Biosimilars Boosts Sandoz Q1 Sales; Backs Annual Sales Outlook

(RTTNews) - Sandoz Group AG (SDZNY), a Swiss company focused on generic pharmaceuticals and biosimilars, on Tuesday reported an increase in sales for the first-quarter.

Richard Saynor, CEO of Sandoz, said: "Biosimilars are a key element of performance, driven by strong results in our existing portfolio, demand for our recently launched product Hyrimoz (adalimumab-adaz) in the US and the recent acquisition of CIMERLI (ranibizumab-eqrn), which closed in early March. Generics remained in line with the strong prior year sales."

For the three-month period, the drug maker registered sales of $2.492 billion, higher than $2.384 billion, registered for the same period last year.

Sales of Generics stood at $1.869 billion, higher than previous year's $1.868 billion.

Biosimilars posted sales of $623 million, compared with $516 million in 2023. This reflects This strong double-digit growth reflects the ongoing launch of Hyrimoz high-concentration formulation, the acquisition of CIMERLI as well as continued strong demand for the company's first-ever biosimilar, Omnitrope.

Looking ahead, for the full year, the company has reiterated guidance, expecting net sales to grow mid-single digit in constant currencies with core EBITDA margin around 20 percent.