Sandoz Group Ltd · SIX:SDZ
Sandoz — Investor Presentation (2026)
43 slides from Sandoz's investor presentation, 2026
Slide 1: Investor presentation
Autumn 2026 Investor presentation Bio100: maximising Sandoz value in its golden decade for biosimilars
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 This presentation includes non-IFRS of management’s views and assumptions financial measures as defined by Sandoz. regarding future eve
Slide 3: Key messages: capital markets day
Key messages: capital markets day Bio100 to drive sustainable impact and growth Purpose Ambition Delivery Continued delivery >100 biosimilars in Drive sustainable of Purpose portfolio by 2040 value creation 2035 2035 2035 Significantly expand More than doubling >30% core EBITDA patient impact net sa
Slide 4: Leading pure-play biosimilar and generic company
Leading pure-play biosimilar and generic company Global biosimilar European 19 quarters of and generic leader1 champion consecutive growth USD 11.1bn Present in >40 markets Driven by net sales in 2025 and leading in sustained biosimilar growth ~95% of markets1 Strong operating A leading and +100 mar
Slide 5: Proven leadership in affordable medicines
Proven leadership in affordable medicines Global biosimilar and generic Sandoz well-positioned to win in biosimilars companies by region1 End-to-end integrated companies Commercial companies Gross sales USD bn 15 Biosimilar pure-play Biosimilar presence/focus Competitor 1 12 Competitor 2 8 Other bio
Slide 6: Ahead of curve: around USD 1bn already invested to build a leading European biosimilar hub
Ahead of curve: around USD 1bn already invested to build a leading European biosimilar hub In network Under construction Major biosimilar investments made Ljubljana Brnik Cambridge, UK Development, drug- Fill/finish injectables device development substance production production and fill/finish Holzk
Slide 7: Entering Sandoz golden decade for biosimilars
Entering Sandoz golden decade for biosimilars LoE opportunity across biosimilars and generics USD bn 480 380 220 270 190 200 130 150 90 160 110 130 110 10 30 2015–2025 2026–2030 2031–2035 2036–2040 Biosimilars Generics GLP-1s LoE: loss of exclusivity. LoE value calculated as a share of originator sa
Slide 8: Introducing Bio100
Introducing Bio100 More than 100 biosimilars in portfolio by 2040 Today 2035E 2040E Number of 13 ~70 >100 biosimilars in portfolio LoE-value coverage1 ~50% ~80% ~80% Biosimilars entering ~2 ~7 up to 10 in-house development p.a. LoE: loss of exclusivity. 1. Includes LoE in major markets (US and EU);
Slide 9: Bio100 to more than double net sales by 2035
Bio100 to more than double net sales by 2035 Plus upside from GLP-1s by 2035 Net sales Directional illustration (not to scale), USD bn plus upside Mid-to-high single-digit from GLP-1s >2x percentage1 ~55% 11.1 ~35–40% ~30% ~45% ~70% ~60–65%1 2025 2030E 2035E 2040E Biosimilars in portfolio 13 ~30 ~70
Slide 10: Targeting significant GLP-1 net sales opportunity in addition to Bio100
Targeting significant GLP-1 net sales opportunity in addition to Bio100 2026–2030 2030 2031–2035 2035 2035+ Early market launches Additive to Major-market semaglutide Significant benefit to Next-generation incl. Canada, Brazil growth launches (EU and US) net sales launches 1 2 3 Right Continuous, Ti
Slide 11: Targeting to be leading player in generic GLP-1 market
Targeting to be leading player in generic GLP-1 market A proven playbook for Sandoz Positioned for long-term success Pipeline of eight assets1, covering top LoE opportunities in next decade and beyond Molecules beyond semaglutide: tirzepatide, orforglipron, retatrutide Multi-source supply strategy P
Slide 12: Entering a decade of substantial level of LoE value across biosimilars and generics
Entering a decade of substantial level of LoE value across biosimilars and generics LoE opportunity Current Biosimilars and generics LoE Global Ambition pipeline USD bn value1 rank2 assets ~5x Generics Leading in USD #2 >300 ~1,000 oral solids ~450bn3 ~200 Biosimilars Extended USD #1 394 leadership
Slide 13: Leading biosimilar portfolio of scale
Leading biosimilar portfolio of scale Global leader 13 biosimilars in portfolio1 Global share and ranking2 Year of first sales Global Rank EU Rank US Rank 19% Omnitrope® (somatropin)5 2006 #1 #1 #1 Binocrit® (epoetin alfa) 2007 #1 #1 – Zarzio® (filgrastim) 2009 #1 #1 #1 Multiple global #1 Tyruko® (n
Slide 14: Regulatory streamlining a significant catalyst for Sandoz
Regulatory streamlining a significant catalyst for Sandoz Faster, broader pipeline opportunity From Driver of change Time Costs per programme Clinical-efficacy + 7–8 years USD 150m–250m PK and safety trials To PK and safety 4–6 years USD 60m–150m trials only PK: pharmacokinetic. 14
Slide 15: Void of over biologic LoEs creates material pipeline-expansion opportunity
‘Void’1 of over 60 biologic LoEs creates material pipeline-expansion opportunity Number of biosimilars in late-stage clinical development per biologic Key takeaways LoE-1 sales of originator biologic, USD Bubble size represents LoE-1 originator sales 45 1bn 5bn +10bn Unprecedented number of upcoming
Slide 16: Disciplined, consistent and scalable asset selection framework
Disciplined, consistent and scalable asset selection framework How asset selection supports Funnel steps Funnel criteria Bio100 ambition Standard Not in current Already LoE-1 sales 1. biosimilars only pipeline marketed ≥ USD 0.5bn Selection-criteria threshold Filter + + + USD 0.5bn Yes Yes Yes Yes L
Slide 17: Significant LoE value driving Bio100 ambition
Significant LoE value driving Bio100 ambition Sandoz targeted LoE opportunity by LoE year (in LoE-1 originator sales, USD bn) Evolving landscape, Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1 with biologics still in development ~220 ~190 ~20 ~80 ~130 ~5
Slide 18: Bio100 with focus on oncology and immunology assets, mAbs and in-house development
Bio100 with focus on oncology and immunology assets, mAbs and in-house development Composition of Bio100 ambition, value share by originator sales (LoE-11) opportunity addressed Modality Therapy area Development type ~20% Other2 ~20% Other4 Business ~30% development6 ~10% Other protein3 ~10% ADC ~30
Slide 19: Balanced in-house and external development to accelerate pipeline scale
Balanced in-house and external development to accelerate pipeline scale Aligned with disciplined capital-allocation priorities Ramp up Accelerate via Complement with in-house development targeted BD&L partnerships In-house as default until full Co-development; on time for Target market formation uti
Slide 20: Sizing Bio100 opportunity for Sandoz
Sizing Bio100 opportunity for Sandoz Opportunity Volume Price Value to Sandoz Originator Market Biosimilar Sandoz market Pricing Sandoz peak peak sales expansion1 penetration2 share3 discount4 value share (year LoE-1) Access-led volume Biosimilar- Sandoz market Net-pricing discount expansion adoptio
Slide 21: Phased approach on pipeline launches
Phased approach on pipeline launches Bio100 launch ramp >100 Number of biosimilars launched by year Based on current LoE outlook ~70 ~30 13 2025 2030E 2035E 2040E Until 2030 Until 2035 2035+ Execute development and Expand global biosimilar Extend leadership in supply-network ramp-up leadership emerg
Slide 22: Building manufacturing and development capabilities and capacities to fuel future growth
Building manufacturing and development capabilities and capacities to fuel future growth Development2 Drug-substance production Fill/finish Ljubljana Toulouse Lendava Ljubljana Ljubljana Brnik 2x1kl continuous 120kl 8kl 9,200m2 10m 120–200m Installed capacity manufacturing; large-scale disposable de
Slide 23: How it all fits together
How it all fits together Shaping flexible supply network across molecule and demand Fully integrated development CMC CMC for fed-batch and continuous manufacturing Analytical characterisation Bio-assay development Device Three distinct drug substance technologies provide right approach for every ass
Slide 24: Driving sustainable COGS reductions beyond 2030
Driving sustainable COGS reductions beyond 2030 Maximising benefits of in-house biosimilar supply-network Top-line growth supported by scale and supply-network flexibility Implication on COGS Continued disciplined beyond 2030s working-capital management Significant unit-cost reductions from 2030 Pro
Slide 25: Extensive commercial reach: a differentiated operational strength to deliver Bio100
Extensive commercial reach: a differentiated operational strength to deliver Bio100 Biosimilar Generic Net sales 2025 market growth market growth 2025–2035E 2025–2035E Sandoz Biosimilars Europe Scale and local market presence, delivering strong tender competitiveness +15% +5% 22% 25% and positive ma
Slide 26: Bio100 expands Sandoz coverage and unlocks major growth potential
Bio100 expands Sandoz coverage and unlocks major growth potential Biologics LoE pipeline coverage1 ~50% ~80% # External biosimilars marketed # In-house biosimilars marketed 2025 2028E 2030E 2035E 2040E # of expected biosimilars in portfolio 13 ~20 ~30 ~70 >100 Significant part of initial pipeline fi
Slide 27: Long-term growth to be driven by acceleration in biosimilar sales
Long-term growth to be driven by acceleration in biosimilar sales Plus upside from GLP-1s Net sales by business segment Versus actuals in 2025 at CC Biosimilars plus upside Generics from GLP-1s GLP-1s >2x1 ~55% ~35–40% 30% ~60–65%2 ~45% 70% 2025 2030E 2035E 1. At constant currencies. 2. Including GL
Slide 28: Why Bio100: investing today for accelerating growth
Why Bio100: investing today for accelerating growth Outlook 2025–20301 Ambition by 2035 Mid-to-high single-digit More than 2x 2025 net sales Net sales percentage CAGR (plus upside from GLP-1s) Core EBITDA 25–27% by 2030 >30% margin Core ROIC 16–18% by 2030 >20% Bio100 investment: USD 2bn–2.5bn2 Mid-
Slide 29: One-off costs reducing
One-off costs1 reducing Completion of one-off projects for future readiness Completing one-time separation USD bn investments in IT, supply-network and development capabilities 0.7 Continuing simplification and 0.4 transformation of supply-network and organisation structure ~0.3 0.3 ~0.2 2023 2024 2
Slide 30: Capex to stabilise from 2026 and decline as ratio to net sales
Capex to stabilise from 2026 and decline as ratio to net sales Vertical integration investments already started ahead of Bio100 implementation Capex Investments already underway Directional illustration, USD bn to prepare for growth Capex % net sales Capex to stabilise at around 2026 7% 9% levels; d
Slide 31: Further expansion of core ROIC
Further expansion of core ROIC Combined with accelerating net sales growth: potential for enhanced value creation Core ROIC development Growth and Invested Directional illustration profitability capital Acceleration in shift Investments in biosimilar >20% towards biosimilars pipeline benefiting from
Slide 32: Bio100 opportunity
Bio100 opportunity Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1 Originator sales in USD Expired not launched 2026 2027 2028 2029 2030 2031 2032 2033 53bn 10bn 5bn 55bn 48bn 11bn 49bn 17bn 77bn ofatumumab alteplase thrombopoietin vedolizumab dulaglutide
Slide 33: Bio100 opportunity (cont'd)
Bio100 opportunity Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1 Additional indicatively selected assets undisclosed (cont’d) 1–6 additional assets indicatively 3–8 additional assets indicatively 1–3 additional assets indicatively Originator Sales in US
Slide 34: Number of biologics posing a significant opportunity to expand pipeline
Number of biologics posing a significant opportunity to expand pipeline Number of biologics 66 39 1 in pipeline today 48 32 19 174 in Bio100 opportunity2 9 USD 0.5bn–1bn USD 1bn–2bn USD 2bn–3bn USD 3bn–5bn USD >5bn LoE: loss of exclusivity (earliest of US/EU). Note: biologics with LoE-1 yr sales <US
Slide 35: A leading biosimilar portfolio
A leading biosimilar portfolio Europe International North America Biosimilar Reference medicine Launch year Therapy area Regions Omnitrope® somatropin Genotropin® 2006 Endocrinology Binocrit® epoetin alfa Eprex® / Erypo® 2007 Oncology (supportive care), nephrology Zarzio® / Zarxio® filgrastim Neupog
Slide 36: Global biosimilar pipeline
Global biosimilar pipeline Key near-term launches and biosimilars in regulatory review or yet to launch Own/targeted brand Originator net sales targeted In-house/partnered Current status LoE1 (USD bn)1 Herwenda® Regulatory approval in Europe EU: expired 2 Partnered trastuzumab Regulatory submission
Slide 37: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Assets in clinical development Own/targeted brand Originator net sales targeted In-house/partnered Current status LoE1 (USD bn)1 Keytruda® EU: 2031 27 In-house In clinical development pembrolizumab IV US: 2028 Opdivo® EU: 2030 9 In-house In clinical development ni
Slide 38: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Biosimilars in technical development Own/targeted brand Originator net sales targeted In-house/partnered LoE1 (USD bn)1 Darzalex® EU: 2031 19 In-house daratumumab SC US: 2029 Enhertu® EU: 2036 18 In-house trastuzumab deruxtecan US: 2033 Opdivo Qvantig® EU: 2030 4
Slide 39: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Assets in early development Own/targeted brand Originator net sales targeted In-house/partnered LoE1 (USD bn)1 Keytruda Qlex® EU: 2031 8 In-house pembrolizumab SC US: 2028 Entyvio® EU: expired 6 Partnered vedolizumab US: expired Takhzyro® EU: 2033 2 In-house lanad
Slide 40: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Assets in early development Own/targeted brand Originator net sales targeted In-house/partnered LoE1 (USD bn)1 Crysvita® EU: 2033 2 In-house burosumab US: 2032 Winrevair® EU: 2039 8 In-house sotatercept US: 2041 Saphnelo® EU: 2034 1 In-house anifrolumab US: 2033 B
Slide 41: September and October investor events
September and October investor events Sandoz Morgan Stanley UBS Bank of America Management Global Healthcare Pharma Global Healthcare roadshows EU/NA Conference Bus Tour Conference London/Zurich/Stockholm/ New York Basel London Toronto/Chicago 10–23 September 15 September 21 September 22 September B
Slide 42: 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 42
Slide 43: Thank you
SANDOZ Thank you