SANDOZ GROUP AG : Corporate Contact - Key Takeaways into Q2

Research evidence excerpt

SANDOZ GROUP AG : Corporate Contact - Key Takeaways into Q2

EQUITIES

PHARMACEUTICALS

SANDOZ GROUP AG NEUTRALPRICE* CHF68.8  TARGET PRICE CHF66 (DOWNSIDE 4%)

SANDOZ GROUP AG ADR NEUTRALPRICE* USD85.4  TARGET PRICE USD86 (UPSIDE 1%)

FLASH NOTE

Corporate Contact – Key Takeaways into Q2

22 JUNE 2026 Securities Research Report Production time: 14:34* (London time)

Research Analyst & Publishing Entities

Victor Floch BNP Paribas London Branch (+44) 203 430 8707 victor.floch@uk.bnpparibas.com

What happened?

We have spoken to Sandoz, which is due to report its 2Q26 earnings on August 5. There are no changes to the

guidance, and this report should be read as our interpretation of the discussion, Rx and FX trends rather than specific

company comments. We have slots open to discuss our main takeaways, please book using this link.

BNPP View:

We note bullish commentary on the biosimilars franchise, contrasted with a more cautious tone on generics – even

though the company still expects the penicillin‑related headwind to wash out by Q3. No new remarks were made on

GLP‑1 generics, beyond the reaffirmed ambition to launch later this year. While details on the upcoming CMD (Sept 5)

remain scarce, we anticipate the company will use that platform to update its medium‑term targets and to provide

greater insight into how the projected “golden decade” could cascade through its profit‑and‑loss statement. We also

flag the key takeaways from our recent expert call on biosimilars (see: Biosimilars expert call feedback). In a nutshell,

we report that our expert (Pierre Bourdage, former Sandoz CCO) feels bullish about biosimilars’ ‘golden decade’,

flagging that recent regulatory change is set to benefit vertically integrated players such as Sandoz that can win on