Sandoz delivers strong H1 2026 results, with outstanding biosimilar growth in the second quarter
Published on 08/05/2026 at 07:00 | dgap.de| Sandoz Group AG / Key word(s): Half Year Results 05-Aug-2026 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to art. 53 SIX Swiss Exchange Listing Rules MEDIA RELEASE Basel, 5 August 2026. Sandoz (SIX: SDZ; OTCQX: SDZNY), the global leader in affordable medicines, today presents its financial results for the first half of 2026 and net-sales performance for the second quarter of 2026. H1 2026 RESULTS H1 net sales up by 5% at constant currencies (CC) to USD 5,761 million Anti-infective B2B[1] headwind on net sales of one percentage point at CC. Impact all in Q1 Q2 2026 net sales up by 7% at CC, with all regions contributing to outstanding biosimilar growth of 22% at CC; generics returned to growth of 1% at CC in second quarter Biosimilars represented record 33% of total net sales in first half (H1 2025: 29%) Standout North America performance in H1, driven by biosimilar growth of 47% at CC H1 core EBITDA increased by 15% in USD, resulting in core-EBITDA margin expansion to 20.9% Full-year 2026 guidance confirmed
Richard Saynor, Chief Executive Officer of Sandoz, said: "Sandoz delivered excellent progress during the first half of the year, building further momentum across the business and reinforcing the growth trajectory. The sales result in the second quarter was particularly encouraging, driven by an outstanding biosimilar performance. Biosimilars now represent a record one-third of net sales, reflecting our ability to successfully translate innovation into launch execution. We added four additional in-house assets to our industry-leading biosimilars pipeline, taking the total to 36. I was also delighted by more progress made in profitability and cash generation, while we continue to invest in sustainable long-term growth. “The consistent high-growth profile of our biosimilars reinforces our conviction that Sandoz is uniquely well positioned for the opportunities ahead. Our expanding portfolio and pipeline, combined with an increasingly streamlined regulatory environment and the forthcoming completion of our vertically integrated biosimilars platform, will further strengthen our leadership position. We look forward to sharing our plans to maximise value in our golden decade for biosimilars at our Capital Markets Day in September.” H1 2026 FINANCIAL HIGHLIGHTS H1 net sales of USD 5.8 billion (H1 2025: USD 5.2 billion), up by 5% at CC Biosimilar net sales delivered excellent growth of 20% at CC across all regions in the first half, with North America increasing by 47% at CC and recent launches, notably Wyost® & Jubbonti® (denosumab), performing well The 10 largest-selling medicines grew by a combined 14% at CC in H1 and represented 35% of net sales A H1 core-EBITDA margin of 20.9%, reflecting a 90-basis points year-on-year improvement (H1 2025: 20.0%), driven by an improved mix of sales, cost-price savings and operating leverage Increased capital expenditures (capex) in the first half; management free cash flow, however, remained strong at an unchanged USD 503 million. Free cash flow of USD 337 million (H1 2025: USD 207 million) Core diluted earnings per share of USD 1.71 in H1 represented growth of 17% in USD BUSINESS HIGHLIGHTS Sandoz recently announced that it will host a Capital Markets Day in London on 8 September, focused on ‘maximising Sandoz value in its golden decade for biosimilars’. The Company will also host an analyst and investor site visit in Slovenia on 9-10 November, providing participants with the opportunity to visit the expanding biosimilar development and manufacturing network In July, it was announced that Sandoz will be included in the Swiss Market Index, Switzerland’s leading blue-chip equity index, effective from 21 September Sandoz recently advanced from third to second position in terms of gross sales of biosimilar and generic medicines in North America[3] Marking 80 years of antibiotic manufacturing in Europe and 20 years since the approval of the world's first biosimilar medicine, Omnitrope® (somatropin), Sandoz celebrated these milestones through anniversary events, highlighting its heritage in affordable medicines, leadership in biosimilars and the importance of resilient European-medicines production A new biosimilar development centre in Ljubljana, Slovenia, was officially opened in June, further strengthening the Company's in-house development capabilities and supporting its long-term biosimilars growth strateg Sandoz’s industry-leading biosimilars pipeline expanded during the period by four additional in-house assets, namely through sotatercept, polatuzumab vedotin, burosumab and anifrolumab, bringing the total biosimilars pipeline to 36[4] assets In July, the Company announced that the Agência Nacional de Vigilância Sanitária granted marketing authorisation for Owozy® (semaglutide). This marks the first GLP-1 approval for Sandoz, which the Company will commercialise in Brazil in partnership with Adalvo The European Commission recently granted marketing authorisation for Bysumlog® (insulin lispro) and Dazparda® (insulin aspart), strengthening Sandoz's position in diabetes and expanding access to affordable treatment options for patients across Europe In June, the US Food and Drug Administration accepted for review two Abbreviated New Drug Applications for proposed generic tirzepatide autoinjectors, marking an important step in advancing the Company's growing GLP-1 pipeline Sandoz recently announced that it has entered into a settlement agreement with the leadership of the consortium of 43 US states and territories to resolve all claims brought by the remaining litigating states and territories against the Company concerning alleged anti-competitive conduct in the US market for generic medicines. Sandoz US has also entered into a settlement agreement with the indirect reseller plaintiffs class. When these two settlements will be completed, Sandoz US will have resolved all claims brought by US federal or state governments against the Company stemming from their investigations of the US generic medicine market from more than a decade ago and all the pending class actions related to this legacy matter. The only remaining anti-trust claims against the Company in the US generic antitrust litigation are those brought by individual plaintiffs who opted out of class settlements. These settlements do not affect full-year 2026 guidance or the Sandoz mid-term outlook The Company’s greenhouse-gas reduction targets were recently validated by the Science Based Targets initiative, including combined Scope 1 and 2 emissions reductions of 42% by 2030 and 63% by 2035, respectively Several key leadership appointments were announced in the period to support the Company’s next phase of growth, including Pascal Bouye as President, Generics Manufacturing & Supply, Keren Haruvi assuming responsibility for global M&A in addition to her current role and Simon Goeller as Country President, Germany FULL-YEAR 2026 GUIDANCE Sandoz anticipates continued growth in 2026, partly reflecting the expected performance of recently launched biosimilars. This growth, alongside a favourable shift in the mix of sales, further operating efficiencies and cost discipline, is expected to result in core-EBITDA margin expansion in 2026. As a result, the Company confirms its expectations for the year: Net sales to grow at CC by a mid-to-high single-digit percentage Core-EBITDA margin expansion of around 100 basis points This guidance excludes any impacts of unforeseen events or unconfirmed developments, including the potential imposition of new tariffs emanating from the US government. No material contribution from any potential launch of generic semaglutide is expected in 2026. Partly reflecting short-term market dynamics in Germany and an outstanding biosimilars performance in North America, overall pricing is now expected to decline by a mid-single-digit percentage in 2026, compared with the previous expectation of a low-to-mid single-digit percentage decline. CONFERENCE CALL A conference call and webcast for investors and analysts will begin today at 9:30 CET. Details can be found here, with the accompanying presentation here. NOTES The performance shown in this announcement covers the six-month period ended 30 June 2026 (H1 2026) and the three-month period ended 30 June 2026 (Q2 2026), compared to the six-month period ended 30 June 2025 (H1 2025) and the three-month period ended 30 June 2025 (Q2 2025), respectively. Commentary is based on the performance in H1 2026, unless stated otherwise. In this announcement, ‘Company’ refers to Sandoz Group AG. Over one billion patients were reached by Sandoz in 2025, including an estimated 0.2 billion patients reached through API sales. HALF-YEAR REPORT Sandoz published its Half-Year Report 2026 today, which can be found here. CALENDAR Sandoz will host a Capital Markets Day in London on 8 September 2026 and an analyst & investor site visit in Slovenia on 9-10 November 2026. Invitations have been distributed. The Company intends to publish its nine-month and third-quarter sales update on 28 October 2026. 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 materialise 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 revise any forward-looking statements, except as required by law. ABOUT SANDOZ Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in affordable medicines, with a growth strategy driven by its Purpose: pioneering access for patients. More than 20,000 colleagues of 100 nationalities work together to ensure over one billion patients are reached by Sandoz, generating substantial global healthcare savings and an even larger social impact. Its leading portfolio of approximately 1,300 medicines addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to 1886. In 2026, Sandoz celebrates 20 years of pioneering biosimilars, 80 years of antibiotics manufacturing and 140 years of heritage. In 2025, Sandoz recorded net sales of USD 11.1 billion. CONTACTS
H1 AND Q2 2026 NET SALES NET SALES BY BUSINESS H1
Net sales for the first half of 2026 were USD 5.8 billion, reflecting growth of 5% at CC. Volumes grew by 10%, partly offset by price erosion of 5%. Net-sales growth was primarily driven by the performance of biosimilars, which continued to benefit from an extensive pipeline and launch programme. Biosimilars overview Net sales of biosimilars in the first half were USD 1.9 billion, reflecting growth of 20% at CC, and represented 33% of total net sales (H1 2025: 29%). In Q2, biosimilar net-sales growth accelerated to 22% at CC and represented 34% of total net sales (Q2 2025: 30%). The European biosimilar performance in the first half benefitted from the launch of Afqlir® (aflibercept) and strong performances from Hyrimoz® (adalimumab), Erelzi® (etanercept) and Binocrit® (epoetin alfa). Strong North America biosimilar net-sales growth of 47% at CC reflected the launches of Wyost & Jubbonti in June 2025, while International biosimilar net-sales growth of 19% at CC was driven by the performances of Rixathon® (rituximab), as well as launches of Wyost & Jubbonti. Generics overview Net sales of generics in the first half were USD 3.9 billion, reflecting a decline of 1% at CC. In Q2, however, generics net sales returned to growth. Generics represented 67% of first-half net sales (H1 2025: 71%). The decline in H1 2026 net sales at CC was driven by adverse dynamics in the anti-infective B2B business that were confined to the first quarter. An adverse performance in the International business was impacted by active portfolio rationalisation and market dynamics in Brazil and Japan. Encouraging growth in North America generics net sales, however, reflected several successful launches. Q2
Net sales for the second quarter were USD 3.0 billion, reflecting growth of 9% in USD and 7% at CC. NET SALES BY REGION H1
Europe overview Net sales in Europe in the first half were USD 3.1 billion, reflecting growth of 3% at CC, with double-digit growth in biosimilars at CC and a stable generics performance; the latter was impacted by unfavourable seasonal effects on the sale of antibiotics and over-the-counter cold & cough medicines in Q1. The biosimilars performance benefitted from the recent launch of Afqlir and strong results from Hyrimoz, Erelzi and Binocrit, partly offset by the impact of short-term market dynamics in Germany. International overview Net sales in International in the first half were USD 1.3 billion, reflecting growth of 1% at CC. Biosimilars delivered a strong performance, driven by Rixathon and the recent launches of Wyost & Jubbonti. Generics net sales declined by 4% at CC, primarily due to active portfolio rationalisation and unfavourable market dynamics in Brazil and Japan. North America overview Net sales in North America were USD 1.3 billion, representing growth of 15% at CC. Excellent biosimilar growth of 47% at CC was primarily driven by the June 2025 launches of Wyost & Jubbonti. Generics net-sales growth of 1% at CC was a result of several recent launches, partly offset by competitive pressures for paclitaxel. Q2
H1 2026 KEY OPERATING AND NON-OPERATING RESULTS
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