The Bayer Group achieved strong growth last year, posting significantly higher sales and earnings, with the Chinese market being one of the key driving markets, said its annual report.

Group sales came in at 50.7 billion euros ($53.9 billion) in 2022, up 8.7 percent year-on-year on a currency and portfolio adjusted basis. Specifically, net sales of the Chinese market totaled 4.3 billion euros, up 10.5 percent year-on-year, while intangible assets and property, plant and equipment of the Chinese market rose 8.3 percent to 675 million euros.

The sales of various products rose significantly, mainly as a result of stronger demand in China, said the report.

Werner Baumann, Chairman of the Board of Management of Bayer, said, "2022 was a very successful year for Bayer despite the challenging environment. We were able to deliver, even during these difficult times, and met the upgraded financial targets we set in August."

The company is active in the right fields, he added, "Health and nutrition are fundamental human needs. Our vision of ‘Health for all, hunger for none’ is and will remain vitally important, especially in times like these."

According to Bayer, in the Chinese market, it has continued to make progress in e-commerce by increasing sales and market shares on key e-commerce platforms.

Meanwhile, it expanded its vitamin product range in China, with the launch of an infant line containing calcium and vitamin D.

"Following two consecutive years of high single-digit percentage growth rates, we expect our business to remain at a high level and grow by two to three percent in 2023 on a currency and portfolio adjusted basis," said Baumann.

The company anticipates lower prices for agricultural herbicides as well as for some of its established pharmaceutical products. Projected sales growth in other parts of their portfolio and new products are expected to have a positive impact.

On a currency-adjusted basis, Bayer expects to generate sales of 51 billion to 52 billion euros in 2023.

zhengyiran@chinadaily.com.cn