Sandoz Updating for Q1: Minor updates to estimates, continue to see FY’26 biosimilar driven top-line acceleration

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Sandoz Updating for Q1: Minor updates to estimates, continue to see FY’26 biosimilar driven top-line acceleration

J P M O R G A N Europe Equity Research

28 May 2026

Sandoz Overweight

SDZ.S, SDZ SW

Updating for Q1: Minor updates to estimates, continue Price (27 May 26):CHF64.50

to see FY’26 biosimilar driven top-line acceleration Price Target (Jun-27):CHF75.00

We update our forecasts following the Q1’26 sales update (see our take here), European Pharmaceuticals &

making minimal changes to our estimates. For FY’26, we continue to see Sandoz Biotechnology

as delivering c.6% CER top-line growth and c.100bps of Core EBITDA margin Sophia Graeff Buhl Nielsen AC

expansion, with a slightly improved FX tailwind. For the remainder of the year, we (44-20) 7742-3918

forecast sustained high teens LC growth for biosimilars, supported by launches sophia.graeffbuhlnielsen@jpmorgan.com

towards the end of last year, at 19% LC for FY’26 and in Generics we forecast a J.P. Morgan Securities plc

recovery in H2’26 following pricing headwinds in the B2B anti-infectives Richard Vosser

business, resulting in c.1% LC for FY’26. We continue to exclude any GLP-1 (44-20) 7742-6652

richard.vosser@jpmorgan.com

contribution from our forecasts, viewing this as a potential upside in H2’26 and J.P. Morgan Securities plc

beyond. With our margin assumptions unchanged, the FX-driven increase in our Zain Ebrahim

revenues, which is <1% over 2026-30E, translates directly into a similar uplift (44-20) 3493-1163

(c.<1%) in our Core EBITDA estimates. Overall, we continue to see Sandoz as zain.ebrahim@jpmorgan.com

offering an attractive growth profile at an 11% 2027-30 Core EPS CAGR, J.P. Morgan Securities plc

with sustained momentum into the next decade. Khushi Bihani

(91-22) 6157-4103