山德士集团：2026年上半年：第二季度/上半年符合预期，指引重申

研报英文原文证据摘录

M

Update

August 5, 2026 05:54 AM GMT

Morgan Stanley & Co. International plc+

Sandoz Group AG | Europe

Thibault Boutherin

Equity Analyst

H1'26: Q2 / H1 in line, guidance

reiterated

Sarita Kapila

Equity Analyst

Adithya Venkat

Research Associate

AlphaSignals Earnings Reaction

Sandoz Group AG (SDZ.S, SDZ SW)

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

We expect Sandoz shares to be in line, with Q2 sales in line and FY26 guidance

reiterated

Pharmaceuticals | Switzerland

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Underweight

In-Line

SFr 55.00

SFr 64.26

SFr 74.72- 43.86

US$34,756

US$2,987

US$38,332

* = GAAP or approximated based on GAAP

FY26 guidance confirmed, with slightly worse FX. Consensus is in line so we do

not expect consensus revisions on the back of the guidance

Next key catalyst is the CMD on 8 September 2026, with potential for mid-term

target updates

Q2'26/H1'26 takeaways: Q2'26 sales in line with consensus (although organic

growth was better at 7% vs. cons. 5.9%), core EBITDA in line (margin 20.9% vs. cons.

21.0%) and core EPS 1% below. Biosimilars grew +22% CC in Q2 driven by

denosumab in US and Europe, and bEylea in Europe. Biosimilars represented 33% of

sales in Q2'26. Generics grew +1% CC in Q2'26, with limited impact from penicillin

API China competition, although some impact is expected in Q3'26.

FY26 guidance reiterated despite worsening pricing environment: Sandoz is

guiding for FY26 sales to grow by mid-to-high single digits at CC (cons. 6.6%) and

core EBITDA margin expansion of 100bps vs. 21.7% in 2025 (implies ~22.7% vs. cons.

22.7%). No material contribution from GLP-1 generics in 2026 assumed in the

guidance. Pricing assumption now expected to be -MSD% in 2026 (was -LSD% to MSD% before); the change is related in part to the short-term market dynamics in

Germany. The FX impact is now expected to be +2% on sales / no impact on margins

(vs. +4% on sales before).…