Sandoz reports strong sales growth in third quarter and nine months, led by biosimilars.
From GlobeNewswire: 2024-10-30 02:00:00
Sandoz reported strong third-quarter biosimilars growth of 37% in constant currencies, with net sales of USD 2.6 billion, up 12% from last year. The company increased its net sales growth guidance to high-single digits and confirmed a core EBITDA margin of around 20%. Biosimilars and generics both saw growth, with biosimilars leading the way.
CEO Richard Saynor highlighted key milestones in the biosimilars business, including approvals for Pyzchiva® and Enzeevu™ in the US, and strong uptake of Hyrimoz®. The company’s net sales growth was driven by both generics and biosimilars, with all regions contributing to the performance. Sandoz also made progress in simplifying its business.
In the third quarter, net sales for Sandoz were USD 2.6 billion, a 12% increase from the same period last year, driven by biosimilars growth. For the first nine months of 2024, net sales were USD 7.6 billion, up 9% from the prior year. Volume contributed 13 percentage points of growth, with biosimilars as a key driver.
Sandoz’s generics business saw net sales of USD 1.9 billion in the third quarter, up 4% from last year. Europe experienced growth due to recent launches, while the International region saw demand for Mycamine®. North America declined due to timing of new launches. The biosimilars business had net sales of USD 741 million in the quarter, up 37% from last year.
Europe led the way in net sales for Sandoz in the third quarter, with USD 1.4 billion, up 12% from last year. The region saw strong growth in biosimilars and generics. North America had net sales of USD 598 million, up 18%, while International had net sales of USD 635 million, up 8%. Strong volume growth was a key factor in the regions’ performance.
Sandoz is increasing its full-year 2024 net sales guidance to high-single digit growth in constant currencies and confirming its core EBITDA margin guidance of around 20%. The company continues to focus on executing its strategy and achieving key milestones in its biosimilars portfolio, with recent approvals and launches driving growth.
Read more at GlobeNewswire:: Sandoz reports third-quarter and nine-month 2024 sales