Sandoz reported full-year 2025 revenue of $11.09 billion, up 5% at constant currency and matching analyst consensus. The Swiss pharmaceutical company's biosimilar portfolio drove growth with 13% constant currency expansion to $3.29 billion, while generics revenue rose 2% to $7.79 billion despite pricing pressures from Chinese penicillin API imports.

For fiscal 2026, Sandoz projects mid-to-high single-digit revenue growth at constant currency with core EBITDA margin expansion of approximately 100 basis points. The revenue guidance midpoint of roughly 7% exceeds the 6.8% analyst consensus, though the company's core EBITDA margin guidance of around 22.7% falls slightly short of the 22.5% consensus estimate. Core EBITDA reached $2.41 billion with a margin of 21.7%, up 160 basis points from 20.1% in fiscal 2024.

CEO Richard Saynor highlighted the company's progress, citing a record number of biosimilar launches including Pyzchiva (ustekinumab) in the US and the first FDA-approved interchangeable denosumab biosimilars. Management free cash flow increased 39% to $1.55 billion from $1.11 billion. The company proposed a dividend of CHF 0.80 per share, up from CHF 0.60, representing 27% of core net income.