May 6, 2020 / 5:09 AM / a month ago

Fresenius reports Q1 net income beat after demand for COVID-19 drugs jumps

May 6 (Reuters) - German healthcare group Fresenius beat first-quarter net income expectations on Wednesday, citing a spike in demand for drugs and devices for COVID-19 patients in Europe and the United States and German legislation to ease the financial burden on hospitals.

Fresenius’ first-quarter net income came in at 465 million euros ($503.97 million), above analysts’ average forecast of 421.8 million euros, according to a Refinitiv poll.

The group said it would revisit its 2020 guidance when publishing its second quarter results, when it could more reliably assess the impact of the pandemic.

Excluding that impact, Fresenius maintained its earlier 2020 outlook for net income growth of between 1% and 5% from a sales growth between 4% and 7% in constant currency terms.

$1 = 0.9227 euros Reporting by Zuzanna Szymanska and Sarah Morland in Gdansk Editing by Tomasz Janowski

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