On October 30, 2025 Sandoz (SIX: SDZ / OTCQX: SDZNY), the global leader in affordable medicines, reported its net-sales performance for the nine months and third quarter ended September 30, 2025.

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9M net sales of USD 8,057 million
up by 5% at constant currencies (CC1) and in USD; up by 6% at comparable growth rates (CGR2). Volume growth of 8%
ten largest-selling medicines grew by combined 9% at CC and represented 34% of net sales
Q3 net sales of USD 2,825 million
up by 6% at CC and by 9% in USD, respectively; up by 7% at CGR. Volume growth of 8%
biosimilars represented more than 30% of net sales for first time
All regions in growth at CC in both periods. Europe 9M net sales grew by 6% at CC, while International was up by 4% at CC (by 6% when adjusted2 for 2024 China divestment). North America grew by 1% at CC (by 7% when adjusted2 for Cimerli acquisition)
Successful launches so far this year, in line with roadmap: primarily in US, including Wyost & Jubbonti(denosumab) and Pyzchiva (ustekinumab)
Anticipated biosimilar launches in fourth quarter include European rollouts of Wyost & Jubbontiand Afqlir (aflibercept), as well as Tyruko (natalizumab) in US
Full-year 2025 guidance: mid-single-digit net-sales growth at CC (unchanged); a core EBITDA margin of 21-22% (prior guidance: around 21%)
Doctor and patient with child
Richard Saynor, Chief Executive Officer of Sandoz, commented: "The third quarter once again demonstrated the ability of Sandoz to deliver on its commitments and execute against the strategic roadmap. Our comprehensive launch program is helping us expand access to affordable medicines for more patients.

Looking ahead, Sandoz is well-positioned to capitalize on significant growth opportunities, and we control our ability to seize them. We are making strong progress in building our biosimilar infrastructure, advancing our pipeline, and strengthening our capabilities, all supported by consistent financial performance. These are the reasons I am so confident in a Sandoz future reflected in compelling growth that underpins our Purpose to pioneer access for patients."

FULL-YEAR 2025 GUIDANCE

The Company has updated its 2025 financial guidance today:

FY 2025 net sales to grow by a mid-single-digit percentage at CC (unchanged)
a core EBITDA margin in FY 2025 of 21-22% (prior guidance: around 21%)
This guidance excludes any impacts of unforeseen events or unconfirmed developments, such as significant further potential trade tariffs emanating from the US government.

Remco Steenbergen, Chief Financial Officer of Sandoz, commented: "The upgrade in our guidance for the year particularly reflects the success of our biosimilars and the excellence in execution by colleagues around the world. Our ambition is unrelenting; we aim to fully exploit the many opportunities ahead which we believe will deliver sustained strong results over the long term."

US SETTLEMENT: AFLIBERCEPT

Sandoz recently announced that it has reached an agreement with Regeneron Pharmaceuticals, Inc., to resolve all patent disputes between the two companies relating to the US FDA-approved Sandoz aflibercept biosimilar. Under the terms of the agreement, Sandoz may enter the US market with a biosimilar version of Eylea in the fourth quarter of 2026, or earlier in certain circumstances.

PENICILLINS: TRADE DISTORTION

As part of its vertically integrated penicillins production, the Company sells certain amounts of active pharmaceutical ingredients (APIs) to other businesses. Recently, the imposition of tariffs by the US government has led to reduced exports from China to the US, prompting Chinese suppliers to significantly lower prices for key penicillin APIs, including 6-APA, the foundational compound for all penicillins. This price drop has coincided with an increase in market supply.

As the last remaining fully vertically integrated penicillins producer in Europe, Sandoz is pleased to see growing recognition by policymakers of the need for sustainable European supply, but more action is required. The Company calls on the European Union and national governments to implement measures that reduce geopolitical exposure and safeguard long-term sustainability of European-produced penicillins.

KEY LINKS

A conference call and webcast for investors and analysts will begin today at 9am CET. Details can be found here, with the accompanying presentation here.

CALENDAR

The Company intends to publish its full-year results on February 25, 2026.

9M AND Q3 2025 NET SALES

By business

9M

9M 2025 %
net sales 9M 2024 change
USD m USD m USD % CC % CGR %

Net sales 8,057 7,642 5% 5% 6%
Generics 5,699 71% 5,558 3% 2% 2%
Biosimilars 2,358 29% 2,084 13% 12% 17%
9M net sales were USD 8,057 million, up by 5% at CC and by 6% at CGR. Volumes grew by 8%, partly offset by price erosion of 3%; this decline was in line with a full-year assumption of low to mid-single-digit erosion. Net-sales growth was primarily driven by the performance of biosimilars, which continue to benefit from an extensive pipeline and launch program.

Generics overview

Net sales of generics in the first nine months were USD 5,699 million, reflecting growth of 2% at CC and CGR. Generics represented 71% of net sales (9M 2024: 73%, Q3 2025: 69%).

The increase in 9M net sales of generics in Europe was driven by the impact of launches in 2024 and 2025. International net sales of generics grew, after adjusting for the 2024 divestment of the Sandoz business in China. In North America, generics net-sales growth benefited from the successful Q4 2024 launch of paclitaxel.

Biosimilars overview

Net sales of biosimilars of USD 2,358 million in the first nine months reflected growth of 12% at CC and 17% at CGR. Biosimilars represented 29% of total net sales (9M 2024: 27%, Q3 2025: 31%).

Strong Europe biosimilars 9M net-sales growth at CC benefited from several good performances, including Pyzchiva and Tyruko, while excellent International biosimilar net-sales growth reflected the strong contribution from Omnitrope (somatropin) and Hyrimoz (adalimumab). Wyost and Jubbonti were launched in Q3 2025 in the International region.

North America biosimilar net sales declined at CC, reflecting the withdrawal of Cimerli in Q1 2025 and the impact of private-label adalimumab pricing dynamics; excluding the effect of the withdrawal, North America biosimilar net sales grew by a double-digit percentage at CC, partly a result of the strong launch of Wyost and Jubbonti.

Q3

Q3 2025 %
net sales Q3 2024 change
USD m USD m USD % CC % CGR %

Net sales 2,825 2,595 9% 6% 7%
Generics 1,963 69% 1,854 6% 3% 3%
Biosimilars 862 31% 741 16% 13% 17%
Net sales for the third quarter were USD 2,825 million, up by 6% at CC and by 7% at CGR. Volumes grew by 8%, partly offset by price erosion of 2%.

By region

9M

9M 2025 %
net sales 9M 2024 change
USD m USD m USD % CC % CGR %

Net sales 8,057 7,642 5% 5% 6%
Europe 4,362 54% 3,996 9% 6% 6%
International 1,943 24% 1,904 2% 4% 6%
North America 1,752 22% 1,742 1% 1% 7%

Europe overview

9M net sales in Europe were USD 4,362 million, reflecting growth of 6% at CC and CGR. Europe 9M net sales of generics grew at CC, strongly surpassed by the performance of biosimilars. Notable growth included that from Pyzchiva and Tyruko.

International overview

9M net sales in International amounted to USD 1,943 million, with good growth of 4% at CC and 6% at CGR. International net sales of generics declined at CC but grew at CGR, with an exceptional biosimilars result driven by the strong performances of Omnitrope and Hyrimoz.

North America overview

9M net sales in North America were USD 1,752 million, reflecting an increase of 1% at CC. Growth at CGR however, namely excluding the impact of the acquisition of Cimerli, amounted to 7%. The increase in North America net sales of generics was driven by the successful Q4 2024 launch of paclitaxel, as well as continued strong growth in Canada, while the region delivered strong biosimilar net-sales growth at CGR.

Q3

Q3 2025 %
net sales Q3 2024 change
USD m USD m USD % CC % CGR %

Net sales 2,825 2,595 9% 6% 7%
Europe 1,530 54% 1,362 12% 6% 6%
International 659 23% 635 4% 4% 4%
North America 636 23% 598 6% 7% 12%

APPENDIX

HISTORIC NET SALES

The Company intends to provide the net-sales performance by region by generics/biosimilars at each half-year and full-year results.

2025

By business

Q1 2025 change Q2 2025 change H1 2025 change
USD m USD % CC % USD m USD % CC % USD m USD % CC %
Net sales 2,480 0% 3% 2,752 8% 5% 5,232 4% 4%
Generics 1,809 -3% 0% 1,927 5% 2% 3,736 1% 1%
Biosimilars 671 8% 11% 825 15% 12% 1,496 11% 12%
Q3 2025 change 9M 2025 change
USD m USD % CC % USD m USD % CC %
Net sales 2,825 9% 6% 8,057 5% 5%
Generics 1,963 6% 3% 5,699 3% 2%
Biosimilars 862 16% 13% 2,358 13% 12%

By region

Q1 2025 change Q2 2025 change H1 2025 change
USD m USD % CC % USD m USD % CC % USD m USD % CC %
Net sales 2,480 0% 3% 2,752 8% 5% 5,232 4% 4%
Europe 1,372 3% 7% 1,460 12% 6% 2,832 8% 6%
International 590 -8% -2% 694 11% 11% 1,284 1% 5%
North America 518 -1% 1% 598 -4% -3% 1,116 -2% -1%

Q3 2025 change 9M 2025 change
USD m USD % CC % USD m USD % CC %
Net sales 2,825 9% 6% 8,057 5% 5%
Europe 1,530 12% 6% 4,362 9% 6%
International 659 4% 4% 1,943 2% 4%
North America 636 6% 7% 1,752 1% 1%

2024

Q1 2024 % change Q2 2024 % change Q3 2024 % change Q4 2024 % change
USD m USD CC USD m USD CC USD m USD CC USD m USD CC
Net sales 2,492 5% 6% 2,555 7% 9% 2,595 11% 12% 2,715 7% 9%
Generics 1,869 0% 1% 1,835 -1% 1% 1,854 3% 4% 1,946 1% 4%
Biosimilars 623 21% 21% 720 35% 37% 741 36% 37% 769 23% 25%

Q1 2024 % change Q2 2024 % change Q3 2024 % change Q4 2024 % change
USD m USD CC USD m USD CC USD m USD CC USD m USD CC
Net sales 2,492 5% 6% 2,555 7% 9% 2,595 11% 12% 2,715 7% 9%
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%

(Press release, Sandoz, OCT 30, 2025, View Source [SID1234657117])