| KPI | [EUR m] | Q3 2025 | FY 2025 | Q3 2026 E | FY 2026 E | FY 2027 E | FY 2028 E | FY 2029 E | FY 2030 E | FY 2031 E | FY 2032 E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | Number of Estimates | 15 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| Net sales | Highest | 13,568 | 48,568 | 52,290 | 55,621 | 58,081 | 60,682 | 62,166 | 62,294 | ||
| Net sales | Consensus (Mean) | 12,434 | 43,626 | 13,254 | 48,142 | 51,187 | 53,762 | 56,139 | 58,275 | 57,358 | 53,603 |
| Net sales | Lowest | 12,827 | 47,197 | 50,119 | 51,909 | 53,175 | 54,363 | 52,240 | 43,339 | ||
| Other revenues | Number of Estimates | 15 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| Other revenues | Highest | 835 | 3,414 | 3,625 | 3,822 | 3,977 | 4,102 | 4,015 | 3,675 | ||
| Other revenues | Consensus (Mean) | 736 | 3,090 | 753 | 3,072 | 3,146 | 3,203 | 3,204 | 3,240 | 3,246 | 3,188 |
| Other revenues | Lowest | 631 | 2,725 | 2,645 | 2,604 | 2,563 | 2,520 | 2,478 | 2,437 | ||
| Cost of sales | Number of Estimates | 14 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| Cost of sales | Highest | -3,392 | -13,164 | -13,131 | -13,025 | -13,375 | -13,346 | -13,058 | -12,682 | ||
| Cost of sales | Consensus (Mean) | -3,355 | -12,923 | -3,599 | -13,495 | -14,105 | -14,602 | -14,982 | -15,392 | -15,506 | -14,890 |
| Cost of sales | Lowest | -3,752 | -14,064 | -14,949 | -15,490 | -16,146 | -16,836 | -18,242 | -18,868 | ||
| Gross Profit | Number of Estimates | 14 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| Gross Profit | Highest | 10,762 | 38,144 | 41,652 | 44,392 | 46,935 | 48,624 | 50,156 | 49,932 | ||
| Gross Profit | Consensus (Mean) | 9,815 | 33,793 | 10,415 | 37,719 | 40,227 | 42,364 | 44,361 | 46,123 | 45,098 | 41,901 |
| Gross Profit | Lowest | 9,961 | 36,634 | 38,975 | 40,429 | 41,451 | 42,366 | 40,191 | 32,124 | ||
| - as % of net sales (gross margin) | Number of Estimates | 14 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| - as % of net sales (gross margin) | Highest | 79.3 | 79.1 | 79.7 | 80.3 | 80.8 | 81.5 | 80.7 | 80.2 | ||
| - as % of net sales (gross margin) | Consensus (Mean) | 78.9 | 77.5 | 78.5 | 78.3 | 78.6 | 78.8 | 79.0 | 79.1 | 78.6 | 78.1 |
| - as % of net sales (gross margin) | Lowest | 77.6 | 77.3 | 77.2 | 77.1 | 77.1 | 77.1 | 75.2 | 73.4 | ||
| Research and development expenses | Number of Estimates | 15 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| Research and development expenses | Highest | -1,889 | -7,944 | -8,296 | -8,239 | -7,943 | -8,149 | -8,373 | -7,880 | ||
| Research and development expenses | Consensus (Mean) | -1,834 | -7,842 | -1,992 | -8,289 | -8,626 | -8,871 | -9,081 | -9,372 | -9,399 | -9,315 |
| Research and development expenses | Lowest | -2,228 | -8,712 | -9,209 | -9,374 | -9,805 | -10,346 | -10,482 | -10,606 | ||
| Selling and general expenses | Number of Estimates | 15 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| Selling and general expenses | Highest | -2,372 | -9,812 | -10,234 | -10,575 | -10,757 | -10,809 | -10,474 | -9,957 | ||
| Selling and general expenses | Consensus (Mean) | -2,291 | -9,543 | -2,449 | -10,114 | -10,540 | -10,872 | -11,143 | -11,443 | -11,402 | -11,348 |
| Selling and general expenses | Lowest | -2,530 | -10,575 | -10,906 | -11,206 | -11,585 | -12,171 | -12,151 | -12,452 | ||
| Other current operating income/expense | Number of Estimates | 15 | 17 | 17 | 17 | 16 | 16 | 16 | 15 | ||
| Other current operating income/expense | Highest | -1,354 | -5,259 | -4,835 | -4,804 | -5,025 | -5,194 | -4,620 | -2,444 | ||
| Other current operating income/expense | Consensus (Mean) | -1,303 | -4,424 | -1,657 | -5,953 | -6,973 | -7,527 | -8,105 | -8,439 | -7,588 | -6,016 |
| Other current operating income/expense | Lowest | -1,876 | -6,539 | -8,138 | -8,934 | -9,486 | -9,927 | -10,073 | -9,145 | ||
| of which Amvuttra income | Number of Estimates | 10 | 13 | 13 | 13 | 13 | 13 | 13 | 12 | ||
| of which Amvuttra income | Highest | 359 | 1,223 | 1,649 | 2,040 | 2,378 | 2,686 | 2,792 | 2,656 | ||
| of which Amvuttra income | Consensus (Mean) | - | - | 290 | 1,039 | 1,402 | 1,664 | 1,891 | 2,088 | 2,095 | 1,983 |
| of which Amvuttra income | Lowest | 225 | 986 | 1,303 | 1,504 | 1,594 | 1,674 | 1,472 | 1,076 | ||
| (based on Amvuttra sales in USDm used for estimation) | Number of Estimates | 6 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | ||
| (based on Amvuttra sales in USDm used for estimation) | Highest | 1,140 | 4,446 | 5,911 | 7,220 | 8,344 | 9,252 | 9,477 | 9,535 | ||
| (based on Amvuttra sales in USDm used for estimation) | Consensus (Mean) | - | - | 1,120 | 4,308 | 5,576 | 6,542 | 7,355 | 8,043 | 7,930 | 7,466 |
| (based on Amvuttra sales in USDm used for estimation) | Lowest | 1,088 | 4,248 | 5,307 | 6,105 | 6,468 | 6,791 | 6,012 | 4,509 | ||
| of which Regeneron alliance (profit) / loss sharing | Number of Estimates | 7 | 10 | 10 | 10 | 10 | 10 | 10 | 9 | ||
| of which Regeneron alliance (profit) / loss sharing | Highest | -1,780 | -6,446 | -7,321 | -7,917 | -8,346 | -8,573 | -7,790 | -4,167 | ||
| of which Regeneron alliance (profit) / loss sharing | Consensus (Mean) | - | - | -2,018 | -7,114 | -8,543 | -9,303 | -9,930 | -10,393 | -9,703 | -7,656 |
| of which Regeneron alliance (profit) / loss sharing | Lowest | -2,151 | -7,676 | -9,405 | -10,437 | -11,258 | -11,914 | -11,849 | -10,453 | ||
| Share of profit/loss of associates and joint ventures | Number of Estimates | 12 | 14 | 14 | 14 | 14 | 14 | 14 | 13 | ||
| Share of profit/loss of associates and joint ventures | Highest | 68 | 203 | 221 | 237 | 250 | 275 | 275 | 275 | ||
| Share of profit/loss of associates and joint ventures | Consensus (Mean) | 62 | 179 | 50 | 169 | 183 | 189 | 195 | 202 | 204 | 206 |
| Share of profit/loss of associates and joint ventures | Lowest | 38 | 146 | 150 | 150 | 150 | 150 | 150 | 161 | ||
| Net income attributable to non-controlling interests | Number of Estimates | 13 | 15 | 15 | 15 | 15 | 15 | 15 | 14 | ||
| Net income attributable to non-controlling interests | Highest | -2 | -10 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net income attributable to non-controlling interests | Consensus (Mean) | -4 | -14 | -5 | -16 | -15 | -15 | -15 | -14 | -14 | -14 |
| Net income attributable to non-controlling interests | Lowest | -16 | -40 | -38 | -36 | -34 | -32 | -31 | -29 | ||
| Business operating income | Number of Estimates | 14 | 16 | 16 | 16 | 16 | 16 | 16 | 15 | ||
| Business operating income | Highest | 4,623 | 13,784 | 15,158 | 16,411 | 17,492 | 18,829 | 19,727 | 19,903 | ||
| Business operating income | Consensus (Mean) | 4,445 | 12,149 | 4,322 | 13,521 | 14,256 | 15,274 | 16,199 | 17,042 | 16,882 | 15,396 |
| Business operating income | Lowest | 4,118 | 13,146 | 13,121 | 13,587 | 13,895 | 14,311 | 13,500 | 8,015 | ||
| - as % of net sales (operating margin) | Number of Estimates | 14 | 16 | 16 | 16 | 16 | 16 | 16 | 15 | ||
| - as % of net sales (operating margin) | Highest | 34.1 | 28.7 | 29.7 | 30.6 | 31.1 | 31.8 | 32.1 | 32.0 | ||
| - as % of net sales (operating margin) | Consensus (Mean) | 35.7 | 27.8 | 32.6 | 28.1 | 27.8 | 28.4 | 28.8 | 29.2 | 29.4 | 28.6 |
| - as % of net sales (operating margin) | Lowest | 30.9 | 27.2 | 25.5 | 26.2 | 26.1 | 26.3 | 25.8 | 18.5 | ||
| Financial income & expense | Number of Estimates | 14 | 16 | 16 | 16 | 16 | 16 | 16 | 15 | ||
| Financial income & expense | Highest | -91 | -364 | -111 | 96 | 256 | 426 | 630 | 856 | ||
| Financial income & expense | Consensus (Mean) | -64 | -262 | -116 | -420 | -394 | -302 | -194 | -88 | 21 | 131 |
| Financial income & expense | Lowest | -208 | -599 | -636 | -593 | -534 | -439 | -343 | -275 | ||
| - % tax rate | Number of Estimates | 13 | 15 | 15 | 15 | 15 | 15 | 15 | 14 | ||
| - % tax rate | Highest | -18.2 | -20.3 | -19.9 | -19.9 | -19.9 | -19.9 | -19.9 | -19.9 | ||
| - % tax rate | Consensus (Mean) | -19.3 | -19.9 | -20.2 | -21.0 | -20.9 | -20.9 | -20.9 | -20.9 | -21.0 | -21.0 |
| - % tax rate | Lowest | -21.6 | -21.4 | -21.9 | -21.8 | -21.7 | -21.7 | -21.8 | -21.7 | ||
| Business net income | Number of Estimates | 14 | 16 | 16 | 16 | 16 | 16 | 16 | 15 | ||
| Business net income | Highest | 3,685 | 10,616 | 11,696 | 12,775 | 13,754 | 14,892 | 15,732 | 16,016 | ||
| Business net income | Consensus (Mean) | 3,547 | 9,555 | 3,361 | 10,377 | 10,996 | 11,875 | 12,688 | 13,436 | 13,386 | 12,296 |
| Business net income | Lowest | 3,159 | 10,081 | 10,126 | 10,528 | 10,804 | 11,167 | 10,560 | 6,260 | ||
| - as % of net sales (net profit margin) | Number of Estimates | 14 | 16 | 16 | 16 | 16 | 16 | 16 | 15 | ||
| - as % of net sales (net profit margin) | Highest | 27.2 | 22.1 | 22.9 | 23.9 | 24.6 | 25.2 | 25.8 | 26.5 | ||
| - as % of net sales (net profit margin) | Consensus (Mean) | 28.5 | 21.9 | 25.3 | 21.5 | 21.5 | 22.1 | 22.6 | 23.0 | 23.3 | 22.8 |
| - as % of net sales (net profit margin) | Lowest | 23.7 | 20.8 | 19.9 | 20.3 | 20.3 | 20.5 | 20.2 | 14.4 | ||
| Number of shares | Number of Estimates | 14 | 16 | 16 | 16 | 16 | 16 | 16 | 15 | ||
| Number of shares | Highest | 1,200 | 1,202 | 1,200 | 1,201 | 1,208 | 1,214 | 1,220 | 1,225 | ||
| Number of shares | Consensus (Mean) | 1,218 | 1,220 | 1,194 | 1,197 | 1,193 | 1,188 | 1,182 | 1,175 | 1,166 | 1,157 |
| Number of shares | Lowest | 1,161 | 1,163 | 1,156 | 1,138 | 1,100 | 1,036 | 953 | 886 | ||
| Business EPS (in EUR) | Number of Estimates | 14 | 16 | 16 | 16 | 16 | 16 | 16 | 15 | ||
| Business EPS (in EUR) | Highest | 3.08 | 8.84 | 9.75 | 10.84 | 12.13 | 13.18 | 13.57 | 13.53 | ||
| Business EPS (in EUR) | Consensus (Mean) | 2.91 | 7.83 | 2.81 | 8.66 | 9.21 | 9.99 | 10.73 | 11.44 | 11.50 | 10.68 |
| Business EPS (in EUR) | Lowest | 2.67 | 8.39 | 8.44 | 8.77 | 9.00 | 9.31 | 8.80 | 5.22 | ||
| Dividend Per Share (in EUR) | Number of Estimates | - | 14 | 14 | 14 | 14 | 14 | 14 | 13 | ||
| Dividend Per Share (in EUR) | Highest | - | 4.53 | 4.99 | 5.48 | 5.99 | 6.41 | 6.54 | 6.49 | ||
| Dividend Per Share (in EUR) | Consensus (Mean) | - | 4.12 | - | 4.29 | 4.50 | 4.73 | 4.96 | 5.19 | 5.37 | 5.32 |
| Dividend Per Share (in EUR) | Lowest | - | 4.11 | 4.23 | 4.34 | 4.37 | 4.37 | 4.37 | 4.37 |
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.
