Sandoz raises full-year sales targets after first half-year
Published: Thursday, Aug 8th 2024, 07:40
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After the first half of the year, generics specialist Sandoz is more confident about its sales performance for the year as a whole. In the first six months of 2024, the former Novartis subsidiary once again grew faster with lucrative biosimilars than with "normal" generics.
Revenue climbed by 6 percent to 5.0 billion US dollars in the first six months, as the Group announced on Thursday. At constant exchange rates, the increase would have been 7 percent.
The generics business contributed 3.7 billion dollars to total sales and thus remained stable compared to the same period last year. While the momentum in international business continued, development in Europe was stable, according to Sandoz.
The smaller biosimilar division increased by 28% to 1.3 billion. This significantly stronger growth was due, among other things, to the successful market launch of the biosimilar Hyrimoz (anti-inflammatory) and the acquisition of Cimerli.
At profit level, Sandoz reported core operating profit (core EBITDA) of CHF 885 million. The Group puts the previous year's figure at 992 million. These are the first half-year profits as an independent company. The bottom line was 484 million US dollars (previous year 591 million).
Forecast raised
For the further course of business, Basler is raising its previous target: net sales are now expected to grow in the mid to high single-digit range (previously: mid single-digit range). The core EBITDA margin should remain at around 20 percent in 2024.
There will also be changes to the Group Management: Chief Commercial Officer Pierre Bourdage is stepping down from his role for personal health reasons. As of September 1, the position will be transferred to Rebecca Guntern, who is already a member of the Executive Board as President Europe. Christophe Delenta will take over the position of President Europe.
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