Sandoz reports third-quarter and nine-month 2024 sales
Ad hoc announcement pursuant to art. 53 SIX Swiss Exchange Listing Rules
MEDIA RELEASE
Strong third-quarter biosimilars growth of 37% in constant currencies from existing portfolio and recent launches
Generics growth acceleration driven by Europe
Third-quarter net sales¹ of USD 2.6 billion, up 12% in constant currencies (up 11% in USD)
Nine-month net sales of USD 7.6 billion, up 9% in constant currencies (up 8% in USD)
Net sales growth guidance increased to high-single digit in constant currencies (from mid- to high-single digit) and core EBITDA margin² guidance of around 20% confirmed
Basel, October 30, 2024, Sandoz (OTCQX:SDZNY), the global leader in generic and biosimilar medicines, today announced net sales for the third quarter and nine months ended September 30, 2024. For the third quarter, net sales were USD 2.6 billion, an increase of 12% in constant currencies compared to the same quarter of the prior year. For the first nine months of 2024, net sales were USD 7.6 billion, an increase of 9% in constant currencies compared to the prior year.
Richard Saynor, Chief Executive Officer of Sandoz, said: "We remain focused on execution, meeting key milestones in our biosimilars business and progressing on our journey as a standalone company. In recent months, we received approval for Pyzchiva® and Enzeevu™ in the US, launched Pyzchiva® in Europe and see continued strong uptake of Hyrimoz® in the US.
"Net sales growth was achieved across generics and biosimilars, with generics accelerating in the third quarter and strong double-digit biosimilars growth in both the third quarter and first nine months. Additionally, all three regions contributed to this strong performance. We expect momentum in our business to continue, driving margin expansion through favorable product mix and leveraging our cost base. We have further advanced on our path to simplifying our business, including progression on the transformation program we launched earlier this year."
THIRD-QUARTER AND NINE-MONTH SALES
Net sales for the third quarter were USD 2.6 billion, up 12% in constant currencies, compared to the third quarter of 2023. Volume contributed 13 percentage points of growth. This was partially offset by price erosion of 1 percentage point. Biosimilars were the key driver of growth in the quarter, while generics experienced solid demand. Growth accelerated in both businesses.
Net sales for the first nine months of 2024 were USD 7.6 billion, up 9% in constant currencies compared to prior year. Volume contributed 11 percentage points of growth. This was partially offset by price erosion of 2 percentage points. The growth was primarily driven by biosimilars, with strong demand for both the base business and new in-market organic and acquired products in the US.
Net sales by business
Q3 2024
Q3 2023
Change %
9M 2024
9M 2023
Change %
USD millions unless indicated otherwise
USD
cc*
USD
cc*
Generics
1 854
1 794
3
4
5 558
5 512
1
2
Biosimilars
741
543
36
37
2 084
1 592
31
32
Net sales to third parties
2 595
2 337
11
12
7 642
7 104
8
9
*constant currencies
Generics overviewNet sales for the third quarter were USD 1.9 billion, up 4% in constant currencies, compared to the third quarter of 2023. Net sales for the first nine months were USD 5.6 billion, up 2% in constant currencies versus prior year.
Growth in the Europe region accelerated in the third quarter, mainly driven by recent launches. The momentum continued in the International region, aided by demand for the antifungal agent Mycamine® and favorable pricing dynamics, partly offset by the divestment of the Chinese business. North America declined due to timing of new launches in the US.
Biosimilars overviewNet sales for the third quarter were USD 741 million, up 37% in constant currencies, compared to the third quarter of 2023. Net sales for the first nine months were USD 2.1 billion, up 32% in constant currencies versus prior year.
The strong double-digit biosimilars growth reflects the uptake of Hyrimoz® (adalimumab) in the US, the acquisition of Cimerli® (ranibizumab), the continued strong demand for our first-ever biosimilar, Omnitrope® (somatropin), and the launches of Tyruko® (natalizumab) and Pyzchiva® (ustekinumab) in Europe.
Net sales by region
Q3 2024
Q3 2023
Change %
9M 2024
9M 2023
Change %
USD millions unless indicated otherwise
USD
cc
USD
cc
Europe
1 362
1 204
13
12
3 996
3 751
7
6
North America
598
510
17
18
1 742
1 514
15
15
International
635
623
2
8
1 904
1 839
4
9
Net sales to third parties
2 595
2 337
11
12
