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Sandoz reports third-quarter and nine-month 2024 sales

AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 30 de outubro de 2024

Sandoz Group

Ad hoc announcement pursuant to art. 53 SIX Swiss Exchange Listing Rules

MEDIA RELEASE

Basel, October 30, 2024 Sandoz (SIX:SDZ/OTCQX:SDZNY), the global leader in generic and biosimilar medicines, today announced net sales for the third quarter and nine months ended September 30, 2024. For the third quarter, net sales were USD 2.6 billion, an increase of 12% in constant currencies compared to the same quarter of the prior year. For the first nine months of 2024, net sales were USD 7.6 billion, an increase of 9% in constant currencies compared to the prior year.

Richard Saynor, Chief Executive Officer of Sandoz, said: We remain focused on execution, meeting key milestones in our biosimilars business and progressing on our journey as a standalone company. In recent months, we received approval for Pyzchiva® and Enzeevu in the US, launched Pyzchiva® in Europe and see continued strong uptake of Hyrimoz® in the US.

Net sales growth was achieved across generics and biosimilars, with generics accelerating in the third quarter and strong double-digit biosimilars growth in both the third quarter and first nine months. Additionally, all three regions contributed to this strong performance. We expect momentum in our business to continue, driving margin expansion through favorable product mix and leveraging our cost base. We have further advanced on our path to simplifying our business, including progression on the transformation program we launched earlier this year.

THIRD-QUARTER AND NINE-MONTH SALES

Net sales for the third quarter were USD 2.6 billion, up 12% in constant currencies, compared to the third quarter of 2023. Volume contributed 13 percentage points of growth. This was partially offset by price erosion of 1 percentage point. Biosimilars were the key driver of growth in the quarter, while generics experienced solid demand. Growth accelerated in both businesses.

Net sales for the first nine months of 2024 were USD 7.6 billion, up 9% in constant currencies compared to prior year. Volume contributed 11 percentage points of growth. This was partially offset by price erosion of 2 percentage points. The growth was primarily driven by biosimilars, with strong demand for both the base business and new in-market organic and acquired products in the US.

Net sales by business

    Q3 2024 Q3 2023   Change %   9M 2024 9M 2023   Change %
USD millions unless indicated otherwise     USD cc*      USD cc*
Generics   1 854 1 794   3 4   5 558 5 512   1 2
Biosimilars    741  543   36 37   2 084 1 592   31 32
Net sales
to third parties
  2 595 2 337   11 12   7 642 7 104   8 9
                         

 *constant currencies

Generics overview
Net sales for the third quarter were USD 1.9 billion, up 4% in constant currencies, compared to the third quarter of 2023. Net sales for the first nine months were USD 5.6 billion, up 2% in constant currencies versus prior year.

Growth in the Europe region accelerated in the third quarter, mainly driven by recent launches. The momentum continued in the International region, aided by demand for the antifungal agent Mycamine® and favorable pricing dynamics, partly offset by the divestment of the Chinese business. North America declined due to timing of new launches in the US.

Biosimilars overview
Net sales for the third quarter were USD 741 million, up 37% in constant currencies, compared to the third quarter of 2023. Net sales for the first nine months were USD 2.1 billion, up 32% in constant currencies versus prior year.

The strong double-digit biosimilars growth reflects the uptake of Hyrimoz® (adalimumab) in the US, the acquisition of Cimerli® (ranibizumab), the continued strong demand for our first-ever biosimilar, Omnitrope® (somatropin), and the launches of Tyruko® (natalizumab) and Pyzchiva® (ustekinumab) in Europe.

Net sales by region

    Q3 2024 Q3 2023   Change %   9M 2024 9M 2023   Change %
USD millions unless indicated otherwise     USD cc      USD cc
Europe   1 362 1 204   13 12   3 996 3 751   7 6
North America    598  510   17 18   1 742 1 514   15 15
International    635  623   2 8   1 904 1 839   4 9
Net sales
to third parties
  2 595 2 337   11 12   7 642 7 104   8 9
                         

Europe overview
Net sales for the third quarter were USD 1.4 billion, up 12% in constant currencies, compared to the third quarter of 2023. Net sales for the first nine months were USD 4.0 billion, up 6% in constant currencies versus prior year.

Strong growth in biosimilars continues, led by demand for Omnitrope® and the contribution from the recent launches of Tyruko® and Pyzchiva®. Generics momentum accelerated in the third quarter, driven by recent launches and the lapping of the strong prior-year comparison in the first half.

North America overview
Net sales for the third quarter were USD 598 million, up 18% in constant currencies, compared to the third quarter of 2023. Net sales for the first nine months were USD 1.7 billion, up 15% in constant currencies versus prior year.

Growth was driven by the ongoing uptake of Hyrimoz® in the US, the acquisition of Cimerli®, share gain of Omnitrope® in the US and the launch of Wyost®/Jubbonti® in Canada. This was partly offset by a decline in generics sales due to the timing of new launches in the US.

International overview
Net sales for the third quarter were USD 635 million, up 8% in constant currencies, compared to the third quarter of 2023. Net sales for the first nine months were USD 1.9 billion, up 9% in constant currencies versus prior year.

This was primarily a result of strong volume growth across both generics and biosimilars, contribution from the acquisition of Mycamine® in the prior year, favorable price dynamics and recent launches, partly offset by the divestment of the Chinese business in the second quarter.

GUIDANCE 2024

On the back of strong momentum in its biosimilars business and solid generics demand, the company is increasing its full-year 2024 net sales guidance to high-single digit growth in constant currencies versus prior year (from mid- to high-single digit) and is confirming its core EBITDA margin guidance of around 20%.

THIRD-QUARTER STRATEGIC MILESTONES

Sandoz continued to execute on its strategy and passed additional milestones in its biosimilars portfolio.
On July 1, the company announced the US FDA approval of biosimilar Pyzchiva® for all indications of the reference medicine. The company intends to launch Pyzchiva® in the US among the first wave of ustekinumab biosimilars in February 2025.

On July 25, Sandoz announced the launch of biosimilar Pyzchiva® across Europe to treat chronic inflammatory diseases. Pyzchiva® was the first biosimilar to launch in Europe with all reference medicine strengths, including an initiation dose for Crohns disease.

On August 12, Sandoz received FDA approval for Enzeevu to treat neovascular age-related macular degeneration. This approval further enhances the companys leading US ophthalmology portfolio and increases access for patients. Launch timing will be dependent on several factors, including the progress and outcome of pending or potential litigation or any potential settlements.

KEY LINKS

Webcast Live at 9am CET
Analyst call presentation
Analyst consensus

DISCLAIMER

This media release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of managements views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sandoz undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
This media release includes non-IFRS financial measures as defined by Sandoz. An explanation of non-IFRS measures can be found in the Supplementary financial information of the Half-Year Report 2024.

ABOUT SANDOZ

Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in generic and biosimilar medicines, with a growth strategy driven by its Purpose: pioneering access for patients. More than 20,000 people of 100 nationalities work together to ensure 800 million patient treatments are provided by Sandoz, generating substantial global healthcare savings and an even larger social impact. Its leading portfolio of approximately 1,500 products addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to 1886. Its history of breakthroughs includes Calcium Sandoz in 1929, the worlds first oral penicillin in 1951, and the worlds first biosimilar in 2006. In 2023, Sandoz recorded net sales of USD 9.6 billion.

CONTACTS

Global Media Relations contacts  Investor Relations contacts
Global.MediaRelations@sandoz.com Investor.Relations@sandoz.com
Steffen Kurzawa
+41 79 800 8501
Laurent de Weck
+41 79 795 7364
Joerg E. Allgaeuer
+49 171 838 4838
Tamara Hackl
+41 79 790 5217
   

SUPPORTING FINANCIAL INFORMATION

Quarterly net sales

2024

    Q1 2024 Change %   Q2 2024 Change %   Q3 2024 Change %
USD millions unless indicated otherwise   USD cc   USD cc    USD cc
Generics   1 869 0 1   1 835 -1 1   1 854 3 4
Biosimilars    623 21 21    720 35 37    741 36 37
Net sales
to third parties
  2 492 5 6   2 555 7 9   2 595 11 12
                         
    Q1 2024 Change %   Q2 2024 Change %   Q3 2024 Change %
USD millions unless indicated otherwise   USD cc    USD cc    USD cc 
Europe   1 326 4 2   1 308 2 3   1 362 13 12
North America    524 6 6    620 22 23    598 17 18
International    642 4 12    627 5 9    635 2 8
Net sales
to third parties
  2 492 5 6   2 555 7 9   2 595 11 12
                         

2023

    Q1 2023 Change %   Q2 2023 Change %   Q3 2023 Change %   Q4 2023 Change %
USD millions unless indicated otherwise   USD cc*    USD cc*    USD cc*    USD cc* 
Generics   1 868 2 6   1 850 4 6   1 794 5 4   1 920 6 6
Biosimilars    516 11 17    533 13 14    543 7 4    623 29 26
Net sales
to third parties
  2 384 4 9   2 383 5 8   2 337 6 4   2 543 11 10
                                 
    Q1 2023 Change %   Q2 2023 Change %   Q3 2023 Change %   Q4 2023 Change %
USD millions unless indicated otherwise   USD cc*    USD cc*    USD cc*    USD cc* 
Europe   1 270 10 16   1 277 14 12   1 204 11 3   1 272 10 4
North America    496 -5 -3    508 -4 -2    510 -4 -3    615 20 20
International    618 -1 4    598 -3 8    623 3 12    656 4 14
Net sales
to third parties
  2 384 4 9   2 383 5 8   2 337 6 4   2 543 11 10
                                 

¹ Net sales in this document refer systematically to net sales to third parties. In the first nine months of 2023, third-party sales excluded sales to our former parent. Post spin-off, sales to our former parent are reported as third-party sales.
² An explanation of non-IFRS measures can be found in the Supplementary financial information of the Half-Year Report 2024

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