FILE PHOTO: A logo of Bayer is seen next to dark clouds at Cologne Bonn airport March 27, 2015. REUTERS/Wolfgang Rattay
FRANKFURT (Reuters) – German drugmaker Bayer (BAYGn.DE), which acquired seed company Monsanto this year, said it aimed to increase adjusted core earnings to 16 billion euros ($18.1 billion) in 2022, up from an expected 12.2 billion euros this year.
“We will create substantial value by leveraging our innovation capabilities into growth, improved profitability and a higher cash flow. The recently announced efficiency and structural measures will further support us in these endeavors,” Chief Executive Werner Baumann said at the group’s capital markets day in London on Wednesday.
The 2022 target does not take into account the effect of currency swings.
Bayer last week announced the sale of a number of businesses, around 12,000 job cuts and 3.3 billion euros ($3.8 billion) in impairments.
Reporting by Ludwig Burger; editing by Thomas Seythal