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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sandoz
Sandoz (SDZ) investor relations material
Sandoz Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary28 Oct, 2026
Executive summary
Q3 net sales were USD 2.942bn, up 5% at constant currencies (CC), or 7% excluding the anti-infective B2B impact; the 20th consecutive quarter of net sales growth.
Biosimilars grew 17% at CC and reached 34% of Q3 sales; strong volume demand offset price headwinds.
Financial highlights
9M net sales were USD 8.703bn, up 8% in USD and 5% at CC; underlying CC growth was 6% excluding the anti-infective B2B impact.
9M volume growth was 10%, partly offset by 5% price erosion; FX contributed USD 0.2bn against a USD 0.4bn price impact.
Q3 biosimilar sales grew 17% at CC to USD 998m; generics were flat, or up 2% excluding the anti-infective B2B impact.
Outlook and guidance
FY26 net-sales growth guidance narrowed to 5%-6% at CC from mid-to-high single digits; Q4 growth is expected to step up versus Q3.
Core EBITDA margin guidance rose to 23.0%-23.5%, versus 21.7% in 2025; core EPS expectations also increased.
Assumptions include mid-single-digit price erosion, no material generic semaglutide sales contribution in 2026, and a +2 percentage-point spot-FX impact on sales with no material margin impact.
Long-term targets include mid-to-high-single-digit net-sales CAGR at CC for 2025-2030, core EBITDA margin of 25%-27% by 2030, and more than doubling 2035 net sales versus 2025 with margin above 30%, excluding GLP-1 upside.
Bio100 targets 100+ biosimilars by 2040; management expressed confidence in 2027 and supports consensus growth of ~5.5% at comparable currencies but has not issued FY27 guidance.
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Latest events from Sandoz
- Bio 100 targets over 100 biosimilars by 2040, doubling net sales and margin above 30% by 2035.SDZ
CMD 2026 - Biosimilars drove 5% sales growth and margin expansion, confirming a strong full-year outlook.SDZQ2 2026
- Biosimilars drove Q1 2026 growth, offsetting generics decline; guidance reaffirmed.SDZQ1 2026 TU
- Biosimilars drove record sales and margin expansion, supporting a strong 2026 outlook.SDZQ4 2025
- Biosimilars drove 5% sales growth and a margin upgrade, now at 31% of Q3 net sales.SDZQ3 2025 TU
- Strong pipeline, biosimilar launches, and operational gains drive margin and global growth.SDZSandoz Strategic Review 2024
- Q3 sales up 12% and biosimilars up 32%, prompting raised full-year guidance.SDZQ3 2024
- Strong 2023 growth, pipeline expansion, and margin targets drive future biosimilars leadership.SDZ43rd Annual J.P. Morgan Healthcare Conference 2025
- Biosimilars fueled record sales and margin growth in 2024, supporting a strong outlook for 2025.SDZQ4 2024
Next Sandoz earnings date
Q4 202624 Feb, 2027
Sandoz
Next Sandoz earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
Sandoz Group AG is a swiss pharmaceutical company focusing on the development, manufacture, and marketing of generic pharmaceuticals and biosimilars.Sandoz operates in two primary segments: generics, which include drugs that are structurally equivalent to original drugs whose patents have expired, and biosimilars, which, unlike generics, are slightly different from other approved reference biologics but have no clinically significant differences. With a global footprint, Sandoz engages in the healthcare technology field by buying and selling intellectual property and other assets related to generics and biosimilar drugs, both domestically and internationally. The company is headquartered in Rotkreuz, Switzerland, and its shares are listed on the SIX Swiss Exchange.