Investing.com -- Sandoz Group AG cut its full-year sales forecast while lifting core earnings margin outlook after the company reported worse-than-expected sales for the third quarter. The company's shares fell nearly 5%.
Sandoz posted net sales of $2.94 billion, missing the analyst consensus of $3.01 billion. The results represented a 5% increase at constant currency compared to the prior-year period.
Biosimilar net sales surged 17% at constant currency in the quarter, while generics net sales remained stable. Excluding an anti-infective business-to-business headwind, total net sales would have increased 7% at constant currency. Biosimilars represented 34% of third-quarter net sales, with North America leading growth at 20% at constant currency.
The company said the anti-infective headwind is expected to be immaterial in the fourth quarter of 2026 and next year.
For the first nine months of 2026, net sales rose 5% at constant currency, with biosimilar net sales up 19% and generics net sales declining 1%. Excluding the anti-infective headwind, nine-month net sales increased 6% at constant currency.
The company narrowed its full-year net sales growth guidance to 5-6% at constant currency, compared to previous guidance of mid-to-high single-digit growth. Sandoz upgraded its core-EBITDA margin guidance to 23.0-23.5% for 2026, up from previous guidance of year-on-year expansion of around 100 basis points from 2025's 21.7% margin.
At its Capital Markets Day last month, Sandoz unveiled its Bio100 ambition, targeting more than 100 biosimilars in its portfolio by 2040.
The company noted the updated guidance does not impact its prior outlook to 2028 or recently announced outlook to 2030, and excludes potential impacts from unforeseen events including potential new tariffs from the US government.
Original Article
Sandoz stock falls on sales outlook cut, Q3 miss
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