On April 29, 2026 Sandoz (SIX: SDZ/OTCQX: SDZNY), the global leader in affordable medicines, reported its net-sales performance for the first quarter of 2026.
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Q1 2026
%
Q1 2025
Change
USD m
Net sales
USD m
USD %
CC %1,2,3
Net sales
2,756
100%
2,480
11%
3%
Biosimilars
853
31%
671
27%
18%
Generics
1,903
69%
1,809
5%
-3%
Europe
1,556
57%
1,372
13%
2%
International
609
22%
590
3%
-2%
North America
591
21%
518
14%
12%
Performance in line with Company expectations. Overall net sales up by 3% at CC, and by 5% when excluding effect of adverse dynamics in anti-infective B2B business4. Impact of dynamics in year concentrated in first quarter, with remaining effects dissipating thereafter
Biosimilar net sales up by 18% at CC, with generics net sales declining by 3% at CC. Underlying generics net sales declined by 1% at CC when excluding aforementioned anti-infective B2B impact
North America net sales up by 12% at CC, reflecting exceptional biosimilars performance. Europe net sales up by 2% at CC with biosimilars net sales up by double digit. Excluding anti-infective B2B impact, Europe net sales up by 4% at CC. Exceptional International biosimilar net sales, with region’s generics result impacted by active portfolio rationalisation and phasing of sales, as well as anti-infective B2B effect
Announcement of strategic partnership with Samsung Bioepis, covering up to five biosimilar assets
Full-year 2026 guidance confirmed
Richard Saynor, Chief Executive Officer of Sandoz, commented: "The performance in the first quarter illustrates the underlying strengths of Sandoz. I was delighted by the exceptional growth in North America and International across biosimilars, supported by new launches and excellence in execution. We produced sales growth in line with our expectations, and the fundamentals of the 2026 roadmap are strong. We are happy to confirm our full-year guidance today.
"As we look further out, I’m excited by the overwhelming scale of the opportunities ahead. We’ll complete the construction of our biosimilar hub soon; we’re rapidly expanding the biosimilar pipeline; regulatory streamlining is an important tailwind, and a very significant number of losses of exclusivity are approaching. More than 20,000 Sandoz colleagues are ready to capitalise on these opportunities and deliver even more for patients and shareholders."
BUSINESS HIGHLIGHTS
In March 2026, Sandoz and Samsung Bioepis entered a strategic partnership covering up to five biosimilar assets, with the first being a proposed vedolizumab biosimilar. The agreement expands the Sandoz biosimilar pipeline to up to 32 assets
In the period, the Company focused its biosimilar development, manufacturing and supply activities under newly appointed Armin Metzger. This will drive faster decision making, greater vertical integration and improved launch readiness across the expanding biosimilars pipeline. There are no changes to the Company’s financial-reporting structure
The European Medicines Agency (EMA) recently confirmed that, for well‑characterised biological medicines, a robust analytical comparability package, combined with comparative pharmacokinetic data, may be sufficient to demonstrate biosimilarity, and comparative clinical efficacy and safety studies are not necessarily required. The EMA commented, "this tailored clinical approach is expected to be applicable for the majority of biosimilar candidates"
In March 2026, the US FDA expanded the label for Enzeevu (aflibercept) to include macular edema following retinal vein occlusion, diabetic retinopathy and diabetic macular edema, along with the previously approved indication of neovascular (wet) age-related macular degeneration. This significantly broadened the treatable patient population and supports a planned Q4 2026 US launch
In the period, the European Commission granted marketing authorisation for Ranluspec (ranibizumab) across all reference indications, reinforcing the Company’s ophthalmology franchise and paving the way for an expected H2 2026 European launch
In April2026, following a Commerce Department investigation, the US government confirmed that generic and biosimilar medicines "should not be subject to section 232 tariffs at this time"
During the period, the Company announced the issuance of a CHF 275 million bond with a six-year maturity and a CHF 275 million bond with a 10-year maturity, for the refinancing of maturing debt and other general corporate purposes. Sandoz is on track to extend its average debt maturity to six to seven years
FULL-YEAR 2026 GUIDANCE
The Company continues to anticipate strong net-sales growth and further core EBITDA-margin expansion this year. As a result, the Company confirms its 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.
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.
(Press release, Sandoz, APR 29, 2026, View Source [SID1234664867])