Sandoz Group AG Earnings Recaps
Q2 2026
Aug 10, 2026
Sandoz shares rose 7.7% following its H1 earnings as biosimilar sales outpaced expectations, driving robust top-line growth and margin expansion. Confidence in the 2026 guidance and strong commercial execution across key portfolios supported the positive reaction.
Key takeaways
- Net sales increased 5% in H1, accelerating to 7% growth in Q2, led by a 20% rise in biosimilars (22% growth in Q2).
- Biosimilars now represent 33% of net sales, underpinned by successful launches such as Wyost and Jubbonti capturing market leadership in the U.S. and Europe.
- Core EBITDA margin expanded by 90 basis points to 20.9%, reflecting operational leverage despite increased CapEx.
- Management free cash flow remained strong at approximately $500 million in the period.
- No changes to 2026 guidance were made, signaling confidence in sustained growth amid ongoing regulatory and pipeline progress.