Sandoz Group Ltd · SIX:SDZ
Sandoz — H1 2026 Earnings Presentation
37 slides from Sandoz's earnings presentation, Aug 5, 2026
Slide 1: H1 2026 results
5 August 2026 H1 2026 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. Financial performance and 2026 guidance Remco Steenbergen, CFO 3. Wrap-up Richard Saynor, CEO 4. Questions Richard Saynor, CEO | Remco Steenbergen, CFO 3
Slide 4: Highlights and business update
Richard Saynor Chief Executive Officer Highlights and business update
Slide 5: Delivering strong results
1 Delivering strong results Excellent biosimilar growth across all regions Pipeline Business H1 financials Industry-leading biosimilars pipeline Now #2 biosimilars and generics Strong net-sales growth: +5% at CC company in North America2 Biosimilars: a record 33% of net sales - addition of four in-h
Slide 6: Net-sales performance driven by 20% biosimilars growth
1 Net-sales performance driven by 20% biosimilars growth Strong momentum in North America H1 2026 net-sales business mix H1 2026 net-sales regional mix in USD billions in USD billions Biosimilars North +20% America 23% 33% +15% 5.8 bn 5.8 bn +5% +5% 54% Europe +3% 67% Generics 23% -1% International
Slide 7: Generics: building on scale, launches and pipeline depth
1 Generics: building on scale, launches and pipeline depth >300 total assets in pipeline, Pipeline targeting USD ~250 bn1 of originator sales: 66% coverage by value ANVISA approval for Sandoz’s first GLP-1 Focused LoE coverage, Launch of semaglutide Portfolio centred on oral solids planned for H2 20
Slide 8: Hyrimoz: broadest payer coverage in US; Pyzchiva: leading biosimilar in Europe
1 Hyrimoz: broadest payer coverage in US Pyzchiva: leading biosimilar in Europe1 Hyrimoz® (adalimumab) global market share2 Pyzchiva® (ustekinumab) global market share3 Biosimilars Biosimilars participation (%) participation (%) 75 50 25% 22% 20% 21% 22% 40 21% 21% 19% 70 37% 36% 65 31% 30 26% 24% 2
Slide 9: Tyruko and Omnitrope market share
1 Tyruko: encouraging progress and additional launches Omnitrope: consistent leading market share Tyruko® (natalizumab) European market share1 Omnitrope® (somatropin) global market share2 Sandoz market Sandoz market share (%) share (%) 16% 17% 16% 17% 17% 17% 36% 35% 35% 35% 37% 36% 35% 37% 15% 7% Q
Slide 10: Wyost & Jubbonti and Afqlir
1 Wyost & Jubbonti and Afqlir Successful launches; further strong contributions expected Wyost® & Jubbonti® Afqlir® (denosumab) (aflibercept) #1 biosimilars in US: Excellent launch execution across Jubbonti 64% biosimilar share1 Europe underway Wyost 54% biosimilar share1 Now in 19 European markets,
Slide 11: Industry-leading biosimilars pipeline expanded with a further four in-house assets
1 Industry-leading biosimilars pipeline expanded with a further four in-house assets 361 assets Sandoz brand Originator brand Assets in Assets Assets in technical Assets in early regulatory review/ in clinical development2 development yet to launch development2 Herwenda® Keytruda® Darzalex® Tremfya®
Slide 12: Leap forward in biosimilar-development capabilities to capture next wave of growth
1 Leap forward in biosimilar-development capabilities to capture next wave of growth Ljubljana, Slovenia • Open: new USD 99 million state-of-the-art biosimilar development centre • Supports faster and more efficient progression from development to manufacturing • Fully digitally integrated, spanning
Slide 13: Financial performance and 2026 guidance
Remco Steenbergen Chief Financial Officer Financial performance and 2026 guidance
Slide 14: Strong execution in H1 2026 drives growth, margin expansion and EPS accretion
2 Strong execution in H1 2026 drives growth, margin expansion and EPS accretion Net sales Core EBITDA Core diluted EPS Management FCF +5% at CC +15% in USD +17% in USD remained strong Biosimilars growth of 20% at Core-EBITDA margin USD 1.71 USD 503 million: sustained CC, led by recent launches expan
Slide 15: Double-digit volume growth fuels strong H1 top line
2 Double-digit volume growth fuels strong H1 top line Net-sales growth in USD billions Very strong North America +10% in USD biosimilar growth of +47% at +5% at CC CC, driven by successful 5.8 Wyost & Jubbonti launches 5.2 0.5 0.3 (0.3) Europe and International also delivered double-digit biosimilar
Slide 16: Growth momentum accelerated in second quarter
2 Growth momentum accelerated in second quarter Net sales by business in USD billions +5% H1 dynamics 5.8 Biosimilars 5.2 1.9 +20% North America growth of 47% 1.5 reflected launches of Wyost & H1 Jubbonti 3.7 3.9 -1% International growth of 19% driven by Rixathon® (rituximab) and recent H1 2025 H1 2
Slide 17: Regional growth led by North America
2 Regional growth led by North America Net sales by region in USD billions +5% H1 dynamics 5.2 5.8 Europe Strong biosimilars performance; generics 2.8 3.1 returned to growth in Q2 +3% H1 1.3 1.3 +1% International 1.1 1.3 +15% Strong biosimilars performance driven by H1 2025 H1 2026 Rixathon and rece
Slide 18: Margin improvement driven by favourable sales mix, cost discipline and operating efficiencies
2 Margin improvement driven by favourable sales mix, cost discipline and operating efficiencies Summary core P&L in USD millions Change Change H1 2026 Favourable net-sales mix USD % CC % driven by double-digit Net sales 5,761 10 5 biosimilar growth Core gross-profit margin Core gross profit 2,865 11
Slide 19: Biosimilars momentum and productivity gains support operating-margin growth
2 Biosimilars momentum and productivity gains support operating-margin growth Core-EBITDA margin % of net sales Biosimilars-led mix improvement contributed two +0.9% pts percentage points 20.9% 20.0% 2.0% -2.6% -0.2% Price erosion reflects short-term 1.7% market dynamics in Germany and outstanding b
Slide 20: Underlying one-off costs in line with expectations
2 Underlying one-off costs in line with expectations in USD millions H1 2026 H1 2025 Underlying one-off costs • Full-year 2026 view Manufacturing footprint (41) (54) unchanged • Underlying one-off costs to Transformation (54) (6) decline to USD ~0.3 bn in 2026 Separation (47) (156) Legal-related Tot
Slide 21: Strong operating performance converted into attractive cash generation
2 Strong operating performance converted into attractive cash generation H1 2026 free cash flow in USD millions Continued strong management free cash 1,206 97 flow (9) (314) Capex expected to peak in current (477) investment cycle 503 (166) 337 Ongoing investments in Slovenia manufacturing and devel
Slide 22: Strong liquidity and stable net debt underpin financial flexibility
2 Strong liquidity and stable net debt underpin financial flexibility Net debt in USD billions Gross debt increased due to Swiss bonds issuances June June December in April 2026 2026 2026 2025 FX adjusted Reported Reported Strong liquidity position provides significant financial Gross debt 6.0 5.9 5
Slide 23: Maintaining strong investment-grade credit profile
2 Maintaining strong investment-grade credit profile Total financial debt incl. current portion by maturity1 in USD millions Positive outlooks from both Moody’s and S&P 1,000 Extended maturity profile of debt to 2036: average debt- 500 maturity of around five years Annual interest rate on gross debt
Slide 24: Full-year 2026 guidance confirmed
2 Full-year 2026 guidance confirmed 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 mid-single digit percentage Foreign-exchange impacts: based on spot rates1 Net sales +2% pt
Slide 25: Wrap-up
Richard Saynor Chief Executive Officer Wrap-up
Slide 26: H1 performance - accelerating momentum
3 H1 performance - accelerating momentum PIPELINE PROGRESS 01 36 biosimilar assets, GLP-1 regulatory approval in Brazil STRENGTHENED MARKET POSITION 02 #2 provider in North America INCREASING CAPABILITY 03 State-of-the-art Ljubljana development centre FINANCIALS Strong growth, core-EBITDA margin 04
Slide 27: Capital Markets Day 2026
3 Capital Markets Day 2026 01 Maximising value Focus on maximising Sandoz value in its golden decade for biosimilars 02 Hosted in London London Stock Exchange 8 September 2026, 13:30 UK; live webcast access available 03 Engaging with leadership Dedicated opportunity for investors and analysts to eng
Slide 28: Questions
Questions Richard Saynor Remco Steenbergen Chief Executive Officer Chief Financial Officer
Slide 29: Appendix
YEARS OF YEARS OF BIOSIMILARS ANTIBIOTICS Appendix
Slide 30: Global biosimilars pipeline (1/5)
1/5 Global biosimilars pipeline Key near-term launches and assets in regulatory review / yet to launch Own/targeted brand Originator net sales targeted In-house/partnered Current status LoE1 (USD bn)1 Herwenda® Regulatory approval in EU EU: expired 2 Partnered trastuzumab Regulatory submission in US
Slide 31: Global biosimilars pipeline (2/5)
2/5 Global biosimilars pipeline 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 development2 pembrolizumab IV US: 2028 Opdivo® EU: 2030 9 In-house In clinical development2 nivo
Slide 32: Global biosimilars pipeline (3/5)
3/5 Global biosimilars pipeline Assets 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 Padcev® EU: 2036 6 In-house enfortum
Slide 33: Global biosimilars pipeline (4/5)
4/5 Global biosimilars pipeline 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 Vyvgart®/Vyvgart Hytrulo® EU: 2037 15 In-house efgartigimod alfa IV / SC US: 2036 Ultomiris® EU:
Slide 34: Global biosimilars pipeline (5/5)
5/5 Global biosimilars pipeline 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 5 In-house sotatercept US: 2041 Saphnelo® EU: 2034 2 In-house anifrolumab US: 2035 Poliv
Slide 35: Upcoming investor events
Upcoming investor events Sandoz Sandoz Morgan Stanley Sandoz Capital Markets Day H1 European Global Healthcare H1 US Roadshow Conference Roadshow London London, Zurich, Stockholm New York Boston, Chicago 8 September 10, 21 & 23 September 15 September 16-17 September UBS Bank of America Baader Sandoz
Slide 36: 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 36
Slide 37: Pioneering access for patients
Pioneering access for patients