Sandoz sees biosimilar expansion driving revenue, margins through 2035

Sandoz Group AG (SIX:SDZ) announced Tuesday its goal to more than double revenue by 2035, underpinned by a major expansion of its biosimilar portfolio. The company also targets a core EBITDA margin above 30%, positioning itself to capitalize on an upcoming wave of drug patent expirations.

Addressing a Capital Markets Day in London, the Swiss drugmaker outlined its Bio100 initiative, which envisions a portfolio of more than 100 biosimilars by 2040, compared with 13 currently.

Sandoz said this broader portfolio would increase its coverage of medicines losing exclusivity to roughly 80% from 2035 onward, up from about 50% today.

Both the 2035 revenue-doubling target and the core EBITDA margin above 30% exclude any impact from GLP-1 therapies.

For the nearer term, Sandoz issued a new mid-term outlook for 2025-2030, forecasting mid-to-high single-digit percentage growth in average annual net sales at constant currencies and a core EBITDA margin of 25% to 27% by 2030.

These targets incorporate GLP-1. Separately, the company reaffirmed its existing mid-term outlook through 2028.

Chief Executive Richard Saynor said the Bio100 ambitions are intended to make biosimilars the dominant part of Sandoz's sales, expanding patient access and delivering meaningful shareholder value.

He added that Sandoz holds a leading biosimilar pipeline and a scalable, flexible, and cost-competitive biosimilar development, manufacturing, and supply network. The company posted net sales of $11.1 billion in 2025.