Although the coronavirus had a "significant negative effect" on net income growth, net income before special items of Fresenius still increased by 2 percent to 465 million euros in Q1, according to the company.
"The COVID-19 pandemic has created unprecedented challenges for Fresenius," said Stephan Sturm, chief executive officer (CEO) of Fresenius. "The last few weeks have shown that we have a crucial role to play in the health care systems around the world."
The first three months of the year had been a "solid start" for Fresenius, which had primarily invested in the modernization and expansion of its dialysis clinics, production facilities as well as hospitals and day clinics, according to the company.
"Our solid first-quarter business results demonstrate the resilience of our operations and business models," stressed Sturm. "It is, however, too early to say with any certainty what impact of COVID-19 will have on the company's full business year."
The German healthcare giant is expecting to see a more pronounced negative effect of COVID-19 on its financial results in the second quarter of 2020.
At the same time, Fresenius subsidiary and dialysis specialist Fresenius Medical Care (FMC) increased sales by 9 percent to around 4.49 billion euros. The reported net income of FMC grew by 4 percent to 283 million euros in Q1.
Excluding the negative impact from the COVID-19 pandemic, net income growth in the first quarter was at the top end of the target range for 2020, according to Fresenius Medical Care.
Despite lockdowns around the world to contain the COVID-19 pandemic, Fresenius Medical Care did not experience "any major disruptions in its manufacturing facilities." Currently, all manufacturing plants worldwide were in operation and supply chains remained intact.
For 2020, Fresenius Medical Care confirmed its targets and is expecting middle to high single-digit growth rates.
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