to provide 500 million vaccine doses and educate 15 million children.

• In India, we worked with the local government of Mumbai and the Pet Practitioners Association to vaccinate 30,000 animals. In South Africa, we supported the vaccination of over 21,000 dogs through our collaboration with the Khula Outreach program and South African Veterinary Association Community Veterinary Clinics. In Kenya, we also supported Vétérinaires Sans Frontières Germany’s rabies elimination efforts in Machakos County by donating 100,000 vaccine doses and funding community awareness and school education initiatives.

• We reached over 334,000 children in Africa (Ghana, Kenya, South Africa), Asia ( Vietnam, Thailand, Philippines, Malaysia) and Latin America (Ecuador) through various educational models to raise awareness about the rabies disease and preventative measures. Through our collaboration with Khula Outreach, we educated staff in veterinary clinics by promoting the GARC certification program in the high-risk provinces of KwaZulu- Natal and Eastern Cape (South Africa).

3. Healthcare delivery support (HCDS) This sustainability program aims to improve access to diagnosis, treatment, and patient

This sustainability program aims to improve access to diagnosis, treatment, and patient care by strengthening healthcare systems. Milestones in 2024 included:

• Launched project to address health disparities: In the United Kingdom, we committed to partner with NHS England to implement two pilot projects in Northeast England & North Cumbria, and in Hampshire & Isle of Wight. These will focus on improving access to screening and diagnosis for patients at risk of Chronic Kidney Disease (CKD) in these areas by reducing barriers to healthcare.

• Continued support of the “Abraçar” health care program for respiratory patients in Brazil. This program offers better access to screening, diagnosis, and treatment for Chronic Obstructive Pulmonary Disease (COPD) patients, reaching around 60,000 people annually within the Brazilian public healthcare system. In 2024, we prepared to include the diagnosis of patients with Interstitial Lung Disease (ILD). This expansion reinforces our partnerships with municipal healthcare management and the Brazilian Pulmonology Medical Society.

The initiative is the largest stroke community in the world, now encompassing 237,000 healthcare professionals from more than 9,000 hospitals in 158 countries and has helped 19 million stroke patients to date. Moreover, the “FAST Heroes” program – an award-winning educational initiative targeted at children to increase awareness of early stroke symptoms in families and local communities – has been implemented at 8,446 schools and reached over 500,000 children. Each child is asked to share their learnings with two grandparents. In 2024, more than 1 million grandparents were reached.

• The “Angels City” concept was introduced to connect partners including emergency services, hospitals, local authorities, and public educators, to work together more efficiently and save the critical time needed to mitigate stroke impact. To achieve Angels City status, a city must meet specific criteria in hospital excellence, emergency services and community education. To date, four cities in Brazil – Ribeirao Preto, Sapucaia do Sul, Curitiba and Joinville – have achieved this status. The goal is to reach 100 Angels Cities by the end of 2027.

• The “PATHWAYS Indigenous Health Collaborations” project in Canada addresses the high prevalence of non-communicable diseases in Indigenous communities. Established in 2018, it is Indigenous-led and informed, focusing on improving healthcare. To date, the program has directly impacted 1,808 and indirectly impacted over 50,000 people in more than 30 Indigenous communities across Canada through eight pilot projects, tailored to each community’s needs. In 2024, evaluation data indicated the initiative’s positive impact on healthcare outcomes. 74% of patients reported a better understanding of their condition, 70% felt they could manage it better, and 77% felt culturally respected and safe when discussing health concerns. All project leads observed positive behavioral changes and improved quality of life for participants, expressing deep satisfaction with the PATHWAYS program.

The aim of this sustainability program is to improve access to healthcare treatments and solutions, by developing innovative and sustainable long-term models. Milestones in 2024 included:

4. Access

• Launching the “CRM Patient Africa” initiative to strengthen healthcare for CKD patients in Rwanda, Kenya and Ghana. In partnership with regional colleagues and local stakeholders, the project explores main challenges in accessing screening and diagnosis, aiming to co-create a series of solutions. The project aims to closely collaborate with the respective governments to ensure these healthcare solutions not only meet needs but are also able to be integrated into existing training and programs.

• “Access to Healthcare” is an end-to-end patient support program launched in 2022. The objective is to provide better disease management in hypertension and type 2 diabetes. The program also improves accessibility and availability of healthcare solutions. It is currently focused on Kenya and with the potential to expand to other countries within Sub-Saharan Africa. The initiative was piloted in 2023 and supported screening for more than 26,000 people. A new operating model had been implemen ted in 2024 and the initiative successfully enrolled approximately 1,900 patients on treatments.

• Launched a new access model in partnership with Farmacias Similares in Mexico. Currently the third largest pharmacy chain worldwide, Farmacias Similares operates ca. 9,000 pharmacies and employs ca. 8,000 physicians. In the first stage, this collaboration aims to expand the reach of our medications to lower-income populations. Our goal is to offer a holistic treatment to 210,000 patients by 2030.

• OFEV® ROAD aims to improve access to healthcare for the treatment of ILD in emerging market countries. It is based on a strong partnership with assigned clinics and hospitals, which serve as reference points for healthcare professionals to seek advice or refer patients. Through this, we implemented a new access model for specialty care treatment in nine countries, allowing patients to access our innovative OFEV® treatment. The initiative has shown positive progress and fostered continuous engagement with clinics, hospitals, and healthcare professionals, successfully enrolling approximately 194 patients in 2024.

• In 2023, we announced an exclusive three-year partnership with Heart of Australia’s NextGen Medics Program to address healthcare needs and improve the healthcare workforce in rural communities. Heart of Australia delivers specialist healthcare services via mobile clinics. The NextGen Medics Program provides hands-on training and experience in rural healthcare to medical and allied healthcare students. In 2024, 24 students and alumni from 17 universities from six states participated in 490 patient consults, engaged in 59 community engagements, and travelled over 7,535 kilometers across Queensland.

• To date, the “LastMile” initiative has reached over 60,000 smallholder farmers. In 2024, livestock service providers focused activities on Kenya, Cameroon and Nigeria to enable 44 approved product registrations. This initiative was launched in 2018 and aims to increase access to healthcare solutions, vaccines, and treatments to optimize the health and productivity of livestock. It also aims to increase awareness for smallholder farmers in underserved communities on better prevention of animal diseases.

• Our product donations further support access to healthcare by providing medicines to underserved communities. In 2024, these donations reached over 90,000 patients in 45 countries.

The aim of this sustainability program is to implement social engagement models that create innovative solutions for complex healthcare challenges. Our social engagement models strategy combines “Making More Health” and social business initiatives into one cohesive approach to create more sustainable solutions, improving healthcare.

5. Social engagement models The aim of this sustainability program is to implement social engagement models that

“Making More Health” aims to inspire social innovation. Through community activation, we engage local communities and co-create with NGOs to support sustainable solutions in health, economic development, education and culture, and infrastructure. This empowers systemic change and cross-sectoral collaboration, aimed to enable an innovation-driven culture for our employees and partners. One example is the “Teenage Mother Project”, initiated in 2024 in collaboration with GIZ Germany in Kenya. It aims to help prevent pregnancy among teenage girls through more awareness and education.

In 2024, a total of 32 social entrepreneurs were supported through the collaboration with Ashoka, the world’s largest network of social entrepreneurs. Also, in collaboration with Ashoka, we launched the Social Innovation Hubs in six countries in 2024. The aim is to collaborate closely with social entrepreneurs in a structured, year-long program on topics such as nutrition and physical health, leveraging social innovation as a catalyst. Through Ashoka, we also launched additional internal learning modules on sustainability and social innovation for our employees.

Through our social business incubator, accelerator and Boehringer Ingelheim Social Engagement Fund, we support social start-ups across Sub-Saharan Africa. In collaboration with our partner Villgro Africa, who specializes in health innovation and supports social start-ups, we select particularly innovative social start-ups to provide grant funding and technical assistance, further developing their business model to become eligible investment capital. In 2024, we supported a total of 14 social start-ups across Sub- Saharan Africa together with Villgro Africa. Through Boehringer Ingelheim Social Engagements, we invest in social start-ups to help them grow and scale-up the potential of their solutions and be more effective for their local communities.

The “Making More Health Together” 2024 convention was a two-day hybrid event in Ingelheim am Rhein, Germany. The event took place for the fifth time and included participants from various sectors including industry, civil society, academia, impact financing and social entrepreneurship. The objective was to discuss and collaborate on innovative solutions for pressing healthcare issues. This is an annual event, which strives to build a strong network of complementary stakeholders to create sustainable social impact.

During the convention, we announced BenaCare, FarmAlert and Jacaranda Maternity as new recipients of the Boehringer Ingelheim Social Engagement Fund. In 2024, we financed the set-up of two hospitals for Jacaranda Maternity to provide more affordable maternal healthcare in Kenya. We supported FarmAlert in Nigeria to improve product access to agrovet stores in remote areas and to support smallholder farmers with educational resources. Our investment in BenaCare supports the deployment of mobile dialysis units to improve access to renal treatment in Kenya and awareness campaigns for early diagnosis and disease management through affordable home-based nursing.

6. Impact through our people With this sustainability program we address social sustainability topics for our employ-

With this sustainability program we address social sustainability topics for our employees, including their contribution to creating impact in our communities. These include:

• Employee Health and Wellbeing

We take a holistic approach to employee wellbeing across four dimensions: mental, physical, social, and financial. This person-centered approach trains both managers and employees and makes wellbeing resources easily accessible. By enabling everyone’s wellbeing, we create a healthier, safer workforce, boosting motivation, employability and performance.

This builds on our internal “BE SAFE” program, which has been instrumental in creating a safer work environment by increasing safety awareness and promoting responsible conduct. Based on a global safety culture evaluation in 2023, we re-launched the program in 2024. The aim is to enhance the company safety mindset, reinforce key elements like leadership role modeling and stringent incident reporting, and build a supportive internal community culture.

Our complementary “BE HEALTHY” program enhances employees’ physical and mental health. Through collaboration with our internal therapeutic areas, we focus on preventing mental health challenges. We train employees worldwide to become health and wellbeing ambassadors (“Health Navigators”). In 2024, more than 400 employees were trained. • Sustainable Development for Generations (SD4G) Employee Volunteering

In 2024, we implemented a global integrated approach for employee volunteering. It provides all employees with opportunities to contribute to our sustainability strategy and support the NGOs and social entrepreneurs we collaborate with. It offers a range of hands-on and skills-based volunteering activities, giving employees opportunities to develop, while helping to solve social and environmental challenges. In 2024, more than 11,000 employees volunteered, such as with “Stop Rabies” and mental health projects.

• Sustainable Development for Generations (SD4G) Employee Volunteering

7. Responsible and sustainable sourcing

We aim to ensure that the goods and services we purchase minimize environmental impact, create positive social impact, and generate economic value. Our Supplier Code of Conduct is based on international standards, including the UN Global Compact’s 10 Principles, and aligns with the pharmaceutical supply chain initiative (PSCI) principles. This underpins our supplier relationships and makes our expectations for ethical, professional and sustainable conduct transparent. Upholding human rights and minimizing environmental impact are key priorities.

Boehringer established a supplier engagement program to decarbonize the upstream value chain in line with our 2030 commitments. This program currently engages over 200 suppliers. To date, it covers 34% of the company’s upstream Scope 3 greenhouse gas emissions1. We support them to further decarbonize by offering free renewable energy education and sustainability expertise. Since 2022, we are a sponsor of the “Energize” program, which, in collaboration with the PSCI, aims to boost renewable energy access for the pharma industry supply chain.

8. Sustainable medicines

We aim to continuously minimize the environmental footprint of our human and animal health medicines by reducing carbon emissions, energy and water usage, and waste. This is achieved by integrating eco-design principles during the R&D phases across the entire lifecycle of medicines, from designing and manufacturing drug substances to developing devices and packaging. By 2030, our goal is to apply eco-design and green CMC (Chemistry, Manufacturing and Controls) principles to all R&D projects across all new molecular entities. Milestones in 2024 included:

• Launch of “Eco-design Playbook 2.0” along with the EcoMediX companion application to integrate eco-design principles into R&D. Eco-design criteria are evaluated at pre-determined milestones during development of small molecules and biologicals.

• Continuation of our Innovation Unit (IU) “MORE GREEN Grant” program, supporting eco-design through open innovation on opnMe.com, a global collaborative research platform with more than 6,000 registered users from 72 countries. To date, one research grant has been concluded and four are ongoing, covering topics like biocatalysts in fluorination and peptide synthesis, mechanochemistry, chromatography in downstream biological processes, stable biological formulations, and biodegradable plastic bottles. Each selected project receives an 80,000 USD grant for a 12-month research collaboration.

• Successful execution of the “Sustainable Labs” pilot initiative with MyGreenLab, a non-profit organization dedicated to improving scientific research. In this pilot, 16 laboratories across different geographies completed a certification process to reduce costs, carbon, plastic use, waste and energy consumption in daily lab work. 11 laboratories achieved the highest certification level.

9. Decarbonization and water management This program aims to continuously decarbonize and reduce water use to minimize our

This program aims to continuously decarbonize and reduce water use to minimize our environmental footprint.

• Decarbonization

We are committed to becoming carbon neutral in our company operations (Scope 1 and 2) by 2030. In 2023, our targets (Scope 1, 2 and 3) were validated and approved by the “Science Based Target Initiative”. Milestones in 2024 included:

– New carbon neutrality certification of our BioPharma China sites in Shanghai (OASIS and Bio Lab), and our Animal Health sites in Noventa (Italy), Fulton (USA) and Kalundborg (DK) – bringing the total of certified sites to 14.

– First country-wide certification for all operations in Italy, including Fornovo (certified in 2023), Noventa, Milan and the national fleet.

– Increased global renewable electricity purchases to around 75% in 2024. This is primarily due to transitioning to renewable solutions at sites, including Japan and TCM. A new biomass power plant was commissioned at our corporate headquarters, to further increase on-site renewable energy generation.

• Water Stewardship and Clean Water

– Increased climate contributions beyond our value chain to 16 carbon reduction projects in 12 countries since 2019. Overall, more than 340,000 t CO2e were captured or avoided, including more than 110,000 tCO2e reported for 2024.

We implement water management and water risk programs at all our production sites and seek “water stewardship” certification by the Alliance for Water Stewardship (AWS) at all sites affected by water scarcity. Our production sites in Fremont (USA) and Promeco (Mexico) are AWS Standard certified. In 2024, the production site in Sant Cugat (Spain) progressed with AWS Standard implementation and a certification audit. Additionally, two more production sites (Boehringer Ingelheim Shanghai Pharmaceuticals and BioChina) have started AWS Standard implementation by joining the AWS Impact Accelerator in Shanghai. We continuously assess APIs and other trace substances in our production environment. Our “Clean Water” initiative ensures pharmaceutical traces in wastewater remain significantly below effect levels. This initiative collaborates with industrial networks and suppliers across the value chain.

Related Topics:

Boehringer employs a data-driven circular economy approach to optimize resource use, reduce environmental impact, and lower waste costs. This is achieved through measures like life cycle assessments (LCA), eco-design, and environmental risk assessments to enhance the sustainability of our operations and products. In 2024, milestones included:

• Circularity

– Product Environmental Footprint (PEF) and Certifications: Conducted LCAs for packaging (e.g. Eco-cooler, pallets) and devices (e.g., Bio Device), including JARDIANCE® and FLEXCOMBO®. Packaging (Neo Packaging) was certified by TÜV Rheinland, ensuring compliance with international environmental standards.

Boehringer Ingelheim — 2024 Highlights Boehringer Ingelheim 2024 — Information about the Group 34

– Sustainable Operations: Introduced innovative solutions like UV disinfection for lab cloths, soil remediation and green meeting initiatives. Community efforts included in-kind donations and Green Canteen certification, promoting sustainability across various operations.

• MORE GREEN Fund This fund provides an additional 7.5 million EUR per year to promote environmentally sustainable technologies and solutions for internal projects, focusing on decarboniza- tion, water management and circularity. It serves as an accelerator and best-practice database for implementing innovative clean technologies. Since 2020, it has supported 76 Capital Expenditures (CapEx) investment projects, 10 in 2024. Milestones in 2024 included: – Implemented a wastewater treatment evaporator solution at Sant Cugat (Spain). – Extended solar power plant at corporate headquarters in Ingelheim am Rhein (Germany) to 3 MW. – Launched new photovoltaic projects at the Promeco site (Mexico) and in Toulouse (France). – Optimized blister sheet packaging to reduce waste and emissions at Yamagata (Japan).

Report on economic position

Macroeconomic environment

In 2024, the global economy proved surprisingly robust despite numerous geopolitical tensions and supply chain disruptions. According to the International Monetary Fund (IMF), estimated global economic growth was +3.2%, almost unchanged from the previous year 2023 (+3.3%). The central banks’ monetary policy measures took effect and average inflation fell from 6.7% in 2023 to 5.8% in 2024. The IMF expects inflation in most G20 countries to reach the defined targets by the end of 2025. Due to the declining inflation, many economies cut key interest rates again in 2024, which was beneficial for growth. In the latter case, there were clear regional differences. The US economy grew by 2.8% mainly as a result of an increase in private consumption. The growth markets of Asia benefited in particular from significant investments in artificial intelligence, which led to strong demand for semiconductors and electronic products. In contrast, growth in the EURO zone was 0.8% – significantly below the growth in the other G20 countries – due to a lower willingness to invest. In emerging markets and developing countries, disruptions in the production and transport of raw materials (especially oil), conflicts, unrest and extreme weather events led to a downward revision of the outlook for the Middle East, Central Asia and sub-Saharan Africa.

The global pharmaceutical market grew to approximately EUR 1.37 trillion last year, which corresponds to an average annual growth of +8% over the last five years (source: IQVIA). In comparison to other industries, the pharmaceutical market is shaped in the long term by the performance of the economy and, in particular, the demographics of society. In addition, the average growth of the market is influenced by new product launches and the constant improvement in global access to medical care.

pricing systems, and lengthy and complex pricing processes that delay access to innovative medicines.

Such measures carry the risk of restricting investments in new treatment options and the provision of innovative medicines. The pharmaceutical industry works closely with governments and public health authorities to meet these challenges in order to ensure and improve access to medicines in a sustainable manner, reduce delays in market approval and provide patients with innovative medicines. A reliable legal framework that promotes innovation and ensures the protection of intellectual property remains an important prerequisite for achieving this objective. The EU has therefore drawn up a guideline for 2029 to strengthen the life sciences by promoting innovation and expanding infrastructure, facilitating capital expenditure within the industry and developing approaches to reduce the shortage of skilled workers. At the US level, it remains unclear how the newly elected president will handle the existing price caps for certain medicines as well as the planned deregulation of the economy and what impact this will have on the pharmaceutical industry.

The Animal Health market – consisting of the pet, equine, and livestock segments – continued its growth trend in 2024. The long-term drivers of growth are primarily population growth, the rising standard of living of many people in growth markets and the increased life expectancy of animals due to constant improvements in veterinary care. Additionally, the increasing humanization of the growing pet population is a key driver of increased investment in animal health by pet owners. The livestock sector is benefiting from increased demand for animal proteins as well as increasing interest in food safety from government health organizations worldwide. Furthermore, growing consumer expectations for sustainable protein production that is focused on animal welfare reinforces the importance of preventive animal health. In general, consolidation through mergers on the customer side is ongoing, which leads to increased competition. In the future, growth in the Animal Health business will largely be driven by digital, therapeutic, and preventative innovation. In order to be able to grow with the market, capital expenditure needs to be continuous, sustainable and competitive.

decline in the inflation rate may not occur if there is a new increase in commodity prices due to ongoing geopolitical tensions. This could prevent central banks from easing monetary policy, which would pose significant challenges to fiscal policy and financial stability. The IMF emphasizes that effective monetary policy, the right political framework, and good communication are crucial to meeting these challenges.

Currency development Boehringer Ingelheim’s global presence means that currency trends influence its finan-

Boehringer Ingelheim’s global presence means that currency trends influence its financial performance. The US dollar (USD), the Japanese yen (JPY) and the Chinese renminbi (CNY) are particularly worthy of mention here. The US dollar fluctuated between a high of 1.05 EUR/USD (December) and a low of 1.11 EUR/USD (September) in 2024. The Japanese yen fluctuated between a low of 171.17 EUR/JPY (July) and a high of 159.08 EUR/ JPY (September). The Chinese renminbi fluctuated between a low of 7.87 EUR/CNY (July) and a high of 7.63 EUR/CNY (December) in 2024. Significant transactional currency risks are hedged through suitable currency instruments.

Currency development

Net sales

For Boehringer Ingelheim, stable and competitive financial performance and solid financing are the basis for independence, making them the focus of our actions. On this basis, we can implement our corporate purpose “Transforming lives for generations” and invest in innovation on a competitive scale, thereby making our contribution to improving human and animal health with innovative therapies.

Boehringer Ingelheim continued the positive growth trend in 2024. We recorded net sales of 26,796 million EUR, which represents a +4.6% increase relative to the previous year’s net sales figure of 25,611 million EUR. Exchange rate effects adversely affected the sales trend in 2024. Adjusted for these effects, the Group achieved a growth rate of +6.1%.

In the past financial year, Boehringer Ingelheim’s activities were divided into the Human Pharma and Animal Health businesses.

Net sales by business (in million EUR)

Development of the businesses

Human Pharma

In our Human Pharma business, we once again made our products available to more patients in 2024 thanks to new approvals in additional countries; we also further strengthened established products. An estimated 66 million patients1 were treated with our products in 2024.

The Human Pharma business is the mainstay of Boehringer Ingelheim’s activities and accounts for a share of 81.8% of the Group’s net sales. Net sales in our Human Pharma business increased by +5.6% (currency-adjusted +7.0%) in the 2024 financial year to 21,928 million EUR. This growth was mainly driven by the established products of the JARDIANCE® family as well as OFEV®. The growing licensing business – in particular the SKYRIZI® product licensed out to and sold by AbbVie – also contributed significantly to the positive development of the Human Pharma business.

In the BioXcellence division – which was integrated into the Human Pharma business in 2023 – net sales of 1,235 million EUR were +13.2% (currency-adjusted +13.3%) above the previous year’s level due to the increased demand for market products from our business partners. The order situation for the entire business developed positively, resulting in a high level of capacity utilization.

Human Pharma: Net sales Top 5 products (in million EUR)

The highest-selling product was JARDIANCE®, which, in addition to treating type-2 diabetes and chronic heart failure, has also been used since 2023 to treat people with chronic kidney disease. The JARDIANCE® family generated net sales of 8,357 million

EUR, which was thus +13.2% (currency-adjusted +14.6%) higher than in the previous year.

OFEV®, the second most successful product in terms of net sales in 2024, is primarily used to treat idiopathic pulmonary fibrosis as well as two other indications – SSc-ILD (interstitial lung disease in systemic sclerosis) and PF-ILD (progressive fibrosing interstitial lung disease). OFEV® recorded net sales of EUR 3,766 million and thus achieved a growth rate of +7.3% (currency-adjusted +8.9%).

Sales of the products TRAJENTA® and JENTADUETO® for the treatment of type-2 diabetes decreased by -5.0% (currency-adjusted -2.5%) to 1,621 million EUR.

The net sales of SPIRIVA®, which is used to treat chronic obstructive pulmonary disease (COPD) and asthma, developed in line with the product life cycle. At -17.7% (currency-adjusted -16.9%), net sales in 2024 of 1,062 EUR million were below the previous year’s level, as expected.

Thanks to the new production approval for ACTILYSE® at the Vienna site and the expanded indication for METALYSE®, these biopharmaceuticals are now among our top 5 products. They generated net sales of EUR 630 million, an increase of +10.7% (currency-adjusted +13.3%).

Sales growth of +28.5% (currency-adjusted +28.6%) was achieved for the licensing income provided by SKYRIZI®. This product, which is marketed globally by our partner AbbVie, is based on the substance risankizumab, which was largely developed by Boehringer Ingelheim and is used to treat moderate to severe plaque psoriasis and psoriatic arthritis. Additionally, the medicine was approved in further markets in 2023 for the treatment of moderately to severely active Crohn’s disease.

1 Patient reach is on the basis of ex-factory sales and a yearly adherence factor of 1.6, derived from real-world data (RWD) of key products in focus markets.

In 2024, we achieved the highest growth rate in the EUCAN region (Europe and Canada) with +13.4% (currency-adjusted +13.5%). With net sales of 7,396 million EUR, the EUCAN region accounted for 33.7% of net sales.

The company’s emerging markets also registered an improved volume of sales with a growth rate of +7.2% (currency-adjusted +12.5%). Overall, net sales in these countries rose to 4,179 million EUR which represented 19.1% of net sales.

Japan accounted for 5.7% of total net sales in the Human Pharma business. Here, net sales fell by -2.7% (currency-adjusted +5.0%) to 1,245 million EUR due to the significantly weaker Japanese yen compared to the Euro.

Human Pharma: Net sales by region (in million EUR)

In the past financial year, the Animal Health business achieved net sales totaling 4,749 million EUR and therefore provided almost 17.7% of the Group’s net sales. Animal Health was able to increase net sales by +0.5% (currency-adjusted +1.9%).

Animal Health In the past financial year, the Animal Health business achieved net sales totaling

Animal Health: Net sales Top 4 products (in million EUR)

Our top-selling Animal Health medicines come from the pet business: the antiparasitic NEXGARD® recorded sales growth of +12.2% (currency-adjusted +14.0%) to 1,352 million EUR in 2024 and therefore remained the highest-selling product family in the Animal Health business portfolio in the 2024 financial year. Due to the continued growth and the market launches of NEXGARD® PLUS and NEXGARD® COMBO, the NEXGARD® family was one of the top-selling brands in the Animal Health industry in 2024 and was able to continue the strong growth path from previous years.

Net sales development for the antiparasitic FRONTLINE® was negative. Net sales for the product decreased by -2.0% (currency-adjusted -1.3%) to 399 million EUR.

Net sales of the medicine HEARTGARD® fell by -23.4% (currency-adjusted -23.4%) to 236 million EUR.

The development of our swine vaccine INGELVAC CIRCOFLEX®/FLEXCOMBO® was also negative in 2024. Net sales decreased by -14.0% (currency-adjusted -11.5%) to 215 million EUR.

In Animal Health, we were able to exceed the previous year’s net sales in almost all regions. In the USA, we grew by +0.3% (currency-adjusted by +0.4%) and were able to grow, particularly in the pet segment, which includes equine.

In the EUCAN region, we achieved sales growth of +5.4% (currency-adjusted +5.3%), particularly thanks to growth in the pet segment and the swine segment.

In ALAMEA (Asia, Latin America, Middle East, Africa), net sales grew by +2.8% ( currency-adjusted +8.8%) and totaled 1,119 million EUR.

In the TCM region (Chinese market), net sales fell by -28.0% (currency- adjusted -26.8%) to 211 million EUR mainly due to lower sales in the swine segment.

Animal Health: Net sales by region (in million EUR)

Other sales/discontinued operations Other net sales also include the activities of discontinued operations that are no longer

Other net sales also include the activities of discontinued operations that are no longer of strategic importance for Boehringer Ingelheim.

Report on expected developments

Boehringer Ingelheim can look back on a successful financial year in 2024, in which we achieved our objectives in terms of our contribution to the well-being of patients, livestock, and pets. Despite the very volatile environment, we were able to ensure the company’s sustainable development and growth.

The global economic developments of the past year will continue to impact the 2025 financial year and will further challenge us. We expect global inflation rates to decline and to converge towards long-term targets. Even if the ongoing global decline in inflation continues, we see risks which may have a negative impact on price stability. At the same time, we are observing the rising geopolitical uncertainties and the associated potential risks for the global eco nomy. Existing geopolitical tensions increase in particular uncertainty about oil price developments. Protectionist measures by individual countries can adversely affect trade relations and disrupt supply chains. Energy prices, particularly in Europe, are expected to ease again in the medium term. So, our expectations for the world economy for next year remain cautious.

years will be the potential impact of monetary policy measures and various government economic recovery, sustainability, and support programs on the respective government’s budget planning and whether this will result in policy shifts related to innovative medicines. We expect high single digit market growth in 2025 for prescription pharmaceuticals but are also observing increasing global institutional efforts to lower the prices of medicinal products. In view of this development, the financial ability to act with regard

of medicinal products. In view of this development, the financial ability to act with regard to sustainable growth and innovation remains of great importance to us.

We also expect moderate market growth in the Animal Health business in the new financial year, for which research and innovation are of central importance. Together with our business partners, we intend to continue to provide our customers with innovative solutions. For Boehringer Ingelheim, various new launches in both the pet and livestock segments will enable growth in the magnitude of the market.

Our consistently high R&D expenditure, which once again increased in 2024, is in line with our strategic focus on continuing to drive growth and the flow of new products. In 2024, we once again achieved our goal to enhance our internal pipeline through external innovation and partnerships. We will continue to actively pursue this strategy in 2025. We invest in our own and external R&D after close investigation of the therapeutic benefit and the associated prospects for success. The continuous development and expansion of our research and development pipeline indicates short-, medium-, and long-term growth potential. We expect to see a further increase in R&D investments in new medicines in 2025 and intend to reach new milestones in research and development as well as multiple new market approvals.

In addition to patent expiry, the major challenges facing the research-driven pharmaceutical industry are the increasing amount of investment in R&D as well as bigger hurdles and increased costs associated with product approvals. On the sales side, the already mentioned increasing cost burden on the healthcare system is intensifying the pressure on the sales prices of medicines.

In conjunction with the long planning and development cycles for new products, growing public cost pressure means that our business is less predictable. This requires us to quickly recognize and seize opportunities in both Human Pharma and Animal Health while also continuously monitoring and adjusting costs and business processes. In 2024, we implemented measures in all our business areas to accelerate the speed of our response to changes, reduce the complexity of the organization, and optimize the cost base. In this way, we are creating potential for capital expenditure and securing the company’s long-term success.

Boehringer Ingelheim — 2024 Highlights Boehringer Ingelheim 2024 — Report on expected developments 41

Boehringer Ingelheim develops therapies that transform lives – today and for generations to come. As a family owned company, we have thereby ensured our competitiveness and long- term entrepreneurial independence since we were founded in 1885. We are confident that we will achieve our ambitious targets in all of our business areas, thanks to our great innova- tive strength, which rests on a competitive portfolio of prospective products, our global presence, and the support of our highly qualified and motivated employees.

Overview of selected consolidated companies

Boehringer Ingelheim Vetmedica GmbH, Ingelheim am Rhein

Argentina

Boehringer Ingelheim Animal Health Argentina S.A., Buenos Aires

Australia

Boehringer Ingelheim Animal Health Australia Pty. Ltd., North Ryde

Belgium

Boehringer Ingelheim Animal Health Belgium S.A., Brussels Boehringer Ingelheim Veterinary Medicine Belgium NV, Evergem

Brazil

Boehringer Ingelheim Animal Health do Brasil Ltda., São Paulo

Boehringer Ingelheim Animal Health Canada Inc., Burlington

China

Nanchang Boehringer Ingelheim Animal Health Co., Ltd., Nanchang Boehringer Ingelheim Animal Health (Shanghai) Co., Ltd.,

Boehringer Ingelheim Vetmedica (China) Co., Ltd., Taizhou

Boehringer Ingelheim Animal Health (Shanghai) Co., Ltd., Shanghai

Great Britain

Boehringer Ingelheim Animal Health France, Lyon

Boehringer Ingelheim Animal Health Argentina S.A., Boehringer Ingelheim Animal Health UK Limited, Bracknell

Italy

Japan

Boehringer Ingelheim Animal Health Italia S.p.A., Mailand

Boehringer Ingelheim Animal Health Japan Co., Ltd., Tokyo

Mexico

Netherlands

Boehringer Ingelheim Animal Health México S.A. de C.V., Mexico City

Boehringer Ingelheim Animal Health Netherlands B.V., Alkmaar

Alkmaar New Zealand Boehringer Ingelheim Animal Health Canada Inc.,

Boehringer Ingelheim Animal Health New Zealand Limited, Auckland

South Korea

Boehringer Ingelheim Animal Health Argentina S.A., Boehringer Ingelheim Animal Health Korea Ltd., Seoul

Boehringer Ingelheim Animal Health Philippines, Inc., Makati City

Boehringer Ingelheim Animal Health Argentina S.A., Boehringer Ingelheim Corporate Center GmbH, Ingelheim am Rhein

Boehringer Ingelheim GmbH, Ingelheim am Rhein Boehringer Ingelheim Pharma GmbH & Co. KG,

Spain

Boehringer Ingelheim Animal Health España, S.A., Barcelona

Boehringer Ingelheim Animal Health España, S.A., Boehringer Ingelheim Pharma GmbH & Co. KG, Ingelheim am Rhein

South Africa

Boehringer Ingelheim Animal Health Taiwan Co., Ltd., Taipeh

Taiwan

Boehringer Ingelheim microParts GmbH, Dortmund Boehringer Ingelheim Venture Fund GmbH, Ingelheim am Rhein Boehringer Ingelheim Animal Health Taiwan Co., Ltd.,

Boehringer Ingelheim Animal Health (Thailand) Limited, Bangkok

Boehringer Ingelheim Middle East & Africa GmbH, Ingelheim am Rhein

Thailand

Boehringer Ingelheim Therapeutics GmbH, Ochsenhausen BI X GmbH, Ingelheim am Rhein

Boehringer Ingelheim Therapeutics GmbH, Ochsenhausen BI X GmbH, Ingelheim am Rhein

Boehringer Ingelheim Animal Health USA, Inc., Wilmington, Delaware Boehringer Ingelheim Animal Health Canada Inc.,

USA Boehringer Ingelheim Animal Health Netherlands B.V.,

Boehringer Ingelheim International GmbH, Ingelheim am Rhein

Boehringer Ingelheim S.A., Buenos Aires

Austria

Boehringer Ingelheim RCV GmbH & Co. KG, Vienna Boehringer Ingelheim Pharma Gesellschaft mbH, Vienna Forschungsinstitut für molekulare Pathologie Gesellschaft mbH, Vienna ViraTherapeutics GmbH, Rum

Belgium

Shanghai BI X E-Health Technology (Shanghai) Co., Ltd., Shanghai

Colombia

Chile

Boehringer Ingelheim Ltda., Santiago de Chile

Czech Republic

Boehringer Ingelheim, spol. s.r.o., Prague

Boehringer Ingelheim Zagreb d.o.o., Zagreb

Boehringer Ingelheim Shanghai Pharmaceuticals Co., Ltd., Shanghai Boehringer Ingelheim Biopharmaceuticals (China), Ltd.,

Denmark

Boehringer Ingelheim Danmark A/S, Copenhagen

Ecuador

Boehringer Ingelheim Del Ecuador Cia. Ltda., Quito

Finland

France

Boehringer Ingelheim Finland Ky, Espoo

Greece

Boehringer Ingelheim Ltd., Bracknell

Japan

Nippon Boehringer Ingelheim Co., Ltd., Tokyo Boehringer Ingelheim Seiyaku Co., Ltd., Yamagata

Hong Kong

BOEHRINGER INGELHEIM HELLAS SINGLE MEMBER S.A., Athens

Boehringer Ingelheim Italia S.p.A., Milan Bidachem S.p.A., Fornovo S. Giovanni

Indonesia

Boehringer Ingelheim (China) Investment Co., Ltd., Israel

South Korea

Boehringer Ingelheim Mexico S.A. de C.V., Mexico City Boehringer Ingelheim Vetmedica S.A. de C.V., Guadalajara Boehringer Ingelheim Promeco S.A. de C.V., Mexico City

Boehringer Ingelheim India Private Ltd., Mumbai

Boehringer Ingelheim España S.A., Barcelona

Netherlands

Boehringer Ingelheim B.V., Alkmaar

Boehringer Ingelheim Aktiebolag, Stockholm

Boehringer Ingelheim (N.Z.) Ltd., Auckland

Switzerland

Boehringer Ingelheim (Schweiz) GmbH, Basel NBE-Therapeutics AG, Basel Amal Therapeutics S.A., Geneva T3 Pharmaceuticals AG, Allschwil

Boehringer Ingelheim Peru S.A.C., Lima

Boehringer Ingelheim (Philippines), Inc., Makati City

Boehringer Ingelheim Taiwan Ltd., Taipeh

Taiwan

Thailand

Boehringer Ingelheim Sp. z o.o., Warsaw

Boehringer Ingelheim Portugal, LDA, Lisbon

Boehringer Ingelheim Ilaç Ticaret A.S., Istanbul

Boehringer Ingelheim Saudi Arabia Trading, Riad

Boehringer Ingelheim Pharmaceuticals, Inc., Wilmington, Delaware Boehringer Ingelheim Fremont, Inc., Wilmington, Delaware

Boehringer Ingelheim Wilmington, DelawareUSA Corporation,

Nerio Therapeutics, Inc., Wilmington, Delaware Boehringer Ingelheim (China) Investment Co., Ltd.,

Boehringer Ingelheim Animal Health Vietnam Limited Liability Company, Ho Chi Minh City

Boehringer Ingelheim Vietnam Limited Liability Company, Ho Chi Minh City

Boehringer Ingelheim — 2024 Highlights Imprint 44

Imprint

C.H. Boehringer Sohn AG & Co. KG Binger Strasse 173 55216 Ingelheim am Rhein Germany Telephone + 49 6132 77-0 Fax + 49 6132 72-0 Contact Corporate Affairs Matthias Reinig press@boehringer-ingelheim.com www.boehringer-ingelheim.com Issued by C.H. Boehringer Sohn AG & Co. KG represented by the Board of Managing Directors: Hubertus von Baumbach (Chairman), Michael Schmelmer (Vice Chairman), Dr. Paola Casarosa, Shashank Deshpande, Frank Hübler, Dr. Armin Wiesler Concept, design, and layout Axel Springer Corporate Solutions GmbH & Co. KG, Berlin www.as-corporate-solutions.de Photos Urban Zintel, Boehringer Ingelheim Copyright © C.H. Boehringer Sohn AG & Co. KG, 2025 All rights reserved, especially the right of reproduction (in whole or parts). No part of this Annual Report 2024 may be reproduced or transmitted in any form or by any means, electronic or photocopy, without permission in writing from C.H. Boehringer Sohn AG & Co. KG. Figures from third parties used in the annual report are based on data available at the time the financial statements were drawn up.