Pioneering access for patients
Our Vision is to be the world’s leading and most valued biosimilars and generics company.
01 Highlights
2023 Financial highlights1
NET SALES TO THIRD PARTIES
0
USD billion, 7% growth in constant currencies
CORE EBITDA MARGIN
0%
Core EBITDA of USD 1.7 billion
CORE NET INCOME
0
USD million
2023 Non-financial highlights2
PATIENT TREATMENTS
>0
Estimated number of patient treatments provided in millions
SAVINGS DELIVERED TO US AND EU HEALTHCARE SYSTEMS
>0
Estimate in USD billion delivered by our key products
SOCIAL IMPACT
~0
Estimate in USD billion delivered by our key products
1. Non-IFRS measures as defined by Sandoz can be found in the annual report under the section Supplementary financial information.
2. Non-financial indicators definitions can be found on our website: www.sandoz.com/ESG_reporting_criteria
02 Letters to shareholders
03 Our strategy
Strategic levers to drive shareholder value
Sandoz is well positioned to drive sustainable growth and long-term shareholder value through the following six strategic levers:
Attractive market fundamentals
MARKET SIZE1 (USD billion)
233
Leadership and scale
MARKETS SERVED
+100
Multiple drivers of sustainable top-line growth
TARGETED LOE VALUE2 (USD billion)
+370
Margin improvement
TARGETED MARGIN
24-26%
Core EBITDA margin by 2028
Strong cash flow generation supporting disciplined capital allocation
FREE Cash flow
~2.5x
in 2028 versus 2022
Sustainability and impact linked to business success
SOCIAL IMPACT (USD billion)
~400
Delivered by our key products in 2023
Sustainability and impact linked to business success
total social impact
233
(USD bn)
1. Source: IQVIA Analytics Link in constant currencies excluding markets with no or limited Sandoz operations (e.g. China, India, Bangladesh, Pakistan, Indonesia), using IQVIA definition: generics, early-entry generics and biocomparable products.
2. Calculated as originator sales one year prior to loss of exclusivity (LOE-1); targeted value refers to coverage from Sandoz pipeline. Analysis based on industry reports, databases and internal evaluations.
05 Scientific heritage
Heritage is the foundation of our success
Sandoz today is the leading global provider of off-patent medicines (biosimilars and generics), which account for approximately 80% of medicines used worldwide at a fraction of the total cost.
06 Access is our purpose
Billions of people lack access to the medicines and healthcare services they need. We’re here to help change that.
Our Purpose – to pioneer access for patients – drives everything we do. That begins with our core business, which makes quality medicines more affordable.
Overcoming obstacles
Kacy, now well into her thirties, was an avid basketball player with dreams of playing through college. Then things changed dramatically. After seeing 35 different doctors and specialists over a span of 11 years, she was eventually diagnosed with Multiple Sclerosis (MS).
"Not everybody wakes up feeling healthy every day. I don't take a single day for granted."
Advocating for others
In 2013, Max was diagnosed with Crohn's disease. It caused a lot of disruption in his life, with time off work, many foods off the menu and interruptions to his exercise routine. It also meant that travel and vacations became more of a concern in case he suffered a flare-up.
"As an unpredicatable disease, Chrohn's affects my life in many ways, but a big one is dealing with treatment expenses."
07 Novel ways drive performance
What we do
Novel ways of delivering on our Purpose drive the financial results that allow us to continue reinvesting in the future of our business.
The continued strong performance of our innovative and leading biosimilars portfolio continued to drive overall sales growth through 2023, supported by a series of strategic milestones.
The continued strong performance of our innovative and leading biosimilars portfolio continued to drive overall sales growth through 2023, supported by a series of strategic milestones.
*click on the circle to learn more
Development & regulatory
We manage our development activity to ensure constant replenishment of our product pipeline to offset price erosion and capitalize on new opportunities as they arise.
Manufacturing & supply
We maximize resources by finding a strategic balance between our own capabilities and working with partners, allowing us to retain core competencies but also enabling us to make the best use of our capital and other resources.
Commercial
Our global reach across 100+ countries means that we think globally but operate locally, providing us with the flexibility to deliver successfully against a range of market models.
08 Democratizing biologics
Our biosimilars pipeline1
We have tripled the number of biosimilar assets in our pipeline over the past five years. Our pipeline now comprises a total of 24 molecules, including three high-value upcoming launches.
Our marketed products
2006
Omnitrope® (somatropin)
Launched in Europe in 2006, now available in Europe, North America and International markets. Therapeutic area: endocrinology.
Our marketed products
2007
Binocrit® (epoetin alfa)
Launched in Europe in 2007, now available in Europe and International markets. Therapeutic area: oncology supportive care.
Our marketed products
2009
Zarzio® / Zarxio® (filgrastim)
Launched in Europe in 2009 and the US in 2015, now available in Europe, North America and International markets. Therapeutic area: oncology (supportive care).
Our marketed products
2017
Erelzi® (etanercept)
Launched in Europe in 2017, now available in Europe and International markets. Therapeutic area: immunology (rheumatology, dermatology).
Our marketed products
2017
Rixathon® (rituximab)
Launched in Europe in 2017, now available in Europe, Canada and International markets. Therapeutic areas: oncology (blood cancers), immunology (rheumatology).
Our marketed products
2018
Ziextenzo® (pegfilgrastim)
Launched in Europe in 2018, now available in Europe, North America and International markets. Therapeutic area: oncology (supportive care).
Our marketed products
2018
Zessly® (infliximab)
Launched in Europe since 2018. Therapeutic area: immunology (rheumatology, gastroenterology, dermatology).
Our marketed products
2018/2023
Hyrimoz® (adalimumab)
Low-concentration formula launched in Europe in 2018, low- and high-concentration formula available in Europe, North America and International markets since 2023. Therapeutic area: immunology (rheumatology, gastroenterology, dermatology).
Our marketed products
2024
Tyruko© (natalizumab) (reference medicine Tysabri):
Approved by the US FDA in August 2023; launched in EU in February 2024. The first-ever approved biosimilar for multiple sclerosis, targeting USD 2 bn in reference medicine sale. Tyruko has been developed by Polpharma biologics.
Our marketed products
2024
Cimerli© (ranibizumab) (reference medicine LUCENTIS):
In March 2024 we acquired Cimerli©, a treatment for multiple retinal diseases that was launched in October 2022.
THREE upcoming launches
Biosimilar denosumab (reference medicines Prolia/XGeva):
Most advanced program in industry, indicated for bone diseases/oncology, targeting USD 7 bn in reference medicine sales.
three upcoming launches
Biosimilar Ustekinumab (reference medicine Stelara):
Commercialization deal with Samsung Bioepis announced in September 2023, indicated for autoimmune disorders including Crohn’s disease, targeting USD 10 bn in reference medicine sales. Phase III results announced late 2023.
three upcoming launches
Biosimilar aflibercept (reference medicine Eylea):
Strong target product profile including pre-filled syringe at launch, indicated for ophthalmology, targeting USD 11 bn in reference medicine sales.
In development
5 FURTHER BIOSIMILARS UNDER REGULATORY REVIEW
In development
1 FURTHER BIOSIMILAR IN CLINICAL TRIALS
1. As of March 2024.
09 Optimizing our presence
Global reach with local insight
Brazil
US
Spain
Poland
Germany
Slovenia
Austria
Turkey
India
Slovenia
India
Manufacturing facilities
Supported by Global centers of excellence in Hyderabad, India and Ljubljana, Slovenia
Manufacturing facilities
Supported by Global centres of excellence in Hyderabad, India and Ljubljana, Slovenia
10 Zeroing in on ESG
Four pillars anchor our ESG strategy
Pioneering access for patients is at the core of what we do. Strong corporate governance, sustainable operations, and a focus on making Sandoz a great place to work advance that mission.
Access
We deliver access to medicines and democratize biologics worldwide.
As the leading global provider of off-patent medicines, Sandoz leverages our strengths to make quality medicine accessible to more patients whenever and wherever they need it.
As the leading global provider of off-patent medicines, Sandoz leverages our strengths to make quality medicine accessible to more patients whenever and wherever they need it.
Environment
We incorporate environmental responsibility, driving down our carbon footprint and preserving natural resources.
Sandoz operates with a sustainability mindset, and we know that responsible environmental practices are not only good for the environment, they also can result in greater operating efficiencies, which is core to our strategy.
Sandoz operates with a sustainability mindset, and we know that responsible environmental practices are not only good for the environment, they also can result in greater operating efficiencies, which is core to our strategy.
People
We champion diversity, equity, and inclusion.
At Sandoz we know that our people are central to our work of pioneering access to patients, and we champion diversity, equity, and inclusion among our more than 20,000 employees in 100+ markets worldwide.
At Sandoz we know that our people are central to our work of pioneering access to patients, and we champion diversity, equity, and inclusion among our more than 20,000 employees in 100+ markets worldwide.
Corporate Governance
Our strong corporate governance practices mean we can face the challenges ahead.
Sandoz corporate governance practices enable us to innovate and manage risks as we drive toward sustainable financial performance and long-term value creation.
Sandoz corporate governance practices enable us to innovate and manage risks as we drive toward sustainable financial performance and long-term value creation.
2023 Integrated Annual Report
Corporate report
pp. 1-69
Chairman’s letter
pp. 4-5
Chief Executive's statement
pp. 6-7
Financial report
pp. 122-219
Performance overview
pp. 123-127
Financial statements and notes
pp. 128-195
Corporate governance
pp. 70-90
Risk management
pp. 114-121
Compensation report
pp. 91-113
ESG
page 221
ESG KPIs and data
pp. 228-243
At Sandoz, we discover new ways to help improve and potentially extend people’s lives and pioneer new approaches to help people around the world access high-quality medicine.
