Sandoz reports third-quarter and nine-month 2024 sales
Sandoz reported strong Q3 2024 performance with net sales of USD 2.6 billion, up 12% in constant currencies. Nine-month net sales reached USD 7.6 billion, up 9%. The growth was driven by exceptional biosimilars performance, up 37% in Q3, and accelerating generics growth in Europe. Biosimilar success was attributed to Hyrimoz uptake in the US, Cimerli acquisition, and strong Omnitrope demand. The company received US FDA approvals for Pyzchiva and Enzeevu, while launching Pyzchiva in Europe. Based on strong momentum, Sandoz increased its full-year 2024 net sales guidance to high-single digit growth and confirmed core EBITDA margin guidance of around 20%.
Sandoz ha riportato una solida performance nel terzo trimestre del 2024, con vendite nette di 2,6 miliardi di USD, in aumento del 12% a valuta costante. Le vendite nette nei nove mesi hanno raggiunto 7,6 miliardi di USD, in crescita del 9%. La crescita è stata guidata da un'eccezionale performance dei biosimilari, in aumento del 37% nel Q3, e da una crescita accelerata dei generici in Europa. Il successo dei biosimilari è stato attribuito all'adozione di Hyrimoz negli Stati Uniti, all'acquisizione di Cimerli e alla forte domanda di Omnitrope. L'azienda ha ricevuto approvazioni dalla FDA degli Stati Uniti per Pyzchiva ed Enzeevu, mentre ha lanciato Pyzchiva in Europa. Sulla base di un forte slancio, Sandoz ha aumentato la sua previsione di vendite nette per l'intero anno 2024 a una crescita a cifra alta e ha confermato la guida per il margine EBITDA core intorno al 20%.
Sandoz reportó un sólido desempeño en el tercer trimestre de 2024, con ventas netas de 2.6 mil millones de USD, un aumento del 12% en monedas constantes. Las ventas netas en nueve meses alcanzaron 7.6 mil millones de USD, con un incremento del 9%. El crecimiento fue impulsado por un rendimiento excepcional de los biosimilares, que aumentaron un 37% en el Q3, y un crecimiento acelerado de los genéricos en Europa. El éxito de los biosimilares se atribuyó a la adopción de Hyrimoz en EE. UU., la adquisición de Cimerli y la fuerte demanda de Omnitrope. La compañía recibió aprobaciones de la FDA de EE. UU. para Pyzchiva y Enzeevu, mientras lanzaba Pyzchiva en Europa. Con base en un fuerte impulso, Sandoz incrementó su guía de ventas netas para todo el año 2024 a un crecimiento de dígito alto y confirmó la guía del margen EBITDA central de alrededor del 20%.
산도즈는 2024년 3분기 실적을 발표하며 순매출이 26억 달러에 이르고, 상수 통화로 12% 증가했다고 보고했습니다. 9개월 누적 순매출은 76억 달러로 9% 증가했습니다. 성장은 3분기 바이오시밀러의 뛰어난 성과에 힘입어 37% 증가했으며, 유럽에서 제네릭 성장세가 가속화되었습니다. 바이오시밀러 성공은 미국에서의 하이리모즈 채택, 시메를리 인수, 그리고 오미트로프의 강한 수요 덕분입니다. 이 회사는 미국 FDA로부터 피즈치바(Pyzchiva)와 엔제부(Enzeevu)에 대한 승인을 받았으며, 유럽에서 피즈치바를 출시했습니다. 강한 분위기에 힘입어 산도즈는 2024년 전체 연도 순매출 가이드를 고유 단일 성장으로 상향 조정하고, 약 20%의 핵심 EBITDA 마진 가이드를 확인했습니다.
Sandoz a annoncé de solides performances pour le troisième trimestre 2024, avec des ventes nettes de 2,6 milliards USD, en hausse de 12 % à devises constantes. Les ventes nettes sur neuf mois ont atteint 7,6 milliards USD, soit une augmentation de 9 %. Cette croissance a été portée par des performances exceptionnelles des biosimilaires, en hausse de 37 % au 3ème trimestre, et par une croissance accélérée des génériques en Europe. Le succès des biosimilaires a été attribué à l'adoption d'Hyrimoz aux États-Unis, à l'acquisition de Cimerli et à une forte demande pour Omnitrope. L'entreprise a reçu des approbations de la FDA américaine pour Pyzchiva et Enzeevu, tout en lançant Pyzchiva en Europe. Sur la base d'un fort élan, Sandoz a relevé ses prévisions de ventes nettes pour l'année entière 2024 à une croissance à un chiffre élevé et a confirmé ses orientations relatives à la marge EBITDA de base autour de 20 %.
Sandoz meldete eine starke Performance im 3. Quartal 2024 mit Nettoumsätzen von 2,6 Milliarden USD, was einem Anstieg von 12% bei konstanten Währungen entspricht. Die Nettoumsätze in den neun Monaten betrugen 7,6 Milliarden USD, ein Anstieg von 9%. Das Wachstum wurde durch eine außergewöhnliche Leistung der Biosimilars, die im 3. Quartal um 37% zunahmen, und ein beschleunigtes Wachstum der Generika in Europa vorangetrieben. Der Erfolg der Biosimilars wird auf die Einführung von Hyrimoz in den USA, die Akquisition von Cimerli und die starke Nachfrage nach Omnitrope zurückgeführt. Das Unternehmen erhielt US-FDA-Zulassungen für Pyzchiva und Enzeevu und brachte Pyzchiva in Europa auf den Markt. Basierend auf dem starken Momentum hob Sandoz die Nettoumsatzprognose für das gesamte Jahr 2024 auf ein hohes einstelliges Wachstum an und bestätigte die EBITDA-Margenprognose von etwa 20%.
- Q3 net sales increased 12% to USD 2.6 billion
- Biosimilars growth of 37% in Q3
- Nine-month net sales up 9% to USD 7.6 billion
- FDA approvals for new biosimilars Pyzchiva and Enzeevu
- Increased full-year sales guidance to high-single digit growth
- 1% price erosion in Q3
- Decline in North America generics sales due to timing of new launches
- 2% price erosion in nine-month period
Ad hoc announcement pursuant to art. 53 SIX Swiss Exchange Listing Rules
MEDIA RELEASE
- Strong third-quarter biosimilars growth of
37% in constant currencies from existing portfolio and recent launches - Generics growth acceleration driven by Europe
- Third-quarter net sales¹ of USD 2.6 billion, up
12% in constant currencies (up11% in USD) - Nine-month net sales of USD 7.6 billion, up
9% in constant currencies (up8% in USD) - Net sales growth guidance increased to high-single digit in constant currencies (from mid- to high-single digit) and core EBITDA margin² guidance of around
20% confirmed
Basel, October 30, 2024 – Sandoz (SIX:SDZ/OTCQX:SDZNY), the global leader in generic and biosimilar medicines, today announced net sales for the third quarter and nine months ended September 30, 2024. For the third quarter, net sales were USD 2.6 billion, an increase of
Richard Saynor, Chief Executive Officer of Sandoz, said: “We remain focused on execution, meeting key milestones in our biosimilars business and progressing on our journey as a standalone company. In recent months, we received approval for Pyzchiva® and Enzeevu™ in the US, launched Pyzchiva® in Europe and see continued strong uptake of Hyrimoz® in the US.
“Net sales growth was achieved across generics and biosimilars, with generics accelerating in the third quarter and strong double-digit biosimilars growth in both the third quarter and first nine months. Additionally, all three regions contributed to this strong performance. We expect momentum in our business to continue, driving margin expansion through favorable product mix and leveraging our cost base. We have further advanced on our path to simplifying our business, including progression on the transformation program we launched earlier this year.”
THIRD-QUARTER AND NINE-MONTH SALES
Net sales for the third quarter were USD 2.6 billion, up
Net sales for the first nine months of 2024 were USD 7.6 billion, up
Net sales by business
| Q3 2024 | Q3 2023 | Change % | 9M 2024 | 9M 2023 | Change % | |||||||
| USD millions unless indicated otherwise | USD | cc* | USD | cc* | ||||||||
| Generics | 1 854 | 1 794 | 3 | 4 | 5 558 | 5 512 | 1 | 2 | ||||
| Biosimilars | 741 | 543 | 36 | 37 | 2 084 | 1 592 | 31 | 32 | ||||
| Net sales to third parties | 2 595 | 2 337 | 11 | 12 | 7 642 | 7 104 | 8 | 9 | ||||
*constant currencies
Generics overview
Net sales for the third quarter were USD 1.9 billion, up
Growth in the Europe region accelerated in the third quarter, mainly driven by recent launches. The momentum continued in the International region, aided by demand for the antifungal agent Mycamine® and favorable pricing dynamics, partly offset by the divestment of the Chinese business. North America declined due to timing of new launches in the US.
Biosimilars overview
Net sales for the third quarter were USD 741 million, up
The strong double-digit biosimilars growth reflects the uptake of Hyrimoz® (adalimumab) in the US, the acquisition of Cimerli® (ranibizumab), the continued strong demand for our first-ever biosimilar, Omnitrope® (somatropin), and the launches of Tyruko® (natalizumab) and Pyzchiva® (ustekinumab) in Europe.
Net sales by region
| Q3 2024 | Q3 2023 | Change % | 9M 2024 | 9M 2023 | Change % | |||||||
| USD millions unless indicated otherwise | USD | cc | USD | cc | ||||||||
| Europe | 1 362 | 1 204 | 13 | 12 | 3 996 | 3 751 | 7 | 6 | ||||
| North America | 598 | 510 | 17 | 18 | 1 742 | 1 514 | 15 | 15 | ||||
| International | 635 | 623 | 2 | 8 | 1 904 | 1 839 | 4 | 9 | ||||
| Net sales to third parties | 2 595 | 2 337 | 11 | 12 | 7 642 | 7 104 | 8 | 9 | ||||
Europe overview
Net sales for the third quarter were USD 1.4 billion, up
Strong growth in biosimilars continues, led by demand for Omnitrope® and the contribution from the recent launches of Tyruko® and Pyzchiva®. Generics momentum accelerated in the third quarter, driven by recent launches and the lapping of the strong prior-year comparison in the first half.
North America overview
Net sales for the third quarter were USD 598 million, up
Growth was driven by the ongoing uptake of Hyrimoz® in the US, the acquisition of Cimerli®, share gain of Omnitrope® in the US and the launch of Wyost®/Jubbonti® in Canada. This was partly offset by a decline in generics sales due to the timing of new launches in the US.
International overview
Net sales for the third quarter were USD 635 million, up
This was primarily a result of strong volume growth across both generics and biosimilars, contribution from the acquisition of Mycamine® in the prior year, favorable price dynamics and recent launches, partly offset by the divestment of the Chinese business in the second quarter.
GUIDANCE 2024
On the back of strong momentum in its biosimilars business and solid generics demand, the company is increasing its full-year 2024 net sales guidance to high-single digit growth in constant currencies versus prior year (from mid- to high-single digit) and is confirming its core EBITDA margin guidance of around
THIRD-QUARTER STRATEGIC MILESTONES
Sandoz continued to execute on its strategy and passed additional milestones in its biosimilars portfolio.
On July 1, the company announced the US FDA approval of biosimilar Pyzchiva® for all indications of the reference medicine. The company intends to launch Pyzchiva® in the US among the first wave of ustekinumab biosimilars in February 2025.
On July 25, Sandoz announced the launch of biosimilar Pyzchiva® across Europe to treat chronic inflammatory diseases. Pyzchiva® was the first biosimilar to launch in Europe with all reference medicine strengths, including an initiation dose for Crohn’s disease.
On August 12, Sandoz received FDA approval for Enzeevu™ to treat neovascular age-related macular degeneration. This approval further enhances the company’s leading US ophthalmology portfolio and increases access for patients. Launch timing will be dependent on several factors, including the progress and outcome of pending or potential litigation or any potential settlements.
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DISCLAIMER
This media release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sandoz undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
This media release includes non-IFRS financial measures as defined by Sandoz. An explanation of non-IFRS measures can be found in the Supplementary financial information of the Half-Year Report 2024.
ABOUT SANDOZ
Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in generic and biosimilar medicines, with a growth strategy driven by its Purpose: pioneering access for patients. More than 20,000 people of 100 nationalities work together to ensure 800 million patient treatments are provided by Sandoz, generating substantial global healthcare savings and an even larger social impact. Its leading portfolio of approximately 1,500 products addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to 1886. Its history of breakthroughs includes Calcium Sandoz in 1929, the world’s first oral penicillin in 1951, and the world’s first biosimilar in 2006. In 2023, Sandoz recorded net sales of USD 9.6 billion.
CONTACTS
| Global Media Relations contacts | Investor Relations contacts |
| Global.MediaRelations@sandoz.com | Investor.Relations@sandoz.com |
| Steffen Kurzawa +41 79 800 8501 | Laurent de Weck +41 79 795 7364 |
| Joerg E. Allgaeuer +49 171 838 4838 | Tamara Hackl +41 79 790 5217 |
SUPPORTING FINANCIAL INFORMATION
Quarterly net sales
2024
| Q1 2024 | Change % | Q2 2024 | Change % | Q3 2024 | Change % | |||||||
| USD millions unless indicated otherwise | USD | cc | USD | cc | USD | cc | ||||||
| Generics | 1 869 | 0 | 1 | 1 835 | -1 | 1 | 1 854 | 3 | 4 | |||
| Biosimilars | 623 | 21 | 21 | 720 | 35 | 37 | 741 | 36 | 37 | |||
| Net sales to third parties | 2 492 | 5 | 6 | 2 555 | 7 | 9 | 2 595 | 11 | 12 | |||
| Q1 2024 | Change % | Q2 2024 | Change % | Q3 2024 | Change % | |||||||
| USD millions unless indicated otherwise | USD | cc | USD | cc | USD | cc | ||||||
| Europe | 1 326 | 4 | 2 | 1 308 | 2 | 3 | 1 362 | 13 | 12 | |||
| North America | 524 | 6 | 6 | 620 | 22 | 23 | 598 | 17 | 18 | |||
| International | 642 | 4 | 12 | 627 | 5 | 9 | 635 | 2 | 8 | |||
| Net sales to third parties | 2 492 | 5 | 6 | 2 555 | 7 | 9 | 2 595 | 11 | 12 | |||
2023
| Q1 2023 | Change % | Q2 2023 | Change % | Q3 2023 | Change % | Q4 2023 | Change % | |||||||||
| USD millions unless indicated otherwise | USD | cc* | USD | cc* | USD | cc* | USD | cc* | ||||||||
| Generics | 1 868 | 2 | 6 | 1 850 | 4 | 6 | 1 794 | 5 | 4 | 1 920 | 6 | 6 | ||||
| Biosimilars | 516 | 11 | 17 | 533 | 13 | 14 | 543 | 7 | 4 | 623 | 29 | 26 | ||||
| Net sales to third parties | 2 384 | 4 | 9 | 2 383 | 5 | 8 | 2 337 | 6 | 4 | 2 543 | 11 | 10 | ||||
| Q1 2023 | Change % | Q2 2023 | Change % | Q3 2023 | Change % | Q4 2023 | Change % | |||||||||
| USD millions unless indicated otherwise | USD | cc* | USD | cc* | USD | cc* | USD | cc* | ||||||||
| Europe | 1 270 | 10 | 16 | 1 277 | 14 | 12 | 1 204 | 11 | 3 | 1 272 | 10 | 4 | ||||
| North America | 496 | -5 | -3 | 508 | -4 | -2 | 510 | -4 | -3 | 615 | 20 | 20 | ||||
| International | 618 | -1 | 4 | 598 | -3 | 8 | 623 | 3 | 12 | 656 | 4 | 14 | ||||
| Net sales to third parties | 2 384 | 4 | 9 | 2 383 | 5 | 8 | 2 337 | 6 | 4 | 2 543 | 11 | 10 | ||||
¹ Net sales in this document refer systematically to net sales to third parties. In the first nine months of 2023, third-party sales excluded sales to our former parent. Post spin-off, sales to our former parent are reported as third-party sales.
² An explanation of non-IFRS measures can be found in the Supplementary financial information of the Half-Year Report 2024
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