Bayer reported a 10.2-percent jump in annual profit for 2016 to 4.53 billion euros ($4.77 billion), while EBITDA operating earnings before one-off effects also climbed by over 10 percent.

Revenues amounted to 46.7 billion euros last year, the company added on Wednesday.

"Our operating performance has reached a record level," Chief Executive Werner Baumann said in a statement.

Revenues were up markedly for all of Bayer's strategically important business segments, including Pharmaceuticals, Consumer Health and Crop Science.

Crucial tie-up

"We have every reason to look to the future with confidence," Baumann added, saying that the company was likely to log further growth throughout 2017.

Bayer noted it had accelerated its innovation drive as it invested almost 4.7 billion euros last year in research and development, marking a 9.2-percent increase year on year.

The firm added it had made big strides in the planned takeover of Monsanto, with the US company's shareholders approving the deal in December 2016 and a first group of regulatory approval applications already sent out.

Bayer said it was confident the transaction would be completed by the end of the year.

"The takeover dovetails with our strategy to become a market leader with our Live Science business in attractive and innovative fields," the company argued.

hg/jd (Reuters, AFP)