Sandoz 2026 Sales Rise 5% at CC as Biosimilars Climb 19%; Core-EBITDA Margin Guidance Upgraded to 23.0-23.5%

Sandoz 2026 sales reached USD 8,703 million in the first nine months, up 5% at constant currencies (CC) versus the same period of 2025, according to the Sandoz report issued on 28 October 2026. Sandoz (SIX: SDZ; OTCQX: SDZNY), which describes itself as the global leader in affordable medicines, also narrowed its full-year net-sales growth range to 5-6% at CC and upgraded its core-EBITDA margin guidance to 23.0-23.5%.

Within Sandoz 2026 sales, the third quarter delivered net sales of USD 2,942 million, a 5% increase at CC and 4% in US dollars. Biosimilar net sales grew 17% at CC to USD 998 million, while generics net sales of USD 1,944 million were stable at CC. Excluding what the company calls the anti-infective business-to-business (B2B) headwind, total Q3 net sales rose 7% at CC and generics grew 2% at CC. Sandoz expects this adverse impact to be immaterial in Q4 2026 and next year, which is a forward-looking statement.

Biosimilars represented 34% of Q3 2026 net sales, up from 31% in Q3 2025. North America led the quarter with net-sales growth of 20% at CC, driven by biosimilars. That mix shift is a central feature of Sandoz 2026 sales. Sandoz also used the announcement to point back to its Capital Markets Day, where it unveiled the Bio100 ambition of more than 100 biosimilars in its portfolio by 2040.

Sandoz 2026 Sales: Headline Figures for Q3 and the First Nine Months

For the nine months to 30 September 2026, Sandoz 2026 sales were led by biosimilars, which totalled USD 2,873 million, an increase of 22% in US dollars and 19% at CC. Generics contributed USD 5,830 million, up 2% in US dollars but down 1% at CC. Biosimilars accounted for 33% of the nine-month total, compared with 29% a year earlier, while generics fell to 67% from 71%.

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The company reports that volumes grew 10% in the period, partly offset by price erosion of 5%. Excluding the anti-infective B2B headwind, Sandoz 2026 sales grew 6% at CC over nine months and generics net sales were stable at CC. The release states that for Q3 and 9M 2026, all growth at CC is the same as the comparable growth rate.

The quarterly pattern inside Sandoz 2026 sales shows a steady build through the year. Q1 2026 net sales were USD 2,756 million (up 3% at CC), Q2 reached USD 3,005 million (up 7% at CC), and Q3 added USD 2,942 million. First-half net sales stood at USD 5,761 million, up 5% at CC. Biosimilar growth at CC ran at 18% in Q1, 22% in Q2 and 17% in Q3. For context, Sandoz recorded net sales of USD 11.1 billion in 2025, with Q3 2025 at USD 2,825 million and Q4 2025 at USD 3,029 million. The company’s 2025 core-EBITDA margin was 21.7%, the base against which the 2026 margin guidance is now framed.

The anti-infective B2B headwind has a specific cause. As part of its vertically integrated penicillin production, Sandoz sells active pharmaceutical ingredients to third parties. The release explains that US tariffs imposed in 2025 reduced Chinese exports to the US, and Chinese suppliers then sharply lowered global prices for key penicillin APIs, including 6-Aminopenicillanic acid (6-APA). That price decline coincided with increased global supply.

Biosimilar Momentum Behind Sandoz 2026 Sales

Biosimilars are the clearest growth engine in Sandoz 2026 sales. In Europe, the quarter benefitted from the Q4 2025 launches of Afqlir (aflibercept) and Wyost and Jubbonti (denosumab), plus strong performance from Zessly (infliximab). Over nine months, European results also drew on Hyrimoz, Erelzi (etanercept) and Binocrit (epoetin alfa). The company says near-term supply constraints and unfavourable short-term market dynamics in Germany partly offset these gains.

International biosimilar growth was underpinned by recent launches of Wyost and Jubbonti and Pyzchiva (ustekinumab), alongside strong contributions from Rixathon (rituximab) and Hyrimoz (adalimumab). In North America, the release attributes excellent biosimilar growth mainly to the June 2025 US launches of Wyost and Jubbonti, together with the performance of Hyrimoz.

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Generics were more mixed within Sandoz 2026 sales. The release cites unfavourable seasonal effects on antibiotics and over-the-counter cold and cough medicines in Europe earlier in the year, stronger-than-expected short-term pressure in Germany, and active portfolio rationalisation and divestment activity in the International region. International generics were also affected by unfavourable market dynamics in Brazil and Japan, while North America generics benefitted from several successful launches, partly offset by competitive pressure on paclitaxel.

Regional Performance Within Sandoz 2026 Sales

Europe remains the largest region in Sandoz 2026 sales, contributing USD 4,647 million or 53% of the nine-month total, up 2% at CC (3% excluding the B2B headwind). In Q3, European net sales were USD 1,521 million, up 1% at CC, with no material anti-infective B2B impact. Sandoz said it has recently increased its European market share, citing IQVIA MIDAS data for Q2 2026 versus Q2 2025.

International net sales within Sandoz 2026 sales were USD 2,002 million over nine months, up 1% at CC (2% excluding the headwind), and USD 664 million in Q3, up 1% at CC (5% excluding it). Biosimilars delivered double-digit growth in the nine-month period, driven by Rixathon and the launches of Wyost and Jubbonti and Pyzchiva.

North America was the standout in Sandoz 2026 sales. Q3 net sales reached USD 757 million, up 20% at CC (21% excluding the headwind), and nine-month net sales were USD 2,054 million, up 17% at CC. The region accounted for 25% of Q3 net sales and 24% of the nine-month total.

Guidance, Bio100 and the Outlook After Sandoz 2026 Sales

Sandoz now expects full-year 2026 net sales to grow 5-6% at CC, replacing earlier guidance of mid-to-high single-digit growth. The company attributes the change to stronger volume demand in Q3 that created short-term biosimilar supply constraints in Europe and International, and to more challenging temporary conditions in Germany. The core-EBITDA margin is now expected at 23.0-23.5%, against prior guidance of roughly 100 basis points of year-on-year expansion from 21.7%. Sandoz also noted an improved expectation for 2026 core earnings per share.

The updated guidance that followed Sandoz 2026 sales excludes unforeseen events and the potential imposition of new US tariffs, and these statements are forward-looking. Sandoz expects no material contribution from generic semaglutide launches this year and anticipates overall pricing to decline by a mid-single-digit percentage in 2026. The update does not change the company’s outlook to 2028 or its new outlook to 2030.

The strategic backdrop to Sandoz 2026 sales is Bio100. At its September Capital Markets Day in London, Sandoz introduced a 2025-2030 outlook of mid-to-high single-digit compound annual net-sales growth at CC and a core-EBITDA margin of 25-27% by 2030. Through Bio100, it aims to more than double net sales at CC from 2025 to 2035, excluding a significant expected GLP-1 contribution, with a core-EBITDA margin above 30%. CEO Richard Saynor said the pipeline has expanded to 40 assets.

Pipeline and capacity moves support that ambition well beyond Sandoz 2026 sales. Sandoz announced a collaboration with Henlius covering up to 10 biosimilar assets, initially cetuximab, evolocumab and belimumab, plus an option for recombinant human hyaluronidase. An agreement with mAbxience adds a proposed emicizumab biosimilar, the first haemophilia medicine in its pipeline. Sandoz opened a high-volume drug-substance centre in Lendava, Slovenia, and plans a new facility in Ljubljana.

Sandoz Net Sales by Business, Q3 and 9M 2026 (USD millions)

Sandoz Net Sales by Region, Q3 and 9M 2026 (USD millions)