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Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/8602" target="_blank" data-smartkarma-citation="entities:8602:1">Santen Pharmaceutical Co Ltd (4536 JP)</a> reported FY17 results on May 09, 2018</p><table class="table table-striped"><tbody>
<tr>
<td style="width: 78px;">FY16A</td>
<td style="width: 81px;">FY17 <br> PA Est.</td>
<td style="width: 79px;">FY17A</td>
<td style="width: 73px;">% ∆<br> y-o-y</td>
<td style="width: 77px;">Actual / Preview</td>
<td style="width: 68px;">FY18 <br> PA Est.</td>
<td style="width: 70px;">FY18 <br> Co. Est.</td>
<td style="width: 58.5px;">% ∆</td>
</tr>
<tr>
<td style="width: 138px;">Sales  (¥b)</td>
<td style="width: 78px;">199.1</td>
<td style="width: 81px;">220.5</td>
<td style="width: 79px;">224.9</td>
<td style="width: 73px;">13.0%</td>
<td style="width: 77px;">2.0%</td>
<td style="width: 68px;">228.0</td>
<td style="width: 70px;">237.0</td>
<td style="width: 58.5px;">3.9%</td>
</tr>
<tr>
<td style="width: 138px;">GPM (%)</td>
<td style="width: 78px;">62.3%</td>
<td style="width: 81px;">60.6%</td>
<td style="width: 79px;">61.6%</td>
<td style="width: 73px;">-1.2%</td>
<td style="width: 77px;">1.6%</td>
<td style="width: 68px;"> </td>
</tr>
<tr>
<td style="width: 138px;">Core EBIT (¥b)</td>
<td style="width: 78px;">39.7</td>
<td style="width: 81px;">42.3</td>
<td style="width: 79px;">45.4</td>
<td style="width: 73px;">14.3%</td>
<td style="width: 77px;">7.4%</td>
<td style="width: 68px;">43.9</td>
<td style="width: 70px;">48.0</td>
<td style="width: 58.5px;">9.3%</td>
</tr>
<tr>
<td style="width: 138px;">Core EPS** (¥)</td>
<td style="width: 78px;">68.7</td>
<td style="width: 81px;">86.9</td>
<td style="width: 79px;">83.8</td>
<td style="width: 73px;">22.1%</td>
<td style="width: 77px;">-3.5%</td>
<td style="width: 68px;">78.8</td>
<td style="width: 70px;">87.3</td>
<td style="width: 58.5px;">10.7%</td>
</tr>
<tr>
<td style="width: 138px;">Reported EBIT</td>
<td style="width: 78px;">32.5</td>
<td style="width: 81px;">35.6</td>
<td style="width: 79px;">38.6</td>
<td style="width: 73px;">19.0%</td>
<td style="width: 77px;">8.4%</td>
</tr>
<tr>
<td style="width: 138px;">Reported EPS </td>
<td style="width: 78px;">56.2</td>
<td style="width: 81px;">73.3</td>
<td style="width: 79px;">86.7</td>
<td style="width: 73px;">54.3%</td>
<td style="width: 77px;">18.3%</td>
</tr>
</tbody></table><ul><li>FY17 topline performance led by higher than expected growth of <strong>Eylea</strong> (grew 14% to ¥52b) and <strong>Alesion</strong>…</li></ul>

Santen Pharmaceutical Co Ltd (4536 JP) reported FY17 results on May 09, 2018

FY16A
FY17   PA Est.
FY17A
% ∆  y-o-y
Actual / Preview
FY18   PA Est.
FY18   Co. Est.
% ∆


Sales  (¥b)
199.1
220.5
224.9
13.0%
2.0%
228.0
237.0
3.9%


GPM (%)
62.3%
60.6%
61.6%
-1.2%
1.6%
 


Core EBIT (¥b)
39.7
42.3
45.4
14.3%
7.4%
43.9
48.0
9.3%


Core EPS** (¥)
68.7
86.9
83.8
22.1%
-3.5%
78.8
87.3
10.7%


Reported EBIT
32.5
35.6
38.6
19.0%
8.4%


Reported EPS 
56.2
73.3
86.7
54.3%
18.3%

FY17 topline performance led by higher than expected growth of Eylea (grew 14% to ¥52b) and Alesion…

Santen Pharmaceutical

Santen FY17 Earnings - First Glance