Sandoz Group Ltd (CH:SDZ)
:SDZ
Top Page
Sandoz Group Ltd
(SDZ)
Select Model
Select Model
Rating:66Neutral
Price Target:
CHF69.00
▲(3.57% Upside)
Action:ReiteratedDate:03/10/26
The score is led by improving financial performance in 2025 (growth, margins, and stronger operating/free cash flow), tempered by multi-year volatility and rising debt. Technicals are mixed with near-term weakness despite a longer-term uptrend, and valuation looks reasonable on earnings but offers a modest dividend yield.
Positive Factors
Revenue & Profitability Rebound
A clear 2025 recovery (revenue up ~25%, net margin ~8%) signals stronger commercial execution and portfolio momentum. This rebound improves the firm's ability to fund operations and investments, supporting sustainable earnings generation over the next 2–6 months if execution and market access hold.
Negative Factors
Earnings and Cash Flow Volatility
Multi‑year swings in net income and FCF reduce forecasting reliability and hinder sustained capital allocation planning. Volatility suggests sensitivity to tender timing, launch competition and working capital cycles, complicating long‑term investment and stakeholder confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Profitability Rebound
A clear 2025 recovery (revenue up ~25%, net margin ~8%) signals stronger commercial execution and portfolio momentum. This rebound improves the firm's ability to fund operations and investments, supporting sustainable earnings generation over the next 2–6 months if execution and market access hold.
Read all positive factors
Sandoz Group Ltd (SDZ) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF29.31B
Dividend Yield1.02%
Average Volume (3M)677.45K
Price to Earnings (P/E)32.9
Beta (1Y)0.74
Revenue GrowthN/A
EPS GrowthN/A
CountryCH
Employees22,049
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)1.60
Shares Outstanding440,000,000
10 Day Avg. Volume616,025
30 Day Avg. Volume677,447
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)3.35
Price to Sales (P/S)2.71
P/FCF Ratio38.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF71.09Price Target Upside6.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)4.02
Revenue Forecast (FY)CHF12.06B
Sandoz Group Ltd Business Overview & Revenue Model
Company Description
Sandoz Group AG develops, manufactures, and markets generic pharmaceuticals and biosimilars worldwide. It develops, manufactures, and markets finished dosage forms of small molecule pharmaceuticals to third parties. It also provides protein- or ot...
How the Company Makes Money
Sandoz makes money primarily by selling generic medicines and biosimilars to healthcare systems, wholesalers, pharmacies, and hospitals. Its core revenue stream comes from high-volume, price-competitive small-molecule generics, where products are ...
Sandoz Group Ltd Earnings Call Summary
Earnings Call Date:Mar 13, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong sales growth, particularly in the biosimilars segment and North American market recovery. However, the financial performance was impacted by negative free cash flow, a decline in core EBITDA margin, significant restructuring, and legal costs.Positive Updates
Strong Sales Growth
Fourth quarter 2023 was the strongest consecutive quarter of top line growth, with sales up 10% compared to the previous year. For the full year, sales grew 7% to $9.6 billion, with volume contributing 10 percentage points of growth.
Negative Updates
Negative Free Cash Flow
The free cash flow was negative $234 million for 2023, attributed to significant investments needed for the transition to a standalone company and other strategic initiatives.
Read all updates
Q4-2023 Updates
Positive
Negative
Strong Sales Growth
Fourth quarter 2023 was the strongest consecutive quarter of top line growth, with sales up 10% compared to the previous year. For the full year, sales grew 7% to $9.6 billion, with volume contributing 10 percentage points of growth.
Read all positive updates
Company Guidance
During the Sandoz Q4 2023 earnings call, the company reported a strong financial performance, exceeding sales growth guidance with a 7% increase to $9.6 billion for the year and achieving a core EBITDA of $1.7 billion, reflecting an 18.1% margin. The biosimilar segment saw significant growth, contributing 23% to total sales, up from 20% in 2022, with products like Omnitrope and the launch of Hyrimoz in the U.S. playing key roles. Despite a negative free cash flow of $234 million due to initial investments post-spin-off, Sandoz anticipates a robust cash flow increase by 2028. Looking forward to 2024, the company expects mid-single-digit net sales growth and core EBITDA margins to reach around 20%, driven by continued biosimilar momentum and operational efficiencies.Sandoz Group Ltd Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.61B | 9.12B | 9.98B | 8.60B | 8.83B |
| Gross Profit | 5.46B | 4.31B | 4.56B | 4.05B | 4.20B |
| EBITDA | 1.79B | 667.55M | 857.00M | 1.53B | 1.68B |
| Net Income | 957.48M | 1.00M | 77.00M | 784.05M | 828.37M |
Balance Sheet | |||||
| Total Assets | 22.03B | 19.91B | 19.43B | 100.00K | 15.98B |
| Cash, Cash Equivalents and Short-Term Investments | 1.74B | 1.19B | 933.39M | 100.00K | 36.45M |
| Total Debt | 5.68B | 4.85B | 4.55B | 309.02M | 284.28M |
| Total Liabilities | 12.65B | 11.74B | 10.78B | 22.86K | 8.55B |
| Stockholders Equity | 9.38B | 8.16B | 7.28B | 77.14K | 7.43B |
Cash Flow | |||||
| Free Cash Flow | 810.00M | 60.00M | -242.64M | 760.23M | 855.75M |
| Operating Cash Flow | 1.59B | 656.00M | 325.31M | 1.17B | 1.24B |
| Investing Cash Flow | -980.00M | -740.00M | -551.77M | -410.68M | -631.76M |
| Financing Cash Flow | -197.00M | 242.00M | 1.24B | -734.45M | -600.67M |
Sandoz Group Ltd Technical Analysis
Positive
66.62
Price Trends
63.75
Positive
61.04
Positive
54.47
Positive
Market Momentum
0.39
Negative
63.19
Neutral
91.59
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SDZ, the sentiment is Positive. The current price of 66.62 is above the 20-day moving average (MA) of 62.31, above the 50-day MA of 63.75, and above the 200-day MA of 54.47, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 63.19 is Neutral, neither overbought nor oversold. The STOCH value of 91.59 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SDZ.
Sandoz Group Ltd Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | CHF222.29B | 18.30 | ― | 3.18% | 7.62% | -18.33% | |
72 Outperform | CHF30.78B | 38.35 | 4.44% | 0.44% | 0.39% | -12.46% | |
66 Neutral | CHF29.31B | 32.85 | 2.64% | 1.02% | ― | ― | |
62 Neutral | CHF3.56B | 19.36 | 15.79% | 0.51% | 0.77% | 16.70% | |
56 Neutral | CHF35.10B | 39.77 | ― | 0.75% | 5.93% | 29.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
CH:SDZ
Sandoz Group Ltd
66.62
34.49
107.31%
CH:NOVN
Novartis AG
121.76
35.64
41.39%
CH:LONN
Lonza Group Ltd
515.00
-13.11
-2.48%
CH:ALC
Alcon
61.60
-12.26
-16.60%
CH:SFZN
Siegfried Holding AG
78.90
-7.13
-8.29%
Sandoz Group Ltd Corporate Events
Sandoz reshapes biosimilar and generics leadership to seize upcoming patent cliff
Mar 10, 2026
Sandoz is restructuring to sharpen its focus on biosimilars and generics as it targets a projected “golden decade” of loss-of-exclusivity opportunities worth more than USD 650 billion. The company has created a dedicated global biosimi...
Sandoz lifts profit, dividend and 2026 outlook on biosimilar-driven growth
Feb 25, 2026
Sandoz reported strong full-year 2025 results, with net sales rising 7% in USD to USD 11.1 billion, driven by 15% biosimilar growth and an 8% increase in volumes, while core EBITDA margin expanded 160 basis points to 21.7% and core EPS jumped 34%....
Sandoz wins EU approval for Ranluspec biosimilar, bolstering ophthalmology push
Feb 23, 2026
Sandoz has secured European Commission marketing authorization for Ranluspec, a ranibizumab biosimilar developed with Lupin for treating neovascular age-related macular degeneration and a range of other retinal vascular disorders. Demonstrating eq...
Sandoz Wins Expanded U.S. FDA Label for Enzeevu Retinal Biosimilar
Feb 18, 2026
Sandoz has secured U.S. FDA approval to expand the label of its aflibercept biosimilar Enzeevu to cover all major retinal indications, including macular edema following retinal vein occlusion, diabetic retinopathy and diabetic macular edema, in ad...
Sandoz Wins EU Approval for Ondibta Biosimilar Insulin, Bolstering Diabetes Push
Jan 14, 2026
Sandoz has secured European Commission marketing authorization for Ondibta, a biosimilar insulin glargine in a pre-filled pen developed with Gan Lee Pharmaceuticals, for the treatment of diabetes mellitus in adults, adolescents and children from ...
Sandoz Targets ‘Golden Decade’ as Patent Cliff Opens USD 600 Billion Generics and Biosimilars Opportunity
Jan 12, 2026
Sandoz plans to leverage its status as the leading pure‑play biosimilar and generics manufacturer to capture a substantial share of an expected USD 600 billion wave of patent expiries over the next decade. Speaking at the J.P. Morgan Healthc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.