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Last update on 07/02/2017
For 2016 Consensus (Q4 and FY): Animal Health Business is only included in the Business Net Income and EPS lines.
From 2017 onwards this consensus includes the transaction between Sanofi and Boehringer Ingelheim.

Business P&L (in EURm except otherwise stated)Q4 2015FY 2015Q4 2016EFY 2016EFY 2017EFY 2018EFY 2019EFY 2020E
Net sales
- Number of Estimates     13 13 18 18 16 16 
- Highest     9,189 34,143 36,767 38,111 40,773 44,075 
- Consensus 8,583 34,060 8,701 33,655 35,977 37,063 38,700 40,733 
- Lowest     8,382 33,336 35,046 35,293 36,959 37,842 
Other revenues
- Number of Estimates     12 12 15 15 15 15 
- Highest     258 835 865 865 920 990 
- Consensus 235 801 178 755 733 727 733 742 
- Lowest     63 640 575 491 517 546 
Cost of sales
- Number of Estimates     15 15 15 15 
- Highest     -2,793 -10,539 -11,220 -11,294 -11,481 -11,671 
- Consensus -2,865 -10,919 -2,879 -10,625 -11,685 -11,909 -12,336 -12,868 
- Lowest     -2,967 -10,713 -12,512 -12,861 -13,386 -13,902 
Gross Profit
- Number of Estimates     15 15 15 15 
- Highest     6,183 23,968 25,767 26,825 28,802 31,207 
- Consensus 5,953 23,942 5,984 23,769 24,989 25,812 27,036 28,529 
- Lowest     5,707 23,492 24,440 24,639 25,926 26,860 
Gross margin as % of net sales
- Number of Estimates     15 15 15 15 
- Highest     70.0 70.9 70.6 70.9 71.4 71.4 
- Consensus 69.4 70.3 68.9 70.7 69.5 69.8 70.0 70.2 
- Lowest     67.5 70.3 67.4 68.1 67.9 68.0 
R&D expenses
- Number of Estimates     16 16 16 16 
- Highest     -1,355 -5,090 -5,183 -5,322 -5,387 -5,448 
- Consensus -1,365 -5,082 -1,408 -5,143 -5,485 -5,633 -5,769 -5,943 
- Lowest     -1,468 -5,203 -5,685 -5,866 -6,055 -6,269 
SG&A expenses
- Number of Estimates     16 16 16 16 
- Highest     -2,375 -9,258 -9,435 -9,548 -9,515 -9,063 
- Consensus -2,482 -9,382 -2,494 -9,377 -10,124 -10,316 -10,537 -10,751 
- Lowest     -2,578 -9,461 -10,798 -10,862 -11,213 -11,416 
Other current operating income/expense
- Number of Estimates     14 14 14 14 
- Highest     50 259 76 76 76 
- Consensus 24 -208 -12 -61 -10 -130 -350 -668 
- Lowest     -46 -95 -167 -443 -879 -1,348 
Share of profit/loss of associates
- Number of Estimates     15 15 15 15 
- Highest     124 248 399 599 660 821 
- Consensus 31 169 65 189 276 379 455 530 
- Lowest     39 163 173 190 210 152 
Net income attributable to non-controlling interests
- Number of Estimates     17 17 17 17 
- Highest     -22 -103 -86 -69 
- Consensus -39 -126 -31 -112 -118 -134 -103 -103 
- Lowest     -39 -120 -270 -380 -425 -450 
Business operating income
- Number of Estimates     16 16 16 16 
- Highest     2,212 9,373 9,665 10,415 11,309 12,667 
- Consensus 2,123 9,313 2,093 9,254 9,564 10,034 10,800 11,667 
- Lowest     2,000 9,161 9,244 9,577 10,051 10,817 
Operating margin as % of net sales
- Number of Estimates     16 16 16 16 
- Highest     25.0 27.7 27.6 28.8 30.0 32.0 
- Consensus 24.7 27.3 24.1 27.5 26.6 27.1 27.9 28.7 
- Lowest     23.5 27.4 25.7 25.4 25.6 26.4 
Financial income & expense
- Number of Estimates     16 16 16 16 
- Highest     -77 -351 -245 -219 -170 -80 
- Consensus -73 -381 -90 -364 -393 -374 -355 -329 
- Lowest     -118 -392 -630 -645 -681 -695 
Tax rate in %
- Number of Estimates     15 15 15 15 
- Highest     -23.2 -23.1 -23.8 -23.8 -23.5 -22.8 
- Consensus -17.4 -21.7 -24.3 -23.4 -24.3 -24.4 -24.5 -24.5 
- Lowest     -27.1 -24.0 -25.0 -25.0 -25.5 -26.0 
BNI of Animal Health Business
- Number of Estimates     
- Highest     94 489 
- Consensus 17 368 79 474 
- Lowest     58 453 
Business net income
- Number of Estimates     12 12 18 18 17 17 
- Highest     1,643 7,345 7,345 7,686 8,396 9,549 
- Consensus 1,709 7,371 1,561 7,263 7,019 7,395 7,984 8,623 
- Lowest     1,404 7,106 6,856 6,908 7,346 7,886 
Net profit margin as % of net sales
- Number of Estimates     12 12 17 17 16 16 
- Highest     19.0 21.9 20.1 21.3 22.6 24.3 
- Consensus 19.9 21.6 18.0 21.6 19.5 20.0 20.6 21.3 
- Lowest     16.3 21.2 18.7 18.6 18.7 19.3 
Number of shares
- Number of Estimates     13 18 18 16 16 
- Highest     1,288 1,289 1,288 1,288 1,288 1,288 
- Consensus 1,305 1,306 1,282 1,286 1,255 1,240 1,232 1,223 
- Lowest     1,273 1,280 1,234 1,208 1,184 1,163 
Business EPS (in EUR)
- Number of Estimates     13 13 19 19 18 18 
- Highest     1.28 5.71 5.75 6.20 6.75 7.75 
- Consensus 1.31 5.64 1.22 5.65 5.60 5.97 6.51 7.09 
- Lowest     1.12 5.55 5.47 5.63 5.86 6.12 
Dividend per Share (in EUR)
- Number of Estimates     17 17 17 15 14 
- Highest     3.12 3.67 3.50 3.64 4.04 
- Consensus 2.93 2.99 3.11 3.21 3.42 3.73 
- Lowest     2.93 2.90 3.00 3.08 3.41 
More estimates on Vara Online Services
Last update on 07/02/2017
For 2016 Consensus (Q4 and FY): Animal Health Business is only included in the Business Net Income and EPS lines.
From 2017 onwards 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.