By Alberto Delclaux 
 

Fresenius Medical Care AG & Co. KGaA (FME.XE) reduced its revenue target for 2018, while reporting a first-quarter net profit fall on year.

Based on preliminary results, the German medical company said Sunday that its net profit for the period was 279 million euros ($342.7 million), down 10% from last year but unchanged at constant currency. Revenue was also down 10% on a reported basis at 3.98 billion euros, but rose 2% at constant currency.

Fresenius also said it expects revenue growth of between 5% and 7% at constant currency in 2018, down from a previous target of 8% due to a recent reduction in dosing of calcimimetic drugs.

"Due to a faster than expected reduction in dosing of those drugs in the controlled clinic environment, we are experiencing a headwind on revenue growth for fiscal 2018," said Chief Executive Rice Powell.

Fresenius confirmed its net income growth targets of between 13% and 15% at constant currency.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

April 23, 2018 01:36 ET (05:36 GMT)