Sandoz stock narrows 2026 sales outlook, raises margin target

Sandoz narrowed its 2026 sales outlook while raising its profitability target in a media release carried by TradingView News. The company presented third-quarter and nine-month results on Wednesday, October 28, 2026.

Sandoz now expects 2026 net sales to grow by 5%-6% at constant currencies, compared with its previous mid-to-high single-digit outlook. The company attributed the change to short-term biosimilar supply constraints in Europe and international markets, as well as more challenging temporary market conditions in Germany.

Biosimilars remain the growth engine

Third-quarter net sales rose 5% at constant currencies to USD 2.942 billion. Biosimilar sales increased 17% at constant currencies to USD 998 million, representing 34% of total quarterly sales. Generics sales were stable at constant currencies at USD 1.944 billion.

North America led regional growth with a 20% increase at constant currencies. The company said recent launches, including Wyost, Jubbonti and Pyzchiva, supported biosimilar performance, while supply constraints and German market conditions weighed on the European result.

For the first nine months, Sandoz reported net sales of USD 8.703 billion, up 5% at constant currencies. Biosimilar sales increased 19% at constant currencies to USD 2.873 billion, while generics sales declined 1% at constant currencies to USD 5.830 billion.

Higher margin target offsets sales pressure

Sandoz raised its 2026 core EBITDA margin guidance to 23.0%-23.5%. The previous expectation was an expansion of around 100 basis points from the 21.7% margin recorded in 2025. The company cited a more favorable sales mix and stronger operational performance.

Chief Executive Officer Richard Saynor said the company was strengthening its long-term growth base and had expanded its biosimilar pipeline to 40 assets. Sandoz also reiterated its longer-term Bio100 ambition of building a portfolio of more than 100 biosimilars by 2040.

Sandoz stock traded at 89.71 euros on Lang & Schwarz at 11:37 CET on Wednesday, November 4, 2026; the real-time quote of Sandoz stock is available for investors.

The next scheduled investor event is an analyst and investor site visit in Slovenia on November 9-10, 2026. Sandoz plans to publish its full-year 2026 results on February 17, 2027.

The Euro Stoxx 50 market environment provides the broader European backdrop for investors.

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