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Last update on 20/09/2016 / 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 13 13 
- Highest   37,141 36,790 38,440 40,680 43,726 
- Consensus 36,575 36,313 35,860 37,185 39,054 41,112 
- Lowest   35,521 34,920 36,163 37,773 38,681 
Other revenues
- Number of Estimates   17 12 12 12 12 
- Highest   827 811 849 891 922 
- Consensus 842 729 712 710 713 716 
- Lowest   580 580 580 580 580 
Cost of sales
- Number of Estimates   16 13 13 13 13 
- Highest   -11,212 -11,129 -11,210 -11,797 -12,186 
- Consensus -11,804 -11,662 -11,542 -11,826 -12,285 -12,775 
- Lowest   -12,163 -11,892 -12,486 -12,868 -13,424 
Gross Profit
- Number of Estimates   16 13 13 13 13 
- Highest   25,793 26,095 27,167 28,762 30,983 
- Consensus 25,613 25,377 24,901 25,888 27,377 28,856 
- Lowest   24,796 24,194 24,763 25,827 27,166 
Gross margin as % of net sales
- Number of Estimates   16 12 12 12 12 
- Highest   71.3 71.4 71.5 71.7 71.9 
- Consensus 70.0 69.9 69.8 70.0 70.3 70.5 
- Lowest   69.4 68.7 67.9 68.2 68.6 
R&D expenses
- Number of Estimates   16 12 12 12 12 
- Highest   -5,285 -5,100 -5,202 -5,200 -5,304 
- Consensus -5,259 -5,453 -5,505 -5,636 -5,800 -5,982 
- Lowest   -5,576 -5,747 -6,034 -6,228 -6,492 
SG&A expenses
- Number of Estimates   16 12 12 12 12 
- Highest   -10,094 -9,638 -9,905 -10,183 -10,452 
- Consensus -10,247 -10,329 -10,144 -10,374 -10,718 -11,032 
- Lowest   -10,501 -10,669 -10,910 -11,455 -12,000 
Other current operating income/expense
- Number of Estimates   15 11 11 11 11 
- Highest   211 142 -80 -273 -434 
- Consensus -203 49 -64 -229 -507 -838 
- Lowest   -207 -189 -377 -755 -1,310 
Share of profit/loss of associates
- Number of Estimates   16 12 12 12 12 
- Highest   256 397 599 624 714 
- Consensus 170 172 269 383 460 514 
- Lowest   103 144 249 325 367 
Net income attributable to non-controlling interests
- Number of Estimates   17 12 11 11 11 
- Highest   -80 -70 -65 -9 -10 
- Consensus -126 -110 -101 -108 -62 -58 
- Lowest   -156 -128 -271 -105 -105 
Business operating income
- Number of Estimates   20 15 15 13 13 
- Highest   10,072 10,225 10,741 11,925 12,587 
- Consensus 9,948 9,720 9,422 10,016 10,826 11,586 
- Lowest   9,471 8,751 9,414 10,103 10,235 
Operating margin as % of net sales
- Number of Estimates   19 14 14 12 12 
- Highest   27.8 28.0 29.5 30.8 31.0 
- Consensus 27.2 26.8 26.3 27.0 27.7 28.2 
- Lowest   26.0 24.2 25.3 25.9 26.4 
Financial income & expense
- Number of Estimates   17 13 12 12 12 
- Highest   -316 -292 -195 -27 184 
- Consensus -390 -398 -369 -333 -298 -251 
- Lowest   -491 -522 -509 -497 -486 
Tax rate in %
- Number of Estimates   15 12 12 12 12 
- Highest   -24.0 -8.8 -8.7 -8.9 -8.9 
- Consensus -23.0 -24.3 -23.3 -23.4 -23.6 -23.6 
- Lowest   -24.8 -25.9 -25.8 -27.2 -27.3 
Business net income
- Number of Estimates   20 15 15 13 13 
- Highest   7,514 7,389 8,023 9,040 9,602 
- Consensus 7,371 7,078 6,665 7,351 8,012 8,630 
- Lowest   6,900 4,058 6,833 7,399 7,582 
Net profit margin as % of net sales
- Number of Estimates   19 14 14 12 12 
- Highest   20.6 20.2 22.2 23.4 23.6 
- Consensus 20.2 19.5 18.6 19.8 20.5 21.0 
- Lowest   18.9 11.0 18.7 19.3 19.6 
Number of shares
- Number of Estimates   20 15 15 13 13 
- Highest   1,331 1,294 1,294 1,294 1,294 
- Consensus 1,306 1,286 1,253 1,236 1,227 1,215 
- Lowest   1,267 1,225 1,193 1,169 1,141 
Business EPS (in EUR)
- Number of Estimates   22 15 15 14 14 
- Highest   5.68 5.80 6.33 7.14 7.76 
- Consensus 5.64 5.48 5.48 5.95 6.53 7.09 
- Lowest   5.26 5.10 5.53 5.91 6.02 
Dividend per Share (in EUR)
- Number of Estimates   19 18 17 16 15 
- Highest   3.11 3.35 3.62 3.88 4.15 
- Consensus 2.93 3.00 3.08 3.27 3.55 3.79 
- Lowest   2.94 2.90 3.06 3.13 3.25 
More estimates on Vara Online Services
Last update on 20/09/2016 / 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.