Sandoz Group Ltd · SIX:SDZ
Sandoz — Investor Day (September 2026)
120 slides from Sandoz's investor day presentation, Sep 8, 2026
Slide 1: Capital Markets Day
Capital Markets Day Bio100: maximising Sandoz value in its golden decade for biosimilars 8 September 2026 Capital Markets Day 2026
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 This presentation includes non-IFRS of management’s views and assumptions financial measures as defined by Sandoz. regarding future eve
Slide 3: Agenda
Agenda From promise to performance Gilbert Ghostine, Chairman Enhancing long-term growth and profitability Richard Saynor, Chief Executive Officer Accelerating Sandoz leading biosimilar pipeline Rebecca Guntern, Chief Commercial Officer Scalable biosimilar development and supply network Armin Metzge
Slide 4: From promise to performance
From promise to performance Gilbert Ghostine Chairman 4
Slide 5: The trusted name in biosimilars and generics
The trusted name in biosimilars and generics Swiss Innovation Integrity Patient Leadership heritage focus Trust Access Global Quality impact Capital Markets Day 2026 5
Slide 6: Sandoz delivers on its promise to society
Sandoz delivers on its promise to society Capital Markets Day 2026 6
Slide 7: Sandoz puts patients and access at its core
Sandoz puts patients and access at its core Leader in an industry More than Delivered Created that accounts for 1bn USD 26bn3 USD 400bn4 80% patients reached2; in healthcare system social impact of global prescriptions two million biosimilar savings at 30% of cost1 patients 1. Based on company analy
Slide 8: Highly experienced and diverse Executive Committee
Highly experienced and diverse Executive Committee Seven nationalities, 45% women Richard Saynor Remco Steenbergen Pascal Bouye Claire D’Abreu-Hayling Christophe Delenta Rebecca Guntern Chief Executive Officer Chief Financial Officer President, Generics President, Generics Development President Euro
Slide 9: Independent Board of Directors supporting objectivity in decision-making
Independent Board of Directors supporting objectivity in decision-making Seven nationalities, 40% women, 100% independent Gilbert Ghostine Karen Huebscher Shamiram Feinglass Mathai Mammen Graeme Pitkethly Chairman Member and Vice-Chair Member Member Member Michael Rechsteiner Urs Riedener Aarti Shah
Slide 10: Enhancing long-term growth and profitability
Enhancing long-term growth and profitability Richard Saynor Chief Executive Officer 10
Slide 11: Key messages for today
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Key messages for today Bio100 to drive sustainable impact and growth Purpose Ambition Delivery Continued delivery >100 biosimilars in Drive sustainable of Purpose portfolio by 2040 value creation 2035 2035 2035 Significantly
Slide 12: Consistent strategic focus
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Consistent strategic focus Global leadership in biosimilars and generics Capabilities Purpose Pioneering access • Global commercial reach and scale for patients • Leading and expanding pipeline • Development platform and par
Slide 13: Leading pure-play biosimilar and generic company
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Leading pure-play biosimilar and generic company Global biosimilar European 19 quarters of and generic leader1 champion consecutive growth USD 11.1bn Present in >40 markets Driven by net sales in 2025 and leading in sustaine
Slide 14: Consistently delivered on net sales growth, driven by biosimilar launches
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Consistently delivered on net sales growth, driven by biosimilar launches… Net sales growth by business Mid-to-high USD bn +7% single-digit percentage CAGR at CC at CC 9.6 10.4 11.1 Spin-off 72% 70% October 2023 77% 23% 28%
Slide 15: With consistent operating margin expansion
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery … with consistent operating margin expansion Core EBITDA margin % of net sales +360 bps +~100 bps 20.1% 21.7% 18.1% Spin-off October 2023 2023 2024 2025 2026E Pipeline Growing biosimilar Operational Organisational execution
Slide 16: Proven leadership in affordable medicines
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Proven leadership in affordable medicines Global biosimilar and generic Sandoz well-positioned to win in biosimilars companies by region1 End-to-end integrated companies Commercial companies Gross sales USD bn 15 Biosimilar
Slide 17: Around USD 1bn already invested to build a leading European biosimilar hub
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Ahead of curve: around USD 1bn already invested to build a leading European biosimilar hub In network Under construction Major biosimilar investments made Ljubljana Brnik Cambridge, UK Development, drug- Fill/finish injectab
Slide 18: Entering Sandoz golden decade for biosimilars
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Entering Sandoz golden decade for biosimilars LoE opportunity across biosimilars and generics USD bn 480 380 220 270 190 200 130 150 90 160 110 130 110 10 30 2015–2025 2026–2030 2031–2035 2036–2040 Biosimilars Generics GLP-1
Slide 19: Now is time for Sandoz to double down and affirm leadership in biosimilars
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Responsibility to capitalise on opportunities and reinforce leadership USD >300bn1 Regulatory Evolving industry focus of originator LoE sales not streamlining on biosimilar yet targeted by Sandoz of Phase III trial requireme
Slide 20: Introducing Bio100
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Introducing Bio100 More than 100 biosimilars in portfolio by 2040 Today 2035E 2040E Number of 13 ~70 >100 biosimilars in portfolio LoE-value coverage1 ~50% ~80% ~80% Biosimilars entering ~2 ~7 up to 10 in-house development p
Slide 21: Significant advantages as a platform to win with Bio100
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Significant advantages as a platform to win with Bio100 Global commercial Leading In-house development reach and scale pipeline and strategic partnerships Global #1 scale1 #1 biosimilar pipeline Well-invested development cap
Slide 22: Bio100 to more than double net sales by 2035
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Bio100 to more than double net sales by 2035 Plus upside from GLP-1s by 2035 Net sales Directional illustration (not to scale), USD bn plus upside Mid-to-high single-digit from GLP-1s >2x percentage1 ~55% 11.1 ~35–40% ~30% ~
Slide 23: Targeting significant GLP-1 net sales opportunity in addition to Bio100
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Targeting significant GLP-1 net sales opportunity in addition to Bio100 2026–2030 2030 2031–2035 2035 2035+ Early market launches Additive to Major-market semaglutide Significant benefit to Next-generation incl. Canada, Braz
Slide 24: Ambitions underpinned by clear strategy and disciplined capital allocation
Track record Introducing Path to Ambitions post spin Bio100 GLP-1s delivery Ambitions underpinned by clear strategy and disciplined capital allocation Ambitions >100 Expand biosimilar coverage to More than doubling total net sales by biosimilars in portfolio by 2040 ~80% by 2035 20351 (plus upside f
Slide 25: Accelerating Sandoz leading biosimilar pipeline
Accelerating Sandoz leading biosimilar pipeline Rebecca Guntern Chief Commercial Officer
Slide 26: Entering a decade of substantial level of LoE value across biosimilars and generics
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Entering a decade of substantial level of LoE value across biosimilars and generics LoE opportunity Current Biosimilars and generics LoE Global Ambition pipeline USD bn value1 rank2 assets ~5x Generics Leading in USD
Slide 27: Leading generic player, highly synergistic business to biosimilars
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Leading generic player, highly synergistic business to biosimilars Pipeline >300 total generics in development, benefitting from originator LoEs worth USD ~450bn Portfolio strategy Focused LoE coverage, centred on or
Slide 28: GLP-1s: long-term upside with the potential to expand access
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win GLP-1s: long-term upside with the potential to expand access for more than two billion1 people globally Ambition: be a leading player in expanding access to GLP-1s2 2026–2030 2031–2035 2035+ Early semaglutide market
Slide 29: Targeting to be leading player in generic GLP-1 market
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Targeting to be leading player in generic GLP-1 market A proven playbook for Sandoz Positioned for long-term success Pipeline of eight assets1, covering top LoE opportunities in next decade and beyond Molecules beyon
Slide 30: Leading biosimilar portfolio of scale
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Leading biosimilar portfolio of scale Global leader 13 biosimilars in portfolio1 Global share and ranking2 Year of first sales Global Rank EU Rank US Rank 19% Omnitrope® (somatropin)5 2006 #1 #1 #1 Binocrit® (epoetin
Slide 31: Scaling a leading biosimilar pipeline
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Scaling a leading biosimilar pipeline Key success factors Ambition Extended leadership in biosimilars Clear pipeline-selection strategy Number of biosimilars in portfolio By 2040 Today E2E integration with balanced m
Slide 32: Regulatory streamlining a significant catalyst for Sandoz
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Regulatory streamlining a significant catalyst for Sandoz Faster, broader pipeline opportunity From Driver of change Time Costs per programme Clinical-efficacy + 7–8 years USD 150m–250m PK and safety trials To PK and
Slide 33: Void of over 60 biologic LoEs creates material pipeline-expansion opportunity
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win ‘Void’1 of over 60 biologic LoEs creates material pipeline-expansion opportunity Number of biosimilars in late-stage clinical development per biologic Key takeaways LoE-1 sales of originator biologic, USD Bubble size
Slide 34: Disciplined, consistent and scalable asset selection framework
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Disciplined, consistent and scalable asset selection framework How asset selection supports Funnel steps Funnel criteria Bio100 ambition Standard Not in current Already LoE-1 sales 1. biosimilars only pipeline market
Slide 35: Significant LoE value driving Bio100 ambition
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Significant LoE value driving Bio100 ambition Sandoz targeted LoE opportunity by LoE year (in LoE-1 originator sales, USD bn) Evolving landscape, Covered in current pipeline Bio100 opportunity Currently not targeted
Slide 36: Bio100 with focus on oncology and immunology assets, mAbs and in-house development
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Bio100 with focus on oncology and immunology assets, mAbs and in-house development Composition of Bio100 ambition, value share by originator sales (LoE-11) opportunity addressed Modality Therapy area Development type
Slide 37: Balanced in-house and external development to accelerate pipeline scale
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Balanced in-house and external development to accelerate pipeline scale Aligned with disciplined capital-allocation priorities Ramp up Accelerate via Complement with in-house development targeted BD&L partnerships In
Slide 38: Sizing Bio100 opportunity for Sandoz
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Sizing Bio100 opportunity for Sandoz Opportunity Volume Price Value to Sandoz Originator Market Biosimilar Sandoz market Pricing Sandoz peak peak sales expansion1 penetration2 share3 discount4 value share (year LoE-1
Slide 39: Case study – Hyrimoz: share gains in a highly competitive market
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Case study – Hyrimoz: share gains in a highly competitive market Estimated European market Market share vs biosimilar expansion2 penetration in Europe1 100% ~90% Originator / biologic AbbVie / Humira® 80% Sandoz bios
Slide 40: Phased approach on pipeline launches
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Phased approach on pipeline launches Bio100 launch ramp >100 Number of biosimilars launched by year Based on current LoE outlook ~70 ~30 13 2025 2030E 2035E 2040E Until 2030 Until 2035 2035+ Execute development and E
Slide 41: Roadmap to setting industry standard in biosimilars
LoE Bio100 Sizing of opportunity Generics GLP-1s opportunity opportunity How to win Roadmap to setting industry standard in biosimilars, underpinned by a clear strategy Today By 2030 By 2035 Initiate Bio100 and Scale launches and further Extended leadership build capacity fuel pipeline with Bio100 D
Slide 42: Scalable biosimilar development and supply network
Scalable biosimilar development and supply network Armin Metzger President Biosimilar Development, Manufacturing & Supply
Slide 43: In-house network geared up to support Bio100
Competitive Biosimilar advantage network How to win In-house network geared up to support Bio100 Vertical integration Fit-for-purpose drug- across development and substance production manufacturing (drug substance across fed-batch and and fill/finish) continuous manufacturing European geopolitical F
Slide 44: A leading biosimilar network
Competitive Biosimilar advantage network How to win A leading biosimilar network Cambridge, UK Holzkirchen, Germany Brnik, Slovenia Lendava, Slovenia Toulouse, France Ljubljana, Slovenia1 In network Under construction 1. Development site part of network, investment in manufacturing site just approve
Slide 45: Future end-to-end European hub to support sustainable competitive advantage
Competitive Biosimilar advantage network How to win Future end-to-end European hub is expected to support a sustainable competitive advantage New announcement Ljubljana Toulouse Holzkirchen Cambridge Development Technical Analytical characterisation, Device Technical development development clinical
Slide 46: New investment in biosimilar drug-substance production in Ljubljana
Competitive Biosimilar advantage network How to win New investment in biosimilar drug-substance production in Ljubljana expands capacity and flexibility Technology Disposable fed-batch Complements in-house technology portfolio Access to DFB technology Role in network Expand capacity for clinical bat
Slide 47: Building manufacturing and development capabilities and capacities
Competitive Biosimilar advantage network How to win Building manufacturing and development capabilities and capacities to fuel future growth Development2 Drug-substance production Fill/finish Ljubljana Toulouse Lendava Ljubljana Ljubljana Brnik 2x1kl continuous 120kl 8kl 9,200m2 10m 120–200m Install
Slide 48: Shifting biosimilar development and supply network in-house
Competitive Biosimilar advantage network How to win Shifting biosimilar development and supply network in-house Unlocking significant opportunity, flexibility and profitability Today Future ambition Expected impact • Internal capacities • 50–70% in-house development • Lower development cost per asse
Slide 49: How it all fits together
Competitive Biosimilar advantage network How to win How it all fits together Shaping flexible supply network across molecule and demand Fully integrated development CMC CMC for fed-batch and continuous manufacturing Analytical characterisation Bio-assay development Device Three distinct drug substan
Slide 50: Driving sustainable COGS reductions beyond 2030
Competitive Biosimilar advantage network How to win Driving sustainable COGS reductions beyond 2030 Maximising benefits of in-house biosimilar supply-network Top-line growth supported by scale and supply-network flexibility Implication on COGS Continued disciplined beyond 2030s working-capital manag
Slide 51: Building end-to-end biosimilars, from cell line to commercialisation
Competitive Biosimilar advantage network How to win Building end-to-end biosimilars, from cell line to commercialisation Cost-competitiveness Supply and quality control Speed to market Specialised know-how Flexibility Disciplined cost control Capital Markets Day 2026 51
Slide 52: Vertically integrated network: enabling significant future growth
Competitive Biosimilar advantage network How to win Vertically integrated network: enabling significant future growth Today By 2030 By 2035 Investments to support Balance between in-house Accelerating growth from growth already underway and external development in-house capabilities Fully integrated
Slide 53: Questions
Questions Richard Saynor Rebecca Guntern Chief Executive Officer Chief Commercial Officer Armin Metzger President, Biosimilar Development, Manufacturing & Supply
Slide 54: Break
SANDOZ Break
Slide 55: Welcome back
Welcome back Richard Saynor Chief Executive Officer
Slide 56: Extensive commercial reach: a differentiated operational strength to deliver Bio100
Regional Introduction Extensive commercial reach: a differentiated operational strength to deliver Bio100 Biosimilar Generic Net sales 2025 market growth market growth 2025–2035E 2025–2035E Sandoz Biosimilars Europe Scale and local market presence, delivering strong tender competitiveness +15% +5% 2
Slide 57: A world-class commercial engine: Europe
A world-class commercial engine Europe Christophe Delenta President Europe 57
Slide 58: #1 biosimilar and generic company in Europe
Market position Track record How to win #1 biosimilar and generic company in Europe1 Net sales Europe 2025 #1 biosimilars USD 18bn3 and generics1 +15%4 Generics #1 in three of top-5 European 2025 biosimilar market size1 Biosimilars markets2 and expanding leadership1 Large, attractive and growing mar
Slide 59: Home market: strong European growth underpins Bio100 ambition
Market position Track record How to win Home market: strong European growth underpins Bio100 ambition European biosimilar and generic market actuals and outlook Market dynamics Gross sales, USD bn 183 Loss of exclusivity in biosimilars to 71 grow from 18 molecules between 2015–2025 to 115 molecules
Slide 60: Extended market leadership underpinned by strong track record
Market position Track record How to win Extended market leadership underpinned by strong track record; well-positioned for Bio100 Net sales Europe CAGR 2023–2025 USD bn 5.9 +6% 5.4 5.0 1.9 +15% 1.4 1.6 3.6 3.8 4.0 +3% 2023 2024 2025 Generics Biosimilars Growth at constant currencies. Capital Markets
Slide 61: Driven by broad biosimilar portfolio with strong history of launches
Market position Track record How to win Driven by broad biosimilar portfolio with strong history of launches #1 >86% 28% Sandoz in-market biosimilars3 in 9 of 13 launched Tender win rate2 Market share biosimilars1 1st Sandoz biosimilar share evolution 28% 2nd 3rd Five anticipated launches Oct’25 Nov
Slide 62: Clear leadership in recent market launches
Market position Track record How to win Clear leadership in recent market launches Afqlir Wyost & Jubbonti Market share1 How Sandoz wins Market share1 How Sandoz wins 3% IP expertise First-to-market launch 21% 5% 4% 3% 31% Day-1 availability across EU 5% Differentiated formulation markets and ~21% s
Slide 63: Distinctive local market affinity at scale
Market position Track record How to win Distinctive local market affinity at scale Helping drive biosimilar adoption and healthcare system savings Strong positioning to Markets where Duration of therapy - days compete effectively Sandoz leads pegfilgrastim Biosimilars +12% (originator vs biosimilars
Slide 64: Scale and heritage provide natural edge
Market position Track record How to win Scale and heritage provide natural edge Turning market complexity into competitive advantage Commercialisation barriers Sandoz advantage Healthcare budget pressure Europe-centric, European heritage Complex market archetypes Local scale and E2E capability Licen
Slide 65: Europe is the foundation of Bio100
Market position Track record How to win Europe is the foundation of Bio100 Scalable and well invested to support Bio100 growth # of biosimilars in portfolio Bio100 strategy >100 >40 Above EU first-development model market countries 131 growth Today By 2040 #1 launch platform of scale and expertise #
Slide 66: Roadmap to setting industry standard in biosimilars
Market position Track record How to win Roadmap to setting industry standard in biosimilars, underpinned by clear strategic ambitions Today By 2030 By 2035 Set up for future success Biosimilar expansion Accelerate leadership Leverage scale and #1 First-to-market and expanding Expanding portfolio pos
Slide 67: A world-class commercial engine: International
A world-class commercial engine International Peter Stenico President International
Slide 68: Focused International platform backed by global pipeline
Market position Track record How to win Focused International platform backed by global pipeline Net sales International 2025 Leading position USD 3bn in biosimilars +19%2 Generics Established commercial positioning 2025 biosimilar market size3 Biosimilars 21% in core markets Large, attractive and g
Slide 69: Strong growth expected in International markets, particularly in biosimilars
Market position Track record How to win Strong growth expected in International markets, particularly in biosimilars International biosimilar and generic markets1 145 Market dynamics Gross sales, USD bn 17 By 2035E, International markets 91 71 will make up 65% of global 3 economic growth2 2 128 88 6
Slide 70: Leadership position in biosimilars primes Sandoz for Bio100
Market position Track record How to win Leadership position in biosimilars primes Sandoz for Bio100 Net sales International #1 CAGR 2023–2025 USD bn 2.7 +8% 2.5 2.6 with 12 launched biosimilars1 0.4 0.4 0.6 +27% Sandoz biosimilar share evolution 14% 6.3% 2.1 2.1 2.2 +4% 2023 2024 2025 2023 2024 2025
Slide 71: Sandoz 360° strategy wins across market archetypes
Market position Track record How to win Sandoz 360° strategy wins across market archetypes Somatropin example Somatropin share evolution Sandoz 360° strategy Total International market1 Trusted partner in care Building preference through physician engagement, patient- and caregiver-centric programme
Slide 72: Targeted footprint and broad biosimilar portfolio drive platform
Market position Track record How to win Targeted footprint and broad biosimilar portfolio drive platform Footprint is aligned to Sandoz strong positioning Sandoz in-market biosimilars2 Top Sandoz markets (direct1) Total of >20 markets with direct presence1 ~30 markets served via distributor model Ma
Slide 73: Leading position in significant biosimilar markets
Market position Track record How to win Leading position in significant biosimilar markets #11 #11,2 #11 11 biosimilars 3 biosimilars 8 biosimilars Broadest biosimilar portfolio, Strong position with Commercial execution in line with EU/US HCP / hospital presence and portfolio expansion 60% first-to
Slide 74: Track record of broadening access for patients
Market position Track record How to win Track record of broadening access for patients Adalimumab example Estimated number of patients on treatment1 Productive development partnership (PDP) Thousands +45% Long-term public-private partnership in Granting access to patients unable to Brazil – the Mini
Slide 75: Scalable platform designed to support significant growth
Market position Track record How to win Scalable platform designed to support significant growth For top-11 biosimilar markets 1 Until year-end 2025… …By end of 2030 57 launches 2x 114 launches 20 years to get here 5 years to double impact Optimised International Tailored GTM model Strategic launch
Slide 76: Roadmap to setting industry standard in biosimilars
Market position Track record How to win Roadmap to setting industry standard in biosimilars, underpinned by clear strategic ambitions Today By 2030 By 2035 Leading player Establishing biosimilar Extended market with resilience in a leadership leadership contested market Competitive and expanding Tri
Slide 77: A world-class commercial engine: North America
A world-class commercial engine North America Keren Haruvi President North America
Slide 78: North America: a core growth engine for Sandoz
Market position Track record How to win North America: a core growth engine for Sandoz Net sales North America 2025 Strong position USD 15bn in biosimilars1 +23%3 Generics #3 in US Attractive and growing Biosimilars biosimilar-market opportunity2 #3 in Canada 34% 22% USD of Sandoz Scale and commerci
Slide 79: North America market expected to expand significantly, mainly in biosimilars
Market position Track record How to win North America market expected to expand significantly, mainly in biosimilars 340 North America biosimilar and generic markets1 Market dynamics Gross sales, USD bn 121 US and Canada policy tailwinds accelerating biosimilar adoption 82 91 Biologics drive ~50% of
Slide 80: Strong growth driven by biosimilar launches
Market position Track record How to win Strong growth driven by biosimilar launches Net sales North America CAGR 2023–2025 USD bn 2.4 2.4 +7% 2.1 0.5 0.8 0.8 +36% 1.7 1.6 1.6 (2%) 2023 2024 2025 Generics Biosimilars Growth at constant currencies. Capital Markets Day 2026 80
Slide 81: Launch leadership in a contested market
Market position Track record How to win Launch leadership in a contested market #3 11% Sandoz key in-market biosimilars2 in 2026 Market share Sandoz biosimilar share evolution in US and Canada1 2026 2026 2022 2022 Δ 2022– Competitor share rank share rank 2026 share Others A 22.9% 1 19.1% 2 +3.8pp D
Slide 82: Winning in US by matching channel strategy to benefit design
Market position Track record How to win Winning in US by matching channel strategy to benefit design Pharmacy benefit Medical benefit Prescriptions filled at pharmacy Physician-administered in hospitals, infusion centres, etc. Self-administered Fragmented customer base of Adoption driven by three ma
Slide 83: From strategy to impact: biosimilar case studies
Market position Track record How to win From strategy to impact: biosimilar case studies Pharmacy benefit Medical benefit 2023 2025 How to win: How to win: Private label for early entry First-to-market Partner of choice IP expertise Supply reliability End-to-end operational readiness Why it matters:
Slide 84: Proactive engagement drives market success
Market position Track record How to win Proactive engagement drives market success Converting to impact Excellent relationships with customers and providers Pioneering private label through Integrated commercial capabilities trusted relationships Leadership in key molecules Deep technical and market
Slide 85: North America: a strategic region for biosimilars
Market position Track record How to win North America: a strategic region for biosimilars Significant growth momentum in biosimilars in US Bio100 strategy Differentiate with In market 2015 reliable supply 2006 2019 2023 20241 2025 2025 2025 Power scalable, data-driven, disciplined and competitive pr
Slide 86: Roadmap to extended leadership in biosimilars
Market position Track record How to win Roadmap to extended leadership in biosimilars, underpinned by clear strategic ambitions Today By 2030 By 2035 A leading player in a Establishing leadership Market leadership competitive market Leading pipeline Largest in-market portfolio Consistent pipeline ex
Slide 87: Stepping up value creation
Stepping up value creation Remco Steenbergen Chief Financial Officer 87
Slide 88: From separation to delivery
Bio100 growth Driving value Bio100 Sandoz today plan creation summary From separation to delivery Consistent strong outperformance since spin-off Net sales Core EBITDA margin Free cash flow1 USD bn of net sales USD bn 11.1 21.7 0.9 9.6 10.4 10.4 20.1 18.1 0.1 -0.2 2023 2024 2025 2023 2024 2025 2023
Slide 89: Net sales performance by business
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Net sales performance by business Sustained growth in biosimilars; strong performance in generics Net sales Biosimilars: USD bn CAGR 2023–2025 consistent 10.4 11.1 +7% high growth 9.6 2028 ambition met in 2025: 2.9 3.3 +21% biosim
Slide 90: Net sales performance by region
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Net sales performance by region Strong biosimilar growth in all regions Net sales of which Regional dynamics USD bn biosimilars Europe CAGR 2023–2025 CAGR 2023–2025 Europe with strong overall growth; International crystallising le
Slide 91: Bio100 expands Sandoz coverage and unlocks major growth potential
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Bio100 expands Sandoz coverage and unlocks major growth potential Biologics LoE pipeline coverage1 ~50% ~80% # External biosimilars marketed # In-house biosimilars marketed 2025 2028E 2030E 2035E 2040E # of expected biosimilars in
Slide 92: Long-term growth to be driven by acceleration in biosimilar sales
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Long-term growth to be driven by acceleration in biosimilar sales Plus upside from GLP-1s Net sales by business segment Versus actuals in 2025 at CC Biosimilars plus upside Generics from GLP-1s GLP-1s >2x1 ~55% ~35–40% 30% ~60–65%
Slide 93: Why Bio100: stepping up value creation
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Why Bio100: stepping up value creation 2028 outlook confirmed New 2030 mid-term outlook1 Mid-single-digit Mid-to-high single-digit Net sales percentage CAGR percentage CAGR Core EBITDA 24–26% 25–27% margin Core ROIC 16–18% Dividen
Slide 94: Why Bio100: investing today for accelerating growth
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Why Bio100: investing today for accelerating growth Outlook 2025–20301 Ambition by 2035 Mid-to-high single-digit More than 2x 2025 net sales Net sales percentage CAGR (plus upside from GLP-1s) Core EBITDA 25–27% by 2030 >30% margi
Slide 95: Multiple levers to drive margin expansion
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Multiple levers to drive margin expansion Opportunities across gross margin and operating costs to drive operating margin expansion Core EBITDA margin Price erosion of mid-single-digit Directional illustration, % of net sales perc
Slide 96: Internalisation initiatives will drive material COGS efficiencies
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Internalisation initiatives will drive material COGS efficiencies Significant COGS savings beyond 2030 COGS drivers COGS Directional illustration, % of net sales Near-term 49% Procurement and sourcing efficiencies Supply-network p
Slide 97: One-off costs reducing
Bio100 growth Driving value Bio100 Sandoz today plan creation summary One-off costs1 reducing Completion of one-off projects for future readiness Completing one-time separation USD bn investments in IT, supply-network and development capabilities 0.7 Continuing simplification and 0.4 transformation
Slide 98: Capex to stabilise from 2026 and decline as ratio to net sales
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Capex to stabilise from 2026 and decline as ratio to net sales Vertical integration investments already started ahead of Bio100 implementation Capex Investments already underway Directional illustration, USD bn to prepare for grow
Slide 99: Free cash flow
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Free cash flow1 Attractive cash flow profile despite Bio100 investments Free cash flow1 Reinvesting free cash into Directional illustration, USD bn sustainable growth: incremental USD 2bn–2.5bn2 investment ~1.5x Attractive cash fl
Slide 100: Financial strength paired with disciplined capital allocation
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Financial strength paired with disciplined capital allocation Clear priorities to deliver high-quality returns Capital allocation Core ROIC Financial resilience Organic reinvestment in Focus on investments that are Sustained cash
Slide 101: Further expansion of core ROIC
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Further expansion of core ROIC Combined with accelerating net sales growth: potential for enhanced value creation Core ROIC development Growth and Invested Directional illustration profitability capital Acceleration in shift Inves
Slide 102: From proven leadership to accelerated momentum in biosimilars
Bio100 growth Driving value Bio100 Sandoz today plan creation summary From proven leadership to accelerated momentum in biosimilars Stepping up value creation through new 2030 outlook and 2035 ambition Consistent 2028 outlook Doubling down delivery confirmed on biosimilars Enhanced growth in Scaling
Slide 103: The timing of the opportunity is now
The timing of the opportunity is now Richard Saynor Chief Executive Officer
Slide 104: The time is now
The time is now Patient need, market opening and regulatory environment are converging 1 2 3 Patient access Market Regulatory pressure opening streamlining ~80% USD >300bn2 > 2 years global prescriptions1 saved in development originator loss of exclusivity ~30% pool not yet targeted by Sandoz3 ~50%
Slide 105: Clear strategic roadmap backing Bio100
Clear strategic roadmap backing Bio100 Biosimilars in portfolio Today 2030E 2035E 2040E 13 ~30 ~70 >100 Patient focus Accelerating biosimilar pipeline Value creation for patients and shareholders End-to-end capabilities Commercial engines 105
Slide 106: Pioneering access for patients
Pioneering access for patients 23,000+ colleagues united by Purpose Capital Markets Day 2026 106
Slide 107: Questions
Questions Richard Saynor Remco Steenbergen Chief Executive Officer Chief Financial Officer Christophe Delenta Peter Stenico President Europe President International Keren Haruvi President North America Capital Markets Day 2026
Slide 108: Appendix
SANDOZ Appendix
Slide 109: Bio100 opportunity
Bio100 opportunity Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1 Originator sales in USD Expired not launched 2026 2027 2028 2029 2030 2031 2032 2033 53bn 10bn 5bn 55bn 48bn 11bn 49bn 17bn 77bn ofatumumab alteplase thrombopoietin vedolizumab dulaglutide
Slide 110: Bio100 opportunity (cont'd)
Bio100 opportunity Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1 Additional indicatively selected assets undisclosed (cont’d) 1–6 additional assets indicatively 3–8 additional assets indicatively 1–3 additional assets indicatively Originator Sales in US
Slide 111: Number of biologics posing a significant opportunity to expand pipeline
Number of biologics posing a significant opportunity to expand pipeline Number of biologics 66 39 1 in pipeline today 48 32 19 174 in Bio100 opportunity2 9 USD 0.5bn–1bn USD 1bn–2bn USD 2bn–3bn USD 3bn–5bn USD >5bn LoE: loss of exclusivity (earliest of US/EU). Note: biologics with LoE-1 yr sales <US
Slide 112: A leading biosimilar portfolio
A leading biosimilar portfolio Europe International North America Biosimilar Reference medicine Launch year Therapy area Regions Omnitrope® somatropin Genotropin® 2006 Endocrinology Binocrit® epoetin alfa Eprex® / Erypo® 2007 Oncology (supportive care), nephrology Zarzio® / Zarxio® filgrastim Neupog
Slide 113: Global biosimilar pipeline
Global biosimilar pipeline Key near-term launches and biosimilars in regulatory review or yet to launch Own/targeted brand Originator net sales targeted In-house/partnered Current status LoE1 (USD bn)1 Herwenda® Regulatory approval in Europe EU: expired 2 Partnered trastuzumab Regulatory submission
Slide 114: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Assets in clinical development Own/targeted brand Originator net sales targeted In-house/partnered Current status LoE1 (USD bn)1 Keytruda® EU: 2031 27 In-house In clinical development pembrolizumab IV US: 2028 Opdivo® EU: 2030 9 In-house In clinical development ni
Slide 115: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Biosimilars in technical development Own/targeted brand Originator net sales targeted In-house/partnered LoE1 (USD bn)1 Darzalex® EU: 2031 19 In-house daratumumab SC US: 2029 Enhertu® EU: 2036 18 In-house trastuzumab deruxtecan US: 2033 Opdivo Qvantig® EU: 2030 4
Slide 116: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Assets in early development Own/targeted brand Originator net sales targeted In-house/partnered LoE1 (USD bn)1 Keytruda Qlex® EU: 2031 8 In-house pembrolizumab SC US: 2028 Entyvio® EU: expired 6 Partnered vedolizumab US: expired Takhzyro® EU: 2033 2 In-house lanad
Slide 117: Global biosimilar pipeline (cont'd)
Global biosimilar pipeline (cont’d) Assets in early development Own/targeted brand Originator net sales targeted In-house/partnered LoE1 (USD bn)1 Crysvita® EU: 2033 2 In-house burosumab US: 2032 Winrevair® EU: 2039 8 In-house sotatercept US: 2041 Saphnelo® EU: 2034 1 In-house anifrolumab US: 2033 B
Slide 118: Upcoming investor events
Upcoming investor events Sandoz Morgan Stanley UBS Bank of America Management Global Healthcare Pharma Global Healthcare roadshows EU/NA Conference Bus Tour Conference London/Zurich/Stockholm/ New York Basel London Toronto/Chicago 10–23 September 15 September 21 September 22 September Baader Jefferi
Slide 119: 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] Capital Markets Day 2026 119
Slide 120: Thank you
Thank you Capital Markets Day 2026 120