| KPI | [EUR m] | Q1 2024 | FY 2024 | Q1 2025 E | FY 2025 E | FY 2026 E | FY 2027 E | FY 2028 E | FY 2029 E |
|---|---|---|---|---|---|---|---|---|---|
| Pharmaceuticals, Sales | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| Pharmaceuticals, Sales | Highest | 4,470 | 18,143 | 18,398 | 19,390 | 20,504 | 21,857 | ||
| Pharmaceuticals, Sales | Average | 4,358 | 18,131 | 4,318 | 17,781 | 17,548 | 17,688 | 17,945 | 18,217 |
| Pharmaceuticals, Sales | Median | 4,295 | 17,783 | 17,656 | 17,960 | 18,028 | 18,205 | ||
| Pharmaceuticals, Sales | Lowest | 4,221 | 17,345 | 16,680 | 15,916 | 15,936 | 16,225 | ||
| Xarelto | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| Xarelto | Highest | 764 | 2,871 | 2,366 | 2,130 | 1,375 | 1,100 | ||
| Xarelto | Average | 926 | 3,480 | 690 | 2,474 | 1,792 | 1,246 | 899 | 827 |
| Xarelto | Median | 693 | 2,441 | 1,760 | 1,200 | 907 | 849 | ||
| Xarelto | Lowest | 629 | 2,227 | 1,376 | 806 | 569 | 432 | ||
| Eylea | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| Eylea | Highest | 860 | 3,448 | 3,379 | 3,311 | 3,146 | 2,988 | ||
| Eylea | Average | 782 | 3,306 | 786 | 3,241 | 2,962 | 2,746 | 2,465 | 2,153 |
| Eylea | Median | 779 | 3,268 | 2,881 | 2,691 | 2,485 | 2,175 | ||
| Eylea | Lowest | 704 | 2,975 | 2,645 | 2,116 | 1,693 | 1,354 | ||
| Nubeqa & Kerendia | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| Nubeqa & Kerendia | Highest | 666 | 3,070 | 3,832 | 4,711 | 5,410 | 5,490 | ||
| Nubeqa & Kerendia | Average | 460 | 1,986 | 579 | 2,727 | 3,395 | 4,018 | 4,503 | 4,766 |
| Nubeqa & Kerendia | Median | 563 | 2,676 | 3,399 | 4,020 | 4,529 | 4,814 | ||
| Nubeqa & Kerendia | Lowest | 487 | 2,545 | 3,071 | 3,579 | 3,846 | 3,864 | ||
| Nubeqa | Number of Estimates | 9 | 12 | 12 | 12 | 11 | 8 | ||
| Nubeqa | Highest | 514 | 2,329 | 2,811 | 3,093 | 3,307 | 3,447 | ||
| Nubeqa | Average | 283 | 1,523 | 445 | 2,038 | 2,467 | 2,825 | 3,057 | 3,230 |
| Nubeqa | Median | 439 | 1,982 | 2,503 | 2,878 | 3,080 | 3,198 | ||
| Nubeqa | Lowest | 368 | 1,828 | 2,102 | 2,417 | 2,771 | 3,048 | ||
| Kerendia (Finerenone) | Number of Estimates | 9 | 12 | 12 | 12 | 11 | 8 | ||
| Kerendia (Finerenone) | Highest | 158 | 777 | 1,217 | 1,704 | 2,103 | 2,442 | ||
| Kerendia (Finerenone) | Average | 85 | 463 | 137 | 689 | 920 | 1,186 | 1,433 | 1,536 |
| Kerendia (Finerenone) | Median | 134 | 694 | 945 | 1,184 | 1,511 | 1,567 | ||
| Kerendia (Finerenone) | Lowest | 119 | 602 | 692 | 761 | 609 | 487 | ||
| New Launch Assets | Number of Estimates | 7 | 9 | 8 | 8 | 8 | 7 | ||
| New Launch Assets | Highest | 10 | 180 | 750 | 1,350 | 2,050 | 2,770 | ||
| New Launch Assets | Average | - | 0 | 3 | 109 | 390 | 745 | 1,183 | 1,574 |
| New Launch Assets | Median | 0 | 102 | 345 | 676 | 979 | 1,285 | ||
| New Launch Assets | Lowest | 0 | 50 | 250 | 490 | 780 | 780 | ||
| Elinzanetant (KaNDy NT-814) | Number of Estimates | 7 | 10 | 10 | 10 | 10 | 8 | ||
| Elinzanetant (KaNDy NT-814) | Highest | 0 | 135 | 350 | 700 | 1,050 | 1,470 | ||
| Elinzanetant (KaNDy NT-814) | Average | - | 0 | 0 | 66 | 237 | 469 | 685 | 857 |
| Elinzanetant (KaNDy NT-814) | Median | 0 | 51 | 250 | 480 | 701 | 893 | ||
| Elinzanetant (KaNDy NT-814) | Lowest | 0 | 23 | 75 | 150 | 225 | 255 | ||
| Asundexian | Number of Estimates | 7 | 9 | 9 | 9 | 9 | 8 | ||
| Asundexian | Highest | 0 | 0 | 100 | 200 | 400 | 640 | ||
| Asundexian | Average | - | 0 | 0 | 0 | 18 | 50 | 92 | 152 |
| Asundexian | Median | 0 | 0 | 0 | 0 | 26 | 39 | ||
| Asundexian | Lowest | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Acoramidis | Number of Estimates | 7 | 9 | 8 | 8 | 8 | 7 | ||
| Acoramidis | Highest | 10 | 90 | 300 | 500 | 700 | 900 | ||
| Acoramidis | Average | - | 0 | 3 | 43 | 157 | 276 | 433 | 555 |
| Acoramidis | Median | 0 | 33 | 118 | 204 | 374 | 423 | ||
| Acoramidis | Lowest | 0 | 0 | 50 | 90 | 180 | 180 | ||
| Base Business | Number of Estimates | 7 | 9 | 8 | 8 | 8 | 7 | ||
| Base Business | Highest | 2,317 | 9,892 | 9,767 | 9,818 | 10,098 | 10,369 | ||
| Base Business | Average | 2,190 | 9,359 | 2,256 | 9,336 | 9,183 | 9,096 | 9,075 | 9,176 |
| Base Business | Median | 2,271 | 9,311 | 9,115 | 9,050 | 9,046 | 9,346 | ||
| Base Business | Lowest | 2,135 | 9,000 | 8,607 | 8,326 | 8,070 | 7,974 | ||
| t/o Radiology | Number of Estimates | 2 | 2 | 2 | 2 | 2 | 1 | ||
| t/o Radiology | Highest | 386 | 1,586 | 1,635 | 1,669 | 1,686 | 1,703 | ||
| t/o Radiology | Average | 502 | 2,106 | 246 | 1,009 | 1,033 | 1,059 | 1,075 | 1,703 |
| t/o Radiology | Median | 246 | 1,009 | 1,033 | 1,059 | 1,075 | 1,703 | ||
| t/o Radiology | Lowest | 107 | 432 | 431 | 450 | 465 | 1,703 | ||
| t/o IUD Family | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| t/o IUD Family | Highest | 325 | 1,318 | 1,371 | 1,426 | 1,483 | 1,542 | ||
| t/o IUD Family | Average | 293 | 1,267 | 302 | 1,283 | 1,299 | 1,318 | 1,340 | 1,363 |
| t/o IUD Family | Median | 298 | 1,282 | 1,295 | 1,308 | 1,320 | 1,340 | ||
| t/o IUD Family | Lowest | 289 | 1,226 | 1,226 | 1,226 | 1,226 | 1,292 | ||
| t/o HEM Franchise | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| t/o HEM Franchise | Highest | 160 | 664 | 631 | 608 | 569 | 561 | ||
| t/o HEM Franchise | Average | 167 | 687 | 156 | 644 | 603 | 562 | 518 | 478 |
| t/o HEM Franchise | Median | 157 | 646 | 608 | 569 | 533 | 501 | ||
| t/o HEM Franchise | Lowest | 149 | 612 | 551 | 468 | 398 | 338 | ||
| t/o Adalat | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| t/o Adalat | Highest | 127 | 489 | 489 | 489 | 489 | 489 | ||
| t/o Adalat | Average | 127 | 489 | 122 | 467 | 455 | 443 | 427 | 408 |
| t/o Adalat | Median | 122 | 466 | 452 | 446 | 433 | 422 | ||
| t/o Adalat | Lowest | 115 | 441 | 401 | 361 | 325 | 292 | ||
| t/o Aspirin Cardio | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| t/o Aspirin Cardio | Highest | 159 | 668 | 694 | 722 | 751 | 781 | ||
| t/o Aspirin Cardio | Average | 151 | 634 | 149 | 632 | 641 | 647 | 652 | 665 |
| t/o Aspirin Cardio | Median | 152 | 644 | 650 | 653 | 661 | 675 | ||
| t/o Aspirin Cardio | Lowest | 120 | 513 | 518 | 523 | 513 | 488 | ||
| t/o Adempas | Number of Estimates | 10 | 13 | 13 | 13 | 12 | 8 | ||
| t/o Adempas | Highest | 190 | 788 | 810 | 851 | 499 | 399 | ||
| t/o Adempas | Average | 171 | 721 | 178 | 746 | 636 | 492 | 331 | 237 |
| t/o Adempas | Median | 179 | 747 | 660 | 492 | 346 | 214 | ||
| t/o Adempas | Lowest | 168 | 701 | 361 | 180 | 135 | 101 | ||
| Pharmaceuticals, EBITDA before special items | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| Pharmaceuticals, EBITDA before special items | Highest | 1,179 | 4,381 | 4,453 | 4,820 | 5,476 | 6,351 | ||
| Pharmaceuticals, EBITDA before special items | Average | 1,194 | 4,722 | 1,079 | 4,280 | 4,141 | 4,183 | 4,295 | 4,449 |
| Pharmaceuticals, EBITDA before special items | Median | 1,072 | 4,296 | 4,156 | 4,144 | 4,203 | 4,253 | ||
| Pharmaceuticals, EBITDA before special items | Lowest | 1,004 | 4,079 | 3,808 | 3,779 | 3,623 | 3,613 | ||
| Consumer Health, Sales | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| Consumer Health, Sales | Highest | 1,546 | 6,257 | 6,502 | 6,798 | 7,152 | 7,525 | ||
| Consumer Health, Sales | Average | 1,432 | 5,870 | 1,494 | 6,129 | 6,323 | 6,518 | 6,725 | 6,923 |
| Consumer Health, Sales | Median | 1,482 | 6,093 | 6,312 | 6,481 | 6,671 | 6,882 | ||
| Consumer Health, Sales | Lowest | 1,435 | 6,046 | 6,167 | 6,335 | 6,461 | 6,591 | ||
| Consumer Health, EBITDA before special items | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| Consumer Health, EBITDA before special items | Highest | 374 | 1,501 | 1,577 | 1,656 | 1,759 | 1,868 | ||
| Consumer Health, EBITDA before special items | Average | 331 | 1,366 | 352 | 1,441 | 1,514 | 1,579 | 1,641 | 1,718 |
| Consumer Health, EBITDA before special items | Median | 350 | 1,434 | 1,512 | 1,578 | 1,632 | 1,712 | ||
| Consumer Health, EBITDA before special items | Lowest | 334 | 1,405 | 1,455 | 1,499 | 1,544 | 1,544 | ||
| CropScience, Sales | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| CropScience, Sales | Highest | 7,986 | 22,482 | 23,605 | 24,745 | 25,836 | 27,005 | ||
| CropScience, Sales | Average | 7,907 | 22,259 | 7,638 | 22,153 | 22,872 | 23,676 | 24,421 | 25,327 |
| CropScience, Sales | Median | 7,567 | 22,237 | 22,850 | 23,599 | 24,355 | 25,035 | ||
| CropScience, Sales | Lowest | 7,369 | 21,723 | 22,350 | 23,080 | 23,482 | 24,197 | ||
| CropScience, EBITDA before special items | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| CropScience, EBITDA before special items | Highest | 2,822 | 4,357 | 5,209 | 5,810 | 6,543 | 7,213 | ||
| CropScience, EBITDA before special items | Average | 2,849 | 4,325 | 2,484 | 4,143 | 4,625 | 5,011 | 5,371 | 5,859 |
| CropScience, EBITDA before special items | Median | 2,640 | 4,154 | 4,581 | 4,971 | 5,284 | 5,666 | ||
| CropScience, EBITDA before special items | Lowest | 1,433 | 3,971 | 4,268 | 4,576 | 4,696 | 4,888 | ||
| Reconciliation, Sales | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| Reconciliation, Sales | Highest | 99 | 356 | 367 | 378 | 389 | 401 | ||
| Reconciliation, Sales | Average | 68 | 346 | 68 | 307 | 307 | 306 | 317 | 336 |
| Reconciliation, Sales | Median | 68 | 346 | 346 | 346 | 346 | 351 | ||
| Reconciliation, Sales | Lowest | 49 | 196 | 196 | 200 | 200 | 238 | ||
| Reconciliation, EBITDA before special items | Number of Estimates | 11 | 16 | 16 | 15 | 13 | 10 | ||
| Reconciliation, EBITDA before special items | Highest | -50 | -387 | -301 | -320 | -339 | -359 | ||
| Reconciliation, EBITDA before special items | Average | 38 | -290 | -165 | -491 | -483 | -488 | -501 | -512 |
| Reconciliation, EBITDA before special items | Median | -125 | -500 | -500 | -500 | -500 | -514 | ||
| Reconciliation, EBITDA before special items | Lowest | -500 | -525 | -523 | -547 | -571 | -597 |
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.
