Slides
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Click to edit Master title style Click to edit Master subtitle style 9M 2026 sales update 28 October 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 section of the Half - Year Report 2026. 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. 2
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3 Agenda Highlights and business update Richard Saynor, Chief Executive Officer Net - sales performance and 2026 guidance Remco Steenbergen, Chief Financial Officer Wrap - up Richard Saynor, Chief Executive Officer Q&A
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4 Richard Saynor Chief Executive Officer Highlights and business update
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5 Sandoz accelerates strategic execution through pipeline expansion, partnerships and strengthened in - house capabilities All growth at constant currencies; AI B2B : anti - infective business - to - business. 1. Underlying performance refers to growth excluding AI B2B impact. Pipeline Business Financials Collaboration with Henlius and mAbxience expanding biosimilar pipeline to 40 assets Added first haemophilia biosimilar to pipeline GLP - 1s: first shipments to partner in Brazil; regulatory approval in Canada Regulatory - submission success in generics Bio100 ambitions unveiled at Capital Markets Day Opened advanced high - volume drug - substance manufacturing centre in Lendava Investment in new drug - substance facility in Ljubljana, using disposable fed - batch technology Q3 net - sales growth: 5% underlying growth: 7% 1 Biosimilars: double - digit growth, 34% of total Q3 net sales EUR 500 million bond issuance FY 2026 net - sales guidance narrowed to 5 - 6%; core - EBITDA margin upgraded to 23.0 - 23.5% Strong momentum into 2027
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6 Underlying Q3 net - sales growth of 7% 1 All growth at constant currencies. AI B2B : anti - infective business - to - business. 1. Underlying performance refers to growth excluding AI B2B impact. Q3 2026 net - sales business mix in USD Q3 2026 net - sales regional mix in USD 34% 66% 52% 23% 25% North America +20% (excl. AI B2B +21%) International +1% (excl. AI B2B +5%) Europe +1% (excl. AI B2B +1%) 2.9 bn +5% 2.9 bn +5% Strong biosimilars momentum continues Biosimilars +17% Generics stable (excl. AI B2B +2%)
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7 Sandoz becomes global market leader in generics 1 LoE : loss of exclusivity. Note: third - party trademarks are property of their respective owners. 1. IQVIA MIDAS Jun 2026 MAT. 2 . 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 pipeline Portfolio strategy Focused LoE coverage, centred on oral solids and injectables ~70% generic LoE coverage 2 Notable recent launches Mesalazine US, pomalidomide US, apixaban AU ~270 medicines launched this year First shipments to partner in Brazil Health Canada grants approval for Sandoz Semaglutide ® , a generic version of Ozempic ® More milestones in GLP - 1 strategy reached
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Regulatory submission in EU of biosimilar pertuzumab 8 Industry - leading biosimilars pipeline further expanded IV : intravenous; HD : high dose; SC : sub - cutaneous . 1. Reflects agreement with Samsung Bioepis, including potential programmes. 2. See appendix for current status reflecting regulatory streamlining. Third - party trademarks are property of their respective owners. Published biosimilar pipeline references significant potential c ommercial opportunities across a range of markets. 40 1 assets Regulatory review / yet to launch 6 Clinical development² 7 Technical development² 14 Early development 9 Avzivi ® (bevacizumab) Ondibta ® (glargine) Dazparda ® (aspart) Herwenda ® (trastuzumab) Bysumlog ® (lispro) Tecentriq ® (atezolizumab) Opdivo ® (nivolumab IV) Keytruda ® (pembrolizumab IV) Ocrevus ® (ocrelizumab IV) Yervoy ® (ipilimumab) Perjeta ® (pertuzumab) Skyrizi ® (risankizumab) Enhertu ® (trastuzumab deruxtecan) Darzalex ® (daratumumab SC) Opdivo Qvantig ® (nivolumab SC) Padcev ® (enfortumab vedotin) Ocrevus ® (ocrelizumab SC) Tremfya ® (guselkumab) Dupixent ® (dupilumab) Crysvita ® (burosumab ) Vyvgart ® /Hytrulo ® (efgartigimod alfa IV/SC) Ultomiris ® (ravulizumab) Reblozyl ® (luspatercept) Vabysmo ® (faricimab) Keytruda Qlex ® (pembrolizumab SC) Tezspire ® (tezepelumab) Takhzyro ® (lanadelumab) Winrevair ® (sotatercept) Polivy ® (polatuzumab vedotin) Hemlibra ® (emicizumab) Eylea HD ® (aflibercept 8 mg) Erbitux ® (cetuximab) Repatha ® ( evolocumab) Saphnelo ® (anifrolumab) Entyvio ® (vedolizumab) Benlysta ® (belimumab)
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9 Hyrimoz: continued strong performance and expanding market share Pyzchiva: leading biosimilar in Europe 1 1. Local country data Mar 26 IQVIA/ARIIMA. 2. IQVIA Jun 2026 update (volume in standard units), data for 38 key markets. Sandoz adalimumab includes Hyrimoz and adalimum ab - adaz. Hyrimoz data exclude Cordavis private - label sales. Market share among biosimilars. 3. IQVIA MIDAS Jun 2026 update (volume in standard units). data for 38 key markets. Hyrimoz ® (adalimumab) Global biosimilar market share and participation² • Strong US performance continues, supported by broad preferred US payer access • Continued share gains in Europe underpinned by strong volume momentum Pyzchiva ® (ustekinumab) Global biosimilar market share and participation³ • #1 position across major European markets; global biosimilar penetration reached 54% • Continued geographic expansion, including Brazil Sandoz market share Biosimilar participation (%) Sandoz market share Biosimilar participation (%) 0 10 20 70 80 Q3 2025 Q4 2025 Q1 2026 Q2 2026 22% 23% 21% 20% 0 10 20 30 40 50 60 Q3 2025 Q4 2025 Q1 2026 Q2 2026 26% 25% 26% 24%
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10 Tyruko: stable European position with further geographic expansion Omnitrope: strong global position 1. Local - market data (volume in grams) and determined by Sandoz launch countries, including originator in intravenous and subcut aneous markets. 2. IQVIA MIDAS Jun 2026 update (volume in grams), including originator products (once - daily); data for 37 key markets; excl. Mex ico. Tyruko ® (natalizumab) European market share¹ • Stable European market share supported by additional launches • Further international expansion, including launch in Saudi Arabia Omnitrope ® (somatropin) Global market share² • Strong global position with continued growth • Established daily - therapy - profile remains resilient • S ustainable US distribution model supports future growth opportunities Q3 2025 Q4 2025 Q1 2026 Q2 2026 17% 16% 17% 17% Q3 2025 Q4 2025 Q1 2026 Q2 2026 35% 35% 37% 36%
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11 Recent launches building momentum across markets 1. IQVIA Jun 2026 update; market share for Q2 2026. Wyost ® & Jubbonti ® (denosumab) Successful launch driving strong market shares 56% Jubbonti biosimilar share in US¹ 49% Wyost biosimilar share in US¹ • Strong US commercial momentum • European launch continues to advance, supported by excellent field execution • International roll - out progressing well, with launches completed in Brazil and Australia; continued geographic expansion Afqlir ® ( aflibercept) Strong European - launch execution 22 European markets 73% biosimilar share in Europe 1 • Launch progressing well, supported by strong execution and favourable competitive dynamics • Afqlir key contributor to European biosimilars growth • Enzeevu ® (aflibercept) launch: US
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12 Expanding biosimilar pipeline: accelerating access through partnerships Henlius partnership mAbxience partnership Strategic partnerships to increase access, therapeutic - area breadth and optionality while leveraging Sandoz commercial reach Initial programmes: cetuximab, evolocumab and belimumab; option for recombinant human hyaluronidase Henlius : development and manufacturing Sandoz : global commercialisation 1 First haemophilia biosimilar in Sandoz pipeline (emicizumab); programme currently in early - stage development mAbxience : development and manufacturing Sandoz : exclusive global commercialisation rights 2 1. Excluding China. 2. Excluding Argentina, Uruguay and Paraguay.
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13 Bio100 ambition progresses: Sandoz opens advanced biosimilar - manufacturing centre in Lendava and invests in new drug - substance facility in Ljubljana Location : Lendava I Capacity : 120 kl large - scale fed - batch Advantages : complements in - house technology portfolio, smart automation and process analytical technology, quality by design from development through to full - scale manufacturing, employs over 300 experts, end - to - end ecosystem Status : s tart of validation for commercial production from 2027 Location : Ljubljana I Capacity : 8 kl litres of additional biologic drug - substance capacity by 2029 Advantages : New disposable fed - batch technology adds in - house capability for low - to medium - volume production, complementing existing continuous and high - volume manufacturing, greater flexibility and control over capacity, strengthening European end - to - end biosimilar network
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14 Net - sales performance and 2026 guidance Remco Steenbergen Chief Financial Officer
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15 9M performance driven by strong underlying volume demand All net - sales growth at constant currencies (CC), unless stated otherwise. AI B2B : anti - infective business - to - business. 1. Underlying performance refers to growth excluding AI B2B impact. Biosimilars continue to drive growth, supported by successful recent launches Strong volume growth more than offset price headwinds Price erosion reflects portfolio mix and market dynamics Net - sales growth in USD billions 8.1 8.7 9M 2025 + 0.8 Volume Price + 0.2 FX 9M 2026 - 0.4 +8% in USD +5% at CC Underlying 1 net - sales growth of 6%
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16 Net - sales performance by business Biosimilars main growth driver, underlying Q3 generics in line with long - term trend All growth at constant currencies. AI B2B : anti - infective business - to - business. Strong performances partly impacted by German - market dynamics, near - term biosimilar supply constraints, and portfolio rationalisation and divestments in International Biosimilars Biosimilars +19% in 9M, representing 33% of total net sales. Momentum across all regions, supported by recent launches and continued strength of established portfolio Generics Generics - 1%; stable, when excluding anti - infective B2B headwind Q3 2026 9M 2026 Generics Biosimilars 2.0 1.9 0.9 1.0 Q3 2025 Q3 2026 2.8 2.9 +5% Generics Biosimilars 5.7 5.8 2.4 2.9 9M 2025 9M 2026 8.1 8.7 +5% in USD billions in USD billions
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17 Net - sales performance by region Strong growth in North America; temporary headwinds in Europe and International Growth at constant currencies. AI B2B : anti - infective business - to - business. 1. IQVIA MIDAS Q2 2026 vs Q2 2025. 2. Underlying performance refers to growth excluding AI - B2B impact. North America led Q3 growth, driven by excellent biosimilar performance Strong volume demand: short - term biosimilar supply constraints in Europe and International Increased market share in Europe 1 , including significant increase in biosimilars International Q3 growth impacted by AI - B2B headwind; underlying growth of 5% 2 Q3 2026 9M 2026 Europe International North America 1.8 2.1 1.9 2.0 4.4 4.6 9M 2025 9M 2026 8.1 8.7 +5% Europe International North America 0.6 0.8 0.7 0.7 1.5 1.5 Q3 2025 Q3 2026 2.8 2.9 +5% in USD billions in USD billions
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Successful issuance of 12 - year EUR 500 million bond Extended average maturity of debt profile Maintained attractive funding costs, with expected average gross debt interest rate remaining below 4% Investment - grade credit ratings: Moody’s: Baa2, positive outlook S&P: BBB, positive outlook 18 Successful bond issuance reinforces strong balance sheet and financial flexibility 1. As of 30 September 2026. Maturity profile of long - term debt 1 in USD millions 0 400 800 1,200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
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19 Full - year guidance Note : no material contribution from any potential launch of generic semaglutide expected in 2026. Guidance excludes any impacts of unforeseen events or unconfirmed developments, including imposition of new tariffs emanating fr om US government. 1. Using recent spot rates and assuming they prevail for rest of year. Net - sales growth 5 - 6% Prior guidance: mid - to - high single - digit percentage % at constant currencies Core - EBITDA margin 23.0 - 23.5% Prior guidance: ~100 basis - point year - on - year increase (2025: 21.7%) % of net sales Key assumption Mid - single - digit percentage price erosion FX impact at spot rates¹: unchanged Net sales: +2% pts Core - EBITDA margin: no material impact GLP - 1 No material contribution from semaglutide net sales Narrowed net - sales range; upgraded margin
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Wrap - up Richard Saynor Chief Executive Officer
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2035 Significantly expand patient impact 2035 More than doubling net sales vs 2025 1 (plus upside from GLP - 1s) Continued delivery of Purpose >100 biosimilars in portfolio by 2040 Drive sustainable value creation 2035 >30% core - EBITDA margin 21 Key messages from CMD 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 ana lys is. 1. At constant currencies. Purpose Ambition Delivery
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22 Coming up: Slovenia biosimilar - hub site visit Bringing Bio100 to life through vertical integration 9 - 10 November 1 Ljubljana Biosimilar development centre From science and data to scalable development 2 Lendava Biosimilar drug - substance facility Building scale, supply resilience and true vertical integration
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Questions Richard Saynor Chief Executive Officer Remco Steenbergen Chief Financial Officer
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Appendix
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25 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. Oncology Diabetes Own/targeted brand Originator net sales targeted (USD bn) 1 In - house/partnered Current status LoE 1 Herwenda ® trastuzumab 2 Partnered Regulatory approval in EU Regulatory submission in US EU: expired US: expired Avzivi ® bevacizumab 3 Partnered Regulatory approval in EU Regulatory approval in US EU: expired US: expired Perjeta ® pertuzumab 4 Partnered Regulatory submission in EU EU: expired US: expired Lantus ® glargine 4 Partnered Regulatory approval in EU Regulatory submission in US EU: expired US: expired NovoLog ® aspart 3 Partnered Regulatory approval in EU Regulatory submission in US EU: expired US: expired Humalog ® lispro 2 Partnered Regulatory approval in EU Regulatory submission in US EU: expired US: expired
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26 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. Oncology Neurology Ophthalmology Own/targeted brand Originator net sales targeted (USD bn) 1 In - house/partnered Current status LoE 1 Keytruda ® pembrolizumab IV 29 In - house In clinical development EU: 2031 US: 2028 Opdivo ® nivolumab IV 8 In - house In clinical development EU: 2030 US: 2028 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 Eylea HD ® aflibercept 8 mg 2 In - house In clinical development EU: expired US: expired Ocrevus ® ocrelizumab IV 5 In - house In clinical development EU: 2029 US: 2029
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27 Global biosimilar pipeline (cont’d) Biosimilars in technical development Oncology Immunology Neurology Dermatology Cardiovascular 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 LoE 1 Darzalex ® daratumumab SC 23 In - house EU: 2031 US: 2029 Enhertu ® trastuzumab deruxtecan 19 In - house EU: 2036 US: 2033 Opdivo Qvantig ® nivolumab SC 3 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 13 In - house EU: 2032 US: 2031 Repatha ® evolocumab 5 Partnered EU: 2031 US: 2029 Ocrevus ® ocrelizumab SC 5 In - house EU: 2029 US: 2029 Dupixent ® dupilumab 28 In - house EU: 2033 US: 2031
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28 Global biosimilar pipeline (cont’d) Biosimilars in technical development Oncology Immunology Haematology 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 LoE 1 Keytruda Qlex ® pembrolizumab SC 7 In - house EU: 2031 US: 2028 Entyvio ® vedolizumab 7 Partnered EU: expired US: expired Takhzyro ® lanadelumab 1 In - house EU: 2033 US: 2032 Ultomiris ® ravulizumab 7 In - house EU: 2035 US: 2035 Reblozyl ® luspatercept 4 In - house EU: 2034 US: 2033
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29 Global biosimilar pipeline (cont’d) Assets in early development Immunology Ophthalmology 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. Own/targeted brand Originator net sales targeted (USD bn) 1 In - house/partnered LoE 1 Vyvgart ®/ Vyvgart Hytrulo ® efgartigimod alfa 17 In - house EU: 2037 US: 2036 Vabysmo ® faricimab 10 In - house EU: 2037 US: 2036 Tezspire ® tezepelumab 5 In - house EU: 2033 US: 2034
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30 Global biosimilar pipeline (cont’d) Assets in early development 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. Haematology Own/targeted brand Originator net sales targeted (USD bn) 1 In - house/partnered LoE 1 Crysvita ® burosumab 2 In - house EU: 2033 US: 2032 Winrevair ® sotatercept 8 In - house EU: 2039 US: 2041 Saphnelo ® anifrolumab 2 In - house EU: 2034 US: 2033 Benlysta ® belimumab 2 Partnered EU: expired US: expired Polivy ® polatuzumab vedotin 3 In - house EU: 2033 US: 2033 Hemlibra ® emicizumab 6 Partnered EU: 2033 US: 2032
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31 Upcoming investor events JP Morgan EU Healthcare CEO Calls Series Virtual 1 December Sandoz Roadshow US West Coast (IR) Denver/LA/SFO 1 - 3 December Kepler Cheuvreux CEO/CFO Tour Virtual 24 November ZKB Swiss Equity Conference Zurich 6 November Sandoz Analyst and investor site visit Slovenia 9 - 10 November Jefferies Global Healthcare Conference London 18 November Sandoz Corporate - governance roadshow Zurich/London 25 - 26 November Deutsche Bank C - suite Call Series Virtual 7 December
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32 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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Pioneering access for patients