Sandoz (SDZ) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic vision and market positioning

• Focused on pioneering patient access, leveraging a purpose-built, global, and people-driven model, with empowered teams of 23,000+ employees and a presence in over 100 countries.

• Maintains status as the only pure-play generics and biosimilars company of scale, distributing 1,300 products globally.

• Completed spinoff in October 2023, investing €175 million in new facilities in Austria and Germany, and began construction of a biosimilars center in Slovenia.

• Achieved significant milestones as an independent company, including new facilities, product launches, and strategic acquisitions.

• Entered first U.S. private label partnership and expanded commercial reach in early 2024.

Financial performance and growth drivers

• Achieved $10.4 billion in net sales in 2024, with double-digit biosimilars growth and a net debt to core EBITDA ratio below 2x.

• Holds the number one global position in biosimilars, with 27 assets in development and over 400 generic assets targeting $220 billion in originator sales.

• Targets mid-single digit net sales growth and core EBITDA margin of 24–26% for FY 2025, with further margin expansion to 30–40% in the mid-term.

• Europe remains a cornerstone, representing an $85 billion market growing at 8.5%.

• GLP-1s identified as a long-term opportunity, with launches planned in Canada and Brazil near-term, early markets from 2026, and major launches in Europe and the U.S. from 2031.

Pipeline, innovation, and manufacturing

• Multiple successful biosimilar launches in 2025, including Pyzchiva, Tyruko, Wyost, Jubbonti, and first denosumab biosimilar in the US, with further launches planned.

• Pipeline includes major immunology and oncology biosimilars, with nine new assets disclosed, several in regulatory review, and six major launches planned for 2025.

• Significant investments in European biosimilar manufacturing, including a hub in Slovenia and acquisition of Just - Evotec Biologics, enhancing capacity and technology.

• Vertically integrated production and future-proofed facilities provide flexibility and cost advantages.

• New sites expected to be operational by end of 2028, supporting margin improvement post-2028.