German chemicals and pharmaceuticals giant Bayer said on Tuesday that it was back in the black in 2021, thanks primarily to a strong performance of its agrochemicals division.

Its return to profit came after the coronavirus pandemic and litigation costs had pushed it into a massive loss a year earlier.

Bayer said in a statement that it booked a net profit of €1 billion last year, compared with a loss of €10.5 billion in 2020.

The maker of Aspirin said it also returned to profit at an underlying or operating level, with earnings before interest and tax showing a profit of €3.3 billion, compared with a loss of €16.1 billion the year before.

All three divisions grew dynamically in 2021, and they all outpaced their respective markets- Bayer chief executive Werner Baumann

“The Bayer Group had a successful year in 2021, both operationally and strategically,” the statement said. “We posted substantial growth, strengthened our innovation pipeline and made progress toward our sustainability targets. All this shows that Bayer is on the right track!” said chief executive Werner Baumann. “We not only met our updated group forecast, but in fact exceeded it. What’s particularly encouraging is that all three divisions grew dynamically in 2021, and what’s more, they all outpaced their respective markets.”