Slides
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Capital Markets Day 2026 Capital Markets Day Bio100: maximising Sandoz value in its golden decade for biosimilars 8 September 2026
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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 materialise 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 Integrated Annual 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. 2 Disclaimer This presentation contains forward-looking statements, which offer no guarantee with regard to future performance.
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3 Agenda Capital Markets Day 2026 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 Metzger, President Biosimilar Development, Manufacturing & Supply Q&A Break A world-class commercial engine Christophe Delenta, Peter Stenico and Keren Haruvi, Regional Presidents Stepping up value creation Remco Steenbergen, Chief Financial Officer The timing of the opportunity is now Richard Saynor, Chief Executive Officer Q&A Meet management and refreshments (17:00 UK)
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4 Gilbert Ghostine Chairman From promise to performance
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Capital Markets Day 2026 The trusted name in biosimilars and generics Leadership Swiss heritage Innovation Integrity Patient focus Trust Access Global impact Quality 5
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Capital Markets Day 2026 Sandoz delivers on its promise to society 6
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Capital Markets Day 2026 7 Sandoz puts patients and access at its core Leader in an industry that accounts for 80% of global prescriptions at 30% of cost1 More than 1bn patients reached2; two million biosimilar patients Delivered USD 26bn3 in healthcare system savings Created USD 400bn4 social impact 1. Based on company analysis using IQVIA Analytics Link (MAT 12/25) using standard IQVIA definitions. 2. 0.9bn patients treated with Sandoz medicines in 2025 with an estimated 0.2bn patients reached with Sandoz active pharmaceutical ingredient sales. 3. Estimated savings in North America, Europe and other key markets. For details on methodology, please see Sandoz.com/ESG_supplementary_disclosures_2025. 4. For details on methodology, please see Sandoz.com/ESG_supplementary_disclosures_2025.
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Capital Markets Day 2026 8 Highly experienced and diverse Executive Committee Seven nationalities, 45% women Richard Saynor Chief Executive Officer Rebecca Guntern Chief Commercial Officer Armin Metzger President, Biosimilar Development, Manufacturing & Supply Christophe Delenta President Europe Peter Stenico President International Keren Haruvi President North America Remco Steenbergen Chief Financial Officer Claire D’Abreu-Hayling President, Generics Development & Chief Scientific Officer Pascal Bouye President, Generics Manufacturing & Supply Ingrid Sollerer General Counsel & Chief Compliance Officer Tripti Jha Chief People Officer
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Capital Markets Day 2026 9 Independent Board of Directors supporting objectivity in decision-making Seven nationalities, 40% women, 100% independent Gilbert Ghostine Chairman Karen Huebscher Member and Vice-Chair Shamiram Feinglass Member Mathai Mammen Member Graeme Pitkethly Member Michael Rechsteiner Member Urs Riedener Member Aarti Shah Member Yannis Skoufalos Member Maria Varsellona Member
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10 Richard Saynor Chief Executive Officer Enhancing long-term growth and profitability
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Capital Markets Day 2026 2035 Significantly expand patient impact 2035 More than doubling net sales vs 20251 (plus upside from GLP-1s) Continued delivery of Purpose >100 biosimilars in portfolio by 2040 Drive sustainable value creation 2035 >30% core EBITDA margin 11 Key messages for today Bio100 to drive sustainable impact and growth Note: for details on methodology, please see Sandoz.com/ESG_supplementary_disclosures_2025; based on 2023 WifOR Institute analysis. 1. At constant currencies. Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions Purpose Ambition Delivery
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Capital Markets Day 2026 Becoming the world’s leading and most valued biosimilar and generic company Vision Pioneering access for patients Purpose 12 Consistent strategic focus Global leadership in biosimilars and generics Capabilities • Global commercial reach and scale • Leading and expanding pipeline • Development platform and partnerships • Supply-network infrastructure • Regulatory and IP • Financial strength to invest Ambition to reach > USD 1 trillion of social impact Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions
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Capital Markets Day 2026 13 Leading pure-play biosimilar and generic company Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions Global biosimilar and generic leader1 USD 11.1bn net sales in 2025 Present in >40 markets and leading in ~95% of markets1 Driven by sustained biosimilar growth 2025 core EBITDA margin: 21.7% +360 bps since spin-off 39 biosimilars2 >300 generics Extensive coverage across Europe, International and North America European champion 19 quarters of consecutive growth Strong operating margin expansion A leading and growing pipeline +100 markets served Leadership defined as being ranked among top three per country in gross sales. 1. Based on company analysis using IQVIA MIDAS MAT 03/26 data at gross price for biosimilars and generics. 2. Includes partnered assets.
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Capital Markets Day 2026 14 Consistently delivered on net sales growth, driven by biosimilar launches… Net sales growth by business USD bn 23% 28% 30% 77% 72% 70% 2026E202520242023 11.110.49.6 +7% CAGR at CC Mid-to-high single-digit percentage at CC Spin-off October 2023 Biosimilars Generics Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions CC: constant currencies.
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Capital Markets Day 2026 … with consistent operating margin expansion Core EBITDA margin % of net sales 2026E202520242023 +~100 bps Spin-off October 2023 15 21.7%20.1%18.1% Growing biosimilar portfolio Pipeline execution Operational excellence Organisational efficiency +360 bps Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions
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Capital Markets Day 2026 1. Based on company analysis using data from IQVIA MIDAS MAT 03/26 data at gross price, excluding vaccines, non-classified items and unknown categories and certain sizeable markets with no or limited Sandoz operations; biocomparable, early-entry generics and generics as defined by IQVIA. Proven leadership in affordable medicines Sandoz well-positioned to win in biosimilars Note: country flags indicate geographic presence of major players. Biosimilar presence/focus Capital availability End-to-end integrated companies Commercial companies Biosimilar pure-play Other biosimilar and generic peers Commercial Originators 16 Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 12 8 6 5 4 15 Europe North America International Global biosimilar and generic companies by region1 Gross sales USD bn
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Capital Markets Day 2026 Ahead of curve: around USD 1bn already invested to build a leading European biosimilar hub Major biosimilar investments made Ljubljana Development, drug- substance production and fill/finish Brnik Fill/finish injectables production Toulouse Development and drug-substance production Cambridge, UK device development Holzkirchen, Germany development Toulouse, France development and drug- substance production Lendava, Slovenia drug-substance production In network Under construction Brnik, Slovenia fill/finish Ljubljana, Slovenia1 development, drug substance and fill/finish 17 Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions Lendava Drug-substance production 1. Development site part of network, investment in manufacturing site just approved.
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Capital Markets Day 2026 18 Entering Sandoz golden decade for biosimilars Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions LoE opportunity across biosimilars and generics USD bn LoE: loss of exclusivity. LoE value calculated as a share of originator sales one year prior to loss of exclusivity (LoE-1) targeted by Sandoz pipeline from already LoE assets (upon approval) to 2040, excluding marketed assets. Standard biologics > USD 0.5bn (Phase III, submitted, approved, and marketed assets). Source: originator sales and LoE based on internal analysis of data from multiple subscription databases, US and EU (December 2025). 10 30 110110 130 160 15090 130 190 220 2031–2035 2036–2040 Biosimilars GLP-1sGenerics 380 480 2026–20302015–2025 270 200
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Capital Markets Day 2026 19 Responsibility to capitalise on opportunities and reinforce leadership Now is time for Sandoz to double down and affirm leadership in biosimilars USD >300bn1 of originator LoE sales not yet targeted by Sandoz Regulatory streamlining of Phase III trial requirements accelerates biosimilar development and reduces cost Evolving industry focus on biosimilar development requiring significant scale, capital and technical capabilities Capital Markets Day 2026 LoE: loss of exclusivity. Note: includes LoEs in major markets (US and EU); LoE dates based on IPD databases; originator sales data at LoE from internal analysis and Evaluate Pharma. LoE values calculated as a share of originator sales one year prior to loss of exclusivity (LoE-1) targeted by Sandoz from molecules that have already lost exclusivity (upon regulatory approval) to 2040, excluding marketed assets. Standard biologics >USD 0.5bn (Phase III, submitted, approved and marketed assets). 1. 2026–2040. Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions
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Capital Markets Day 2026 20 Introducing Bio100 More than 100 biosimilars in portfolio by 2040 LoE: loss of exclusivity. 1. Includes LoE in major markets (US and EU); LoE dates based on IPD databases; originator sales data at LoE-1 from analysis and Evaluate Pharma. LoE value calculated as a share of originator sales one year prior to loss of exclusivity (LoE-1) targeted by Sandoz pipeline from molecules that have already lost exclusivity (upon regulatory approval) to 2040, excluding marketed assets. Standard biologics > USD 0.5bn (Phase III, submitted, approved, and marketed assets). Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions Number of biosimilars in portfolio LoE-value coverage1 Biosimilars entering in-house development p.a. Today 2035E 2040E 13 ~70 >100 ~50% ~80% ~80% ~2 ~7 up to 10
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Capital Markets Day 2026 21 Significant advantages as a platform to win with Bio100 1. Based on company analysis using data from IQVIA MIDAS MAT 03/26. Global commercial reach and scale Global #1 scale1 Local market intimacy #1 biosimilar pipeline Purpose-built selection framework Well-invested development capabilities Unique hybrid partnership model Fully vertically integrated Scalable capacity Extensive experience in patent litigation Regulatory expertise and engagement supported by global scale Leading pipeline In-house development and strategic partnerships Highly attractive supply-network platform Regulatory and IP capabilities Financial strength to invest Disciplined capital allocation Commitment to financial sustainability Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions
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Capital Markets Day 2026 22 Bio100 to more than double net sales by 2035 Plus upside from GLP-1s by 2035 At constant currencies. 1. Including GLP-1s. Biosimilars GLP-1sGenerics 2030E 2035E 2040E2025 ~30 ~70 >10013Biosimilars in portfolio ~55% 11.1 ~60–65%1~70% ~45% ~35–40%~30% Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions Net sales Directional illustration (not to scale), USD bn plus upside from GLP-1sMid-to-high single-digit percentage1 >2x
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Capital Markets Day 2026 Capital Markets Day 2026 23 Targeting significant GLP-1 net sales opportunity in addition to Bio100 Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions 1 Right medicines 2 Continuous, flexible, and competitive supply 3 Timely launches with right commercial model Early market launches incl. Canada, Brazil Major-market semaglutide launches (EU and US) Next-generation launches 2026–2030 2031–20352030 2035 2035+ Additive to growth Significant benefit to net sales
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Capital Markets Day 2026 24 Ambitions underpinned by clear strategy and disciplined capital allocation 1. At constant currencies. >100 biosimilars in portfolio by 2040 Ambitions Expand biosimilar coverage to ~80% by 2035 More than doubling total net sales by 20351 (plus upside from GLP-1s) Accelerating Sandoz leading biosimilar pipeline Core strategic pillars Scalable biosimilar development and supply network A world-class commercial engine Stepping up value creation Track record post spin Introducing Bio100 GLP-1s Path to deliveryAmbitions
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Accelerating Sandoz leading biosimilar pipeline Rebecca Guntern Chief Commercial Officer
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Capital Markets Day 2026 26 Entering a decade of substantial level of LoE value across biosimilars and generics LoE: loss of exclusivity. 1. Refers to LoE opportunity 2026–2040. 2. Based on IQVIA MIDAS MAT 03/26, value in USD. 3. Excl. GLP-1s. 4. Includes partnered assets. Source of LoE: originator sales and LoE based on external databases, e.g. IPD; biosimilar data for LoE includes marketed, approved, submitted, and Phase III standard biologics with > USD 0.5bn LoE-1 sales. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity LoE opportunity Biosimilars and generics USD bn 2026- 2040 Past 10 years ~1,000 ~200 ~5x Ambition LoE value1 Global rank2 Current pipeline assets Generics Leading in oral solids USD ~450bn3 #2 >300 Biosimilars Extended leadership USD ~550bn #1 394
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Capital Markets Day 2026 27 Leading generic player, highly synergistic business to biosimilars LoE: loss of exclusivity. 1. Covers EU and US markets (2026–2036). Originator sales and LoEs based on internal analysis of data from multiple subscription databases; excl. GLP-1s. Pipeline >300 total generics in development, benefitting from originator LoEs worth USD ~450bn Portfolio strategy Focused LoE coverage, centred on oral solids and injectables ~70% generic LoE coverage1 Notable recent launches nintedanib (EU and US), dapagliflozin (US), sitagliptin and sitagliptin+metformin (US) GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity
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Capital Markets Day 2026 Capital Markets Day 2026 GLP-1s: long-term upside with the potential to expand access for more than two billion1 people globally 28 GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity 1. ~2.0 billion overweight or obese adults (BMI >=27.0, WHO), ~300 million type-2 diabetes diagnosed (IDF Atlas 2025). 2. Cardiometabolic incretin-based therapies. 3. Data based on long-term strategy; assumes all planned indications approved and launched. Next-generation launches Ambition: be a leading player in expanding access to GLP-1s2 2026–2030 2031–2035 2035+ First GLP-1 market entry Brazil, Q4 2026 (approved Q3 2026) Asset: semaglutide • ANVISA approval of T2D in July 2026 • Weight management anticipated Model: multi-source supply, commercialisation by Sandoz USD ~2bn2,3 GLP-1 market entered ~110m Brazilians in the prevalent GLP-1 eligible population1,3 Early semaglutide market launches incl. Brazil and Canada Major-market semaglutide launches (EU and US)
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Capital Markets Day 2026 29 Targeting to be leading player in generic GLP-1 market A proven playbook for Sandoz Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Ozempic® (semaglutide), Wegovy® (semaglutide), Rybelsus® (semaglutide), Mounjaro® (tirzepatide), Victoza® (liraglutide), Zepbound® (tirzepatide), Foundayo® (orforglipron), retatrutide. Source: Evaluate Pharma, includes medicines with GLP-1 RA mechanism of action; medicines having worldwide current phase as pre-clinical, Phase I, Phase II, Phase III, (regulatory) submitted, (regulatory) approved and marketed. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Positioned for long-term success Pipeline of eight assets1, covering top LoE opportunities in next decade and beyond Molecules beyond semaglutide: tirzepatide, orforglipron, retatrutide Multi-source supply strategy Preferred partner position and patient-first approach Play leading role in expanding existing semaglutide originator market (2x–7x in volumes dependent on geography) over next 10 years
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Capital Markets Day 2026 30 Leading biosimilar portfolio of scale Global leader 1. Ranking based on IQVIA MIDAS MAT 03/26 for biosimilars, value in USD, depending on country data availability; Rank calculated as per rolling 12-month basis in overall biocomparable market. 2. Based on company analysis using data from IQVIA MIDAS MAT 03/26, value in USD. 3. US Cordavis sales and volume data for adalimumab unavailable. 4. Wyost for oncology, Jubbonti for other (osteoporosis). 5. Omnitrope and Tyruko ranking #1 as only biosimilars in market – in total market (including reference drug) Omnitrope (#1 in EU, #2 globally) and Tyruko (#2 in EU, #2 globally). 6. In EU, ranibizumab only launched in Germany. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity 13 biosimilars in portfolio1 Global share and ranking2 19% #1 Multiple global #1 market positions Sustained leadership across products Diversified across therapy areas Year of first sales Global Rank EU Rank US Rank Omnitrope® (somatropin)5 2006 #1 #1 #1 Binocrit® (epoetin alfa) 2007 #1 #1 – Zarzio® (filgrastim) 2009 #1 #1 #1 Tyruko® (natalizumab)5 2024 #1 #1 – Wyost®/ Jubbonti® (denosumab)4 2025 #1 #1 #1 Pyzchiva® (ustekinumab) 2024 #2 #1 #5 Afqlir® (aflibercept) 2025 #2 #1 – Erelzi® (etanercept) 2017 #2 #2 – Rixathon® (rituximab) 2017 #3 #1 – Zessly® (infliximab) 2018 #3 #2 – Hyrimoz® (adalimumab)3 2018 #3 #3 #2 Ziextenzo® (pegfilgrastim) 2018 #4 #2 #6 Cimerli® (ranibizumab) 2024 #7 #56 – Oncology OtherOphthalmologyImmunology
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Capital Markets Day 2026 31 Scaling a leading biosimilar pipeline E2E: end-to-end. 1. Portfolio varies per market. 2. Includes partnered assets. Ambition Extended leadership in biosimilars Number of biosimilars in portfolio Proof points 2025–2026: 12 partnership deals signed, market leadership in latest launches, 39-asset pipeline2 Key success factors Clear pipeline-selection strategy E2E integration with balanced mix of in-house and external development Strong global commercial platform >100 By 2040 131 Today GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity
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Capital Markets Day 2026 32 Regulatory streamlining a significant catalyst for Sandoz Faster, broader pipeline opportunity PK: pharmacokinetic. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity From To Driver of change Time Costs per programme Clinical-efficacy + PK and safety trials 7–8 years USD 150m–250m PK and safety trials only 4–6 years USD 60m–150m
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Capital Markets Day 2026 33 ‘Void’1 of over 60 biologic LoEs creates material pipeline-expansion opportunity LoE: loss of exclusivity. 1. Biosimilar void defined as biologics losing exclusivity that have no biosimilars in development. Source: IQVIA MIDAS data, IQVIA forecast link database, Sandoz biologics list. Only pipeline biosimilars in pre-clinical to Phase I registration phase being developed in US, EU, China, Japan and South Korea included in the analysis. Caveat: biosimilar-pipeline data is based on publicly available information only. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Number of biosimilars in late-stage clinical development per biologic LoE-1 sales of originator biologic, USD No. of biosimilars LoE year 20262025 20272024 20282023 20292022 20302021 20312020 2032201920182017 x OthersImmunologyOncology ‘Biosimilar void’1 Key takeaways Unprecedented number of upcoming LoEs A significant number of opportunities appear not to be addressed by publicly disclosed industry pipelines Streamlining enhances Sandoz long-term growth potential Positioned to lead through scale, commercial strength and strong balance sheet 1bn 5bn +10bn Bubble size represents LoE-1 originator sales 45 40 35 30 25 20 15 10 5 0
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Capital Markets Day 2026 34 Disciplined, consistent and scalable asset selection framework LoE: loss of exclusivity. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Funnel criteria + + + Yes Yes Yes Yes Standard biosimilars only Not in current pipeline Already marketed LoE-1 sales ≥ USD 0.5bn Cross-functional attractiveness Make vs buy Longevity assessment Score Operational and IP feasibility Yes Level of risk Strategic fitCommercial value Selected areas 1. Filter 2. Refine 3. Select Funnel steps How asset selection supports Bio100 ambition Selection-criteria threshold USD 0.5bn Up to 70% in-house sourcing by value, prioritising co-development for non-in-house Simplified governance to sustain increased number of assets
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Capital Markets Day 2026 35 Significant LoE value driving Bio100 ambition Numbers may not add up due to rounding. LoE: loss of exclusivity (earliest of US/EU). LoE-value calculated as a share of originator sales one year prior to loss of exclusivity (LoE-1). Note: excluding assets below USD 0.5bn originator LoE-1 sales. Source: originator sales and LoE based on external databases, e.g. IPD. 1. Not in current nor future Sandoz pipeline today. 2. Upon approval-assets (exclusivity has expired but no one has registered and/or has launched a biosimilar) + five Sandoz pipeline assets where biosimilar market is already formed. 3. Also includes five Sandoz pipeline assets where LoE has occurred and biosimilar market is already formed. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Sandoz targeted LoE opportunity by LoE year (in LoE-1 originator sales, USD bn) Evolving landscape, with biologics still in development ~20 ~10 Expired, not launched2 ~90 ~10 2026–30 ~120 ~20 2031–35 ~30 2036–40 ~30 ~130 ~190 ~220 ~110 1 4 16 >30 103 10 12 3 Number of biologics with LoE opportunity targeted by Sandoz ~80 ~50~30 Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1
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Capital Markets Day 2026 36 Bio100 with focus on oncology and immunology assets, mAbs and in-house development ADC: antibody-drug conjugate; mAb: monoclonal antibody. Source: originator sales and LoE based on external databases, e.g. IPD Analytics. 1. Sandoz coverage of overall LoE calculated as originator sales one year prior to loss of exclusivity (LoE-1); targeted value refers to coverage from Sandoz Bio100 (2026–2040, incl. upon approval-assets); Includes only marketed, approved, submitted and Phase III standard biologics without previously launched biosimilars, excluding assets below USD 0.5bn originator LoE-1 sales. 2. Includes bispecific antibodies, bispecific T-cell engagers, antibody fragments. 3. Primarily non-antibody therapeutic proteins including insulins, fusion proteins, factor replacement therapies, and enzymes while excluding antibodies, antibody-derived formats, and synthetic/metabolic peptides. 4. Includes neurology (9% of total), cardiovascular (2% of total), endocrinology, musculoskeletal, respiratory, and other therapy areas. 5. Includes haematology. 6. Business development, including co-development. Composition of Bio100 ambition, value share by originator sales (LoE-11) opportunity addressed GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Modality ~60% ~10% ~10% ~20% Other2 Other protein3 ADC mAb Therapy area Development type ~50% ~30% ~20% Other4 Immunology Oncology5 ~70% ~30% Business development6 In-house
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Capital Markets Day 2026 37 Balanced in-house and external development to accelerate pipeline scale Aligned with disciplined capital-allocation priorities BD&L: business development and licensing; LoE: loss of exclusivity. 1. Value share by originator sales (LoE-1), by development type. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Ramp up in-house In-house as default until full utilisation of internal capacity Accelerate via development partnerships Co-development; on time for market formation Complement with targeted BD&L Target market formation where timing does not allow in-house or co-development ~50–70%1 Default approach ~30–50%1 Accelerate pipeline and near-term opportunities Support end-to-end advantages Accelerate pipeline above internal capacity Accelerate near-term launches
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Capital Markets Day 2026 38 Sizing Bio100 opportunity for Sandoz LoE: loss of exclusivity. Note: based on most recent internal estimates. 1. Change of market size post LoE. 2. Average biosimilar penetration in year of peak sales. 3. Average Sandoz biosimilar market share in year of Sandoz peak sales. 4. Average Sandoz net price to originator net-pricing discount in year of Sandoz peak sales. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Opportunity Volume Price Value to Sandoz Market expansion1 Biosimilar penetration2 Sandoz market share3 Pricing discount4 Access-led volume expansion Biosimilar- adoption rate Sandoz market share within biosimilars Net-pricing discount to originator in peak yearDriven by broadened access and earlier treatment with lower-cost biosimilars Varies by market archetype, with Europe leading US on pricing, reimbursement, and regulation Driven by competition, launch timing and commercial strength Several years post market formation Originator peak sales (year LoE-1) Sandoz peak value share 10–20%100% (Range: 0–100%) (Range: 10–90%) (Range: 30–80%) 60–80% 20–40% 65%+ 5%+ Market expansion1 Bio penetration2 Market share3 Price discount4 ( ) ~60% to 80% ~25% to 40% (Range: ~30-80%) 5%+ (Range: 10–100%) A B C D E F A B C D E F( )
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Capital Markets Day 2026 39 Case study – Hyrimoz: share gains in a highly competitive market Source: based on company analysis using IQVIA MIDAS MAT 03/26. Originator company filings. 1. Market share and biosimilar penetration based on volume (grams), market share within the biosimilar market only (excl. originator). 2. Using peak sales year as proxy. 3. Humira 2017 sales per AbbVie filing. 4. Market position and competing medicines based on value in 2025 within biosimilar market only (excl. originator); US Cordavis sales and volume data for adalimumab not considered, as data for Cordavis adalimumab were blocked to IQVIA starting from week 13 Sept 2024. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Market share vs biosimilar penetration in Europe1 2025 European biosimilar penetration ~80% 2025 European market share1 ~20% Estimated European market expansion2 ~90% Originator / biologic AbbVie / Humira® Sandoz biosimilar (launch year) Hyrimoz (2018) Originator LoE-1 sales3 Global USD 18bn; ex-US USD 6bn Sandoz market position4 #3 Europe / #2 US Competing biosimilars4 9 Europe / 10 US Robust market position in a highly competitive landscape 100% 80% 60% 40% 20% 0% Sandoz share Biosimilar penetration
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Capital Markets Day 2026 LoE opportunity 40 Phased approach on pipeline launches LoE: loss of exclusivity. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics Bio100 launch ramp Number of biosimilars launched by year 2030E 2035E 2040E2025 ~30 ~70 >100 13 Until 2030 Execute development and supply-network ramp-up Secure partnership for accelerated pipeline expansion Until 2035 Expand global biosimilar leadership Secure additional launches (in-house / partnerships) 2035+ Extend leadership in emerging technologies Secure additional launches (focus in-house) Based on current LoE outlook
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Capital Markets Day 2026 Capital Markets Day 2026 41 Roadmap to setting industry standard in biosimilars, underpinned by a clear strategy LoE: loss of exclusivity. GLP-1s Bio100 opportunity Sizing of opportunity How to winGenerics LoE opportunity Deliver excellence for patients Leading generics player, highly synergistic business to biosimilars Leader in global generic GLP-1 market Committed to >100 biosimilars in portfolio by 2040 Enhancing biosimilar LoE value coverage to ~80% Initiate Bio100 and build capacity Scale launches and further fuel pipeline Extended leadership with Bio100 Today By 2030 By 2035
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Scalable biosimilar development and supply network Armin Metzger President Biosimilar Development, Manufacturing & Supply
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Capital Markets Day 2026 43 In-house network geared up to support Bio100 Competitive advantage Biosimilar network How to win Fit-for-purpose drug- substance production across fed-batch and continuous manufacturing European geopolitical stronghold at competitive cost Flexibility for expansion of in-house capacity In-house development and manufacturing complemented by strategic partnering Supply reliability and flexibility at scale Vertical integration across development and manufacturing (drug substance and fill/finish)
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Capital Markets Day 2026 A leading biosimilar network In network Under construction 44 1. Development site part of network, investment in manufacturing site just approved. Cambridge, UK Holzkirchen, Germany Toulouse, France Lendava, SloveniaBrnik, Slovenia Ljubljana, Slovenia1 Competitive advantage Biosimilar network How to win
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Capital Markets Day 2026 Future end-to-end European hub is expected to support a sustainable competitive advantage 45 CMC: chemistry, manufacturing and controls. 1. Under construction. Ljubljana Technical development (CMC) Toulouse Technical development (CMC) Holzkirchen Analytical characterisation, clinical bioanalytics and bio-assay development Toulouse1 Continuous manufacturing Brnik1 Vials, syringes, cartridges, autoinjectors Lendava1 Stainless steel fed-batch Ljubljana Vials Ljubljana1 Disposable fed-batch New announcement Cambridge Device development Competitive advantage Biosimilar network How to win Development Drug-substance production Fill/finish
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Capital Markets Day 2026 46 New investment in biosimilar drug-substance production in Ljubljana expands capacity and flexibility Technology Disposable fed-batch Role in network Complements in-house technology portfolio Access to DFB technology Expand capacity for clinical batches and commercial supply for low-to-medium volume drug substance products Advantages Vertical integration Control over capacity Immediate proximity to development site Competitive advantage Biosimilar network How to win Location: Ljubljana Investment: USD ~300m Capacity: 8kl (4 x 2kl reactors) Status: operational from 2029 DFB: disposable fed-batch.
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Capital Markets Day 2026 47 Building manufacturing and development capabilities and capacities to fuel future growth CMC: chemistry, manufacturing and controls. 1. Refers to process-performance qualification. 2. Holzkirchen and Cambridge not shown. Cost-effective and reliable supply via end-to-end integration, combining three distinct drug substance technologies Competitive advantage Biosimilar network How to win Start validation for commercial production Installed capacity End of construction Development2 Technology 20271 Already operational20271 120kl large-scale fed-batch 10m units p.a. 2x1kl continuous manufacturing; 1,000m2 development 2026 Already operationalAcquired December 2025 Lendava LjubljanaToulouse n/a 9,200m2 development Already operational Ljubljana 20291 8kl disposable fed-batch 2029 Ljubljana Stainless steel fed-batch VialsDevelopment: CMC. Manufacturing: continuousCMC Disposable fed-batch 20271 120–200m units p.a. 2028 Brnik Syringes, cartridges, autoinjectors Fill/finishDrug-substance production
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Capital Markets Day 2026 48 Shifting biosimilar development and supply network in-house Unlocking significant opportunity, flexibility and profitability Network online, increasing share of in-house products expands margins, operational improvements driving further COGS reduction beyond 2030 Competitive advantage Biosimilar network How to win Development Manufacturing • Internal capacities in ramp-up phase • Significant reliance on development partners • Internal capacities in ramp-up phase • Significant reliance on external (CMO) supply • 50–70% in-house development • New modalities (e.g. ADCs, bispecifics) • Process optimisation to maximise throughput and output • ~60% in-house manufacturing • Technological flexibility with three drug- substance platforms (see next page) • Scale benefits, utilisation, and operational improvements (e.g. procurement) • Lower development cost per asset • Faster timelines • Greater flexibility and control • Lower product cost • Higher supply flexibility • Increased competitiveness Investments to support growth already underway Today Future ambition Expected impact ADC: antibody-drug conjugates; CMO: contract manufacturing organisation.
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Capital Markets Day 2026 49 How it all fits together Competitive advantage Biosimilar network How to win Disposable fed-batch Fully integrated development CMC CMC for fed-batch and continuous manufacturing Analytical characterisation Bio-assay development Device 2–4kl reactors Purification Drug substance Stainless steel fed-batch 15kl reactors Drug substance Continuous manufacturing 1kl reactors Separation Drug substance Supply flexibility and scalability Optimised productivity Tailored response to market demand Increased speed and flexibility Lower COGSControl and coordination Shaping flexible supply network across molecule and demand Three distinct drug substance technologies provide right approach for every asset … … leading to significant competitive advantages Purification Purification CMC: chemistry, manufacturing and controls.
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Capital Markets Day 2026 50 Driving sustainable COGS reductions beyond 2030 Maximising benefits of in-house biosimilar supply-network COGS: cost of goods sold. Implication on COGS beyond 2030s Significant unit-cost reductions from 2030 Productivity through process optimisation and procurement excellence Continued disciplined working-capital management Top-line growth supported by scale and supply-network flexibility Competitive advantage Biosimilar network How to win
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Capital Markets Day 2026 51 Building end-to-end biosimilars, from cell line to commercialisation Speed to market Flexibility Specialised know-how Supply and quality control Disciplined cost control Cost-competitiveness Capital Markets Day 2026 Competitive advantage Biosimilar network How to win
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Capital Markets Day 2026 Capital Markets Day 2026 52 Vertically integrated network: enabling significant future growth Today By 2030 By 2035 Investments to support growth already underway Fully integrated European network being established Balance between in-house and external development and manufacturing Mix enables flexibility and efficient resource allocation Accelerating growth from in-house capabilities Leveraging our sustainable competitive advantage Competitive advantage Biosimilar network How to win
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Questions Armin Metzger President, Biosimilar Development, Manufacturing & Supply Richard Saynor Chief Executive Officer Rebecca Guntern Chief Commercial Officer
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Break
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Welcome back Richard Saynor Chief Executive Officer
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Capital Markets Day 2026 56 Extensive commercial reach: a differentiated operational strength to deliver Bio100 Sandoz growth at constant currencies. Source: IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions. Net sales 2025 54% 24% 22% 58% 17% 25% Sandoz Biosimilars Europe International North America Biosimilar market growth 2025–2035E Generic market growth 2025–2035E +19% +23% +4% +11% +15% +5% International North America Europe Scale and local market presence, delivering strong tender competitiveness and positive market uptake Comprehensive partner of choice offering broad portfolio and cost leadership Disciplined market and pipeline execution, global commercial capabilities Regional Introduction USD 11.1bn USD 3.3bn
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57 A world-class commercial engine Christophe Delenta President Europe Europe
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Capital Markets Day 2026 58 #1 biosimilar and generic company in Europe1 1. Based on company analysis using data from IQVIA MIDAS MAT 03/26 data in LCUSD at gross price. 2. European top-5 markets include Germany, France, UK, Italy, and Spain. 3. Based on company analysis using IQVIA MIDAS MAT 03/26. 4. Biosimilar market growth 2025–2035. 5. Leadership defined as being ranked among top-3 per country in gross sales. 6. Calculated based on volumes sold, daily dose as defined by World Health Organization, treatment duration and certain adjustments from internal medical experts. Market position Track record How to win #1 biosimilars and generics1 #1 in three of top-5 European markets2 and expanding leadership1 USD 18bn3 +15%4 2025 biosimilar market size1 Large, attractive and growing market opportunity Leading commercial platform Present in >40 countries and leading in ~95% of markets across Europe1,5 Strong go-to-market capabilities Leadership in first-to-market execution, commercialisation and market access 455 million treatments for European patients6 Net sales Europe 2025 68% 32% 54% of Sandoz net sales USD 5.9bn Biosimilars Generics
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Capital Markets Day 2026 59 Home market: strong European growth underpins Bio100 ambition Growth at constant currencies. Source: IQVIA MIDAS (2022–2025) covering 18 countries; IQVIA Forecast Link projections to 2035 for 17 common countries. Market dynamics Loss of exclusivity in biosimilars to grow from 18 molecules between 2015–2025 to 115 molecules between 2025–2035E Top drivers for generic growth (2025–2035E) expected from tafamidis, apalutamide, abemaciclib, apixaban and dapagliflozin Ongoing launches lift biosimilar contribution from 21% in 2025 to 39% by 2035E Biosimilars Generics Total +13% +15% +6% +5% +7% +8% 2023–2025 CAGR 2025–2035E CAGR 61 68 11214 18 71 75 86 183 Market position Track record How to win European biosimilar and generic market actuals and outlook Gross sales, USD bn 2023 2025 2035E
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Capital Markets Day 2026 60 Extended market leadership underpinned by strong track record; well-positioned for Bio100 Growth at constant currencies. 3.6 3.8 4.0 1.4 1.6 1.9 5.0 5.4 5.9 +15% +3% +6% CAGR 2023–2025Net sales Europe USD bn Market position Track record How to win BiosimilarsGenerics 2023 2024 2025
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Capital Markets Day 2026 61 Driven by broad biosimilar portfolio with strong history of launches Sandoz in-market biosimilars3 Five anticipated launches Sandoz Competitor 1 Competitor 2 Competitor 3 Competitor 4 Sandoz biosimilar share evolution Oct’25 Nov’25 Dec’25 Jan’26 Feb’26 28% Mar’26 #1 in 9 of 13 launched biosimilars1 28% Market share >86% Tender win rate2 Herwenda® (trastuzumab) Bysumlog® (lispro) Dazparda® (aspart) 1st 2nd 3rd Avzivi® (bevacizumab) Ondibita® (glargine) Source: IQVIA MIDAS MAT 03/26; market definition: bio: biocomparables excluding ATC J7, K, T, V & NFC V & Z with additional adjustments done by the global team. 1. Number of launched biosimilars varies depending on market. In EU, ranibizumab only launched in Germany and is excluded from the number of launched products. 2. Number of focus tenders won as a percentage of total number of tenders bid, 2025. 3. In EU, ranibizumab only launched in Germany and is excluded from the number of launched products. Market position Track record How to win
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Capital Markets Day 2026 62 Clear leadership in recent market launches 1. Based on company analysis using IQVIA MIDAS 03/26. Market position Track record How to win Afqlir Market share1 How Sandoz wins 80% 5% 5%4% 3% 3% IP expertise Differentiated formulation First-to-market launches: day-1 availability across EU markets Supply reliability with strong payor confidence Outperformance driven by targeted strategy Wyost & Jubbonti Market share1 How Sandoz wins First-to-market launch Day-1 availability across EU markets and ~21% share Rapid uptake despite high competitive density Repeatable launch model 21% 14% 12%12% 10% 31% Sandoz Company 1 Company 2 Company 3 Company 4 Osteoporosis Oncology 22% 21% 19% 19% 9% 10% Other
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Capital Markets Day 2026 63 Distinctive local market affinity at scale Note: duration of therapy is defined as sales equivalent treatment days from January to December for a year. Market position Track record How to win Helping drive biosimilar adoption and healthcare system savings Duration of therapy - daysStrong positioning to compete effectively adalimumab (originator vs biosimilars) 148 1 2018 110 39 2019 72 129 2022 59 198 2024 91 2015 149 149 91 201 257 Biosimilars 2018 Originator Biosimilars pegfilgrastim (originator vs biosimilars) 11 9 3 5 14 3 19 13 11 1213 19 22 Biosimilars 2018 2018 2019 2022 20242015 +12% -6% +18% +11% Tender Competitive COGS Leading negotiation capabilities Share of voice Deep relationships with stakeholders Breadth of sales force Substitution Established pharmacy presence Strong wholesalers and specialty-network access Markets where Sandoz leads
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Capital Markets Day 2026 64 Scale and heritage provide natural edge Turning market complexity into competitive advantage E2E: end-to-end. Commercialisation barriers Sandoz advantage Healthcare budget pressure Complex market archetypes Licence to operate / IP challenges Europe-centric, European heritage Local scale and E2E capability Proven track record Constructive policy engagement with regulators and authorities Market position Track record How to win
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Capital Markets Day 2026 65 Europe is the foundation of Bio100 Scalable and well invested to support Bio100 growth E2E: end-to-end. Source: IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions. 1. In EU, ranibizumab only launched in Germany and is excluded from the number of launched products. Market position Track record How to win # of biosimilars in portfolio By 2040Today >100 131 #1 in biosimilars and generics Scaled at cost-efficient manufacturing >2,300 field force FTEs Full E2E capability >40 countries Above market growth EU first-development model #1 launch platform of scale and expertise Improved access for patients in Europe Bio100 strategy
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Capital Markets Day 2026 Capital Markets Day 2026 66 Roadmap to setting industry standard in biosimilars, underpinned by clear strategic ambitions E2E: end-to-end. Market position Track record How to win Today By 2030 By 2035 Set up for future success Leverage scale and #1 position in biosimilars Strong execution capabilities across all three market archetypes Biosimilar expansion First-to-market and expanding into competitive markets Leverage E2E scale, market access capabilities, customer relationships and execution Accelerate leadership Expanding portfolio Strengthen position as Europe’s most trusted biosimilar and generic company
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A world-class commercial engine Peter Stenico President International International
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Capital Markets Day 2026 68 Focused International platform backed by global pipeline 1. Markets with direct presence refer to markets with a trading or a non-trading legal entity. 2. Biosimilar market growth 2025–2035E. 3. IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions, excluding markets with limited or no operations for Sandoz, such as China, India, Pakistan, Indonesia and Bangladesh. CAGR 2025–2035E. 4. Calculated based on volumes sold, daily dose as defined by the World Health Organization, treatment duration and certain adjustments from internal medical experts. Market position Track record How to win ~280 million patients reached4 Champion policies, improve patient access and strengthen healthcare systems Net sales International 2025 79% 21% 24% of Sandoz net sales USD 2.7bn Leading position in biosimilars Established commercial positioning in core markets USD 3bn +19%2 2025 biosimilar market size3 Large, attractive and growing market opportunity Focused on most attractive markets >20 markets with direct presence1 and ~30 markets served via distributor model Positioned for success in a growing biosimilar market Global portfolio leveraged through locally tailored commercial expansion Biosimilars Generics
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Capital Markets Day 2026 69 88 1282 3 17 71 91 145 69 Strong growth expected in International markets, particularly in biosimilars Growth at constant currencies. 1. IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions, excluding markets with limited or no operations for Sandoz, such as China, India, Pakistan, Indonesia and Bangladesh. 2. S&P Global, Emerging markets: A decisive decade. 3. International Monetary Fund, 2023. Market dynamics By 2035E, International markets will make up 65% of global economic growth2 Highest population growth expected in International markets3 Healthcare systems maturing and Bio adoption increasing Biosimilars Generics Total +17% +19% +13% +4% +13% +5% 2023–2025 CAGR 2025–2035E CAGR International biosimilar and generic markets1 Gross sales, USD bn Market position Track record How to win 2023 2025 2035E
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Capital Markets Day 2026 70 Leadership position in biosimilars primes Sandoz for Bio100 Source: IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions, excluding markets with limited or no operations for Sandoz. Note: growth at constant currencies. 1. Number of launched biosimilars varies depending on market. 2.1 2.1 2.2 0.4 0.4 0.6 2.5 2.6 2.7 Net sales International USD bn +27% +4% +8% CAGR 2023–2025 Market position Track record How to win Sandoz biosimilar share evolution 14% 2023 2024 2025 6.3% Sandoz Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 #1 with 12 launched biosimilars1 BiosimilarsGenerics 2023 2024 2025
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Capital Markets Day 2026 71 Sandoz 360° strategy wins across market archetypes 1. IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions, excluding markets with limited or no operations for Sandoz, such as China, India, Pakistan, Indonesia and Bangladesh. Market position Track record How to win Somatropin example Trusted partner in care Building preference through physician engagement, patient- and caregiver-centric programmes Optimised pricing architecture Driving tender success while expanding access in share-of-voice markets Differentiated patient experience Enhancing device usability and patient support to improve adoption and persistence Reliable global supply-network Designed to support continuity, resilience and reliable patient access Sandoz 360° strategy Somatropin share evolution Total International market1 Sandoz Competitor 1 to 4 16% 23% 30% 29% 32% +3% Originator 2022 2023 2024 2025 2026
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Capital Markets Day 2026 72 Targeted footprint and broad biosimilar portfolio drive platform 1. Markets with direct presence refer to markets with trading or a non-trading legal entity. 2. Number of launched biosimilars varies depending on market. 3. Commercial agreement in Australia where Sandoz has exclusive rights to distribution. Sandoz in-market biosimilars2 bevacizumab3 Footprint is aligned to Sandoz strong positioning Top Sandoz markets (direct1) Total of >20 markets with direct presence1 ~30 markets served via distributor model Market-specific go-to-market models, aligned to opportunity size and commercial rights Market position Track record How to win
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Capital Markets Day 2026 73 Leading position in significant biosimilar markets HCP: healthcare professionals. 1. IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions, excluding markets with limited or no operations for Sandoz, such as China, India, Pakistan, Indonesia and Bangladesh. 2. Japan’s market position includes 3rd party rituximab sales. Market position Track record How to win 11 biosimilars Broadest biosimilar portfolio, in line with EU/US 60% first-to-market rate Strong retail and hospital presence #11 8 biosimilars Commercial execution and portfolio expansion Dedicated speciality team 10-year partnership with government #11 3 biosimilars Strong position with HCP / hospital presence Sales and reach maximised by local partnerships in substitution and share-of-voice markets Selective execution and portfolio commercialisation #11,2
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Capital Markets Day 2026 74 Track record of broadening access for patients 1. Patient numbers are estimated based on IQVIA volume data. Actual number of patients may deviate from estimates. Market position Track record How to win Adalimumab example Estimated number of patients on treatment1 Thousands 25k+ patients that gained access to treatment through PDPs ~30% public demand covered by Sandoz Before PDP (2021) 2025 58 84 +45% Granting access to patients unable to afford private healthcare Supporting long-term public healthcare infrastructure and know-how Scalable, sustainable model for expanding biosimilar pipeline Productive development partnership (PDP) Long-term public-private partnership in Brazil – the Ministry of Health commits to a multi-year procurement contract with a company like Sandoz in return for a phased technology transfer to a local public manufacturer
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Capital Markets Day 2026 75 Scalable platform designed to support significant growth Market position Track record How to win Until year-end 2025… …By end of 2030 57 launches 20 years to get here 5 years to double impact Optimised International country footprint Tailored GTM model by country 114 launches2x GTM: go-to-market. Note: launches refers to the commercialisation of one product in one market. Based on top-11 biosimilar markets. 1. Includes Hong Kong, Taiwan, Singapore, Vietnam, Malaysia and Thailand. Strategic launch prioritisation Investment in capability-building For top-11 biosimilar markets CMC: chemistry, manufacturing and controls. 1. Under construction. 1
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Capital Markets Day 2026 Capital Markets Day 2026 Today By 2030 By 2035 Leading player with resilience in a contested market Consistent pipeline execution Pioneering private-label business Local market intimacy Establishing biosimilar leadership Competitive and expanding pipeline Wider patient access Extended market leadership Tripling the in-market portfolio Technology edge 76 Roadmap to setting industry standard in biosimilars, underpinned by clear strategic ambitions Market position Track record How to win
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A world-class commercial engine Keren Haruvi President North America North America
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Capital Markets Day 2026 78 North America: a core growth engine for Sandoz 1. Based on company analysis using IQVIA MIDAS MAT 03/26 using IQVIA market definitions. 2. IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA market definitions. 3. Biosimilar market growth 2025–2035E. 4. Calculated based on volumes sold, daily dose as defined by the World Health Organization, treatment duration and certain adjustments from internal medical experts in 2025. Market position Track record How to win 140 million patients reached4 Champion patient access policies and strengthen healthcare systems Net sales North America 2025 66% 34% 22% of Sandoz net sales USD 2.4bn Strong position in biosimilars1 #3 in US #3 in Canada USD 15bn +23%3 Attractive and growing biosimilar-market opportunity2 Scale and commercial presence to succeed #2 in region for generics and biosimilars combined Biosimilars a key growth driver; generics the backbone Biosimilars Generics
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Capital Markets Day 2026 79 North America market expected to expand significantly, mainly in biosimilars Growth at constant currencies. 1. IQVIA Analytics Link MAT 03/26 at constant currencies at gross price level and using standard IQVIA definitions. 2. Canada’s evolving market for biosimilars and what it means for payers, Canada.ca. Market dynamics US and Canada policy tailwinds accelerating biosimilar adoption Biologics drive ~50% of US and ~40%2 of Canada medicine spend High generic penetration in US; significant potential in biosimilars Biosimilars Generics Total +17% +23% +4% +11% +6% +14% 2023–2025 CAGR 2025–2035E CAGR Market position Track record How to win 71 76 219 11 15 121 82 91 340North America biosimilar and generic markets1 Gross sales, USD bn 2023 2025 2035E
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Capital Markets Day 2026 80 Strong growth driven by biosimilar launches Growth at constant currencies. 1.7 1.6 1.6 0.5 0.8 0.8 2.1 2.4 2.4 +36% (2%) +7% CAGR 2023–2025Net sales North America USD bn Market position Track record How to win BiosimilarsGenerics 2023 2024 2025
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Capital Markets Day 2026 81 Launch leadership in a contested market 1. Based on company analysis using IQVIA MIDAS MAT 03/26 based on IQVIA definitions; excludes parallel imports. 2. Flags indicate countries in which biosimilars are currently commercialised. Sandoz biosimilar share evolution in US and Canada1 Competitor 2026 share 2026 rank 2022 share 2022 rank Δ 2022– 2026 share 22.9% 1 19.1% 2 +3.8pp 18.6% 2 29.0% 1 (10.5pp) 10.9% 3 7.2% 5 +3.7pp 7.2% 4 5.1% 6 +2.0pp 6.9% 5 8.0% 4 (1.1pp) A B C D A B C D Others #3 in 2026 11% Market share Market position Track record How to win Sandoz key in-market biosimilars2
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Capital Markets Day 2026 82 Winning in US by matching channel strategy to benefit design PBM: pharmacy benefit manager. GPO: group purchasing organisation. Source: DCI (HMP Global). Market position Track record How to win Pharmacy benefit Prescriptions filled at pharmacy Self-administered Adoption driven by three major PBMs controlling >80% of market PBM-associated private-label programmes Medical benefit Physician-administered in hospitals, infusion centres, etc. Fragmented customer base of providers and GPOs Delivery of cost savings to healthcare providers drives faster adoption Win through PBM partnerships to secure formulary access and private-label volumes Win through market access, pricing and reimbursement execution to drive rapid provider adoption
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Capital Markets Day 2026 83 From strategy to impact: biosimilar case studies Market position Track record How to win Pharmacy benefit Medical benefit How to win: Private label for early entry Partner of choice How to win: First-to-market IP expertise Supply reliability End-to-end operational readiness Why it matters: Pharmacy-benefit biosimilar-leadership model Win on strategy, not just price Why it matters: Repeatable US biosimilar-launch model Regulatory leadership and cross-functional operational excellence 20252023
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Capital Markets Day 2026 84 Proactive engagement drives market success Converting to impact Excellent relationships with customers and providers Pioneering private label through trusted relationships Leadership in key molecules enabled by commercial capabilities Strategic IP execution and actively advocating for policy changes Integrated commercial capabilities Deep technical and market expertise Ability to shape and navigate dynamic market environments Market position Track record How to win
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Capital Markets Day 2026 85 North America: a strategic region for biosimilars Market position Track record How to win Bio100 strategy Differentiate with reliable supply Power scalable, data-driven, disciplined and competitive pricing decisions Advance favourable policy through focused engagement Significant growth momentum in biosimilars in US Leading biosimilar player in North America Strong growth over past two years Two channel strategies to best address market Margin and top-line accretive Significant biosimilar portfolio In market 2006 2023 2025 202520241 2025 Pharmacy benefit Medical benefit 2026 35 molecules in pipeline USD >150bn of LoE opportunity 2026–2040 LoE: loss of exclusivity. 1. Acquired by Sandoz in 2024, originally launched in 2022. 2015 2019
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Capital Markets Day 2026 Capital Markets Day 2026 Today By 2030 By 2035 86 Roadmap to extended leadership in biosimilars, underpinned by clear strategic ambitions Market position Track record How to win A leading player in a competitive market Consistent pipeline execution Pioneering private-label business Local market intimacy Establishing leadership Leading pipeline Scalable operating model Partner of choice Market leadership Largest in-market portfolio Comprehensive customer offering Strategic foothold for Sandoz
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87 Stepping up value creation Remco Steenbergen Chief Financial Officer
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Capital Markets Day 2026 88 From separation to delivery Consistent strong outperformance since spin-off At constant currencies. 1. Reported free cash flow. Core EBITDA margin of net sales Free cash flow1 USD bn Core ROIC in % Core diluted EPS USD Leverage 9.6 10.4 11.1 2023 2024 2025 9.6 10.4 11.1 20.1 21.7 18.1 -0.2 0.1 0.9 2023 2024 2025 2023 2024 2025 9.8 12.3 14.5 2.2 2.7 3.6 2023 2024 2025 2023 2024 2025 2023 2024 2025 1.8x 1.6x 1.5x Net sales USD bn Bio100 growth plan Driving value creationSandoz today Bio100 summary
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Capital Markets Day 2026 89 Net sales performance by business Sustained growth in biosimilars; strong performance in generics Growth at constant currencies. Biosimilars: consistent high growth 2028 ambition met in 2025: biosimilars at 30% of net sales Performance demonstrates strength of market demand Successful biosimilar launches including Hyrimoz, Pyzchiva, Wyost and Jubbonti Net sales USD bn 7.4 7.5 7.8 2.2 2.9 3.3 9.6 10.4 11.1 +21% +2% +7% CAGR 2023–2025 Bio100 growth plan Driving value creationSandoz today Bio100 summary BiosimilarsGenerics 2023 2024 2025
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Capital Markets Day 2026 Bio100 growth plan Driving value creationSandoz today 90 Net sales performance by region Strong biosimilar growth in all regions Growth at constant currencies. Regional dynamicsNet sales USD bn Bio100 summary Europe with strong overall growth; crystallising leadership position North America and International with strongest biosimilar performance 2.1 2.4 2.4 2.5 2.6 2.7 5.0 5.4 5.9 2023 2024 2025 Europe International North America 9.6 10.4 11.1 +8% +7% +7% +6% +15% +27% +36% CAGR 2023–2025 of which biosimilars CAGR 2023–2025 +21%
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Capital Markets Day 2026 91 Bio100 expands Sandoz coverage and unlocks major growth potential LoE: loss of exclusivity; BD&L: business development & licensing. 1. LoE-value calculated as a share of originator sales one year prior to loss of exclusivity (LoE-1) targeted by Sandoz pipeline from already LoE assets (upon approval) to 2040, excluding marketed assets. Standard biologics > USD 0.5bn (Phase III, submitted, approved, and marketed assets). Biologics LoE pipeline coverage1 Significant part of initial pipeline filled via BD&L; majority of in-house pipeline over time # of expected biosimilars in portfolio >100~70~30~2013 ~50% ~80% 2025 2028E 2030E 2035E 2040E # External biosimilars marketed # In-house biosimilars marketed Bio100 growth plan Driving value creationSandoz today Bio100 summary
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Capital Markets Day 2026 Bio100 growth plan Driving value creationSandoz today 92 Long-term growth to be driven by acceleration in biosimilar sales 1. At constant currencies. 2. Including GLP-1s. Bio100 summary Net sales by business segment Versus actuals in 2025 at CC >2x1 2035E ~55% ~45% 2030E ~60–65%2 ~35–40% 2025 70% 30% Biosimilars Generics Plus upside from GLP-1s GLP-1s plus upside from GLP-1s
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Capital Markets Day 2026 93 Why Bio100: stepping up value creation Growth at constant currencies. 1. Includes GLP-1s. 2028 outlook confirmed New 2030 mid-term outlook1 Mid-single-digit percentage CAGR 24–26% 30–40% of core net income Core ROIC Mid-to-high single-digit percentage CAGR 25–27% 30–40% of core net income 16–18% Dividend Core EBITDA margin Bio100 growth plan Driving value creationSandoz today Bio100 summary Net sales
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Capital Markets Day 2026 94 Why Bio100: investing today for accelerating growth Growth at constant currencies. 1. Includes GLP-1s. 2. Mainly related to additional investments in development with remainder in manufacturing-related capex. Bio100 investment: USD 2bn–2.5bn2 Mid-to-high single-digit to 2030 and double-digit percentage growth from 2030s Outlook 2025–20301 Ambition by 2035 Mid-to-high single-digit percentage CAGR 25–27% by 2030 Core ROIC More than 2x 2025 net sales (plus upside from GLP-1s) >30% >20% Net sales Core EBITDA margin 16–18% by 2030 Bio100 growth plan Driving value creationSandoz today Bio100 summary
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Capital Markets Day 2026 95 Multiple levers to drive margin expansion Opportunities across gross margin and operating costs to drive operating margin expansion D&R: development & regulatory SG&A: selling, general & administrative expenses. Price erosion of mid-single-digit percentage Mix improvement through greater share of biosimilars, outpacing price erosion Operational improvements and start of vertical integration driving supply-network benefit Incremental D&R investments benefiting from regulatory streamlining (higher D&R cost from Bio100) Declining SG&A cost as % of net sales 2025 Price Sales mix Operational improvements Operating leverage 2030E 21.7% 25–27% Core EBITDA margin Directional illustration, % of net sales Bio100 growth plan Driving value creationSandoz today Bio100 summary
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Capital Markets Day 2026 96 Internalisation initiatives will drive material COGS efficiencies At constant currencies. JEB: Just-Evotec Biologics EU SAS. COGS: cost of goods sold. Significant COGS savings beyond 2030 COGS Directional illustration, % of net sales 2025 2035ESourcing Site productivity In-sourcing Scale2030E 49% Sales mix Sales mix COGS drivers Vertical integration and continuous manufacturing Scale benefits Near-term Long-term Procurement and sourcing efficiencies Supply-network productivity gains Bio100 growth plan Driving value creationSandoz today Bio100 summary
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Capital Markets Day 2026 97 One-off costs1 reducing 1. Excludes litigation and software-implementation-cost-accounting impacts. Completion of one-off projects for future readiness USD bn Completing one-time separation investments in IT, supply-network and development capabilities Continuing simplification and transformation of supply-network and organisation structure 0.3 0.7 0.4 ~0.2 2023 2024 2025 2026E 2028E 2030E Supply-network Transformation Separation ~0.3 2027E Bio100 growth plan Driving value creationSandoz today Bio100 summary
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Capital Markets Day 2026 98 Capex to stabilise from 2026 and decline as ratio to net sales Vertical integration investments already started ahead of Bio100 implementation At constant currencies. Capex Directional illustration, USD bn Investments already underway to prepare for growth Capex to stabilise at around 2026 levels; declining ratio to net sales Improved asset utilisation driven by Bio100 execution; improved throughput Better line efficiency, automation and smoother tech transfers allow growing volumes to be absorbed within existing footprint 0.4 Capex % net sales 7% 9% Similar USD level to 2026 0.4 ~0.6 ~0.50.7 ~1.1 Other capexManufacturing capex Total planned capex Directional illustration, USD bn Bio100 growth plan Driving value creationSandoz today Bio100 summary 2025 2026E 2028E 2030E
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Capital Markets Day 2026 99 Free cash flow1 Attractive cash flow profile despite Bio100 investments At constant currencies. 1. Reported free cash flow. 2. Mainly related to additional investments in development with remainder in manufacturing-related capex. Free cash flow1 Directional illustration, USD bn Reinvesting free cash into sustainable growth: incremental USD 2bn–2.5bn2 investment Attractive cash flow profile driven by continued core EBITDA margin expansion Reducing net debt to EBITDA ratio 0.9 ~1.5x Bio100 growth plan Driving value creationSandoz today Bio100 summary 2025 2030E
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Capital Markets Day 2026 Bio100 growth plan Driving value creationSandoz today 100 Financial strength paired with disciplined capital allocation Clear priorities to deliver high-quality returns BD&L: business development & licensing. Capital allocation Organic reinvestment in biosimilar development and vertical integration Value-accretive BD&L, especially in early years of Bio100 implementation; opportunistic bolt-on M&A Progressive dividend policy Core ROIC Focus on investments that are expected to enhance efficiency and deliver highly attractive returns Step-up in core ROIC driven by Bio100 growth and operating margin expansion Continued disciplined approach to working capital management Financial resilience Sustained cash generation Commitment to investment-grade credit rating Strong balance sheet to support growth Bio100 summary
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Capital Markets Day 2026 101 Further expansion of core ROIC Combined with accelerating net sales growth: potential for enhanced value creation Core ROIC development Directional illustration Growth and profitability Acceleration in shift towards biosimilars Significant longer-term benefits from vertical integration Operating leverage from reduction in opex to net sales Invested capital Investments in biosimilar pipeline benefiting from regulatory streamlining Leveraging vertical integration for biosimilars Generic cash generation to support Bio100 2025 2030E 2035E 14.5% 16–18% >20% Bio100 growth plan Driving value creationSandoz today Bio100 summary
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Capital Markets Day 2026 Bio100 growth plan Driving value creationSandoz today 102 From proven leadership to accelerated momentum in biosimilars Bio100 summary Consistent delivery Doubling down on biosimilars 2028 outlook confirmed Scaling D&R investment Enhanced growth in top line, profitability and ROIC Optimising supply network D&R: development & regulatory. Stepping up value creation through new 2030 outlook and 2035 ambition
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The timing of the opportunity is now Richard Saynor Chief Executive Officer
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Capital Markets Day 2026 USD >300bn2 originator loss of exclusivity pool not yet targeted by Sandoz3 1 Patient access pressure 2 Market opening 3 Regulatory streamlining 104 The time is now Patient need, market opening and regulatory environment are converging 1. Based on internal analysis using IQVIA Analytics Link (MAT 12/25) using standard IQVIA definitions; 75 countries; in USD and standard units. 2. 2026–2040. 3. Includes LoE in major markets (US and EU); LoE dates based on IPD databases; originator sales data at LoE from analysis and Evaluate Pharma. Includes marketed, approved, submitted and Phase III biologics above USD 0.5bn LoE-value 2026–2040. ~50% cost reduction > 2 years saved in development ~30% of cost1 ~80% global prescriptions1
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105 Clear strategic roadmap backing Bio100 Value creation for patients and shareholders Commercial enginesEnd-to-end capabilities Accelerating biosimilar pipelinePatient focus 2030E 2035E 2040EToday ~30 ~70 >10013 Biosimilars in portfolio
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Capital Markets Day 2026 106 23,000+ colleagues united by Purpose Pioneering access for patients
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Capital Markets Day 2026 Questions Richard Saynor Chief Executive Officer Remco Steenbergen Chief Financial Officer Keren Haruvi President North America Peter Stenico President International Christophe Delenta President Europe
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Appendix
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Capital Markets Day 2026 109 Bio100 opportunity ofatumumab (4.5bn) alteplase (2.1bn) thrombopoietin (0.7bn) vedolizumab (6.4bn) dulaglutide (2.9bn) pembrolizumab IV (27.4bn) daratumumab (USD 18.9bn) ixekizumab (3.7bn) dupilumab (26.5bn) emicizumab (6.1bn) risankizumab (33.1bn) insulin glargine (4.4bn) cetuximab (2.1bn) insulin (human) – Lilly (0.7bn) brentuximab vedotin (1.9bn) blinatumomab (2.3bn) nivolumab IV (9.5bn) secukinumab (7.5bn) atezolizumab (3.6bn) guselkumab (8.9bn) sacituzumab govitecan (3.0bn) trastuzumab deruxtecan (18.5bn) onabotulinumtoxinA (3.8bn) canakinumab (1.9bn) interferon beta-1a (Avonex) (0.7bn) ramucirumab (0.9bn) pembrolizumab SC (7.9bn) evolocumab (5.2bn) pegloticase (1.7bn) durvalumab (7.7bn) burosumab (2.4bn) enfortumab vedotin (5.8bn) pertuzumab (3.6bn) aflibercept HD (1.6bn) rilonacept (0.7bn) elosulfase alfa (0.8bn) nivolumab SC (4.1bn) ocrelizumab IV (5.0bn) alirocumab (1.0bn) romosozumab (4.5bn) lanadelumab (1.6bn) tezepelumab (5.2bn) ipilimumab (2.8bn) panitumumab (1.3bn) antihemophilic factor (recombinant) (0.7bn) benralizumab (2.4bn) ocrelizumab SC (5.0bn) imlifidase (0.7bn) tildrakizumab (1.3bn) isatuximab (1.2bn) luspatercept (3.8bn) insulin aspart (2.9bn) eptacog alfa (1.1bn) idursulfase (0.6bn) telitacicept (1.5bn) asfotase alfa (2.1bn) tagraxofusp (0.7bn) sarilumab (0.6bn) ersodetug (0.8bn) polatuzumab vedotin (2.9bn) trastuzumab (2.4bn) abobotulinumtoxinA (1.0bn) dornase alfa (0.6bn) eftrenonacog alfa (1.0bn) obinutuzumab (1.9bn) pegvaliase (0.7bn) inebilizumab (2.6bn) insulin lispro (2.3bn) methoxy polyethylene glycol- epoetin beta (1.0bn) alglucosidase alfa (0.6bn) insulin aspart; insulin degludec (0.9bn) ianalumab (1.3bn) eftilagimod alpha (0.7bn) ublituximab (2.2bn) bevacizumab (2.5bn) insulin (human) - Novo (0.8bn) interferon beta-1a (Rebif) (0.6bn) satralizumab (0.7bn) tafasitamab (0.6bn) anifrolumab (1.5bn) belimumab (2.3bn) imiglucerase (0.8bn) galcanezumab (1.1bn) certolizumab pegol (2.2bn) insulin aspart; insulin aspart protamine (0.7bn) Expired not launched 53bn 2026 10bn 2027 5bn 2028 55bn 2029 48bn 2030 11bn 2031 49bn 2032 17bn 2033 77bn Source: Includes LoE in major markets (US and EU); LoE dates based on IPD databases; originator sales data at LoE from internal analysis and Evaluate Pharma. Includes marketed, approved, submitted and Phase III biologics above USD 0.5bn LoE-value until 2040. 1. Not in current nor future Sandoz pipeline today. Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1 Originator sales in USD
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Capital Markets Day 2026 110 Bio100 opportunity (cont’d) belantamab mafodotin (2.1bn) nogapendekin alfa inbakicept (10.3bn) cipaglucosidase alfa; miglustat (0.9bn) efgartigimod alfa (14.7bn) datopotamab deruxtecan (7.7bn) narsoplimab (1.4bn) efanesoctocog alfa (4.8bn) efzofitimod (0.9bn) ivonescimab (15.8bn) denecimig (1.3bn) VK2735 (4.2bn) felzartamab (1.0bn) insulin icodec (1.7bn) ravulizumab (6.5bn) tisotumab vedotin (0.8bn) faricimab (10.0bn) teclistamab (5.8bn) rozanolixizumab (1.2bn) trastuzumab; pertuzumab; vorhyaluronidase alfa (3.7bn) molgramostim (0.9bn) sotatercept (7.9bn) sigvotatug vedotin (1.2bn) amlitelimab (3.2bn) zaltenibart (0.7bn) eptinezumab (1.4bn) nemolizumab (4.5bn) zolbetuximab (0.7bn) bimekizumab (8.7bn) nirsevimab (3.6bn) mosunetuzumab (1.1bn) lebrikizumab (3.1bn) batoclimab (0.9bn) povetacicept (4.5bn) tanruprubart (1.1bn) etentamig (2.6bn) bosakitug (0.7bn) dapirolizumab pegol (1.0bn) amivantamab (3.5bn) lonapegsomatropin (0.7bn) tarlatamab (3.4bn) donanemab (3.4bn) telisotuzumab vedotin (0.9bn) barzolvolimab (2.7bn) gotistobart (0.8bn) tovecimig (3.2bn) fetrastobart vedotin (1.0bn) apitegromab (1.8bn) vamikibart (0.7bn) daxibotulinumtoxinA (0.7bn) lecanemab (3.2bn) tremelimumab (0.7bn) mirvetuximab soravtansine (2.5bn) talquetamab (2.3bn) trastuzumab rezetecan (0.8bn) atacicept (2.6bn) axatilimab (0.8bn) tulisokibart (3.0bn) zelenectide pevedotin (1.0bn) navepegritide (1.6bn) tabirafusp alfa (0.6bn) cemiplimab (2.0bn) cinaxadamtase alfa; apadamtase alfa (0.6bn) duvakitug (2.2bn) sonelokimab (1.9bn) riliprubart (0.7bn) dostarlimab (2.6bn) marstacimab (0.7bn) zanidatamab (2.9bn) cliramitug (1.0bn) frexalimab (1.5bn) ribitol (0.6bn) teprotumumab (1.8bn) loncastuximab tesirine (0.5bn) glofitamab (2.1bn) elranatamab (1.8bn) sacituzumab tirumotecan (2.5bn) ziltivekimab (0.7bn) sibeprenlimab (2.9bn) efruxifermin (1.0bn) elegrobart (1.5bn) fremanezumab (1.2bn) nivolumab; relatlimab (1.7bn) mirikizumab (1.4bn) delpacibart etedesiran (2.4bn) tividenofusp alfa (0.6bn) depemokimab (2.7bn) empasiprubart (0.9bn) CRB-701 (1.1bn) erenumab (1.1bn) sintilimab (0.8bn) tislelizumab (2.1bn) taldefgrobep alfa (0.6bn) lutikizumab (2.6bn) veligrotug (0.9bn) SSGJ-707 (1.0bn) tebentafusp (0.9bn) zigakibart (0.6bn) obexelimab (1.4bn) litifilimab (0.6bn) nipocalimab (2.1bn) garadacimab (0.7bn) gefurulimab (1.1bn) tozorakimab (2.0bn) pumitamig (0.7bn) ifinatamab deruxtecan (1.0bn) clesrovimab (1.9bn) disitamab vedotin (0.6bn) insulin efsitora alfa (0.9bn) delpacibart braxlosiran (1.8bn) zocilurtatug pelitecan (0.5bn) remternetug (1.4bn) 2034 7bn 2035 40bn 2036 47bn 2037 34bn 2038 35–45bn 2039 60–70bn 2040 20–30bn 1–6 additional assets indicatively selected for Bio100 opportunity 3–8 additional assets indicatively selected for Bio100 opportunity 1–3 additional assets indicatively selected for Bio100 opportunity Evolving landscape, with biologics still in development Source: Includes LoE in major markets (US and EU); LoE dates based on IPD databases; originator sales data at LoE from internal analysis and Evaluate Pharma. Includes marketed, approved, submitted and Phase III biologics above USD 0.5bn LoE-value until 2040. 1. Not in current nor future Sandoz pipeline today. Covered in current pipeline Bio100 opportunity Currently not targeted in Bio100 opportunity1 Additional indicatively selected assets undisclosed Originator Sales in USD
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Capital Markets Day 2026 111 39 in pipeline today 174 in Bio100 opportunity2 Number of biologics posing a significant opportunity to expand pipeline LoE: loss of exclusivity (earliest of US/EU). Note: biologics with LoE-1 yr sales <USD 0.5bn are excluded from analysis; LoE overview upon approval – 2040. Source: originator sales and LoE based on internal analysis of data from multiple subscription databases (accessed March 2026). 1. Includes partnered assets. 2. Includes only standard biologics with LoE-1 yr sales >USD 0.5bn which are not in Sandoz pipeline. 166 48 32 19 9 USD 0.5bn–1bn Number of biologics USD 1bn–2bn USD 2bn–3bn USD 3bn–5bn USD >5bn
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Capital Markets Day 2026 112 A leading biosimilar portfolio 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 mobilisation) Rixathon® rituximab MabThera® 2017 Immunology (rheumatology), haematology 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 Afqlir® aflibercept Eylea® 2025 Ophthalmology Europe International North America 1 1. In EU, ranibizumab only launched in Germany.
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Capital Markets Day 2026 113 Global biosimilar pipeline Key near-term launches and biosimilars in regulatory review or yet to launch Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Originator sales (LoE-1) and LoE dates based on internal analysis from multiple subscription databases. Own/targeted brand Originator net sales targeted (USD bn)1 In-house/partnered Current status LoE1 Herwenda® trastuzumab 2 Partnered Regulatory approval in Europe Regulatory submission in US EU: expired US: expired Avzivi® bevacizumab 3 Partnered Regulatory approval in Europe Regulatory approval in US EU: expired US: expired Lantus® glargine 4 Partnered Approved in Europe Regulatory submission in US EU: expired US: expired NovoLog® aspart 3 Partnered Regulatory submission in Europe Regulatory submission in US EU: expired US: expired Humalog® lispro 2 Partnered Regulatory submission in Europe Regulatory submission in US EU: expired US: expired Oncology Diabetes
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Capital Markets Day 2026 114 Global biosimilar pipeline (cont’d) Assets in clinical development Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Originator sales (LoE-1) and LoE dates based on internal analysis from multiple subscription databases. Own/targeted brand Originator net sales targeted (USD bn)1 In-house/partnered Current status LoE1 Keytruda® pembrolizumab IV 27 In-house In clinical development EU: 2031 US: 2028 Opdivo® nivolumab IV 9 In-house In clinical development EU: 2030 US: 2028 Perjeta® pertuzumab 4 Partnered In clinical development EU: expired US: expired Yervoy® ipilimumab 3 Partnered In clinical development EU: expired US: expired Tecentriq® atezolizumab 4 In-house In clinical development EU: 2033 US: 2030 Erbitux® cetuximab 2 Partnered In clinical development EU: expired US: expired Ocrevus® ocrelizumab IV 5 In-house In clinical development EU: 2029 US: 2029 Oncology Neurology
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Capital Markets Day 2026 115 Global biosimilar pipeline (cont’d) Biosimilars in technical development Own/targeted brand Originator net sales targeted (USD bn)1 In-house/partnered LoE1 Darzalex® daratumumab SC 19 In-house EU: 2031 US: 2029 Enhertu® trastuzumab deruxtecan 18 In-house EU: 2036 US: 2033 Opdivo Qvantig® nivolumab SC 4 In-house EU: 2030 US: 2028 Padcev® enfortumab vedotin 6 In-house EU: 2036 US: 2033 Skyrizi® risankizumab 33 In-house EU: 2034 US: 2033 Tremfya® guselkumab 9 In-house EU: 2032 US: 2031 Eylea HD® aflibercept 8 mg 2 In-house EU: expired US: expired Repatha® evolocumab 5 Partnered EU: 2031 US: 2029 Ocrevus® ocrelizumab SC 5 In-house EU: 2029 US: 2029 Dupixent® dupilumab 26 In-house EU: 2033 US: 2031 Oncology Immunology Ophthalmology Neurology DermatologyCardiovascular Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Originator sales (LoE-1) and LoE dates based on internal analysis from multiple subscription databases.
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Capital Markets Day 2026 116 Global biosimilar pipeline (cont’d) Assets in early development Own/targeted brand Originator net sales targeted (USD bn)1 In-house/partnered LoE1 Keytruda Qlex® pembrolizumab SC 8 In-house EU: 2031 US: 2028 Entyvio® vedolizumab 6 Partnered EU: expired US: expired Takhzyro® lanadelumab 2 In-house EU: 2033 US: 2032 Vyvgart®/Vyvgart Hytrulo® efgartigimod alfa 15 In-house EU: 2037 US: 2036 Ultomiris® ravulizumab 7 In-house EU: 2035 US: 2035 Vabysmo® faricimab 10 In-house EU: 2037 US: 2036 Reblozyl® luspatercept 4 In-house EU: 2034 US: 2033 Tezspire® tezepelumab 5 In-house EU: 2033 US: 2034 Oncology Immunology Ophthalmology Haematology Respiratory Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Originator sales (LoE-1) and LoE dates based on internal analysis from multiple subscription databases.
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Capital Markets Day 2026 117 Global biosimilar pipeline (cont’d) Assets in early development Own/targeted brand Originator net sales targeted (USD bn)1 In-house/partnered LoE1 Crysvita® burosumab 2 In-house EU: 2033 US: 2032 Winrevair® sotatercept 8 In-house EU: 2039 US: 2041 Saphnelo® anifrolumab 1 In-house EU: 2034 US: 2033 Benlysta® belimumab 2 Partnered EU: expired US: expired Polivy® polatuzumab vedotin 3 In-house EU: 2033 US: 2033 Oncology Immunology Cardiovascular Endocrinology Note: third-party trademarks are property of their respective owners. LoE: loss of exclusivity. 1. Originator sales (LoE-1) and LoE dates based on internal analysis from multiple subscription databases.
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Capital Markets Day 2026 118 Upcoming investor events Jefferies Back-to-School Healthcare Series Virtual 9 October Barclays C-suite Call Series Virtual 12 October Sandoz 9M 2026 sales update Virtual 28 October Bank of America Global Healthcare Conference London 22 September Sandoz Management roadshows EU/NA London/Zurich/Stockholm/ Toronto/Chicago 10–23 September Morgan Stanley Global Healthcare Conference New York 15 September UBS Pharma Bus Tour Basel 21 September Baader Investment Conference Munich 23 September
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Capital Markets Day 2026 119 Investor Relations contacts Craig Marks Head of IR +44 7818 942 383 Tamara Hackl Senior Director, IR +41 79 790 52 17 Silvia Siegfried Senior Director, IR +41 79 795 90 61 Katie Fischer Coordinator, IR +41 79 500 51 53 investor.relations@sandoz.com
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Thank you 120Capital Markets Day 2026