Sandoz - INITIATION - World Leading Pure-Play Generics (Rating TBD, TP CHF37, 30 pgs)
Sandoz is a large-cap Generics Company with guidance to 2028 for mid-single digit sales growth & ~600-800bps margin expansion by ‘28. Sandoz derives ~25% of sales from biosim’s but expect 50% of the growth to come from the segment to 2028. We show that 5 biosimilars could add $1.8bn of sales by 2027 & that Hyrimoz (Humira biosim) could hit ~$600m by 2025 adding 9% to EBIT. The Generics business has
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