Sandoz Q2/H1‘26 Preview: JPMe 1% behind on Sales, 2% behind on Core EBITDA; expected FY‘26 guide reiteration broadly underpins Consensus

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Sandoz Q2/H1‘26 Preview: JPMe 1% behind on Sales, 2% behind on Core EBITDA; expected FY‘26 guide reiteration broadly underpins Consensus

J P M O R G A N Europe Equity Research

01 July 2026

Sandoz

Q2/H1’26 Preview: JPMe 1% behind on Sales, 2% Overweight

behind on Core EBITDA; expected FY’26 guide SDZ.S, SDZ SW

reiteration broadly underpins Consensus Price (30 Jun 26):CHF72.64

European Pharmaceuticals &

Sandoz will report Q2’26/H1’26 results on Aug 5th at 6am UK (7am CEST/1am Biotechnology

EST), followed by a conference call likely at 8am UK (9am CEST/3am EST). For Sophia Graeff Buhl Nielsen AC

Q2 Net Sales: We see Net Sales growth sequentially accelerating by 2.8pp, to 5.8% (44-20) 7742-3918

LC for Q2 (vs. 3.0% LC at Q1), driven by a reduction in the headwinds to the sophia.graeffbuhlnielsen@jpmorgan.com

J.P. Morgan Securities plc

Generics franchise relative to Q1, and with continued momentum in Biosimilars

Richard Vosser

at c.18% LC. Combined with a 2.4% FX tailwind for the quarter, our Q2 sales

(44-20) 7742-6652

forecast of $2,979m is 1% behind BBG consensus, which is likely primarily FX richard.vosser@jpmorgan.com

related given latest Company Consensus for the quarter is at 6.0% LC. For H1 J.P. Morgan Securities plc

EBITDA: We model a 20.8% Core EBITDA margin, and hence our $1,194m Core Zain Ebrahim

EBITDA forecast is 2% below BBG consensus (21.2% Core EBITDA margin). We (44-20) 3493-1163

note the latest Company Consensus for H1’26 Core EBITDA margin is at 21.7%, zain.ebrahim@jpmorgan.com

however we see BBG as a more updated reflection of expectations. FY26 J.P. Morgan Securities plc

guidance: We expect the FY26 guide to be reiterated on a LC basis, for mid-to-high Khushi Bihani

single digit Net Sales growth, along with ~100bps Core EBITDA margin (91-22) 6157-4103