Slides
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9M 2025 sales update October 30, 2025
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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 subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sandoz undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. This presentation includes non-IFRS financial measures as defined by Sandoz. An explanation of non-IFRS measures can be found in the Supplementary financial information of the Half-Year Report 2025. Certain figures contained in this presentation, including financial information presented in billions or millions, certain operating data and percentages describing financial information or market shares, have been subject to rounding. Dollar values and percentages may not agree to totals. 9M 2025 sales update
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Agenda 9M 2025 sales update 1. Highlights and business update Richard Saynor, CEO Net-sales performance and 2025 guidance Remco Steenbergen, CFO Wrap-up Richard Saynor, CEO Questions Richard Saynor, CEO | Remco Steenbergen, CFO 2. 3. 4. 3
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Highlights and business update Richard Saynor Chief Executive Officer
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Sales-growth acceleration underpinning momentum 9M 2025 sales update 1 CC: constant currencies. CGR: comparable growth rate (growth adjusted for 2024 acquisition of biosimilar Cimerli® (ranibizumab) and 2024 divestment of China business, at CC). 5 Net-sales growth • Mid-single digit at CC Core EBITDA margin • Now 21-22% (from around 21%) Upgrade reflects mix of sales 2025 guidance Highlights •9M: 5% at CC, 6% at CGR •Q3: 6% at CC, 7% at CGR •Biosimilars Q3: +13% at CC; +17% at CGR •Generics Q3: +3% at CC and CGR Biosimilars represented 31% of Q3 net sales Strong Q3 performances across all regions at CGR Net sales 9M • Wyost® & Jubbonti® (denosumab) • Pyzchiva® (ustekinumab) • Pyzchiva autoinjector Upcoming launches • Wyost & Jubbonti • Afqlir® (aflibercept) • Tyruko® (natalizumab) Launches
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Accelerating top-line growth combined with increased biosimilars contribution Net-sales growth and sales mix CC: constant currencies. CGR: growth adjusted for 2024 acquisition of biosimilar Cimerli and 2024 divestment of China business, at CC.9M 2025 sales update6 in USD billions 0 2 4 6 8 10 27% 73% 9M 2024 29% 71% 9M 2025 7.6 8.1 5% at CC 6% at CGR Generics Biosimilars 0 1 2 3 29% 71% Q3 2024 31% 69% Q3 2025 2.6 2.8 6% at CC 7% at CGR 16 quarters of consecutive growth at CC 1
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Generics a core focus for Sandoz, with 115 launches in first nine months 9M 2025 sales update 280 launches across markets1 Volume growth partly reflected prior-year launches, such as paclitaxel in US Solid launch program in 2025 with >300 launches supporting future growth >400 total assets in development targeting around USD 220 billion3 of originator sales with 65% LoE coverage3 115 medicines launched in 9M 2025 Encouraging market share in US USD 2.8 billion originator sales targeted2 Lisdexamfetamine1 Successful launch in US USD 321 million originator sales targeted2 Iron sucrose2 First-to-market in Germany USD 957 million originator sales targeted2 Rivaroxaban3 1 1. Introduction of new medicines in individual markets. 2. FY 2024 originator sales reported in IQVIA MIDAS. 3. Covers US and EU markets (2026–2035). Originator sales and LOE based on internal analysis of data from multiple subscription databases (accessed June 2025). LoE: loss of exclusivity; CC: constant currencies; B2B: business-to-business; APIs: active pharmaceutical ingredients. 7 9M net sales USD 5.7 bn +2% at CC B2B sales of penicillin APIs impacted
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Biosimilar launch milestones achieved in 9M, with additional rollouts anticipated in Q4 Tyruko Afqlir 9M 2025 Q4 2025 Pyzchiva Launched in US, including in private label First denosumab biosimilars in US Wyost & Jubbonti Europe launch anticipated in Q4 US launch anticipated in Q4 9M 2025 sales update8 Pyzchiva autoinjector First commercially available autoinjector in Europe for ustekinumab biosimilars 1 Note: representative samples, subject to change. Europe launch anticipated in Q4 Wyost & Jubbonti
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Biosimilars continuing to deliver double-digit growth 9M 2025 sales update9 Hyrimoz® (adalimumab) Further progress in Europe Continues to be leading biosimilar in US Tyruko Strong uptake in Europe, with more launches to come US launch anticipated in Q4 Pyzchiva Leading biosimilar in Europe Launched in US Wyost & Jubbonti Launched in US Europe launch anticipated in Q4 Afqlir & EnzeevuTM Europe launch anticipated in Q4 US launch anticipated in Q4 20261 Omnitrope® (somatropin) Strong growth in International, but increasing competitor focus CC: constant currencies. Note: representative samples, subject to change. 1. Or earlier in certain circumstances. 1
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Pyzchiva European market share1 Pyzchiva: strong growth in Europe, launched in US 1 Biosimilars participation growing in Europe; faster market adoption compared to adalimumab Strong launch of first biosimilar ustekinumab autoinjector in Europe Further International launches planned for 2026 9M 2025 sales update Biosimilars participationSandoz market share Biosimilars participation (%) Sandoz market share (%) 1. Based on IQVIA MIDAS June 2025 update (volume in standard units); data for key 18 EU markets; market share among biosimilars. 10 0 10 20 30 40 50 0 25 50 Q3 2024 Q4 2024 Q1 2025 Q2 2025 41% 39% 38% 36%
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Hyrimoz: continued momentum in Europe and International; broadest payer coverage in US 1 Biosimilars participation growing, alongside stable global share Good European performance accompanied by exceptional growth in International markets US leadership driven by private-label Hyrimoz and own-label adalimumab- adaz, with broadest payer coverage Hyrimoz global market share1 9M 2025 sales update Biosimilars participation (%) Sandoz market share (%) 1. Based on IQVIA June 2025 update (volume in standard units), Data for key 37 markets. Sandoz adalimumab includes Hyrimoz and adalimumab-adaz. Data exclude Cordavis private-label sales.11 0 60 70 0 10 20 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 13% 15% 13% 15% 14% Sandoz market share Biosimilars participation 13%
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Tyruko European market share1 Tyruko: encouraging progress in Europe; additional launches planned 9M 2025 sales update 1 First and only biosimilar approved in Europe for relapsing remitting multiple sclerosis Helping drive accessibility and affordability Additional launches planned across US, Europe and International Sandoz market share (%) 1. Based on local-market data (volume in grams) and determined by Sandoz launch countries, including originator in intravenous and subcutaneous markets.12 0 10 20 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 2% 8% 17% 20% 20% 19%
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Omnitrope global market share1 Omnitrope: market-leading biosimilar helping patients with growth-hormone-related disorders 9M 2025 sales update 1 Market leader, with 37% global share1 International region driving 9M growth: increasing levels of competitor activity Sandoz market share (%) 1. Based on IQVIA MIDAS June 2025 update (volume in grams), including originator products (once-daily) – excludes Mexico. 13 0 30 40 Q4 2022 Q2 2023 Q4 2023 Q4 2024 Q2 2025 35% 37% 32% 35% Q2 2024 31% 36% 35% 31% 28% 24% 35%
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Wyost & Jubbonti: first-to-market with strong access and uptake in US 9M 2025 sales update14 Wyost & Jubbonti US launch update Established commercial footprint covering >80% of denosumab volume Q-code exclusivity an early advantage Led with interchangeable-product exclusivity Broad provider access and early wins with key payers NCCN recognition as a substitute for reference denosumab NCCN: National Comprehensive Cancer Network. 1
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Industry-leading biosimilars pipeline 2026+ 9M 2025 sales update15 Note: Third-party trademarks are property of their respective owners. 1. See appendix for current status reflecting regulatory streamlining. 2. Originator sales covered based on company analysis using Evaluate Pharma (March 2025); at full year prior to expected market formation year. Nine additional assets in early development, targeting USD 56 bn of originator net sales2 Sandoz brand Originator brand Assets in technical development 1 Near-term launches Assets in regulatory review Afqlir & Enzeevu (aflibercept) Avzivi® (bevacizumab) Lantus® (glargine) NovoLog® (aspart) Herwenda® (trastuzumab) Humalog® (lispro) Assets in clinical development1 Ocrevus® (ocrelizumab SC) Darzalex® (daratumumab SC) Tecentriq® (atezolizumab) Skyrizi® (risankizumab) Tremfya® (guselkumab) Eylea HD® (aflibercept 8 mg) Dupixent® (dupilumab) Enhertu® (trastuzumab deruxtecan) Opdivo ® (nivolumab IV) Keytruda® (pembrolizumab IV) Ocrevus ® (ocrelizumab IV) Yervoy ® (ipilimumab)
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Regulatory streamlining provides additional opportunities to expand and strengthen pipeline 9M 2025 sales update16 27 assets1 in development, targeting of originator sales2 USD ~200 bn of LoEs over next decade representing 64% Leading biosimilars pipeline Additional opportunities Recent moves toward regulatory streamlining Select Sandoz assets Reducing complexity and costs, ultimately benefitting patients and healthcare systems Regulatory streamlining Strengthening and expanding industry-leading pipeline of biosimilars Streamlined clinical-development programs for: • Keytruda® (pembrolizumab) • Ocrevus® (ocrelizumab) • Opdivo® (nivolumab) 1 Note: Third-party trademarks are property of their respective owners. 1. Indicates current assets in development irrespective of launch dates. 2. IPD Analytics Evaluate Pharma (March 2025) originator sales data at LoE-1 (covering period 2026 to 2035). LoEs: losses of exclusivity.
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Net-sales performance & guidance Remco Steenbergen Chief Financial Officer
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Strong sales performance this year across all regions, strengthening full-year guidance 18 2 All regions growing in 9M and Q3: • Europe: reflected performances of Tyruko and Pyzchiva • International: driven by excellent sales of Omnitrope and Hyrimoz • North America: partly reflecting launches of Wyost & Jubbonti and paclitaxel Regional performance • Underlying 9M growth of 6% at CGR • Double-digit 9M biosimilars growth • Accelerating growth1 this year: • Q1: 3% • Q2: 5% • Q3: 6% Net sales Strong H1 results, with additional launches in H2 Net-sales growth • Mid-single digit at CC Core EBITDA margin • Now 21-22% (from around 21%) Upgrade reflects mix of sales Guidance 9M 2025 sales update CC: constant currencies. CGR: growth adjusted for 2024 acquisition of biosimilar Cimerli and 2024 divestment of China business, at CC. 1. At CC.
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Strong 9M-volume growth, with price erosion in line with full-year expectations Net-sales growth 2 7.6 9M 2024 0.5 Volume Price FX 9M 2025 -0.2 8.1 +5% at CC +6% at CGR +8% -3% stable 9M 2025 sales update in USD billions Strong biosimilars-volume uptake across all regions Price erosion of 3% pts, in line with full-year expectations FX stable compared to prior year CC: constant currencies. CGR: growth adjusted for 2024 acquisition of biosimilar Cimerli and 2024 divestment of China business, at CC.19
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9M net-sales growth driven by double-digit biosimilars growth 9M 2025 sales update 2 9M net sales regional mix 9M net sales business mix In USD 71% 29% Biosimilars 2.4 bn Generics 5.7 bn 8.1 bn +5% at CC +6% at CGR 54% 24% 22% North America 1.8 bn International 1.9 bn Europe 4.4 bn 8.1 bn +5% at CC +6% at CGR CC: constant currencies. CGR: growth adjusted for 2024 acquisition of biosimilar Cimerli and 2024 divestment of China business, at CC.20 In USD
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Double-digit growth for biosimilars driven by launches 9M 2025 sales update 2 Q3 2025 vs PY In USD billions Net sales by business 1.9 2.0 0.7 0.9 Q3 2024 Q3 2025 2.6 2.8 +6% at CC CGR 17% 3% 7% CC: constant currencies. CGR: growth adjusted for 2024 acquisition of biosimilar Cimerli and 2024 divestment of China business, at CC. 9M 2025 vs PY Net sales by business In USD billions 5.6 5.7 2.1 2.4 9M 2024 9M 2025 7.6 8.1 +5% at CC CGR 17% 2% 6% Biosimilars Strong Europe biosimilars growth: Pyzchiva and Tyruko launches. International: continued strong performance from Omnitrope. North America: Wyost & Jubbonti launches Generics Europe growth reflected launches in 2024. International supported by price increases. North America benefited from successful recent launch of paclitaxel 9M dynamics 21
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All three regions delivering growth 9M 2025 sales update 2 Europe Generics grew due to launches from 2024, with biosimilars driven by Pyzchiva and Tyruko International Exceptional biosimilars result, driven by strong performances of Omnitrope and Hyrimoz North America Strong Q3 performance driven by biosimilar launches, as well as rollout of paclitaxel In USD billions Net sales by region Q3 2025 vs PY 0.6 0.6 0.6 0.7 1.51.4 Q3 2024 Q3 2025 2.6 2.8 +6% at CC CGR 12% 4% 6% 7% In USD billions Net sales by region 9M 2025 vs PY 1.7 1.8 1.9 1.9 4.0 4.4 9M 2024 9M 2025 7.6 8.1 +5% at CC CGR 9M dynamics CC: constant currencies. CGR: growth adjusted for 2024 acquisition of biosimilar Cimerli and 2024 divestment of China business, at CC. 22 7% 6% 6% 6%
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Mid-single digit (unchanged) Full-year 2025 guidance 9M 2025 sales update 2 Net-sales growth % at constant currencies Net sales +2% pts Core EBITDA margin <0.5% pts adverse impact Price erosion of a low to mid-single digit percentage Foreign-exchange impacts: based on spot rates1 Key assumptions 21-22% (prior guidance: around 21%)Core EBITDA margin % of net sales Note: FY 2025 guidance excludes any impacts of unforeseen events or unconfirmed developments, such as significant further potential trade tariffs emanating from US government. 1. Using spot rates as per October 2025 and assuming they prevail for rest of year.23
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Wrap-up Richard Saynor Chief Executive Officer
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Additional launches in Q4: • Wyost & Jubbonti: Europe • Afqlir: Europe • Tyruko: US On track to deliver program Strong performance supported by continued progress in biosimilars platform 9M 2025 sales update 3 On track to meet ambitious mid-term outlook Progress with purpose: positioned for sustained and attractive growth Rest of year Strong performance, with accelerated sales growth in third quarter Double-digit biosimilars growth Executing launches according to plan 9M sales Outlook 25 .
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Richard Saynor Chief Executive Officer Remco Steenbergen Chief Financial Officer Questions
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Appendix
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Select upcoming investor events 9M 2025 sales update2828 ZKB Swiss Equity Conference Zurich November 6, 2025 UBS European Conference London November 12, 2025 Jefferies Healthcare Conference London November 20, 2025 Bernstein Premium Review Conference Paris December 4, 2025 Sandoz US roadshow Denver, Los Angeles & San Francisco JP Morgan Global Healthcare Conference San Francisco Sandoz FY 2025 results Virtual Sandoz EU and US roadshow London, Paris, Zurich, New York, Boston & Toronto December 2-4, 2025 February 25, 2026January 12-15, 2026 March 3-5, 2026
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Strong balance sheet and liquidity to support future growth 1. As of September 30, 2025, and referring to long-term debt only. New USD 2.0 billion multi-currency revolving credit facility replacing initial and unutilized USD 1.25 billion facility Dual-tranche CHF 400 million and single-tranche EUR 500 million bonds issued; proceeds used to repay term loans Debt maturities extended to 2035, and overall interest expenses reduced Credit ratings S&P: BBB Moody’s: Baa2 Leverage Net debt to core EBITDA ratio below 2.0x in mid term Non-current financial debt by maturity1 in USD million 2026 2027 2028 2029 2030 2031 2033 203520342032 9M 2025 sales update 1,000 500 Bonds Others 29
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Opportunities ahead: significant potential in biosimilars and generics over next decade 9M 2025 sales update30 REGULATORY STREAMLINING LONGER TERM: GLP-1s >USD 300 bn LoEs over next decade1 of originator sales1 27 assets2 of LoEs over next decade >USD 340 bn LoEs over next decade1 USD ~220 bn >400 assets2 in development, targeting USD ~200 bn representing 64% in development, targeting of originator sales1 of LoEs over next decade representing 65% Leading biosimilars pipeline Strong generics pipeline .1. Covers US and EU markets (2026–2035). Originator sales and LOE based on internal analysis of data from multiple subscription databases (accessed June 2025). 2. Indicates current assets in development irrespective of launch dates LoEs: losses of exclusivity.
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Industry-leading in-market biosimilar portfolio 9M 2025 sales update31 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 Neupogen® 2009 Oncology (supportive care and stem cell mobilization) Rixathon® rituximab MabThera® 2017 Immunology (rheumatology), hematology Erelzi® etanercept Enbrel® 2017 Immunology (rheumatology, dermatology) Zessly® infliximab Remicade® 2018 Immunology (rheumatology, gastroenterology, dermatology) Hyrimoz® adalimumab Humira® 2018 Immunology (rheumatology, gastroenterology, dermatology) Ziextenzo® pegfilgrastim Neulasta® 2018 Oncology (supportive care) Pyzchiva® ustekinumab Stelara® 2024 Immunology (rheumatology, gastroenterology, dermatology) Tyruko® natalizumab Tysabri® 2024 Neurology Cimerli® ranibizumab Lucentis® 2024 Ophthalmology Wyost® & Jubbonti® denosumab Xgeva® & Prolia® 2025 Oncology (cancer-related bone disease), osteoporosis Pending re-launch in US Note: third-party trademarks are property of their respective owners. Europe International North America
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Global biosimilars pipeline (1/3) Key near-term launches and assets in regulatory review 9M 2025 sales update Own / targeted brand Originator net sales targeted (USD bn)1 In-house / partnered Current status Potential launch dates / LoE1 Afqlir® / EnzeevuTM aflibercept 9 In-house Regulatory approval in Europe Regulatory approval in US Europe: Q4 2025 US: Q4 2026 Herwenda® trastuzumab 2 Partnered Regulatory approval in Europe Regulatory submission in US Europe: patent expired US: patent expired Avzivi® bevacizumab 2 Partnered Regulatory approval in Europe Regulatory approval in US Europe: patent expired US: patent expired Lantus® glargine 4 Partnered Regulatory submission in Europe Regulatory submission in US Europe: patent expired US: patent expired NovoLog® aspart 2 Partnered Regulatory submission in Europe Regulatory submission in US Europe: patent expired US: patent expired Humalog® lispro 2 Partnered Regulatory submission in Europe Regulatory submission in US Europe: patent expired US: patent expired 32 Oncology DiabetesOphthalmology Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Originator sales covered and LoE date refers to LoE in IPD Analytics and subject to change as patent landscape evolves.
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Global biosimilars pipeline (2/3) Assets in clinical development 9M 2025 sales update33 Own / targeted brand Originator net sales targeted (USD bn)1 In-house / partnered Current status LoE1 Keytruda® pembrolizumab IV 31 In-house In clinical development2 Europe: 2031 US: 2028 Opdivo® nivolumab IV 10 In-house In clinical development2 Europe: 2031 US: 2028 Yervoy® ipilimumab 3 Partnered In clinical development Europe: 2026 US: 2025 Ocrevus® ocrelizumab IV 5 In-house In clinical development3 Europe: 2029 US: 2029 Oncology Neurology Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Originator sales covered and LoE date refers to LoE in IPD Analytics and subject to change as patent landscape evolves. 2. Winding down Phase III trial. 3. Modifying integrated Phase I and III trial to become a comparative PK trial.
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Global biosimilars pipeline (3/3) Assets in technical development Targeted brand Originator net sales targeted (USD bn)1 In-house / partnered LoE1 Darzalex® daratumumab SC 17 JEB partnered2 Europe: 2031 US: 2029 Enhertu® trastuzumab deruxtecan 15 JEB partnered2 Europe: 2036 US: 2033 Tecentriq® atezolizumab 4 JEB partnered2 Europe: 2033 US: 2031 Skyrizi® risankizumab 25 JEB partnered2 Europe: 2034 US: 2033 Tremfya® guselkumab 7 JEB partnered2 Europe: 2032 US: 2031 Eylea HD® aflibercept 8 mg 4 In-house Europe: 2025 US: 2023 Ocrevus® ocrelizumab SC 4 In-house Europe: 2029 US: 2029 Dupixent® dupilumab 24 JEB partnered2 Europe: 2033 US: 2031 Oncology Immunology Ophthalmology Neurology Dermatology additional assets in early development targeting USD 56 bn of originator net sales1 9 9M 2025 sales update Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. originator sales covered and LoE date refers to LoE in IPD Analytics and subject to change as patent landscape evolves. 2. JEB partnered: Just-Evotec Biologics partnered assets coming in-house pending closing of JEB SE acquisition. 34
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Investor Relations contacts 9M 2025 sales update Tamara Hackl Silvia Siegfried Senior Director, IR Senior Director, IR Craig Marks Head of IR +44 7818 942 383 +41 79 790 52 17 +41 79 795 90 61 Katie Fischer Coordinator, IR +41 79 500 51 53 35 investor.relations@sandoz.com
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Thank you