Economy Fresenius CEO sees Group on track for 2020 forecast...

Fresenius CEO sees Group on track for 2020 forecast despite Corona | 03/26/20

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FRANKFURT (Dow Jones) – According to a magazine report, Fresenius CEO Stephan Sturm sees no reason to shake the Group’s forecast for the year as a whole, given the dynamic spread of the corona virus and the development of a pandemic. “We were cautious about the effects of Corona and I don’t see any reason for a correction right now. The business areas are still doing very well,” Sturm told Wirtschaftswoche in advance.

The CEO considers the economic consequences of the pandemic for Fresenius to be undramatic. “Our business continues and our products and services are needed more than ever,” said Sturm, according to the magazine. With a few exceptions, production is running smoothly, in China the factories are working “again at full speed”. Fresenius’ forecast for the current year does not yet contain any potential financial effects of the coronavirus on business, which Fresenius had not classified as “significantly negative” at the annual press conference on February 20.

Fresenius is targeting an increase of 1 to 5 percent in currency-related net profit for 2020, and sales should grow 4 to 7 percent in constant currency. According to Sturm, a “low three-digit number” of corona patients is currently being treated in the Group’s 86 Helios hospitals in Germany. Almost 1,000 of the approximately 28,000 intensive care beds in Germany are currently in the Helios clinics. These would be increased considerably and operating rooms would be converted into intensive care units if necessary. Work is ongoing to procure additional ventilators. Hygiene items such as masks and gloves are sufficiently available.

Contact the author: ulrike. [email protected]; @UlrikeDauer_

DJG / uxd / cbr

(END) Dow Jones Newswires

March 26, 2020 03:35 ET (07:35 GMT)

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