Sandoz stock: Margin outlook rises as 2026 sales view narrows
Published on 10/30/2026 at 16:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSSales outlook narrows, margin target rises
- Biosimilars generated 34% of third-quarter sales as constant-currency revenue increased.
- Management kept its medium-term outlook through 2028 and 2030 unchanged.
- The company plans an analyst and investor site visit in Slovenia on November 9-10.
Sandoz stock is in focus after the company revised its 2026 outlook on Wednesday, October 28. Sandoz narrowed its constant-currency net-sales growth forecast to 5% to 6% from a previous mid-to-high single-digit range, while raising its core EBITDA margin target to 23.0% to 23.5%.
The company attributed the sales revision to stronger-than-expected volume demand that created short-term biosimilar supply constraints in Europe and international markets. Sandoz also cited tougher temporary market conditions in Germany. The updated guidance does not change its previously communicated outlook through 2028 or its recently announced 2030 targets.
Biosimilars strengthen the product mix
According to the Sandoz company announcement, third-quarter net sales increased to USD 2.942 billion and rose 5% at constant currencies. Biosimilar sales advanced 17% at constant currencies to USD 998 million, while generics sales were stable on that basis.
Biosimilars accounted for 34% of third-quarter sales. For the first nine months, total sales reached USD 8.703 billion and rose 5% at constant currencies, with biosimilar sales up 19% and generics down 1% on that basis. Sandoz said the stronger sales mix and improved operating performance supported the margin upgrade.
Execution remains the near-term focus
The company aims to build a portfolio of more than 100 biosimilars by 2040 under its Bio100 strategy. It also expects its core EBITDA margin to reach 25% to 27% by 2030, while its 2026 pricing environment is expected to remain under pressure.
Sandoz stock traded at EUR 89.68 on Lang & Schwarz at 16:34:31 CET on Friday, October 30, 2026. The real-time quote of Sandoz stock reflects the latest indication.
Sandoz Group AG
- ISIN: CH1243598427
- Primary listing: SIX Swiss Exchange
- Reported quote: EUR 89.68 on Lang & Schwarz, October 30, 2026 at 16:34:31 CET
- Third-quarter net sales: USD 2.942 billion
- 2026 sales outlook: 5% to 6% growth at constant currencies
- 2026 core EBITDA margin outlook: 23.0% to 23.5%
Market context is available in the SMI market topic.
