Key facts
- Sandoz now expects net sales to grow by 5-6% at constant exchange rates.
- The company sees its core EBITDA margin reaching 23%-23.5% in 2026.
- Third-quarter net sales were $2.94 billion, missing analyst expectations.
- Biosimilar unit net sales reached $998 million, a 17% jump year-on-year at constant exchange rates.
Swiss generic drugmaker Sandoz lowered its full-year sales growth outlook to 5-6% at constant exchange rates, citing short-term biosimilar supply constraints that weighed on third-quarter results. The company also lifted its core earnings margin forecast for 2026 to 23%-23.5%. Third-quarter net sales of $2.94 billion missed analyst expectations, with the biosimilars unit's $998 million in sales also falling slightly short of forecasts despite a 17% year-on-year increase at constant exchange rates. Sandoz noted challenging market conditions in Germany for its biosimilars business, with North America leading sales for the quarter. No significant contribution from the generic semaglutide launch is expected this year.