Sandoz - Transitioning to Specialty Pharma (BUY, TP CHF46 [37], 20 pgs)
Following a deep-dive on the Biosimilars business we show that Sandoz is transitioning to something that looks more like a Specialty Pharma company as Biosimilars become ~40% of profit. We are now 12% above 2029 consensus EBITDA as we add 3 new biosims to our forecasts but highlight many more that could be added to forecasts. We show there is 500bps margin improvement to 2029 & 12% CAGR EBITDA growth driven by biosimilars. We also show why the EU generics market has high barriers to entry & coupled with EM growth, the generics division growth is underpinned. ~25% upside.For access to the full note, please contact Naresh Chouhan ( )
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