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Swiss generic-drug and biosimilar maker spun off from Novartis, selling off-patent medicines worldwide.
Swiss generic-drug and biosimilar maker spun off from Novartis, selling off-patent medicines worldwide.
Sells off-patent medicines mainly to hospitals, pharmacies and health systems that buy by tender, so price and supply reliability win business; Europe is its largest region. Biosimilars, near copies of biotech drugs that have lost patent protection, are the growth line and include versions of Humira and denosumab.
In one line: A generics/biosimilars peer of Viatris.
Moat: narrow (scale, regulatory licence). Large manufacturing footprint and biosimilar approvals are costly to replicate, but products are largely undifferentiated.
Headquarters: Basel, Switzerland · Founded: 1886 · Employees: 23,000
Size Sandoz (SDZ.SW) is a Switzerland Health Care company (Pharmaceuticals: Major) with a market value of $44.4B, the 14th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 83.78 on 6 Nov 2026.
Performance Over six months the shares gained 23.7%, against +14.0% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median +11.7%); the operating margin is 15.2% (peer median 21.4%).
Valuation It trades at 25.3× forward earnings against a peer median of 19.5× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.0 points above its cost of capital (5.0% WACC).
Credit Sandoz has 7 bonds outstanding ($4.35B), rated BBB by the agencies and trading like A- at a weighted spread of 101 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 9.21B | CHF 9.21B | CHF 9.12B | CHF 8.94B | CHF 8.86B |
| Revenue growth | — | +1% | +2% | +1% | — |
| Gross profit | CHF 4.38B | CHF 4.33B | CHF 4.31B | CHF 4.07B | CHF 4.15B |
| EBITDA | CHF 1.87B | CHF 1.81B | CHF 1.80B | CHF 1.57B | CHF 1.77B |
| Net income | CHF 515M | CHF 759M | CHF 0 | CHF 69.2M | CHF 810M |
| Free cash flow | CHF 1.08B | CHF 914M | CHF 222M | -CHF 1.80M | CHF 903M |
| Capital expenditure | CHF 762M | CHF 657M | CHF 526M | CHF 568M | CHF 408M |
| Total debt | n/a | CHF 4.50B | CHF 4.40B | CHF 3.84B | CHF 309M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sandoz SDZ.SW | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% |
| Viatris VTRS | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% |
| Fresenius SE & Co. KGaA FRE.DE | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% |
| Hikma Pharmaceuticals HIK.L | $4.59B | +18% | +2% | 20% | 9.9× | 1.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SDZ.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.9% | +9.9% | 2nd highest of 21 |
| 6-month return | +23.7% | +14.0% | 8th highest of 21 |
| Distance from 52-week high | -2.1% | -9.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +0.8% | +11.7% | 4th lowest of 21 |
| Operating margin | 15.2% | 21.4% | 6th lowest of 21 |
| Forward P/E | 25.3× | 19.5× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 7.9% | 8.2% | 10th least demanding of 19 |
| Growth delivered (Del g) | +0.4% | +8.1% | 2nd lowest of 19 |
| Hurdle (Req g minus delivered) | +7.5 pp | -0.9 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | +5.0 pp | +4.0 pp | 9th highest of 21 |
| EV / EBITDA | 21.5× | 13.3× | 7th most expensive of 17 |
| Net debt / EBITDA | 2.1× | 0.8× | 6th most indebted of 17 |
| Bond spread | 101 bp | 85 bp | 3rd widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | Hong Kong | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% | +2.0% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Wuxi Apptec 2359.HK | Hong Kong | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% | +20.4% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
Sandoz has 7 bonds outstanding with $4.35B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 3.91%, a spread of 101 bp over government bonds.