Sandoz stock narrows 2026 sales outlook as margin target rises

Sandoz narrowed its 2026 sales outlook on October 28 after temporary biosimilar supply constraints and tougher-than-expected market conditions in Germany weighed on the third quarter. At the same time, the company raised its profitability target, leaving investors to balance weaker near-term sales visibility against stronger margin expectations.

According to the Sandoz announcement, third-quarter net sales rose 5 percent at constant currencies to USD 2.942 billion. Biosimilar sales increased 17 percent at constant currencies to USD 998 million, while generics sales were stable on that basis. Biosimilars accounted for 34 percent of quarterly sales.

Guidance shifts toward profitability

Sandoz now expects 2026 net sales to grow 5 to 6 percent at constant currencies, replacing its previous mid-to-high single-digit outlook. The company cited stronger volume demand that created short-term supply constraints in Europe and international markets, alongside temporary German market conditions that were more difficult than expected.

Core EBITDA margin guidance rose to 23.0 to 23.5 percent for 2026. The previous outlook called for an expansion of about 100 basis points from the 21.7 percent margin recorded in 2025. Sandoz said its outlook through 2028 and its recently introduced 2030 targets remain unchanged.

Reuters reported that Sandoz shares fell as much as 8 percent on October 28 after the company lowered its sales-growth guidance. The market reaction highlighted the tension between temporary supply constraints and the improved earnings outlook.

Sandoz stock traded at EUR 90.10 on Lang & Schwarz at 18:06 CET on Monday, November 2, 2026.

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