Sandoz Group Ltd · SIX:SDZ
Sandoz — Investor Day (2026)
16 slides from Sandoz's investor day presentation, Sep 7, 2026
Slide 1: Stepping up value creation
Stepping up value creation Remco Steenbergen Chief Financial Officer 1
Slide 2: 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 flow 1 USD bn of net sales USD bn 11.1 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 202
Slide 3: 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% bio
Slide 4: 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 crystallisin
Slide 5: 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 coverage 1 ~50 % ~80% # External biosimilars marketed # In -house biosimilars marketed 2025 2028 E 2030 E 2035 E 2040 E # of expected biosimi
Slide 6: 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 >2x 1 ~5 5 % ~35 – 40% 30
Slide 7: 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 outlook 1 Mid-single -digit Mid-to-high single -digit Net sales percentage CAGR percentage CAGR Core EBITDA 24 – 26% 25 – 27% margin Core ROIC 16– 1
Slide 8: 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 – 2030 1 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 >3
Slide 9: 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 pe
Slide 10: 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
Slide 11: One-off costs reducing
Bio100 growth Driving value Bio100 Sandoz today plan creation summary One -off costs 1 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 transforma
Slide 12: 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 13: Free cash flow
Bio100 growth Driving value Bio100 Sandoz today plan creation summary Free cash flow 1 Attractive cash flow profile despite Bio100 investments Free cash flow 1 Reinvesting free cash into Directional illustration, USD bn sustainable growth: incremental USD 2bn – 2.5bn 2 investment ~1.5x Attractive ca
Slide 14: 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 15: 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 16: 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