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Sandoz Group Ltd
(SDZ)
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Rating:62Neutral
Price Target:
CHF82.00
▲(16.05% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily supported by improved financial performance in 2025 (profitability rebound and stronger cash generation) and a generally positive price trend versus long-term moving averages. Offsetting factors are a demanding valuation (high P/E with modest yield) and mixed near-term technical momentum (negative MACD).
Positive Factors
Revenue and Profit Recovery
The 2025 recovery shows renewed commercial and operating traction across Sandoz’s generic and biosimilar portfolio. If revenue growth and margin restoration persist, the company can rebuild earnings power, support investment in launches, and strengthen its position with healthcare customers.
Negative Factors
Earnings Volatility
The sharp variation in earnings and operating profitability makes Sandoz’s underlying profit trajectory less predictable over the medium term. Volatility can complicate resource allocation, weaken confidence in recurring earnings, and limit the company’s ability to plan investment and shareholder returns consistently.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profit Recovery
The 2025 recovery shows renewed commercial and operating traction across Sandoz’s generic and biosimilar portfolio. If revenue growth and margin restoration persist, the company can rebuild earnings power, support investment in launches, and strengthen its position with healthcare customers.
Read all positive factors
Sandoz Group Ltd (SDZ) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF33.93B
Dividend Yield1.02%
Average Volume (3M)1.63M
Price to Earnings (P/E)63.9
Beta (1Y)0.96
Revenue Growth0.81%
EPS Growth165.32%
CountryCH
Employees20,000
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)1.49
Shares Outstanding440,000,000
10 Day Avg. Volume918,418
30 Day Avg. Volume1,628,565
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)3.35
Price to Sales (P/S)2.82
P/FCF Ratio38.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF77.43Price Target Upside9.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)4.05
Revenue Forecast (FY)CHF12.08B
Sandoz Group Ltd Business Overview & Revenue Model
Company Description
Operating globally, Sandoz Group AG specializes in the development, production, and distribution of generic medications and biosimilar products. The company's portfolio includes the creation and sale of finished dosage forms for small molecule pha...
How the Company Makes Money
Sandoz primarily makes money by selling off-patent medicines—generics and biosimilars—through business-to-business channels to wholesalers, pharmacies, hospitals, and healthcare systems, as well as through tenders and contracted supply arrangement...
Sandoz Group Ltd Earnings Call Summary
Earnings Call Date:Mar 13, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong sales growth, particularly in the biosimilars segment and North American market recovery. However, the financial performance was impacted by negative free cash flow, a decline in core EBITDA margin, significant restructuring, and legal costs.Positive Updates
Strong Sales Growth
Fourth quarter 2023 was the strongest consecutive quarter of top line growth, with sales up 10% compared to the previous year. For the full year, sales grew 7% to $9.6 billion, with volume contributing 10 percentage points of growth.
Negative Updates
Negative Free Cash Flow
The free cash flow was negative $234 million for 2023, attributed to significant investments needed for the transition to a standalone company and other strategic initiatives.
Read all updates
Q4-2023 Updates
Positive
Negative
Strong Sales Growth
Fourth quarter 2023 was the strongest consecutive quarter of top line growth, with sales up 10% compared to the previous year. For the full year, sales grew 7% to $9.6 billion, with volume contributing 10 percentage points of growth.
Read all positive updates
Company Guidance
During the Sandoz Q4 2023 earnings call, the company reported a strong financial performance, exceeding sales growth guidance with a 7% increase to $9.6 billion for the year and achieving a core EBITDA of $1.7 billion, reflecting an 18.1% margin. The biosimilar segment saw significant growth, contributing 23% to total sales, up from 20% in 2022, with products like Omnitrope and the launch of Hyrimoz in the U.S. playing key roles. Despite a negative free cash flow of $234 million due to initial investments post-spin-off, Sandoz anticipates a robust cash flow increase by 2028. Looking forward to 2024, the company expects mid-single-digit net sales growth and core EBITDA margins to reach around 20%, driven by continued biosimilar momentum and operational efficiencies.Sandoz Group Ltd Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.54B | 11.16B | 9.12B | 9.98B | 9.31B | 9.68B |
| Gross Profit | 5.49B | 5.28B | 4.93B | 4.56B | 4.38B | 4.20B |
| EBITDA | 2.34B | 2.26B | 727.45M | 857.00M | 1.70B | 1.76B |
| Net Income | 648.35M | 957.48M | 1.00M | 77.00M | 848.00M | 828.37M |
Balance Sheet | ||||||
| Total Assets | 22.86B | 22.03B | 19.91B | 19.43B | 17.56B | 15.98B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 1.74B | 1.19B | 933.39M | 74.00M | 36.45M |
| Total Debt | 6.22B | 5.68B | 4.85B | 4.55B | 309.02M | 284.28M |
| Total Liabilities | 13.83B | 12.65B | 11.74B | 10.78B | 8.80B | 8.55B |
| Stockholders Equity | 9.02B | 9.38B | 8.16B | 7.28B | 77.14K | 7.43B |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 810.00M | 60.00M | -242.64M | 760.23M | 855.75M |
| Operating Cash Flow | 1.92B | 1.59B | 656.00M | 325.31M | 1.17B | 1.24B |
| Investing Cash Flow | -2.17B | -980.00M | -740.00M | -614.00M | -430.00M | -631.76M |
| Financing Cash Flow | 143.69M | -197.00M | 242.00M | 1.24B | -769.00M | -600.67M |
Sandoz Group Ltd Technical Analysis
Positive
70.66
Price Trends
71.02
Positive
69.56
Positive
66.50
Positive
Market Momentum
2.24
Negative
74.04
Negative
95.70
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SDZ, the sentiment is Positive. The current price of 70.66 is below the 20-day moving average (MA) of 72.63, below the 50-day MA of 71.02, and above the 200-day MA of 66.50, indicating a bullish trend. The MACD of 2.24 indicates Negative momentum. The RSI at 74.04 is Negative, neither overbought nor oversold. The STOCH value of 95.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SDZ.
Sandoz Group Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | CHF6.45B | 42.29 | 10.27% | 1.07% | 4.51% | 11.05% | |
67 Neutral | CHF42.59B | -404.94 | ― | 0.80% | -10.77% | -114.77% | |
67 Neutral | CHF3.23B | 18.31 | 16.14% | 0.56% | 3.64% | 10.93% | |
66 Neutral | CHF4.40B | 27.68 | ― | 2.83% | 6.48% | -17.25% | |
62 Neutral | CHF33.93B | 63.90 | 7.04% | 1.02% | 0.81% | 165.32% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | CHF1.45B | 110.75 | ― | 0.35% | 22.06% | ― |
* General Sector Average
CH:SDZ
Sandoz Group Ltd
79.00
30.42
62.62%
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Sandoz Group Ltd Corporate Events
Sandoz boosts European biosimilar capacity with new Slovenian plant
Sep 29, 2026
Sandoz has opened a high-tech, high-volume biosimilar drug substance manufacturing centre in Lendava, Slovenia, significantly expanding its in-house biologics capacity and flexibility across its European network. The facility, built around smart a...
Sandoz joins mAbxience to develop emicizumab biosimilar and expand haemophilia pipeline
Sep 18, 2026
Sandoz has entered a licensing, development, manufacturing and commercialization agreement with mAbxience to develop an emicizumab biosimilar for haemophilia A, targeting a reference market estimated at USD 5.7 billion and marking its first haemop...
Sandoz Wins Canadian Approval for Generic Semaglutide, Targeting Growing GLP-1 Market
Sep 18, 2026
Sandoz has secured Health Canada marketing authorization for Sandoz Semaglutide, a generic version of the GLP-1 diabetes drug Ozempic, marking its first semaglutide approval in Canada. The once-weekly injectable treatment for adults with type 2 di...
Sandoz invests USD 300 million in new Slovenian biosimilar facility to boost capacity
Sep 8, 2026
Sandoz plans to invest around USD 300 million in a new biosimilar drug substance facility in Ljubljana, Slovenia, using disposable fed-batch technology to expand in-house manufacturing capacity. The plant, located next to its recently opened biosi...
Sandoz Unveils Bio100 Plan to Drive Golden Decade of Biosimilars
Sep 8, 2026
Sandoz used its Capital Markets Day in London to present Bio100, an aggressive biosimilars expansion program that it calls a “golden decade” opportunity. The initiative aims to make biosimilars the majority of company sales, cementing ...
Sandoz expands biosimilar pipeline with major Henlius collaboration
Aug 17, 2026
Sandoz has signed a major development, manufacturing and commercialization deal with Shanghai Henlius Biotech to collaborate on up to 10 biosimilars, in one of its largest such partnerships to date. The agreement gives Sandoz global commercializat...
Sandoz H1 2026 profits surge as biosimilars drive growth and strategy
Aug 5, 2026
Sandoz reported first-half 2026 net sales of USD 5.8 billion, up 5% at constant currencies, driven by outstanding biosimilar growth of 20% and a return to generics growth in the second quarter. Biosimilars now account for a record 33% of net sales...
Sandoz seals major U.S. settlements in generic drug antitrust saga
Aug 3, 2026
Sandoz has moved to resolve legacy U.S. generic drug antitrust litigation by agreeing settlements with a consortium of 43 states and territories and a class of indirect reseller plaintiffs. The company will pay about USD 450 million to U.S. states...
Sandoz wins Brazilian approval for new semaglutide diabetes treatment
Jul 29, 2026
Sandoz has secured Brazilian marketing authorization from ANVISA for Owozy, a semaglutide treatment for type-2 diabetes developed by Adalvo and delivered via a multi-dose disposable pen. The product targets Brazil’s USD 1.8 billion GLP-1 mar...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.