Sandoz Group Ltd · SIX:SDZ
Sandoz — FY 2025 Earnings Presentation
42 slides from Sandoz's earnings presentation, Feb 25, 2026
Slide 1: FY 2025 results
25 February 2026 FY 2025 results
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. Financials 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: A strong year of strategic and financial progress, cementing our fundamentals
1 A strong year of strategic and financial progress, cementing our fundamentals Development Pipeline Launches Financials and supply Industry-leading pipeline with Strong launch execution: New Slovenia facilities to USD 11.1 bn in net sales 27 biosimilars create European biosimilar Core EBITDA margin
Slide 6: Strong underlying net-sales growth fuelled by launches
Strong underlying net-sales growth fuelled by launches 1 Net-sales growth and mix in USD billions 5% at CC 6% at CGR 6% at CC 11.1 4 7% at CGR 10.4 10 30% 3.0 28% 2.7 31% 28% 72% 70% 72% 69% 0 0 FY 2024 FY 2025 Q4 2024 Q4 2025 17 quarters of consecutive growth at CC Generics Biosimilars 6 CC: consta
Slide 7: Generics: strong foundation for sustainable growth
1 Generics: strong foundation for sustainable growth Scale, launches and pipeline providing stability and cash generation KEY LAUNCHES >400 total assets in development, IN 2025 Pipeline targeting USD ~220 bn1 of originator sales Iron sucrose Portfolio Focused LoE coverage, centered on strategy oral
Slide 8: Delivering on biosimilars: strong launch execution
1 Delivering on biosimilars: strong launch execution Pyzchiva autoinjector Pyzchiva First commercially available Launched in US in Q1 2025 autoinjector in Europe for ustekinumab biosimilars Tyruko Afqlir Strong uptake in Europe, with Launched in Europe in Q4 2025 more launches to come US launch anti
Slide 9: Pyzchiva: strong growth in Europe; Hyrimoz: broadest payer coverage in US
1 Pyzchiva: strong growth in Europe Hyrimoz: broadest payer coverage in US Pyzchiva European market share1 Hyrimoz global market share2 Sandoz market Biosimilars Sandoz market Biosimilars share (%) participation (%) share (%) participation (%) 70 40% 39% 50 13% 13% 13% 36% 12% 13% 13% 34% 60 25 0 0
Slide 10: Tyruko: encouraging progress; Omnitrope: stable and leading market share
1 Tyruko: encouraging progress and additional launches Omnitrope: stable and leading market share Tyruko European market share1 Omnitrope global market share2 Sandoz market Sandoz market share (%) share (%) 20 17% 18% 17% 18% 40 15% 37% 35% 36% 35% 35% 35% 36% 35 7% 31% 31% 32% 30 28% 0 0 Q2 2024 Q3
Slide 11: Wyost & Jubbonti: successful launches
1 Wyost & Jubbonti: successful launches Strong access and uptake in US; first to market in Europe Established commercial Led with footprint covering >80% interchangeable- of denosumab volume product exclusivity Established ASP in US Broad provider access and early wins with key payers Europe launch
Slide 12: Industry-leading high-impact biosimilars pipeline
1 Industry-leading high-impact biosimilars pipeline Targeted development in key biologics and therapies Assets in regulatory Assets review / yet to in clinical Assets in technical Assets in early launch development1 development1 development Herwenda® Opdivo® Darzalex® Eylea HD® Reblozyl® Keytruda Ql
Slide 13: Purpose and impact highlights in 2025
1 Purpose and impact highlights in 2025 Driving Access and Impact1 Empowering our People • Reaching over 1 billion patients in 100+ • 40% of Board of Directors, 50% of Executive countries Committee, and 46% of management are women • ~USD 26 billion healthcare system savings • Achieved a collective c
Slide 14: Vertical integration in biosimilars: a key competitive advantage
1 Vertical integration in biosimilars: a key competitive advantage, creating best-in-class biosimilar capabilities Just-Evotec Biologics End-to-end European hub European biosimilar sites EU SAS (JEB) acquisition Sites in network Sites under construction Sites under construction / in network • Ljublj
Slide 15: Financials
Remco Steenbergen Chief Financial Officer Financials
Slide 16: Strong sales, with accelerated growth in core EBITDA, management free cash flow, core ROIC and core EPS
2 Strong sales, with accelerated growth in core EBITDA, management free cash flow, core ROIC and core EPS Net sales Core EBITDA Management Core ROIC Core diluted EPS +5%1 +14%1 FCF +USD 435 m +220 bps +33%1 Underlying growth of Core margin Management free Core ROIC improved USD 3.64 6% at CGR expans
Slide 17: Net-sales performance driven by 13% biosimilars growth
2 Net-sales performance driven by 13% biosimilars growth FY 2025 net-sales business mix FY 2025 net-sales regional mix In USD billions In USD billions Biosimilars North +13% America 22% 30% stable 11.1 bn 11.1 bn +5% +5% 54% Europe +6% 70% 24% Generics International +2% +7% All growth shown at const
Slide 18: Double-digit growth for biosimilars driven by launches
2 Double-digit growth for biosimilars driven by launches Net sales by business in USD billions +5% Full-year dynamics at CC CGR 11.1 +6% Biosimilars 10.4 +18% 2.9 3.3 Strong Europe biosimilars growth, including Pyzchiva and Hyrimoz Full year +2% 7.5 7.8 International: continued strong performances f
Slide 19: All three regions delivered underlying growth
2 All three regions delivered underlying growth Net sales by region +5% CGR in USD billions at CC Full-year dynamics 11.1 +6% 10.4 Europe +6% 5.9 Generics launches from 2024 5.4 and 2025, paired with Full year +9% exceptional biosimilars 2.6 2.7 performance 2.4 2.4 +5% FY 2024 FY 2025 International
Slide 20: Strong volume growth, with price erosion remaining at low single digits
2 Strong volume growth, with price erosion remaining at low single digits Net-sales growth Strong biosimilars volume in USD billions uptake across all regions +7% in USD +5% at CC Price erosion of 3% remaining 11.1 lower than historic levels 10.4 0.8 0.2 -0.3 Net-sales in H2 2025 impacted by lower p
Slide 21: Strong profitability driven by success in biosimilars, cost control and operating leverage
2 Strong profitability driven by success in biosimilars, cost control and operating leverage Summary core P&L in USD millions Change Change Stable core gross-profit FY 2025 USD % CC % margin Net sales 11,086 7 5 Core SG&A expenses reduced as a proportion of Core gross profit 5,613 7 5 net sales Core
Slide 22: Core EBITDA margin improvement reflected better mix, cost leverage
2 Core EBITDA margin improvement reflected better mix, cost leverage while enhancing D&R investment Core EBITDA margin % of net sales Favourable mix from strong +1.6% pts biosimilars growth, 21.7% 20.1% -0.4% 0.6% demonstrating resilience 1.3% -1.1% 1.2% against price pressure Focus on reducing core
Slide 23: Record management free cash flow reflected strong improvement in core EBITDA
2 Record management free cash flow reflected strong improvement in core EBITDA FY 2025 free cash flow in USD millions 26 Disciplined inventory 2,405 227 -391 management driving working-capital improvement -720 1,547 -673 Capex includes ongoing 874 investments in Slovenia One-off items includes Core
Slide 24: Further strengthening our balance sheet
2 Further strengthening our balance sheet Net debt in USD billions Gross debt: reflecting bond issuances, partly offset by Dec Dec Dec repayment of term loans 2024 2025 2025 FX adjusted Reported FX impact on gross debt due to Gross debt 4.5 4.7 5.3 stronger EUR and CHF vs. USD Liquidity increased du
Slide 25: Capex peaking in 2026 as biosimilar hub nears completion
2 Capex peaking in 2026 as biosimilar hub nears completion Capex in USD billions Manufacturing 1.1 Building significant biosimilar 0.1 drug-substance and fill-finish 0.1 0.7 capacity 0.2 0.1 0.1 Intangible 0.1 Intangible investments mainly 0.7 related to BD&L and IT, with 0.5 increase driven by IT u
Slide 26: One-off costs reducing
2 One-off costs reducing Total of ~USD 0.7 bn over 2025-2026 confirmed One-off costs declining1 One-time separation investments Opex, 2023 – 2026, in USD billion in IT, manufacturing and development capabilities 0.7 Transformation simplifying 0.4 organizational structure and creating a right-fit bus
Slide 27: Full-year 2026 guidance
2 Full-year 2026 guidance Net-sales growth Mid-to high-single-digit % at constant currencies Core EBITDA margin Expansion of around 100 basis points % of net sales Key assumption Price erosion of low to mid-single digit percentage Foreign-exchange impacts: based on spot rates1 Net sales +2% pts C
Slide 28: Mid-term outlook confirmed
2 Mid-term outlook confirmed Sustained top-line momentum and margin expansion Net-sales growth Core EBITDA margin At constant currencies % of net sales 24 to 26% Mid-single +~100bps Mid-to high-single digit % digit % 21.7% 2026E1 CAGR: 2025 2026E1 2028E mid-term to 2028 Dividend policy % of core net
Slide 29: Wrap-up
Richard Saynor Chief Executive Officer Wrap-up
Slide 30: Entering a golden decade of unprecedented potential
3 Entering a golden decade of unprecedented potential Leading biosimilars pipeline 27 2 USD representing USD assets ~200 bn 59% REGULATORY ~320 bn in development, of originator of LoEs over next decade1 STREAMLINING LoEs over next targeting sales1 decade1 Strong generics pipeline >400 2 USD represen
Slide 31: Building momentum into 2026
3 Building momentum into 2026 Leadership in affordable medicines Slovenia Accelerate access Completion of state-of-art Upcoming launch of Enzeevu® development and drug substance (aflibercept) in US; maximizing sites: vertical integration 2025 launches Just-Evotec Flawless execution Expanding in-hous
Slide 32: Questions
Questions Richard Saynor Remco Steenbergen Chief Executive Officer Chief Financial Officer
Slide 33: Appendix
YEARS OF YEARS OF BIOSIMILARS ANTIBIOTICS Appendix
Slide 34: Strong balance sheet and liquidity to support future growth
Strong balance sheet and liquidity to support future growth Total financial debt incl. current portion by maturity1 in USD millions New USD 2.0 billion multi- currency revolving credit facility replacing initial and unutilized USD 1,000 1.25 billion facility (March 2025) Dual-tranche CHF 400 million
Slide 35: Current LoE opportunity for Sandoz pipeline assets
Current LoE opportunity for Sandoz pipeline assets Overall LoE market value (USD bn) 49 13 8 5 54 48 11 53 22 70 20 33 53 Sandoz pipeline assets LoE market value (USD bn) 62 43 42 30 23 15 7 6 8 2 Pre-2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 insulin pertuzumab pembrolizumab d
Slide 36: Global biosimilars pipeline (1/4)
Global biosimilars pipeline (1/4) Key near-term launches and assets in regulatory review / yet to launch Originator Own/targeted net sales In-house/ Current status LoE1 brand targeted partnered (USD bn)1 Herwenda® Regulatory approval in Europe EU: expired 2 Partnered trastuzumab Regulatory submissio
Slide 37: Global biosimilars pipeline (2/4)
Global biosimilars pipeline (2/4) Assets in clinical development Originator Own/targeted net sales In-house/ Current status LoE1 brand targeted partnered (USD bn)1 Keytruda® EU: 2031 31 In-house In clinical development2 pembrolizumab IV US: 2028 Opdivo® EU: 2030 10 In-house In clinical development2
Slide 38: Global biosimilars pipeline (3/4)
Global biosimilars pipeline (3/4) Assets in technical development Targeted Originator net sales In-house / LoE1 brand targeted (USD bn)1 partnered Darzalex® EU: 2031 17 In-house daratumumab SC US: 2029 Enhertu® EU: 2036 15 In-house trastuzumab deruxtecan US: 2033 Skyrizi® EU: 2034 25 In-house risank
Slide 39: Global biosimilars pipeline (4/4)
Global biosimilars pipeline (4/4) Assets in early development Targeted Originator net sales In-house / LoE1 brand targeted (USD bn)1 partnered Keytruda Qlex® EU: 2031 8 In-house pembrolizumab SC US: 2028 Padcev® EU: 2036 7 In-house enfortumab vedotin US: 2033 Opdivo Qvantig® EU: 2030 2 In-house nivo
Slide 40: Upcoming investor events
Upcoming investor events Sandoz UBS Barclays Bank of America EU and NA European Healthcare Global Healthcare Pharma Bus Tour roadshow Conference Conference Paris, Zurich, London Miami Basel Toronto, Boston, New York March 3-5, 2026 March 3, 2026 March 10-11, 2026 March 12, 2026 BNP Paribas Jefferies
Slide 41: 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 41
Slide 42: Thank you
Thank you eT WAT AG 2