Sandoz stock: Sales outlook cut as biosimilars lift margin view

Sandoz narrowed its 2026 sales outlook after temporary biosimilar supply constraints and weaker-than-expected market conditions in Germany weighed on the third quarter. At the same time, the Swiss medicines group raised its core earnings margin target, highlighting stronger product mix and operating performance.

In an English-language EQS release published by FinanzNachrichten.de, Sandoz said on Wednesday, October 28, that third-quarter net sales reached USD 2.942 billion. Growth was 5% at constant currencies, compared with USD 2.825 billion in the year-earlier quarter. Excluding an anti-infective business-to-business headwind, sales growth reached 7% at constant currencies.

Biosimilars drive the quarter

Biosimilar sales climbed 17% at constant currencies to USD 998 million and accounted for 34% of quarterly net sales. Sandoz said launches including Afqlir and Wyost and Jubbonti supported the European business, while Hyrimoz, Rixathon and newer products contributed in international markets. Near-term supply constraints and difficult German market conditions limited the result.

For the first nine months, total sales rose 5% at constant currencies to USD 8.703 billion. Biosimilar sales increased 19% to USD 2.873 billion, while generics declined 1% at constant currencies. North America was the strongest region in the quarter, with sales growth of 20% at constant currencies.

Guidance shifts toward margin

Sandoz now expects 2026 net sales to grow 5% to 6% at constant currencies, replacing its previous mid-to-high single-digit range. The company attributed the change to stronger volume demand that temporarily strained biosimilar supply in Europe and international markets, as well as more challenging conditions in Germany.

The core EBITDA margin is now expected to reach 23.0% to 23.5% in 2026. That compares with earlier guidance for an expansion of roughly 100 basis points from the 21.7% margin recorded in 2025. Sandoz said its 2028 outlook and its recently announced 2030 outlook remain unchanged. It expects no material contribution from generic semaglutide this year and sees mid-single-digit price erosion in 2026.

Chief Executive Richard Saynor said the quarter reflected the strength of a growing portfolio and continued biosimilar momentum. He also pointed to a pipeline of 40 biosimilar assets and the company's ambition to build a portfolio of more than 100 biosimilars by 2040.

What investors should watch

Sandoz stock traded at 91.32 euros on Lang & Schwarz at 10:34 CEST on Friday, October 30, 2026. Investors will focus on whether temporary supply constraints ease and whether the richer biosimilar mix can support the higher margin target.

Investors can use the real-time quote of Sandoz stock for the latest trading indication.

Sandoz will host an analyst and investor site visit in Slovenia on November 9 and 10, 2026. The company plans to publish its full-year 2026 results on February 17, 2027.

The broader Swiss market can be followed through the SMI market overview.

More news and analyses are available on Sandoz stock.