Bayer Expects Sales Growth to Regain Momentum in 2021, Accelerate in Later Years
March 10 2021 - 8:24AM
Dow Jones News
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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