Sandoz Group Ltd · SIX:SDZ
Sandoz — J.P. Morgan Healthcare Conference 2026
31 slides from Sandoz's conference presentation, January 2026
Slide 1: Pioneering access for patients
J.P. Morgan Healthcare Conference January 2026 Pioneering access for patients Richard Saynor, CEO
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are su
Slide 3: Agenda
Agenda Establishing our edge Executing with impact Shaping the future Questions 3 Document title
Slide 4: Establishing our edge
Establishing our edge
Slide 5: Sandoz uniqueness: scale, trust and impact
Sandoz uniqueness: scale, trust and impact Three pillars defining leadership in biosimilars and generics • Focused model; trusted execution • Only pure-play biosimilars and Purpose-led generics company with global reach • Trusted partner across healthcare systems Sandoz • Global scale, robust supply
Slide 6: Two years as an independent company
Two years as an independent company Delivery on commitments 2023 2025 2025 2025 New antibiotic Sandoz issued Launched Launched Tyruko® facility in Austria new bonds and Pyzchiva® (natalizumab) in US and biosimilar secured (ustekinumab) and and AfqlirTM R&D center in USD 2 billion Wyost® & Jubbonti®
Slide 7: Leading position in an attractive market
Leading position in an attractive market Europe as cornerstone of Sandoz’s leadership DYNAMICS POSITION PIPELINE > USD 250 billion USD 10.4 billion Biosimilars & generics Market size1 FY 2024 net sales3 • Market in strong growth1, with • 27 biosimilars in development • Primarily a European-focused i
Slide 8: Continuing to build on our strong presence in Europe
Continuing to build on our strong presence in Europe Significant market-share leadership European biosimilars and generics market1 USD 85 bn market 11.0% size1 Sandoz 3.8% pts 4.8% pts >40 6.1% Competitor A different 5.1% individual Competitor B 4.4% markets Competitor C 4.0% Competitor D +8.5% Euro
Slide 9: Executing with impact
Executing with impact
Slide 10: Mid-term outlook
Mid-term outlook Sustained top-line momentum and margin expansion Net-sales growth Core EBITDA margin At constant currencies % of net sales 24 to 26% Mid-single Mid-single digit % digit % 21 to 22% FY 2025E1 Mid-term FY 2025E1 Mid-term (2028E) (2028E) Dividend policy % of core net income Increasing
Slide 11: Generics a core focus for Sandoz
Generics a core focus for Sandoz Sustaining top-line momentum and executing on growth opportunities KEY LAUNCHES >400 total assets in development, targeting IN 2025 Pipeline USD ~220 bn1 of originator sales Iron sucrose Focused LoE coverage, Portfolio centered on oral solids and strategy injectables
Slide 12: Charting path of attractive long-term GLP-1 journey
Charting path of attractive long-term GLP-1 journey 2026+ 2031-35 2035+ Right Early market Major-market Next-generation 01 medicines launches launches launches incl. Canada, (Europe & US) Brazil Continuous, flexible and 02 competitive supply Timely launches with right 03 commercial model 12 Executin
Slide 13: Industry-leading in-market biosimilar portfolio
Industry-leading in-market biosimilar portfolio Biosimilar Reference medicine Launch year Genotropin® 2006 Eprex® / Erypo® 2007 Neupogen® 2009 MabThera® 2017 Enbrel® 2017 Broad therapeutic footprint Remicade® 2018 Humira® 2018 Trusted biosimilar partner Neulasta® 2018 Stelara® 2024 Scalable commerci
Slide 14: Biosimilars launch milestones achieved in 2025
Biosimilars launch milestones achieved in 2025 Execution aligned with launch guidance Pyzchiva autoinjector Pyzchiva First commercially available Launched in US in Q1 2025 autoinjector in Europe for ustekinumab biosimilars Tyruko Afqlir Strong uptake in Europe, Launched in Europe in Q4 2025 with mor
Slide 15: Advancing a high-impact biosimilars pipeline
Advancing a high-impact biosimilars pipeline Targeted development in key biologics and therapies Assets in Assets regulatory in clinical Assets in technical Assets in early review development1 development1 development Herwenda® Opdivo® Darzalex® Eylea HD® Replozyl® Keytruda Qlex® 27 (trastuzumab) (n
Slide 16: Vertical integration in biosimilars: a key competitive advantage
Vertical integration in biosimilars: a key competitive advantage Creating best-in-class biosimilar capabilities Just-Evotec Biologics End-to-end European hub European biosimilar sites EU SAS (JEB) acquisition Sites in network Sites under construction Sites under construction / in network • Ljubljana
Slide 17: Shaping the future
Shaping the future
Slide 18: Opportunities ahead: significant potential in biosimilars and generics
Opportunities ahead: significant potential in biosimilars and generics in next decade Leading biosimilars pipeline Strong generics pipeline USD ~320 bn USD ~340 bn LoEs over next decade1 LoEs over next decade1 27 2 USD representing >400 2 USD representing assets ~200 bn 59% assets ~220 bn 65% of ori
Slide 19: Biologics facing loss of exclusivity with no known biosimilars
Over 50 biologics facing loss of exclusivity in next seven years have no known biosimilars development Number of biosimilars in late-stage of clinical development Key take-aways 11 10 Overwhelming number Immunology of upcoming LoEs 9 Oncology 8 The Others 7 'Biosimilar Industry has fallen short of N
Slide 20: Loss-of-exclusivity mix moving in favor of biosimilars
Loss-of-exclusivity mix moving in favor of biosimilars Shifting value mix to biosimilars 100% 80% 60% 40% 20% 0% 2016-2020 2021-2025 2026-2030 Biosimilars Generics 20 Shaping the future Note: LoE potential calculated using peak forecast sales. assumed to be year LoE-1. Source: IQVIA EMEA thought lea
Slide 21: Current LoE opportunity for Sandoz pipeline assets
Current LoE opportunity for Sandoz pipeline assets Overall LoE market value (USD bn) 49 13 8 5 54 48 11 53 22 70 20 33 53 Sandoz pipeline assets LoE market value (USD bn) 62 43 42 30 23 15 7 6 8 2 Pre-2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 insulin pertuzumab pembrolizumab d
Slide 22: Unlocking unmatched growth potential
Unlocking unmatched growth potential Leadership in affordable medicines Leading pipeline, High quality and unrivaled scale and strong brand equity commercial presence Leading presence Operational excellence and in Europe, with global financial strength momentum Pioneering biosimilar Trusted partner
Slide 23: Questions
Questions
Slide 24: Appendix
Appendix
Slide 25: Global biosimilars pipeline (1/4)
Global biosimilars pipeline (1/4) Key near-term launches and assets in regulatory review Originator Own / targeted net sales In-house / Current status LoE1 brand targeted partnered (USD bn)1 Herwenda® Regulatory approval in Europe Europe: expired 2 Partnered trastuzumab Regulatory submission in US U
Slide 26: Global biosimilars pipeline (2/4)
Global biosimilars pipeline (2/4) Assets in clinical development Originator Own / targeted net sales In-house / Current status LoE1 brand targeted partnered (USD bn)1 Keytruda® Europe: 2031 31 In-house In clinical development2 pembrolizumab IV US: 2028 Opdivo® Europe: 2030 10 In-house In clinical de
Slide 27: Global biosimilars pipeline (3/4)
Global biosimilars pipeline (3/4) Assets in technical development Targeted Originator net sales In-house / LoE1 brand targeted (USD bn)1 partnered Darzalex® Europe: 2031 17 In-house daratumumab SC US: 2029 Enhertu® Europe: 2036 15 In-house trastuzumab deruxtecan US: 2033 Tecentriq® Europe: 2033 4 In
Slide 28: Global biosimilars pipeline (4/4)
Global biosimilars pipeline (4/4) Assets in early development Targeted Originator net sales In-house / LoE1 brand targeted (USD bn)1 partnered Keytruda Qlex® Europe: 2031 8 In-house pembrolizumab SC US: 2028 Padcev® Europe: 2036 7 In-house enfortumab vedotin US: 2033 Takhzyro® Europe: 2033 2 In-hous
Slide 29: Select upcoming investor events
Select upcoming investor events Sandoz Sandoz Barclays Bank of America FY 2025 EU and US Global Healthcare Pharma Bus Tour results roadshow Conference Basel Virtual London, Paris, Zurich, Miami New York, Boston & Toronto February 25, 2026 March 3-5, 2026 March 10-11, 2026 March 12, 2026 Sandoz Sando
Slide 30: Investor Relations contacts
Investor Relations contacts Craig Marks Tamara Hackl Silvia Siegfried Katie Fischer Head of IR Senior Director, IR Senior Director, IR Coordinator, IR +44 7818 942 383 +41 79 790 52 17 +41 79 795 90 61 +41 79 500 51 53 [email protected] 30 Appendix
Slide 31: Thank you
Thank you SANDOZ
Sandoz Group — J.P. Morgan Healthcare Conference 2026 on 6ix