By Joshua Stein 
 

Bayer AG said Wednesday that it expects sales growth to regain momentum this year and accelerate further through 2024.

The German chemical and pharmaceutical company said at its capital markets day that net sales should reach between 43 billion euros ($51.17 billion) and EUR45 billion by 2024, driven by life science innovations, increasing efficiency and a push for innovation across all its divisions.

Bayer said it expects its crop science division to reach above-market sales growth from 2022, and sales growth at a currency and portfolio-adjusted rate of between 3% and 5% annually from 2022 to 2024.

At the company's pharmaceuticals branch, Bayer expects annual sales growth at a currency and portfolio-adjusted rate of 3% to 5% through 2023. The division is anticipated to register a low-to-mid-single-digit percentage decline in sales in 2024 due to patent expirations of its major Xarelto and Eylea drugs, but to return to sustainable growth in 2025.

Bayer's consumer health segment should also see an increase of sales between 3% and 5% annually, adjusted for currency and portfolio, and is expected to increase its market share. Innovation and branding, along with further digitalization and possible acquisitions, should drive growth, the company said.

 

Write to Joshua Stein at joshua.stein@wsj.com

 

(END) Dow Jones Newswires

March 10, 2021 08:09 ET (13:09 GMT)

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