Sandoz - 400bps H2 Margin Improvement (BUY, TP CHF46 11pgs)
As investors continue to fret about H2 performance, we analyse the building blocks of 2H24 sales & EBITDA progression as well as the building blocks of our 17% EBITDA growth in 2025. Now that we know the Q4 generics launch is paclitaxel, we model its contribution & we also now have greater visibility on the Hyrimoz (biosimilar Humira) scrip trends. A combination of cost savings, mix effects, paclitaxel stocking & operational leverage should all add up to a 400bps improvement in the H224 EBITDA margin vs H1. We now forecast 8% sales growth and 16% EBITDA growth & show why we think Sandoz should trade on a 12x EBITDA multiple.For access to the full note, please contact Naresh Chouhan ( )
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- Pan European Telecom Services and Cable
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- Pan European Telecom Services and Cable
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