| KPI | [CHF m] | H1 2025 | H2 2025 | FY 2025 | H1 2026 E | H2 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales total | Number of Estimates | 8 | 8 | 12 | 12 | 12 | |||
| Net Sales total | Highest | 665 | 806 | 1,458 | 1,619 | 1,727 | |||
| Net Sales total | Consensus (Mean) | 620 | 708 | 1,328 | 640 | 749 | 1,381 | 1,509 | 1,621 |
| Net Sales total | Median | 640 | 740 | 1,364 | 1,496 | 1,608 | |||
| Net Sales total | Lowest | 623 | 705 | 1,329 | 1,421 | 1,526 | |||
| Net Sales Drug Substances | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| Net Sales Drug Substances | Highest | 436 | 582 | 1,017 | 1,153 | 1,222 | |||
| Net Sales Drug Substances | Consensus (Mean) | 414 | 503 | 916 | 420 | 525 | 939 | 1,029 | 1,098 |
| Net Sales Drug Substances | Median | 416 | 512 | 923 | 1,002 | 1,066 | |||
| Net Sales Drug Substances | Lowest | 404 | 489 | 901 | 948 | 1,010 | |||
| Net Sales Drug Products | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| Net Sales Drug Products | Highest | 219 | 226 | 441 | 484 | 543 | |||
| Net Sales Drug Products | Consensus (Mean) | 206 | 206 | 412 | 216 | 220 | 436 | 473 | 513 |
| Net Sales Drug Products | Median | 217 | 221 | 438 | 474 | 516 | |||
| Net Sales Drug Products | Lowest | 212 | 213 | 428 | 460 | 486 | |||
| Growth at CER (organic growth) excluding M&A | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| Growth at CER (organic growth) excluding M&A | Highest | 6.0 | 4.5 | 5.0 | 11.4 | 9.3 | |||
| Growth at CER (organic growth) excluding M&A | Consensus (Mean) | 1.6 | - | 4.3 | 4.2 | 3.0 | 3.6 | 8.1 | 7.3 |
| Growth at CER (organic growth) excluding M&A | Median | 4.2 | 3.2 | 3.7 | 8.0 | 7.3 | |||
| Growth at CER (organic growth) excluding M&A | Lowest | 3.0 | 1.0 | 2.2 | 5.2 | 6.0 | |||
| Gross Profit | Number of Estimates | 8 | 8 | 12 | 12 | 12 | |||
| Gross Profit | Highest | 180 | 219 | 396 | 456 | 506 | |||
| Gross Profit | Consensus (Mean) | 163 | 191 | 354 | 168 | 204 | 371 | 411 | 448 |
| Gross Profit | Median | 170 | 210 | 373 | 407 | 446 | |||
| Gross Profit | Lowest | 159 | 183 | 345 | 372 | 401 | |||
| SG&A | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| SG&A | Highest | -44 | -41 | -99 | -94 | -97 | |||
| SG&A | Consensus (Mean) | -56 | -43 | -99 | -54 | -50 | -103 | -108 | -114 |
| SG&A | Median | -55 | -47 | -102 | -107 | -114 | |||
| SG&A | Lowest | -58 | -58 | -111 | -119 | -124 | |||
| EBIT | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| EBIT | Highest | 104 | 149 | 247 | 290 | 327 | |||
| EBIT | Consensus (Mean) | 88 | 135 | 224 | 95 | 137 | 231 | 264 | 292 |
| EBIT | Median | 95 | 138 | 232 | 269 | 292 | |||
| EBIT | Lowest | 86 | 125 | 211 | 235 | 257 | |||
| Core EBIT | Number of Estimates | 8 | 8 | 12 | 12 | 12 | |||
| Core EBIT | Highest | 104 | 150 | 248 | 290 | 327 | |||
| Core EBIT | Consensus (Mean) | 90 | 128 | 218 | 94 | 134 | 227 | 260 | 288 |
| Core EBIT | Median | 94 | 137 | 229 | 261 | 288 | |||
| Core EBIT | Lowest | 86 | 112 | 200 | 226 | 255 | |||
| EBITDA | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| EBITDA | Highest | 150 | 200 | 347 | 405 | 447 | |||
| EBITDA | Consensus (Mean) | 132 | 186 | 319 | 143 | 190 | 332 | 374 | 410 |
| EBITDA | Median | 144 | 191 | 327 | 370 | 407 | |||
| EBITDA | Lowest | 137 | 177 | 314 | 346 | 376 | |||
| Core EBITDA | Number of Estimates | 8 | 8 | 12 | 12 | 12 | |||
| Core EBITDA | Highest | 150 | 200 | 347 | 405 | 447 | |||
| Core EBITDA | Consensus (Mean) | 134 | 178 | 312 | 143 | 187 | 329 | 371 | 407 |
| Core EBITDA | Median | 144 | 188 | 325 | 367 | 399 | |||
| Core EBITDA | Lowest | 137 | 167 | 309 | 340 | 374 | |||
| Taxes | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| Taxes | Highest | -16 | -23 | -39 | -43 | -47 | |||
| Taxes | Consensus (Mean) | -16 | -24 | -40 | -18 | -25 | -42 | -49 | -54 |
| Taxes | Median | -18 | -25 | -42 | -49 | -55 | |||
| Taxes | Lowest | -20 | -27 | -45 | -53 | -60 | |||
| Net Income | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| Net Income | Highest | 78 | 116 | 191 | 226 | 256 | |||
| Net Income | Consensus (Mean) | 65 | 103 | 169 | 73 | 105 | 177 | 204 | 228 |
| Net Income | Median | 72 | 104 | 179 | 207 | 225 | |||
| Net Income | Lowest | 67 | 97 | 166 | 181 | 197 | |||
| Core Net Income | Number of Estimates | 8 | 8 | 11 | 11 | 11 | |||
| Core Net Income | Highest | 78 | 115 | 190 | 226 | 256 | |||
| Core Net Income | Consensus (Mean) | 66 | 96 | 162 | 72 | 102 | 174 | 201 | 224 |
| Core Net Income | Median | 72 | 103 | 177 | 205 | 224 | |||
| Core Net Income | Lowest | 65 | 84 | 150 | 170 | 193 | |||
| EPS diluted | Number of Estimates | 6 | 6 | 11 | 11 | 11 | |||
| EPS diluted | Highest | 1.72 | 2.63 | 4.34 | 5.16 | 5.85 | |||
| EPS diluted | Consensus (Mean) | 1.49 | - | 3.84 | 1.64 | 2.37 | 4.03 | 4.65 | 5.17 |
| EPS diluted | Median | 1.63 | 2.34 | 4.06 | 4.80 | 5.30 | |||
| EPS diluted | Lowest | 1.53 | 2.22 | 3.78 | 4.12 | 4.50 | |||
| Core EPS diluted | Number of Estimates | 7 | 7 | 11 | 11 | 11 | |||
| Core EPS diluted | Highest | 1.72 | 2.62 | 4.32 | 5.16 | 5.85 | |||
| Core EPS diluted | Consensus (Mean) | 1.50 | - | 3.69 | 1.61 | 2.30 | 3.97 | 4.57 | 5.10 |
| Core EPS diluted | Median | 1.62 | 2.33 | 4.02 | 4.80 | 5.25 | |||
| Core EPS diluted | Lowest | 1.49 | 1.91 | 3.40 | 3.86 | 4.39 | |||
| Dividend | Number of Estimates | - | - | 9 | 9 | 9 | |||
| Dividend | Highest | - | - | 0.60 | 0.80 | 1.00 | |||
| Dividend | Consensus (Mean) | - | - | 0.40 | - | - | 0.45 | 0.51 | 0.58 |
| Dividend | Median | - | - | 0.42 | 0.44 | 0.46 | |||
| Dividend | Lowest | - | - | 0.40 | 0.42 | 0.44 | |||
| Cash flow from Operations | Number of Estimates | 3 | 3 | 12 | 12 | 12 | |||
| Cash flow from Operations | Highest | 178 | 170 | 335 | 324 | 349 | |||
| Cash flow from Operations | Consensus (Mean) | 150 | 79 | 228 | 136 | 128 | 282 | 278 | 312 |
| Cash flow from Operations | Median | 130 | 147 | 278 | 272 | 304 | |||
| Cash flow from Operations | Lowest | 100 | 68 | 245 | 253 | 276 | |||
| CapEx (excluding acquisitions) | Number of Estimates | 3 | 3 | 12 | 12 | 12 | |||
| CapEx (excluding acquisitions) | Highest | -58 | -70 | -128 | -140 | -149 | |||
| CapEx (excluding acquisitions) | Consensus (Mean) | -109 | -103 | -212 | -74 | -82 | -159 | -166 | -175 |
| CapEx (excluding acquisitions) | Median | -80 | -83 | -160 | -163 | -178 | |||
| CapEx (excluding acquisitions) | Lowest | -83 | -93 | -175 | -186 | -198 |
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.
