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2/28/2018, 7:34 AM (Source: TeleTrader)
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Bayer reports full-year sales of €35B in 2017

German company Bayer AG reported its group sales came in at €35 billion in 2017, an increase of 0.2% compared to the previous year, led by a record year for pharmaceuticals. In the update released on Wednesday, the company said EBITDA amounted to €8.6 billion for the year, while net income was up nearly 62% year over year to €7.3 billion.

Bayer said it is confident it will receive antitrust approval for the Monsanto acquisition to close in the second quarter of 2018. "We are deeply convinced that both companies together can create significant additional value for our customers and shareholders, as well as for the society in which we live and whose acceptance we need," Bayer chief executive officer Werner Baumann commented.

However, the company noted its weak business development at consumer health. "We are also addressing long-term developments with our Consumer Health Division for nonprescription medicines. There is a trend toward self-care, which is being further strengthened by individualization and digitalization," he added.

Breaking the News / JC