Sandoz Group Ltd

SDZ

Equity

ISIN CH1243598427 / Valor 124359842

SIX Swiss Exchange (2026-06-26)

CHF 71.88-1.88%

Sandoz Group Ltd
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About company

Sandoz Group Ltd is a global pharmaceutical company focused on the development, manufacture and commercialization of off‑patent medicines, including generic small‑molecule drugs, complex sterile injectables and biosimilars; it supplies finished dosage forms and active pharmaceutical ingredients to hospitals, pharmacies and wholesalers across major markets. Historically the generics division of Novartis, Sandoz was separated and listed as an independent company in 2023 and operates a network of manufacturing and R&D sites to support regulatory submissions, lifecycle management and licensing partnerships for cost‑effective alternatives to originator therapies. Its portfolio spans multiple therapeutic areas and its commercial model emphasizes scale in production and regulatory expertise to compete in established and emerging markets.

Summarized from source with an LLMView SourceSector: Healthcare

Top-line performance

FY 2025 net sales: USD 11,086m (+7% USD; +5% CC; +6% CGR). Q4 2025 net sales: USD 3,029m (+12% USD; +6% CC; +7% CGR). Volumes grew ~8% for the year while prices eroded ~3%.

Profitability and earnings

Core EBITDA of USD 2,405m (margin 21.7%, up 160 bps vs FY 2024). Core diluted EPS USD 3.64 (up ~33% at CC). Reported net income was USD 914m (IFRS), with core net income USD 1,589m.

Cash flow and balance sheet

Net cash from operations USD 1,594m; free cash flow USD 874m; management free cash flow USD 1,547m (FY 2024: USD 1,112m). Net debt USD 3,563m (net debt / core EBITDA ~1.5x).

Business mix and regional highlights

Biosimilars accounted for 30% of net sales (USD 3,292m, +15% USD; +13% CC; +18% CGR). Generics were USD 7,794m (+4% USD; +2% CC). Europe was the largest region (54% of sales), with solid biosimilars growth across regions.

Launches and pipeline

Key 2025 launches: Pyzchiva (ustekinumab), Wyost & Jubbonti (interchangeable denosumab), Tyruko (natalizumab), Afqlir (aflibercept) and US iron-sucrose injection. Pipeline: 27 biosimilars and ~400 generics targeting ~USD 420bn of originator sales.

2026 guidance

Full-year 2026 guidance: mid-to-high single-digit net-sales growth at constant currencies and ~100 basis points core EBITDA-margin expansion. No material generic semaglutide contribution expected in 2026; overall pricing expected to decline low-to-mid single digits.

Risks and market headwinds

Management flagged penicillins trade distortion (China tariffs → lower API prices) that negatively impacted generics in H2 2025 and is expected to affect H1 2026. Guidance excludes unforeseen events (e.g., new US tariffs).