Sandoz 9-month Net Sales Up 6% In CC - Quick Facts

(RTTNews) - Sandoz (SDZNY) reported that its net sales for the first nine months of 2023 were $7.1 billion, up 6 percent in constant currencies and up 5 percent in USD, with volume contributing 9 percentage points of growth, partially offset by price erosion of 3 percentage points. Sales growth was mainly driven by Europe, with continued momentum from prior year launches and biosimilars growth.

Global sales of Generics reached $5.5 billion, up 5 percent in constant currencies, driven by recent launches and volume growth.

Global sales of Biosimilars reached $1.6 billion, up 11 percent in constant currencies, driven by strong contributions from Omnitrope and Hyrimoz.

Sandoz reiterated its financial outlook for full year 2023. Net sales are expected to grow mid-single digit in constant currencies. Core EBITDA margin, defined as core EBITDA as a percentage of net sales, is expected to be in the range of approximately 18 to 19 percent.

Subject to shareholder approval at the 2024 Annual General Meeting, Sandoz expects to pay a full year dividend of 20 to 30 percent based on full year 2023 core net income.

On October 4, 2023, Novartis AG (NVS) completed the spin-off of its generics and biosimilars business Sando.

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