By Carlo Martuscelli 
 

Fresenius SE & Co. KGaA said Thursday that net profit in the fourth quarter was flat while sales increased, and announced the creation of a joint venture with Vifor Pharma AG focused on iron-deficiency treatment in China.

The company made a net profit of 515 million euros ($556.1 million) in the final quarter, marginally down from EUR516 million last year. Sales grew by 5.4% to EUR9.31 billion.

In 2020, the German health-care company said it expects sales to grow by 4%-7% and net income to increase by 1%-5%, all at constant currency. This is without taking into account the effect of the coronavirus outbreak, which is, however, expected to be minimal, Fresenius said.

The company also said it will be establishing a China-focused joint venture, in which it will retain a minority 45% stake, with Vifor Pharma. The new business will provide patients with iron deficiency access to blood management treatments.

Dialysis division Fresenius Medical Care reported fourth-quarter net income of EUR343 million, down 25% on the previous-year period. However, on an adjusted basis net income grew by 3% it said. Fresenius retains a significant stake in the unit.

 

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

 

(END) Dow Jones Newswires

February 20, 2020 01:41 ET (06:41 GMT)

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