On February 24, 2026 Sandoz (SIX: SDZ; OTCQX: SDZNY), the global leader in affordable medicines, reported its financial results for the full year and net sales for the fourth quarter of 2025.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
FINANCIAL RESULTS
FY 2025
FY 2024
change
USD m
USD m
USD %
CC %1,2
CGR %3
Net sales
11,086
10,357
7%
5%
6%
Generics
7,794
7,504
4%
2%
2%
Biosimilars
3,292
2,853
15%
13%
18%
Core EBITDA
2,405
2,080
16%
14%
Core EBITDA margin
21.7%
20.1%
Core diluted earnings per share
USD 3.64
USD 2.71
34%
33%
Management free cash flow
1,547
1,112
39%
Core return on invested capital
14.5%
12.3%
Richard Saynor, Chief Executive Officer of Sandoz, said: "Our strong financial results in 2025 demonstrate the excellent headway we’re making. It was a year marked by the progress of our industry-leading pipeline, a record number of launches and significant investment in securing our biosimilars leadership for years to come. Our unrelenting focus on top-line growth, profitability and cash generation positions Sandoz well to deliver even more for patients and shareholders.
"We will build on this momentum in 2026. Alongside our launch program, we plan to extend patient access, expand the pipeline and make further efficiency gains. As we cement our leadership in affordable medicines, we have an excellent platform to meet the unprecedented opportunities ahead and deliver strong results in a high-growth, attractive market."
1 Constant currencies.
2 Non-IFRS measures are defined in the Supplementary financial information section of the Integrated Annual Report 2025.
3 Sandoz defines the comparable growth rate (CGR) as the growth rate of net sales at CC excluding the effects of material acquisitions and divestments. In the case of divestments, net sales are excluded for the corresponding period. Similarly, for acquisitions, the relevant net sales are excluded for the corresponding period. Material acquisitions and divestments are transactions in scope of significant transactions in the Company’s consolidated financial statements. Sandoz believes the presentation of CGR is meaningful for management and investors to evaluate the performance of the business over time.
FINANCIAL HIGHLIGHTS
FY 2025 net sales of USD 11.1 billion
Up by 5% at CC and 7% in USD in the year, with volume growth of 8%; on a CGR basis, net sales grew by 6%
Biosimilar sales up by 13% at CC in the year and by 18% at CGR; generics growth of 2% at CC and CGR
The biosimilar share of total net sales increased to 30% (FY 2024: 28%)
The 10 largest-selling medicines grew by a combined 10% at CC in the year and represented 33% of net sales
In the fourth quarter, net sales of USD 3.0 billion represented growth of 6% at CC and 12% in USD; on a CGR basis, net sales grew by 7% in the quarter
Core EBITDA-margin expansion in FY 2025 of 160 basis points to 21.7%, driven by a favorable mix of sales, operational efficiencies and cost discipline
Core diluted earnings per share in the year up by 33% at CC to USD 3.64, mainly benefitting from growth in core net income
Management free cash flow, defined as free cash flow adjusted for one-off items, amounted to
USD 1.5 billion (FY 2024: USD 1.1 billion), with the increase primarily driven by the growth in core EBITDA
A core return on invested capital (ROIC) of 14.5% in FY 2025 (FY 2024: 12.3%), principally a result of the strong growth in core operating income
A proposed dividend per share of CHF 0.804 (FY 2024: CHF 0.60), representing 27% of core net income
Full-year 2026 guidance of mid-to-high single-digit net-sales growth5 and core EBITDA-margin expansion of around 100 basis points
BUSINESS HIGHLIGHTS
2025 was a milestone year for Sandoz, marked by a wave of launches across biosimilars and generics, significant progress on the transformation journey and strong financial results. The biosimilars business continued to perform strongly, supported by major launches:
Pyzchiva (ustekinumab) was launched in the US in February 2025, offering new treatment options for around 12 million patients with chronic inflammatory diseases such as psoriasis and psoriatic arthritis. The rollout included a full suite of dosing options and extended stability compared to the reference medicine
The Pyzchiva autoinjector was launched in Europe in May 2025, the first ustekinumab biosimilar in Europe available in a pre-filled pen, with an improved self-administration experience supporting better treatment adherence and quality of life
Wyost & Jubbonti (denosumab) were launched in the US in June 2025 as the first FDA6-approved interchangeable denosumab biosimilars, providing affordable treatment options for osteoporosis and cancer-related skeletal events, cementing Sandoz’s leadership in oncology and immunology biosimilars
Tyruko (natalizumab) was launched in the US in November 2025 as the first and only multiple-sclerosis biosimilar, approved for all indications of the reference medicine
Afqlir (aflibercept) was launched in Europe in November 2025, offering an affordable-treatment option for retinal diseases such as neovascular age-related macular degeneration, expanding Sandoz’s presence in the ~USD 15 billion anti-VEGF7 market
Wyost & Jubbonti were launched in Europe in December 2025
In November 2025, Sandoz signed a global license agreement with EirGenix Inc. to commercialize a proposed biosimilar of pertuzumab for HER2‑positive early and metastatic breast cancer, a market worth approximately USD 4.1 billion8, strengthening the Company’s oncology portfolio and complementing its trastuzumab biosimilars.
In December 2025, Sandoz completed the strategic acquisition of Just-Evotec Biologics EU SAS, including a site in Toulouse, France, expanding in-house development and manufacturing capabilities. In addition, Sandoz acquired an indefinite license to Just-Evotec Biologics, Inc.’s cutting-edge continuous-manufacturing technology. These acquisitions complemented ongoing investments in Slovenia, as Sandoz builds a vertically integrated European biosimilar development and manufacturing network.
In 2025, Sandoz increased the availability of affordable medicines through several important generic launches, including rivaroxaban in Germany, expanding access to high-quality antithrombotic treatment options with multiple dosage forms. In September 2025, Sandoz launched its iron-sucrose injection in the US, broadening access to affordable treatment for iron-deficiency anemia in patients with chronic kidney disease and complementing its injectable iron-therapy portfolio.
The Sandoz pipeline is industry‑leading, with 27 biosimilar assets and around 400 generics in development, targeting around USD 420 billion in originator sales. In 2025, the pipeline benefited from positive shifts in regulatory streamlining across key biosimilar programs – developments that are expected to deliver meaningful advantages for both patients and Sandoz.
4 Subject to approval at the Annual General Meeting on April 9, 2026.
5 At CC.
6 US Food & Drug Administration.
7 Vascular endothelial growth factor.
8 Evaluate Pharma, Summary: worldwide sales (last accessed November 2025).
FULL-YEAR 2026 GUIDANCE
Sandoz 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 provides its financial guidance for 2026:
Net sales to grow at CC 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 excludes any impacts of unforeseen events or unconfirmed developments, including the imposition of new tariffs emanating from the US government.
PENICILLINS: TRADE DISTORTION
As part of its vertically integrated penicillins production, the Company sells certain amounts of active pharmaceutical ingredients (APIs) to other businesses. The imposition of tariffs by the US government in 2025 led to reduced exports from China to the US, prompting Chinese suppliers to significantly lower global prices for key penicillin APIs, including 6‑Aminopenicillanic acid (6‑APA), the foundational compound for all penicillins. This price decline coincided with an increase in global market supply. These dynamics adversely impacted the Sandoz generics net-sales performance in H2 2025; a similar impact is expected in the first half of 2026. No imminent return to prior market conditions is anticipated.
The recently announced introduction of a minimum import price of 6‑APA in India is expected to curb the inflow of low‑priced imports, primarily from China, and support the domestic fermentation‑based antibiotic production in India. This risks a diversion of the supply of low-cost 6-APA towards Europe, which continues to depend on Asia for key intermediates.
CONFERENCE CALL
A conference call and webcast for investors and analysts will begin today at 9.30am CET. Details can be found here, with the accompanying presentation here.
(Press release, Sandoz, FEB 24, 2026, View Source [SID1234662935])