Core Viewpoint - Sandoz reported a net sales growth of 3% in Q1 2025, marking the fourteenth consecutive quarter of growth, driven by a strong biosimilar pipeline and commercial excellence [3][5][6]. Financial Performance - Q1 2025 net sales reached USD 2,480 million, with volume contributing six percentage points to growth, while price erosion accounted for a three percentage point decline [5][6]. - The company anticipates mid single-digit net sales growth for the full year 2025 and a core EBITDA margin of around 21% [7][4]. Segment Performance - Generics net sales were USD 1,809 million, stable with a 2% growth on a comparable growth rate (CGR) basis, representing 73% of total net sales [9][8]. - Biosimilars net sales amounted to USD 671 million, reflecting an 11% growth (14% on a CGR basis), accounting for 27% of total net sales [10][8]. Regional Performance - Europe net sales grew by 7% to USD 1,372 million, driven by recent launches in biosimilars [14][12]. - International net sales declined by 2% to USD 590 million, but grew by 2% when adjusted for the divestment of the China business [15][12]. - North America net sales increased by 1% to USD 518 million, with a 3% growth when excluding the impact of the Cimerli withdrawal [16][12]. Future Outlook - Sandoz plans to launch several major biosimilars in the second half of 2025, including Wyost®/Jubbonti® and Tyruko® [6][4]. - The company is also experiencing favorable regulatory developments, which may streamline biosimilar development processes [20][4]. Legal Developments - Sandoz has filed an antitrust lawsuit against Amgen in the US, alleging anti-competitive practices related to the market position of Enbrel® [21].