Sandoz stock: Margin outlook rises as sales view narrows

Published on 10/29/2026 at 17:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Sandoz stock is in focus after the company updated its 2026 outlook. Biosimilar momentum supported a higher margin target despite supply constraints.

Operational update and investor context

Sandoz reported third-quarter net sales growth at constant currencies, led by biosimilars.
The company narrowed its 2026 sales-growth outlook but raised its core EBITDA margin guidance.
Longer-term targets through 2028 and 2030 remained unchanged.

Sandoz, CH1243598427, Illustration mit AI erstellt.

Sandoz stock is in focus after the Swiss medicines company updated its 2026 outlook on 28 October 2026. The company narrowed its net-sales growth forecast, but raised its core EBITDA margin guidance, according to VermögensZentrum, which carried the AWP Alliance News report.

What has changed since the last report

Sandoz now expects 2026 net sales to grow by 5% to 6% at constant currencies, compared with its previous mid-to-high single-digit outlook. Short-term supply constraints for biosimilars in Europe and international markets, together with tougher temporary conditions in Germany, weighed on the revised sales view.

At the same time, management lifted its core EBITDA margin guidance to 23.0% to 23.5%. The previous expectation was for an expansion of about 100 basis points from the 2025 margin of 21.7%. Sandoz attributed the change to a more favorable sales mix and stronger operational performance.

Biosimilars remain the growth engine

Third-quarter net sales increased by 5% at constant currencies to USD 2.94 billion. Biosimilar sales rose by 17% at constant currencies, while generics were stable on that basis. The company said biosimilars accounted for 34% of third-quarter sales.

For the first nine months, net sales reached USD 8.70 billion and increased by 5% at constant currencies. Biosimilar sales advanced by 19%, whereas generics declined by 1%. Sandoz said the anti-infective business-to-business headwind should be immaterial in the fourth quarter and next year.

Quote and investor context

Lang & Schwarz quoted Sandoz at EUR 91.57 on 29 October 2026 at 17:10:49 Berlin time. The quote was 2.31% above the EUR 89.50 level recorded in the compared 27 October report. This comparison is separate from a Xetra daily close, which is not stated here.

The company kept its longer-term outlook through 2028 and 2030 unchanged, including a 2030 core EBITDA margin target of 25% to 27%. For investors, the combination of stronger biosimilar demand and temporary supply limitations leaves execution and product mix as key factors for the near-term assessment.

See the real-time quote of Sandoz stock for the latest available indication.

Market context is available in the SMI market topic.

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