FX.co ★ Biosimilars Boosts Sandoz Q1 Sales; Backs Annual Sales Outlook

Sandoz Group AG, a Swiss-based pharmaceutical company specializing in generic and biosimilars drugs, reported an increase in sales for the first quarter.

According to Richard Saynor, Sandoz's CEO, their growth in sales was largely due to the strong performance of their biosimilars, the recently launched Hyrimoz medication in the US, and the acquisition of CIMERLI completed in early March. The sales of generic drugs also remained robust, comparable to last year's strong figures.

In terms of sales, Sandoz reported revenues of $2.492 billion over the quarter, up from $2.384 billion during the same period the previous year. Sales from generic drugs totaled $1.869 billion, slightly exceeding the previous year's figure of $1.868 billion.

Sales from biosimilars reached $623 million, up from $516 million in 2023. This double-digit growth can be attributed to the ongoing launch of the high-concentration Hyrimoz formulation, the newly acquired CIMERLI, and the continued high demand for the company's first-ever biosimilar, Omnitrope.

Moving forward, Sandoz expects to maintain this positive momentum throughout the year, with anticipated mid-single digit growth for net sales in constant currencies alongside an around 20 percent core EBITDA margin.