Sandoz raises 2026 core EBITDA margin guidance to 23.0%-23.5%

• Sandoz narrowed its 2026 net sales growth forecast to 5-6% at constant currencies, from mid-to-high single-digit growth.
• Core EBITDA margin guidance rose to 23-23.5%, versus a previous forecast for roughly 100 basis points of year-over-year expansion.
• Short-term biosimilar supply constraints in Europe and International, alongside tougher German market conditions, weighed on sales expectations.
• Third-quarter sales rose 5% at constant currencies; biosimilar sales increased 17%, supporting a more favorable sales mix.
• The 2028 and 2030 outlooks remain unchanged, including a core EBITDA margin target of 25-27% by 2030.

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