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Print table
The recently announced acquisition of Bioverativ and on-going offer to acquire Ablynx are included in the current consensus estimates.
Consumer Healthcare is now a distinct operating segment and not included in Pharmaceuticals any longer.

Last update on 22/05/2018
Business P&L (in EURm except otherwise stated)Q2 2017FY 2017Q2 2018EFY 2018EFY 2019EFY 2020EFY 2021E
Net sales
- Number of Estimates   17 17 17 17 
- Highest     35,959 38,305 40,472 42,296 
- Consensus 8,671 35,072 34,583 35,864 37,575 39,255 
- Lowest     33,553 33,589 34,986 36,510 
Other revenues
- Number of Estimates   17 17 17 17 
- Highest     1,256 1,435 1,515 1,530 
- Consensus 270 1,149 1,162 1,209 1,242 1,270 
- Lowest     1,010 1,035 1,059 1,083 
Cost of sales
- Number of Estimates   17 17 17 17 
- Highest     -11,005 -10,748 -10,846 -11,136 
- Consensus -2,798 -11,447 -11,346 -11,636 -12,062 -12,489 
- Lowest     -11,831 -12,522 -13,156 -13,561 
Gross Profit
- Number of Estimates   17 17 17 17 
- Highest     25,328 27,038 28,628 30,105 
- Consensus 6,413 24,774 24,399 25,436 26,755 28,036 
- Lowest     23,697 23,990 25,289 25,941 
Gross margin as % of net sales
- Number of Estimates   17 17 17 17 
- Highest     71.1 71.5 72.3 72.9 
- Consensus 70.8 70.6 70.6 70.9 71.2 71.4 
- Lowest     70.1 70.2 70.3 70.2 
R&D expenses
- Number of Estimates   17 17 17 17 
- Highest     -5,423 -5,486 -5,557 -5,630 
- Consensus -1,358 -5,472 -5,604 -5,798 -5,949 -6,106 
- Lowest     -5,899 -6,082 -6,219 -6,500 
SG&A expenses
- Number of Estimates   17 17 17 17 
- Highest     -9,741 -9,668 -9,798 -9,872 
- Consensus -2,572 -10,072 -9,962 -10,134 -10,390 -10,631 
- Lowest     -10,418 -10,939 -11,395 -11,730 
Other current operating income/expense
- Number of Estimates   16 16 16 16 
- Highest     263 82 100 100 
- Consensus 68 -75 -310 -609 -944 
- Lowest     -342 -666 -1,136 -1,675 
Share of profit/loss of associates
- Number of Estimates   16 16 16 16 
- Highest     462 544 649 747 
- Consensus 46 214 298 356 391 449 
- Lowest     219 264 246 235 
Net income attributable to non-controlling interests
- Number of Estimates   16 16 16 16 
- Highest     -81 -4 -4 -4 
- Consensus -30 -125 -117 -70 -65 -62 
- Lowest     -131 -131 -134 -136 
Business operating income
- Number of Estimates   17 17 17 17 
- Highest     9,292 10,009 11,014 11,943 
- Consensus 2,297 9,323 8,935 9,476 10,131 10,740 
- Lowest     8,439 8,848 9,291 9,431 
Operating margin as % of net sales
- Number of Estimates   17 17 17 17 
- Highest     26.5 27.6 28.6 29.2 
- Consensus 26.5 26.6 25.8 26.4 27.0 27.4 
- Lowest     24.8 25.2 25.5 25.4 
Financial income & expense
- Number of Estimates   17 17 17 17 
- Highest     -37 -165 -140 -90 
- Consensus -60 -273 -326 -348 -323 -292 
- Lowest     -468 -510 -486 -468 
Tax rate in %
- Number of Estimates   16 16 16 16 
- Highest     -21.8 -21.5 -21.6 -10.7 
- Consensus -24.5 -23.5 -22.1 -22.1 -22.1 -21.4 
- Lowest     -22.5 -23.3 -23.3 -23.3 
Business net income
- Number of Estimates   17 17 17 17 
- Highest     6,958 7,517 8,302 9,048 
- Consensus 1,692 6,943 6,748 7,170 7,707 8,281 
- Lowest     6,600 6,833 7,081 7,188 
Net profit margin as % of net sales
- Number of Estimates   17 17 17 17 
- Highest     20.1 21.0 21.6 22.3 
- Consensus 19.6 19.8 19.5 20.0 20.5 21.1 
- Lowest     19.1 19.4 19.6 19.7 
Number of shares
- Number of Estimates   16 16 16 16 
- Highest     1,270 1,256 1,249 1,249 
- Consensus 1,258 1,257 1,245 1,234 1,225 1,215 
- Lowest     1,232 1,200 1,178 1,160 
Business EPS (in EUR)
- Number of Estimates   17 17 17 17 
- Highest     5.59 6.12 6.72 7.24 
- Consensus 1.34 5.52 5.43 5.81 6.29 6.77 
- Lowest     5.30 5.52 5.84 5.99 
Dividend per Share (in EUR)
- Number of Estimates   12 12 11 11 
- Highest     3.12 3.30 3.55 3.82 
- Consensus 3.03 3.04 3.13 3.33 3.49 
- Lowest     2.86 2.87 3.05 3.22 
More estimates on Vara Online Services
Last update on 22/05/2018
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.