Sandoz Group Ltd · SIX:SDZ
Sandoz — Investor Presentation (2026)
36 slides from Sandoz's investor presentation, Feb 24, 2026
Slide 1: Investor presentation
Spring 2026 Investor presentation Pioneering access for patients
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: A strong year of strategic and financial progress, cementing our fundamentals
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 4: Strong underlying net-sales growth fuelled by launches
Strong underlying net-sales growth fuelled by launches 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 4 CC: constant
Slide 5: Generics: strong foundation for sustainable growth
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 so
Slide 6: Delivering on biosimilars: strong launch execution
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 antici
Slide 7: Pyzchiva: strong growth in Europe; Hyrimoz: broadest payer coverage in US
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 Q4
Slide 8: Tyruko: encouraging progress and additional launches; Omnitrope: stable and leading market share
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 2
Slide 9: Wyost & Jubbonti: successful launches
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 pr
Slide 10: Entering a golden decade of unprecedented potential
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 representi
Slide 11: Industry-leading high-impact biosimilars pipeline
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 Qlex
Slide 12: Purpose and impact highlights in 2025
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 com
Slide 13: Vertical integration in biosimilars: a key competitive advantage
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 • Ljubljan
Slide 14: Net-sales performance driven by 13% biosimilars growth
Net-sales performance driven by 13%1 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% 1. At CC. CC: constant cur
Slide 15: Double-digit growth for biosimilars driven by launches
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 fro
Slide 16: All three regions delivered underlying growth
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 Pr
Slide 17: Strong volume growth, with price erosion remaining at low single digits
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 pen
Slide 18: Strong profitability driven by success in biosimilars, cost control and operating leverage
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 g
Slide 19: Core EBITDA margin improvement reflected better mix, cost leverage
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 S
Slide 20: Record management free cash flow reflected strong improvement in core EBITDA
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 In
Slide 21: Further strengthening our balance sheet
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 due
Slide 22: 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 23: Capex peaking in 2026 as biosimilar hub nears completion
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 upg
Slide 24: One-off costs reducing
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 busin
Slide 25: Full-year 2026 guidance
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 Cor
Slide 26: Mid-term outlook confirmed
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 27: Building momentum into 2026
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-house
Slide 28: Appendix
Appendix
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 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
Slide 36: Thank you
Thank you eT WAT AG 2