Pharmaceuticals Sandoz raises full-year sales targets after first half-year
After the first half of the year, generics specialist Sandoz is more confident about its sales performance for the year as a whole. Until June, the former Novartis subsidiary once again grew faster with its lucrative biosimilars than with "normal" generics.
08.08.2024, 07:50
SDA
Revenue climbed by 6 percent to 5.0 billion US dollars in the first six months, as the company announced on Thursday. At constant exchange rates, the increase would have been 7 percent.
The generics business contributed 3.7 billion dollars to total sales and thus remained stable compared to the same period last year. While the momentum in the international business continued, the development in Europe was stable, according to Sandoz.
The smaller biosimilar division increased by 28 percent to 1.3 billion. This significantly stronger growth was due in part to the successful market launch of the biosimilar Hyrimoz (anti-inflammatory) and the acquisition of Cimerli.
At profit level, Sandoz reported core operating profit (core EBITDA) of CHF 885 million. The Group puts the previous year's figure at 992 million. These are the first half-year profits as an independent company. The bottom line was 484 million US dollars (previous year 591 million).
Forecast raised
For the further course of business, Basler is raising its previous target: net sales are now expected to grow in the mid to high single-digit range (previously: mid single-digit range). The core EBITDA margin is expected to remain at around 20 percent in 2024.
