Bayer hits 2010 targets

Bayer achieved its Group’s financial targets last year, according to Chairman Dr Marijn Dekkers.

Sales climbed by 12.6 % in 2010 to a record €35.1 billion after hemophilia medicine Kogenate passed sales of a billion Euros for the first time and cancer drug Nexavar were up by 11.7%.

Dr Dekkers said that Bayer had “scored many achievements” last year, but “also faced challenges”.

Despite the record sales, the Group posted a reduction in net income by 4.3% to €1.3 billion.

Its pharmaceuticals division raised sales by 4.2% to €10.9 billion after the business expanded significantly in the Asia/Pacific and Latin America/Africa/Middle East regions. However in America, sales were down after the YAZ line of oral contraceptives faced generic competition. Sales of its multiple sclerosis drug Betaferon/Betaseron were also down by 5% compared to last year.

According to the chairman, 2010 was marked by factors the company could not have predicted as the performance of the CropScience and HealthCare subgroups were both below expectations.

But Dekkers expressed optimism for the company’s continuing development after a bright start to 2011. “We are confident for this year, which has gotten off to a successful start.” he said.

The company now plans to invest some €15 billion for research and development, and for property, plant and equipment until 2013.

Bayer also published targets to raise the proportion of female managers in the Group by a third by 2015. “We are convinced that greater human resources diversity is good for the company,” the Chairman added. “We are optimistic that we can achieve our target within five years.”