Thoughts Ahead of H1

Research evidence excerpt

Thoughts Ahead of H1

odest benefit (JEFe:

c.2.5%).

CMD the key NT catalyst: Looking ahead, we expect the CMD (08/09) and site visits

(09/11) to focus heavily on the company's "Golden Decade" ahead and long-term value

creation opportunities. The London event should be expected to contain most of the

substantive content, while the Slovenia site visit appears intended to showcase manufacturing

and development capabilities, including the CHF100m Biosimilars Development Centre

investment.

Competitive positioning and resilience: Recent feedback has focused on Asian competition

and biosimilar market progressing similar to that of Gx, as the regulatory environment relaxes.

SDZ has repeatedly commented that a lack of a significant commercial footprint across the

EU makes competitive entry difficult, arguing that replicating SDZ's network of c.40 local sales

organizations, government relationships, hospital access capabilities and tender-management

expertise would take many years.

Biosimilars launch momentum eases: We flag that the 1Q26 18% biosimilars growth

performance is unlikely to represent a sustainable run-rate for the entire year. Recent

performance benefited from major launch contributions, including denosumab in the US and

the EU Pyzchiva autoinjector rollout. While mgmt. remains constructive on the underlying

market opportunity and long-term growth outlook, launch-related tailwinds should become

slightly less of a contributor. James Vane-Tempest * | Equity Analyst

44 (0) 20 7029 8275 | jvane-tempest@jefferies.com

Christopher Richardson, ACA * | Equity

Analyst

+44 (0)20 7029 8675 | chris.richardson@jefferies.com

FY (Dec) 2025A 2026E 2027E 2028E Darius Saftoiu * | Equity Associate

+44 (0)20 7029 8144 | dsaftoiu@jefferies.com

Rev. (MM) 11,086.0 12,039.9 12,621.8 13,166.9