Sandoz delivers a further acceleration in sales growth; full-year margin guidance upgraded

Ad hoc announcement pursuant to art. 53 SIX Swiss Exchange Listing Rules

Basel, October 30, 2025 - Sandoz (SIX: SDZ / OTCQX: SDZNY), the global leader in affordable medicines, today presents its net-sales performance for the nine months and third quarter ended September 30, 2025.

• 9M net sales of USD 8,057 million

• up by 5% at constant currencies (CC¹) and in USD; up by 6% at comparable growth rates (CGR²). Volume growth of 8%

• ten largest-selling medicines grew by combined 9% at CC and represented 34% of net sales

• Q3 net sales of USD 2,825 million

• up by 6% at CC and by 9% in USD, respectively; up by 7% at CGR. Volume growth of 8%

• biosimilars represented more than 30% of net sales for first time

• All regions in growth at CC in both periods. Europe 9M net sales grew by 6% at CC, while International was up by 4% at CC (by 6% when adjusted² for 2024 China divestment). North America grew by 1% at CC (by 7% when adjusted² for Cimerli acquisition)

• Successful launches so far this year, in line with roadmap: primarily in US, including Wyost® & Jubbonti® (denosumab) and Pyzchiva® (ustekinumab)

• Anticipated biosimilar launches in fourth quarter include European rollouts of Wyost & Jubbonti and Afqlir® (aflibercept), as well as Tyruko® (natalizumab) in US

• Full-year 2025 guidance: mid-single-digit net-sales growth at CC (unchanged); a core EBITDA margin of 21-22% (prior guidance: around 21%)

 

Richard Saynor, Chief Executive Officer of Sandoz, commented: “The third quarter once again demonstrated the ability of Sandoz to deliver on its commitments and execute against the strategic roadmap. Our comprehensive launch program is helping us expand access to affordable medicines for more patients.

Looking ahead, Sandoz is well-positioned to capitalize on significant growth opportunities, and we control our ability to seize them. We are making strong progress in building our biosimilar infrastructure, advancing our pipeline, and strengthening our capabilities, all supported by consistent financial performance. These are the reasons I am so confident in a Sandoz future reflected in compelling growth that underpins our Purpose to pioneer access for patients.”

 

FULL-YEAR 2025 GUIDANCE
The Company has updated its 2025 financial guidance today:

• FY 2025 net sales to grow by a mid-single-digit percentage at CC (unchanged)

• a core EBITDA margin in FY 2025 of 21-22% (prior guidance: around 21%)

This guidance excludes any impacts of unforeseen events or unconfirmed developments, such as significant further potential trade tariffs emanating from the US government.

 

Remco Steenbergen, Chief Financial Officer of Sandoz, commented: “The upgrade in our guidance for the year particularly reflects the success of our biosimilars and the excellence in execution by colleagues around the world. Our ambition is unrelenting; we aim to fully exploit the many opportunities ahead which we believe will deliver sustained strong results over the long term.”

 

 

US SETTLEMENT: AFLIBERCEPT
Sandoz recently announced that it has reached an agreement with Regeneron Pharmaceuticals, Inc., to resolve all patent disputes between the two companies relating to the US FDA-approved Sandoz aflibercept biosimilar. Under the terms of the agreement, Sandoz may enter the US market with a biosimilar version of Eylea® in the fourth quarter of 2026, or earlier in certain circumstances.

 

PENICILLINS: TRADE DISTORTION
As part of its vertically integrated penicillins production, the Company sells certain amounts of active pharmaceutical ingredients (APIs) to other businesses. Recently, the imposition of tariffs by the US government has led to reduced exports from China to the US, prompting Chinese suppliers to significantly lower prices for key penicillin APIs, including 6-APA, the foundational compound for all penicillins. This price drop has coincided with an increase in market supply.

 

As the last remaining fully vertically integrated penicillins producer in Europe, Sandoz is pleased to see growing recognition by policymakers of the need for sustainable European supply, but more action is required. The Company calls on the European Union and national governments to implement measures that reduce geopolitical exposure and safeguard long-term sustainability of European-produced penicillins.

 

 

KEY LINKS
A conference call and webcast for investors and analysts will begin today at 9am CET. Details can be found here, with the accompanying presentation here.

 

 

CALENDAR
The Company intends to publish its full-year results on February 25, 2026.

 

9M AND Q3 2025 NET SALES

 

By business

 

9M

 

	9M 2025	% net sales	9M 2024	change
	USD m		USD m	USD %	CC %	CGR %
Net sales	8,057		7,642	5%	5%	6%
Generics	5,699	71%	5,558	3%	2%	2%
Biosimilars	2,358	29%	2,084	13%	12%	17%

 

 

9M net sales were USD 8,057 million, up by 5% at CC and by 6% at CGR. Volumes grew by 8%, partly offset by price erosion of 3%; this decline was in line with a full-year assumption of low to mid-single-digit erosion. Net-sales growth was primarily driven by the performance of biosimilars, which continue to benefit from an extensive pipeline and launch program.

 

Generics overview

Net sales of generics in the first nine months were USD 5,699 million, reflecting growth of 2% at CC and CGR. Generics represented 71% of net sales (9M 2024: 73%, Q3 2025: 69%).

 

The increase in 9M net sales of generics in Europe was driven by the impact of launches in 2024 and 2025. International net sales of generics grew, after adjusting for the 2024 divestment of the Sandoz business in China. In North America, generics net-sales growth benefited from the successful Q4 2024 launch of paclitaxel.

 

Biosimilars overview

Net sales of biosimilars of USD 2,358 million in the first nine months reflected growth of 12% at CC and 17% at CGR. Biosimilars represented 29% of total net sales (9M 2024: 27%, Q3 2025: 31%).

 

Strong Europe biosimilars 9M net-sales growth at CC benefited from several good performances, including Pyzchiva and Tyruko, while excellent International biosimilar net-sales growth reflected the strong contribution from Omnitrope® (somatropin) and Hyrimoz® (adalimumab). Wyost and Jubbonti were launched in Q3 2025 in the International region.

 

North America biosimilar net sales declined at CC, reflecting the withdrawal of Cimerli in Q1 2025 and the impact of private-label adalimumab pricing dynamics; excluding the effect of the withdrawal, North America biosimilar net sales grew by a double-digit percentage at CC, partly a result of the strong launch of Wyost and Jubbonti.

 

Q3

	Q3 2025	% net sales	Q3 2024	change
	USD m		USD m	USD %	CC %	CGR %
Net sales	2,825		2,595	9%	6%	7%
Generics	1,963	69%	1,854	6%	3%	3%
Biosimilars	862	31%	741	16%	13%	17%

 

Net sales for the third quarter were USD 2,825 million, up by 6% at CC and by 7% at CGR. Volumes grew by 8%, partly offset by price erosion of 2%.

 

 

By region

 

9M

	9M 2025	% net sales	9M 2024	change
	USD m		USD m	USD %	CC %	CGR %
Net sales	8,057		7,642	5%	5%	6%
Europe	4,362	54%	3,996	9%	6%	6%
International	1,943	24%	1,904	2%	4%	6%
North America	1,752	22%	1,742	1%	1%	7%

 

Europe overview

9M net sales in Europe were USD 4,362 million, reflecting growth of 6% at CC and CGR. Europe 9M net sales of generics grew at CC, strongly surpassed by the performance of biosimilars. Notable growth included that from Pyzchiva and Tyruko.

International overview

9M net sales in International amounted to USD 1,943 million, with good growth of 4% at CC and 6% at CGR. International net sales of generics declined at CC but grew at CGR, with an exceptional biosimilars result driven by the strong performances of Omnitrope and Hyrimoz.

 

North America overview

9M net sales in North America were USD 1,752 million, reflecting an increase of 1% at CC. Growth at CGR however, namely excluding the impact of the acquisition of Cimerli, amounted to 7%. The increase in North America net sales of generics was driven by the successful Q4 2024 launch of paclitaxel, as well as continued strong growth in Canada, while the region delivered strong biosimilar net-sales growth at CGR.

 

 

Q3

	Q3 2025	% net sales	Q3 2024	change
	USD m		USD m	USD %	CC %	CGR %
Net sales	2,825		2,595	9%	6%	7%
Europe	1,530	54%	1,362	12%	6%	6%
International	659	23%	635	4%	4%	4%
North America	636	23%	598	6%	7%	12%

 

 

 

APPENDIX

 

HISTORIC NET SALES

The Company intends to provide the net-sales performance by region by generics/biosimilars at each half-year and full-year results.

 

2025

 

By business

		Q1 2025	change			Q2 2025	change			H1 2025	change
		USD m	USD %	CC %		USD m	USD %	CC %		USD m	USD %	CC %
Net sales		2,480	0%	3%		2,752	8%	5%		5,232	4%	4%
Generics		1,809	-3%	0%		1,927	5%	2%		3,736	1%	1%
Biosimilars		671	8%	11%		825	15%	12%		1,496	11%	12%

 

		Q3 2025	change			9M 2025	change
		USD m	USD %	CC %		USD m	USD %	CC %
Net sales		2,825	9%	6%		8,057	5%	5%
Generics		1,963	6%	3%		5,699	3%	2%
Biosimilars		862	16%	13%		2,358	13%	12%

 

 

By region

		Q1 2025	change			Q2 2025	change			H1 2025	change
		USD m	USD %	CC %		USD m	USD %	CC %		USD m	USD %	CC %
Net sales		2,480	0%	3%		2,752	8%	5%		5,232	4%	4%
Europe		1,372	3%	7%		1,460	12%	6%		2,832	8%	6%
International		590	-8%	-2%		694	11%	11%		1,284	1%	5%
North America		518	-1%	1%		598	-4%	-3%		1,116	-2%	-1%

 

		Q3 2025	change			9M 2025	change
		USD m	USD %	CC %		USD m	USD %	CC %
Net sales		2,825	9%	6%		8,057	5%	5%
Europe		1,530	12%	6%		4,362	9%	6%
International		659	4%	4%		1,943	2%	4%
North America		636	6%	7%		1,752	1%	1%

 

2024

		Q1 2024	% change			Q2 2024	% change			Q3 2024	% change			Q4 2024	% change
		USD m	USD	CC		USD m	USD	CC		USD m	USD	CC		USD m	USD	CC
Net sales		2,492	5%	6%		2,555	7%	9%		2,595	11%	12%		2,715	7%	9%
Generics		1,869	0%	1%		1,835	-1%	1%		1,854	3%	4%		1,946	1%	4%
Biosimilars		623	21%	21%		720	35%	37%		741	36%	37%		769	23%	25%

 

		Q1 2024	% change			Q2 2024	% change			Q3 2024	% change			Q4 2024	% change
		USD m	USD	CC		USD m	USD	CC		USD m	USD	CC		USD m	USD	CC
Net sales		2,492	5%	6%		2,555	7%	9%		2,595	11%	12%		2,715	7%	9%
Europe		1,326	4%	2%		1,308	2%	3%		1,362	13%	12%		1,367	7%	8%
International		642	4%	12%		627	5%	9%		635	2%	8%		653	0%	6%
North America		524	6%	6%		620	22%	23%		598	17%	18%		695	13%	14%

 

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DISCLAIMER
This media release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sandoz undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. This media release includes non-IFRS financial measures as defined by Sandoz. An explanation of non-IFRS measures can be found in the Supplementary financial information section of the Half-Year Report 2025.

 

ABOUT SANDOZ
Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in generic and biosimilar medicines, with a growth strategy driven by its Purpose: pioneering access for patients. More than 20,000 people of 100 nationalities work together to ensure more than 900 million patient treatments are provided by Sandoz, generating substantial global healthcare savings and an even larger social impact. Its leading portfolio of approximately 1,300 products addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to 1886. Its history of breakthroughs includes Calcium Sandoz in 1929, the world’s first oral penicillin in 1951, and the world’s first biosimilar in 2006. In 2024, Sandoz recorded net sales of USD 10.4 billion.