Issued on 1 April 2026
1 Q1 2026 pre-announcement aide mémoire
Ahead of the publication of its first-quarter sales update on 29 April 2026, Sandoz would like to highlight the following important considerations and prior disclosures:
FULL-YEAR 2026 GUIDANCESandoz anticipates an acceleration of net-sales growth in 2026, partly reflecting the expected performance of recently launched biosimilars. This growth, alongside a favorable movement in the mix of sales, further operating efficiencies and cost discipline, is expected to result in expansion in the core EBITDA margin. As a result, the Company provided the following financial guidance for 2026 at the recent full-year results:
Net sales to grow at constant currencies by a mid-to-high single-digit percentage
Core EBITDA-margin expansion of around 100 basis points
No material contribution from any potential launch of generic semaglutide is expected in 2026, while overall pricing is expected to decline by a low-to-mid single-digit percentage. The guidance excluded any impacts of unforeseen events or unconfirmed developments, including the imposition of new tariffs emanating from the US government.
Additional commentary:
The Company anticipated adverse dynamics in the penicillin B2B business to persist in the first half of 2026, particularly in the first quarter
As a reminder, sales of Pyzchiva under the private-label arrangement in the US are recognized as Other Revenue and are therefore not be recorded within Net Sales
Sandoz announces partnership agreement with Samsung Bioepis on up to five biosimilars, further expanding its leading pipeline to up to 32 assets.
Sandoz issues CHF 550 million in bonds and extends its USD 2 billion revolving credit facility by one year.
Sandoz creates new global biosimilar development, manufacturing and supply unit, appoints industry veteran Armin Metzger to lead next phase of growth.
RECENT KEY NET-SALES DATA 2025 By business Q1 2025 change Q2 2025 change Q3 2025 change Q4 2025 changeUSD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | |||||
Generics | 1,809 | -3% | 0% | 1,927 | 5% | 2% | 1,963 | 6% | 3% | 2,095 | 8% | 2% | ||||
Biosimilars | 671 | 8% | 11% | 825 | 15% | 12% | 862 | 16% | 13% | 934 | 21% | 16% | ||||
Net sales | 2,480 | 0% | 3% | 2,752 | 8% | 5% | 2,825 | 9% | 6% | 3,029 | 12% | 6% | ||||
USD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | |||
1,372 | 3% | 7% | 1,460 | 12% | 6% | 1,530 | 12% | 6% | 1,574 | 15% | 6% | |||
590 | -8% | -2% | 694 | 11% | 11% | 659 | 4% | 4% | 770 | 18% | 14% | |||
518 | -1% | 1% | 598 | -4% | -3% | 636 | 6% | 7% | 685 | -1% | -2% | |||
2,480 | 0% | 3% | 2,752 | 8% | 5% | 2,825 | 9% | 6% | 3,029 | 12% | 6% |
Europe
International North America
Net sales 2024 By businessUSD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | |||
1,869 | 0% | 1% | 1,835 | -1% | 1% | 1,854 | 3% | 4% | 1,946 | 1% | 4% | |||
623 | 21% | 21% | 720 | 35% | 37% | 741 | 36% | 37% | 769 | 23% | 25% | |||
2,492 | 5% | 6% | 2,555 | 7% | 9% | 2,595 | 11% | 12% | 2,715 | 7% | 9% |
Generics Biosimilars
Net sales By region Q1 2024 change Q2 2024 change Q3 2024 change Q4 2024 changeUSD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | USD m | USD % | CC % | |||||
Europe | 1,326 | 4% | 2% | 1,308 | 2% | 3% | 1,362 | 13% | 12% | 1,367 | 7% | 8% | ||||
International | 642 | 4% | 12% | 627 | 5% | 9% | 635 | 2% | 8% | 653 | 0% | 6% | ||||
North America | 524 | 6% | 6% | 620 | 22% | 23% | 598 | 17% | 18% | 695 | 13% | 14% | ||||
Net sales | 2,492 | 5% | 6% | 2,555 | 7% | 9% | 2,595 | 11% | 12% | 2,715 | 7% | 9% | ||||
Sandoz publishes the link to the Vara-collated consensus on its website, here.
Investor Relations | |
Craig Marks Head of Investor Relations | +44 7818 942 383 |
Tamara Hackl | |
Senior Director, Investor Relations | +41 79 790 52 17 |
Silvia Siegfried Senior Director, Investor Relations | +41 79 795 90 61 |
Katie Fischer IR Coordinator | +41 79 500 51 53 |
Disclaimer: Sandoz has prepared this pre-announcement aide mémoire per standard prior practice. It includes statements made in previous public communications as extracted from their original source and, therefore, by definition, they should only be taken as speaking as at the date they were initially made, and they do not reflect subsequent or recent events, circumstances, or developments. Any updates to these and other previously made statements would only be included in further communications by Sandoz to the market and the inclusion of the extracted statements herein should not be taken to indicate that they will not be updated in the future. Please read the assumptions and cautionary statements regarding forward-looking statements set out in the latest Full-Year Report, page 190.