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CONSENSUS PRE Q2 2016 RESULTS - LAST UPDATE ON 28/07/2016 / THIS CONSENSUS INCLUDES THE TRANSACTION BETWEEN SANOFI AND BOEHRINGER INGELHEIM.
Business P&L (in EURm except otherwise stated)FY 2015FY 2016EFY 2017EFY 2018EFY 2019EFY 2020E
Net sales
- Number of Estimates   21 14 14 14 14 
- Highest   37,647 37,262 39,224 41,592 45,031 
- Consensus 36,575 36,682 36,446 37,907 39,899 41,962 
- Lowest   35,908 35,206 36,466 37,894 39,355 
Other revenues
- Number of Estimates   17 12 12 12 12 
- Highest   860 820 874 918 944 
- Consensus 842 726 704 694 692 692 
- Lowest   450 532 479 441 407 
Cost of sales
- Number of Estimates   19 13 13 13 13 
- Highest   -11,547 -11,192 -11,357 -11,915 -12,288 
- Consensus -11,804 -11,887 -11,891 -12,298 -12,823 -13,354 
- Lowest   -12,256 -12,290 -12,925 -13,617 -14,429 
Gross Profit
- Number of Estimates   19 13 13 13 13 
- Highest   26,002 25,838 27,118 29,200 31,842 
- Consensus 25,613 25,541 25,279 26,325 27,871 29,466 
- Lowest   24,958 24,030 24,763 25,827 27,454 
Gross margin as % of net sales
- Number of Estimates   18 13 13 13 13 
- Highest   70.1 70.4 70.6 71.0 71.4 
- Consensus 70.0 69.5 69.3 69.3 69.6 69.9 
- Lowest   68.4 67.1 67.8 68.2 68.5 
R&D expenses
- Number of Estimates   19 13 13 13 13 
- Highest   -5,202 -5,000 -5,100 -5,200 -5,304 
- Consensus -5,259 -5,494 -5,566 -5,728 -5,918 -6,127 
- Lowest   -5,624 -5,858 -6,114 -6,365 -6,686 
SG&A expenses
- Number of Estimates   18 13 13 13 13 
- Highest   -10,094 -9,771 -9,892 -10,183 -10,452 
- Consensus -10,247 -10,372 -10,246 -10,500 -10,891 -11,267 
- Lowest   -10,600 -10,783 -11,185 -11,700 -12,303 
Other current operating income/expense
- Number of Estimates   16 12 12 12 12 
- Highest   248 114 50 50 50 
- Consensus -203 89 -43 -192 -439 -721 
- Lowest   -140 -285 -508 -906 -1,369 
Share of profit/loss of associates
- Number of Estimates   16 14 14 14 14 
- Highest   275 397 599 631 721 
- Consensus 170 205 306 396 432 482 
- Lowest   111 220 68 -376 -660 
Net income attributable to non-controlling interests
- Number of Estimates   17 14 13 13 13 
- Highest   -80 -81 -65 -8 -9 
- Consensus -126 -112 -105 -111 -79 -76 
- Lowest   -156 -140 -271 -160 -170 
Business operating income
- Number of Estimates   21 14 14 14 14 
- Highest   10,048 10,389 11,315 12,138 13,100 
- Consensus 9,948 9,803 9,600 10,162 10,929 11,718 
- Lowest   9,404 8,820 9,313 9,900 10,566 
Operating margin as % of net sales
- Number of Estimates   20 14 14 14 14 
- Highest   27.3 29.2 30.9 31.1 32.0 
- Consensus 27.2 26.8 26.3 26.8 27.4 27.9 
- Lowest   25.7 24.6 24.9 25.7 26.1 
Financial income & expense
- Number of Estimates   20 14 13 13 13 
- Highest   -238 -288 -170 -27 184 
- Consensus -390 -399 -379 -343 -303 -253 
- Lowest   -491 -522 -509 -497 -486 
Tax rate in %
- Number of Estimates   17 12 12 12 12 
- Highest   -21.3 -21.7 -21.6 -21.5 -21.4 
- Consensus -23.0 -24.2 -24.3 -24.3 -24.4 -24.4 
- Lowest   -25.0 -26.0 -27.0 -27.2 -27.3 
Business net income
- Number of Estimates   22 14 14 14 14 
- Highest   7,514 7,698 8,581 9,300 10,117 
- Consensus 7,371 7,167 7,024 7,484 8,098 8,733 
- Lowest   6,891 6,390 6,792 7,118 7,578 
Net profit margin as % of net sales
- Number of Estimates   20 14 14 14 14 
- Highest   20.6 21.7 23.4 23.8 24.7 
- Consensus 20.2 19.5 19.3 19.7 20.3 20.8 
- Lowest   18.8 17.8 18.2 18.7 19.2 
Number of shares
- Number of Estimates   19 14 14 13 13 
- Highest   1,301 1,294 1,294 1,294 1,294 
- Consensus 1,306 1,283 1,247 1,229 1,219 1,208 
- Lowest   1,267 1,216 1,193 1,169 1,141 
Business EPS (in EUR)
- Number of Estimates   24 14 14 14 14 
- Highest   5.86 6.13 6.66 7.22 8.06 
- Consensus 5.64 5.58 5.65 6.11 6.68 7.28 
- Lowest   5.41 5.14 5.55 6.13 6.68 
Dividend per Share (in EUR)
- Number of Estimates   19 18 16 15 14 
- Highest   3.11 3.35 3.62 3.88 4.15 
- Consensus 2.93 2.99 3.06 3.28 3.59 3.89 
- Lowest   2.93 2.78 2.96 3.29 3.50 
More estimates on Vara Online Services
Last update on 2016-07-28 This consensus includes the transaction between Sanofi and Boehringer Ingelheim.
The above consensus estimates are reset after each quarterly report. Hence, the estimates do not contain any estimates older than three months.
Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.