Sandoz Group Ltd · SIX:SDZ
Sandoz — Q3 2025 Earnings Presentation
36 slides from Sandoz's earnings presentation, Oct 30, 2025
Slide 1: 9M 2025 sales update
October 30, 2025 9M 2025 sales update
Slide 2: Disclaimer
Disclaimer This presentation 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 su
Slide 3: Agenda
Agenda 1. Highlights and business update Richard Saynor, CEO 2. Net-sales performance and 2025 guidance Remco Steenbergen, CFO 3. Wrap-up Richard Saynor, CEO 4. Questions Richard Saynor, CEO | Remco Steenbergen, CFO 3 9M 2025 sales update
Slide 4: Highlights and business update
Richard Saynor Chief Executive Officer Highlights and business update
Slide 5: Sales-growth acceleration underpinning momentum
1 Sales-growth acceleration underpinning momentum Net sales Launches 2025 guidance Highlights 9M Net-sales growth • 9M: 5% at CC, 6% at CGR • Wyost® & Jubbonti® • Mid-single digit at CC • Q3: 6% at CC, 7% at CGR (denosumab) • Biosimilars Q3: +13% at • Pyzchiva® (ustekinumab) Core EBITDA margin CC;
Slide 6: Accelerating top-line growth combined with increased biosimilars contribution
1 Accelerating top-line growth combined with increased biosimilars contribution Net-sales growth and sales mix in USD billions 6% at CC 7% at CGR 5% at CC 2.8 10 6% at CGR 3 2.6 8.1 8 7.6 31% 29% 27% 29% 2 6 4 1 71% 69% 73% 71% 2 0 0 9M 2024 9M 2025 Q3 2024 Q3 2025 16 quarters of consecutive growth
Slide 7: Generics a core focus for Sandoz, with launches in first nine months
1 Generics a core focus for Sandoz, with 115 launches in first nine months 115 medicines 280 launches Volume growth partly reflected 9M net launched in 9M 2025 across markets1 prior-year launches, sales such as paclitaxel in US Encouraging market share USD 5.7 bn 1 Lisdexamfetamine in US +2% at CC U
Slide 8: Biosimilar launch milestones achieved in 9M, with additional rollouts anticipated in Q4
1 Biosimilar launch milestones achieved in 9M, with additional rollouts anticipated in Q4 Pyzchiva Pyzchiva Afqlir autoinjector Launched in US, First commercially available Europe launch including in private label autoinjector in Europe for anticipated in Q4 ustekinumab biosimilars 9M 2025 Q4 2025 W
Slide 9: Biosimilars continuing to deliver double-digit growth
1 Biosimilars continuing to deliver double-digit growth Pyzchiva Hyrimoz® (adalimumab) Leading biosimilar in Europe Further progress in Europe Launched in US Continues to be leading biosimilar in US Tyruko Omnitrope® (somatropin) Strong uptake in Europe, with more Strong growth in International, lau
Slide 10: Pyzchiva: strong growth in Europe, launched in US
1 Pyzchiva: strong growth in Europe, launched in US Pyzchiva European market share1 Biosimilars participation growing in Europe; faster market adoption Sandoz market Biosimilars compared to adalimumab share (%) participation (%) 50 50 Strong launch of first biosimilar 41% 39% ustekinumab autoinjecto
Slide 11: Hyrimoz: continued momentum in Europe and International; broadest payer coverage in US
1 Hyrimoz: continued momentum in Europe and International; broadest payer coverage in US Hyrimoz global market share1 Biosimilars participation growing, alongside stable global share Sandoz market Biosimilars share (%) participation (%) Good European performance 20 70 accompanied by exceptional grow
Slide 12: Tyruko: encouraging progress in Europe; additional launches planned
1 Tyruko: encouraging progress in Europe; additional launches planned Tyruko European market share1 First and only biosimilar approved in Europe for relapsing Sandoz market remitting multiple sclerosis share (%) 20% 20% 20 19% Helping drive accessibility and 17% affordability Additional launches pla
Slide 13: Omnitrope: market-leading biosimilar helping patients with growth-hormone-related disorders
1 Omnitrope: market-leading biosimilar helping patients with growth-hormone-related disorders Omnitrope global market share1 Market leader, with 37% global share1 Sandoz market share (%) 40 International region driving 37% 9M growth: increasing levels of 36% 35% 35% 35% 35% competitor activity 31% 3
Slide 14: Wyost & Jubbonti: first-to-market with strong access and uptake in US
1 Wyost & Jubbonti: first-to-market with strong access and uptake in US Wyost & Jubbonti US launch update Established commercial Led with footprint covering >80% interchangeable-product of denosumab volume exclusivity Q-code exclusivity an Broad provider access early advantage and early wins with ke
Slide 15: Industry-leading biosimilars pipeline
1 Industry-leading biosimilars pipeline 2026+ Near-term Assets in clinical Assets in technical launches development1 development Afqlir & Enzeevu Opdivo ® Darzalex® Ocrevus® Nine additional (aflibercept) (nivolumab IV) (daratumumab (ocrelizumab SC) assets in early SC) development, Assets in regulato
Slide 16: Regulatory streamlining provides additional opportunities to expand and strengthen pipeline
1 Regulatory streamlining provides additional opportunities to expand and strengthen pipeline Leading biosimilars pipeline Recent 27 USD representing moves Reducing complexity and costs, ultimately assets1 ~200 bn 64% toward benefitting patients and healthcare systems regulatory in development, of o
Slide 17: Net-sales performance & guidance
Remco Steenbergen Chief Financial Officer Net-sales performance & guidance
Slide 18: Strong sales performance this year across all regions, strengthening full-year guidance
2 Strong sales performance this year across all regions, strengthening full-year guidance Net sales Regional performance Guidance Strong H1 results, with additional • Underlying 9M growth of 6% at All regions growing in 9M and Q3: Net-sales growth CGR launches in H2 • Europe: reflected performances
Slide 19: Strong 9M-volume growth, with price erosion in line with full-year expectations
2 Strong 9M-volume growth, with price erosion in line with full-year expectations Net-sales growth in USD billions +5% at CC +6% at CGR 8.1 Strong biosimilars-volume uptake 7.6 0.5 -0.2 across all regions +8% -3% stable Price erosion of 3% pts, in line with full-year expectations FX stable compared
Slide 20: 9M net-sales growth driven by double-digit biosimilars growth
2 9M net-sales growth driven by double-digit biosimilars growth 9M net sales business mix 9M net sales regional mix In USD In USD Biosimilars North America 2.4 bn 1.8 bn 22% 29% 8.1 bn 8.1 bn +5% at CC +5% at CC +6% at CGR +6% at CGR 54% 71% 24% International Generics Europe 1.9 bn 5.7 bn 4.4 bn CC:
Slide 21: Double-digit growth for biosimilars driven by launches
2 Double-digit growth for biosimilars driven by launches In USD billions +5% CGR 9M dynamics at CC 7.6 8.1 6% Net sales by Biosimilars business 2.1 2.4 17% Strong Europe biosimilars growth: 9M 2025 vs PY Pyzchiva and Tyruko launches. 5.6 5.7 2% International: continued strong performance from Omnitr
Slide 22: All three regions delivering growth
2 All three regions delivering growth In USD billions +5% CGR 9M dynamics at CC 8.1 6% Net sales by 7.6 Europe region 6% 4.0 4.4 Generics grew due to launches 9M 2025 from 2024, with biosimilars driven vs PY 1.9 1.9 6% by Pyzchiva and Tyruko 1.7 1.8 7% 9M 2024 9M 2025 International Exceptional biosi
Slide 23: Full-year 2025 guidance
2 Full-year 2025 guidance Net-sales growth Mid-single digit (unchanged) % at constant currencies Core EBITDA margin 21-22% (prior guidance: around 21%) % of net sales Key assumptions Price erosion of a low to mid-single digit percentage Foreign-exchange impacts: based on spot rates1 Net sales +2
Slide 24: Wrap-up
Richard Saynor Chief Executive Officer Wrap-up
Slide 25: Strong performance supported by continued progress in biosimilars platform
3 Strong performance supported by continued progress in biosimilars platform 9M sales Rest of year Outlook Strong performance, with Additional launches in Q4: On track to meet ambitious accelerated sales growth in third • Wyost & Jubbonti: Europe mid-term outlook quarter • Afqlir: Europe Progress wi
Slide 26: Questions
Questions Richard Saynor Remco Steenbergen Chief Executive Officer Chief Financial Officer
Slide 27: Appendix
Appendix SANDOZ
Slide 28: Select upcoming investor events
Select upcoming investor events ZKB UBS Jefferies Bernstein Swiss Equity European Healthcare Premium Review Conference Conference Conference Conference Zurich London London Paris November 6, 2025 November 12, 2025 November 20, 2025 December 4, 2025 Sandoz JP Morgan Sandoz Sandoz US roadshow Global H
Slide 29: Strong balance sheet and liquidity to support future growth
Strong balance sheet and liquidity to support future growth Non-current financial debt by maturity1 in USD million New USD 2.0 billion multi-currency revolving credit facility replacing initial and unutilized USD 1.25 1,000 billion facility 500 Dual-tranche CHF 400 million and single-tranche EUR 500
Slide 30: Opportunities ahead: significant potential in biosimilars and generics over next decade
Opportunities ahead: significant potential in biosimilars and generics over next decade Leading biosimilars pipeline Strong generics pipeline >USD 300 bn >USD 340 bn LoEs over next decade1 LoEs over next decade1 27 USD representing >400 USD representing assets2 ~200 bn 64% assets2 ~220 bn 65% in dev
Slide 31: Industry-leading in-market biosimilar portfolio
Industry-leading in-market biosimilar portfolio Reference Launch Biosimilar Therapy area Regions medicine year Omnitrope® Genotropin® 2006 Endocrinology Somatropin Binocrit® Eprex® / Erypo® 2007 Oncology (supportive care), nephrology epoetin alfa Zarzio® / Zarxio® Neupogen® 2009 Oncology (supportive
Slide 32: Global biosimilars pipeline (1/3)
Global biosimilars pipeline (1/3) Key near-term launches and assets in regulatory review Originator net Own / targeted In-house / Potential launch dates / sales targeted Current status brand partnered LoE1 (USD bn)1 Afqlir® / EnzeevuTM Regulatory approval in Europe Europe: Q4 2025 9 In-house afliber
Slide 33: Global biosimilars pipeline (2/3)
Global biosimilars pipeline (2/3) Assets in clinical development Originator net Own / targeted In-house / sales targeted Current status LoE1 brand partnered (USD bn)1 Keytruda® Europe: 2031 31 In-house In clinical development2 pembrolizumab IV US: 2028 Opdivo® Europe: 2031 10 In-house In clinical de
Slide 34: Global biosimilars pipeline (3/3)
Global biosimilars pipeline (3/3) Assets in technical development Originator net Targeted In-house / sales targeted LoE1 brand partnered (USD bn)1 Darzalex® Europe: 2031 17 JEB partnered2 daratumumab SC Enhertu® US: 2029 Europe: 2036 9 additional assets in early development 15 JEB partnered2 targeti
Slide 35: Investor Relations contacts
Investor Relations contacts Craig Marks Tamara Hackl Silvia Siegfried Katie Fischer Head of IR Senior Director, IR Senior Director, IR Coordinator, IR +44 7818 942 383 +41 79 790 52 17 +41 79 795 90 61 +41 79 500 51 53 investor.relations@sandoz.com 35 9M 2025 sales update
Slide 36: Thank you
Thank you SANDOZ