Feb. 25, 2021, 2:25 a.m. EST

Bayer posts 78% drop in profit, but revenue higher

By Joshua Stein

Bayer AG on Thursday reported a fall in fourth-quarter profit and sales.

The German pharmaceutical and chemical conglomerate said net profit for the period fell by around 78% to 308 million euros ($374.9 million) from EUR1.41 billion a year earlier.

Earnings before interest, taxes, depreciation and amortization before special items were EUR2.39 billion, down from EUR2.48 billion.

Quarterly sales came in at EUR10.00 billion, down from EUR10.75 billion, but were higher than the third quarter, Bayer said.

Analysts expected sales to be EUR10.01 billion, according to a consensus provided by Vara Research.

Bayer proposed a dividend of EUR2.00 per share for 2020, in comparison to EUR2.80 the previous year.

Looking ahead, Bayer expects sales between around EUR42 billion and EUR43 billion for 2021, with an Ebitda before special items of EUR11.2 billion to EUR11.5 billion, both on currency-adjusted basis.

Write to Joshua Stein at joshua.stein@wsj.com

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