Switzerland's Sandoz posts FY 2025 sales beat driven by biosimilars

Sandoz AG

25/02/2026 06:09

Overview

Swiss affordable medicines leader's FY 2025 net sales slightly beat analyst expectations

Biosimilars sales grew 15% at CC, boosting core EBITDA margin to 21.7%

Outlook

Sandoz expects 2026 net sales to grow by mid-to-high single-digit percentage

Company forecasts core EBITDA margin expansion of around 100 basis points in 2026

Trade distortions expected to impact generics sales in first half of 2026

Result Drivers

BIOSIMILARS LAUNCHES - Strong biosimilar sales growth driven by new product launches and expanded market presence

OPERATIONAL EFFICIENCIES - Improved core EBITDA margin attributed to operational efficiencies and cost discipline

TRADE DISTORTIONS - Penicillin trade distortions impacted generics net-sales performance

Company press release: ID:nEQ5029KZa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Sales
Slight Beat*
$11.10 bln
$11.08 bln (16 Analysts)
FY Adjusted EBITDA Margin
21.70%


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the pharmaceuticals peer group is "buy"

Wall Street's median 12-month price target for Sandoz Group AG is CHF56.00, about 14.7% below its February 24 closing price of CHF65.64

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 17 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)