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].

Core Insights - Sandoz has signed a global collaboration agreement with Shanghai Henlius Biotech to commercialize a biosimilar of ipilimumab, with a total consideration of up to USD 301 million, including an upfront payment of USD 31 million, targeting net reference-medicine sales of USD 2.5 billion [2][3][7] Company Overview - Sandoz is a global leader in generic and biosimilar medicines, with a strategic ambition to occupy the leading position in the US biosimilars market, having recently moved up to third position [5][9] - The company has a robust biosimilars pipeline comprising 28 molecules and around 450 generic pipeline medicines, supporting its goal of sustainable long-term growth [5][9] - In 2024, Sandoz recorded net sales of USD 10.4 billion [9] Collaboration Details - Under the agreement, Sandoz has exclusive commercial rights for the biosimilar of ipilimumab in Australia, Canada, Europe, Japan, and the US, with the core sequence patent for ipilimumab having expired in March 2025 in the US and set to expire no later than February 2026 in the EU [3][4] - Henlius is developing its own proposed biosimilar of ipilimumab in an integrated Phase I/III trial targeting 656 patients [4] Market Potential - The combination therapy of ipilimumab and nivolumab is used in 95% of eligible patients, indicating a significant market opportunity for Sandoz's biosimilar [7] - The agreement aims to address considerable unmet medical needs and increase worldwide access to cancer treatments, reinforcing Sandoz's commitment to expanding patient access and driving sustainable savings for healthcare systems [7]