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1、Q1 2025 sales updateApril 30,20252This presentation contains forward-looking statements,which offer no guarantee with regard to future performance.These statements are made on the basis of managements views and assumptions regarding future events and business performance at the time the statements a

2、re made.They are subject to risks and uncertainties including,but not confined to,future global economic conditions,exchange rates,legal provisions,market conditions,activities by competitors and other factors outside of the control of Sandoz.Should one or more of these risks or uncertainties materi

3、alize or should underlying assumptions prove incorrect,actual outcomes may vary materially from those forecasted or expected.Each forward-looking statement speaks only as of the date of the particular statement,and Sandoz undertakes no obligation to publicly update or revise any forward-looking stat

4、ements,except as required by law.This presentation includes non-IFRS financial measures as defined by Sandoz.An explanation of non-IFRS measures can be found in the supplementary financial information of the 2024 Integrated Annual Report.Certain figures contained in this presentation,including finan

5、cial information presented in billions or millions,certain operating data and percentages describing financial information or market shares,have been subject to rounding.Dollar values and percentages may not agree to totals.Disclaimer1.Highlights&business update2.Net-sales performance&guidance3.Wrap

6、-upAgendaHighlights&business updateRichard SaynorChief Executive OfficerFull-year guidance confirmed51Growing track record of execution and performanceQ1 net sales in line with our expectationsFull-year impact of confirmed tariffs absorbed within guidance Double-digit biosimilar sales growth;further

7、 launches this yearContinued momentum for biosimilars11.Based on IQVIA MIDAS Month Jan25 Update;data for key 18 EU markets(in standard units);market share among biosimilars Omnitrope(somatropin)Particularly strong performance in International regionHyrimoz(adalimumab)Further progress in Europe;conti

8、nues to be leading biosimilar in USTyruko(natalizumab)Strong uptake in Europe,with more launches to come;US launch by end of yearPyzchiva(ustekinumab)Leading biosimilar in Europe1;launched in Q1 2025 in USWyost/Jubbonti(denosumab)Imminent launch in US;Q4 2025 in EuropeEnzeevuTM/Afqlir(aflibercept)Eu

9、rope launch in Q4 2025;unchanged expectations for USEncouraging moves towards regulatory streamlining6Note:Representative samples,subject to change1.Based on IQVIA MIDAS rolling 12-month volume data,including originator products(once-daily products only)71Continued demand for Omnitrope-helping patie

10、nts with growth-hormone-related disorders Omnitrope global market-share evolution1 Overtook originator as market leader with 37%global market share1 International region driving growth in 2025 Sandoz supplying growing demand010203040Sep-08Dec-24 Broadest payer coverage of biosimilars,with coverage b

11、y major PBMs Continued uptake of Sandoz Hyrimoz and unbranded adalimumab-adaz Increased biosimilar penetration expected in 2025 and beyond8Sandoz US adalimumab market-share evolution11.Based on IQVIA PADDS data(in standard units),Sandoz adalimumab includes Hyrimoz,adalimumab-adaz and Cordavis Hyrimo

12、z 184%12%0%Q22481%14%Q42396%1%Q32479%98%14%Q124Q424Hyrimoz/adalimumab-adaz:good growth in Europe;US launch progressing wellCompetitor ASandozCompetitor BCompetitor CCompetitor DOthers0%4%8%12%16%20%Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-259TyrukoEuropean market-share evolution22.Based on loca

13、l market data and determined by Sandoz launch countries,including originator in IV and SC market1Tyruko:good launch progress in Europe;anticipated launch in US before year end1 Trusted partner in multiple sclerosis Further launches this year across Europe and US Strong commercial capabilities to inc

14、rease access1.Subject to FDA approval of JCV assay Leveraging commercial infrastructure and expertise Launched in 22 markets in Europe US launch in Q1 2025;private-label launch expected in due course101Pyzchiva:leading ustekinumab biosimilar in Europe1,launched in US in Q11.Based on IQVIA MIDAS Mont

15、h Jan25 Update;data for key 18 EU markets(in standard units);market share among biosimilars Market-share evolution in Europe143%Aug-2442%Sep-2441%Oct-2436%Nov-2442%Dec-24Jan-2539%2%8%Biosimilar penetrationPyzchiva14%22%26%30%Remco SteenbergenChief Financial OfficerNet-sales performance&guidance1.Con

16、stant currencies 2.Growth adjusted for 2024 acquisition of US biosimilar Cimerli(ranibizumab)and 2024 divestment of China business,in constant currencies.122Robust Q1 volume growth,with price erosion in line with expectations for full year0.1Q1 2024Volume-0.1Price-0.1FXQ1 20252.52.5Net-sales growth+

17、3%in cc1,+5%in comparable growth2In USD billion+6 pts-3 pts-3 ptsAll growth in constant currencies132Q1 net sales driven by 11%growth in biosimilarsIn USD billion 27%73%Biosimilars0.7Generics1.82.5bn+3%Business mix55%24%21%Europe1.4International0.6NorthAmerica0.5Regional mixIn USD billion 2.5bn+3%Al

18、l growth in constant currencies142Q1 net-sales growth driven by biosimilars and EuropeIn USD billion By businessBy regionIn USD billion 1.91.80.60.7Q1 2024Q1 20252.52.5+3%BiosimilarsGenerics+11%stable0.50.50.60.61.31.4Q1 2024Q1 20252.52.5+3%EuropeInternationalNorth America-2%+7%+1%Strengthening bala

19、nce sheet and liquidity to support future growth1.As of March 31,2025 and referring to long-term debt only1520500100020262027202820292030203120332035BondsOthersin USD millions New USD 2.0 bn multi-currency revolving credit facility replacing initial and unutilised USD 1.25 bn facility Dual-tranche C

20、HF 400 mn and single-tranche EUR 500 mn bonds issued;proceeds used to repay term loans Debt maturities extended to 2035,and overall interest expenses reduced Maturity profile1Credit ratingsS&P:BBBMoodys:Baa2LeverageNet debt to core EBITDA ratio below 2.0 x in mid-term162US tariffsManufacturing footp

21、rint consists of 15 sites,including 11 in Europe and one in USNo exports from USConfirmed tariff limited to ChinaLimited anticipated indirect impact from CMOsFull-year impact of confirmed tariffs within guidanceUSMCA:United States-Mexico-Canada AgreementKey assumption Price erosion of low to mid-sin

22、gle digitFull-year 2025 guidance confirmed172Note:FY 2025 guidance excludes any impacts of unforeseen events or unconfirmed developments,such as significant further potential trade tariffs emanating from the US government1.Using Jan-Mar 2025 average exchange rates 2.Assuming exchange rates prevail f

23、or FY 2025Around 21%Core EBITDA margin%of net salesMid-single digitNet sales growth%in constant currenciesNet sales2-3%pts Core EBITDA margin2No material impactForeign exchange1:2025Wrap-upRichard SaynorChief Executive Officer Wyost/Jubbonti:launch in Europe in Q4 2025;imminent launch in US EnzeevuT

24、M/Afqlir launch in Europe in Q4 2025 Tyruko launch in US by end of year,pending FDA approval of JCV assay Half-year results on August 7,2025 Q3 and nine-month net sales on October 30,2025193Corporate calendarCommercial milestonesOutlookClear priorities in 2025 to deliver operationally and financiall

25、y203Deliver for patients on launches and pipelineMaintain unrelenting focus on commercial executionDrive further growth in sales,margin and free cash flowQ&AAppendixWyost/Jubbontidenosumab7Regulatory approval in US Regulatory approval in EuropeUS:Q2 2025Europe:Q4 2025YesOpdivo nivolumab IV8In clinic

26、al developmentUS:LoE 2028 Europe:LoE 2031Yes23Own/targeted brandOriginator net sales targeted(USD bn)1Current statusPotential launchdates1,2Note:third-party trademarks are property of their respective owners1.Originator sales covered and LoE dates based on company analysis using Evaluate Pharma 2.Da

27、tes referred to as LoE subject to change as patent landscape evolves Keytruda pembrolizumab IV26In clinical development4US:LoE 2028 Europe:LoE 20303.Subject to the outcome of patent litigationGlobal biosimilar pipeline(1/3)Key near-term launches and assets in clinical developmentWholly ownedEnzeevuT

28、M/Afqliraflibercept9Regulatory approval in USRegulatory approval in EuropeUS:TBD3Europe:Q4 2025YesOcrevus ocrelizumab IV5In clinical developmentUS:LoE 2029Europe:LoE 2028YesYesOphthalmologyOncologyNeurology4.Minimizing Phase III trials;Phase I trial continuing as planned 24Note:third-party trademark

29、s are property of their respective owners1.Originator sales covered based on company analysis using Evaluate Pharma Global biosimilar pipeline(2/3)Assets in regulatory reviewHerceptintrastuzumab2Regulatory submission in USRegulatory approval in EuropeAvastinbevacizumab2Regulatory approval in US Regu

30、latory approval in EuropeLantusglargine4Regulatory submission in USRegulatory submission in EuropeNovoLog aspart2Regulatory submission in USRegulatory submission in EuropeHumalog lispro2Regulatory submission in USRegulatory submission in EuropeTargeted brandOriginator net sales targeted(USD bn)1Curr

31、ent statusWholly ownedNoNoNoNoNoOncologyDiabetes25Global biosimilar pipeline(3/3)Assets in technical developmentOriginator net sales targeted(USD bn)1Targeted brandWholly owned22Dupixent dupilumab4Ocrevus ocrelizumab SCYes7 Tremfya guselkumab20Skyrizi risankizumab17Darzalex daratumumab SCTecentriq a

32、tezolizumab515Enhertu trastuzumab deruxtecan6Eylea HD aflibercept 8 mg10 additional assets in early development targeting USD 54bnof originator net sales OncologyImmunologyOphthalmologyNeurologyDermatologyNote:third-party trademarks are property of their respective owners1.Originator sales covered b

33、ased on company analysis using Evaluate Pharma YesYesYesYesYesYesYesGlossaryAbbreviationDefinitionFDAFood and Drug AdministrationIVIntravenousJCVJohn Cunningham virusLoELoss of exclusivityPBMsPharmacy benefit managersSCSubcutaneous26Tamara HacklSenior DirectorInvestor RelationsCraig MarksHead of Investor RelationsRupreet SandhuSenior DirectorInvestor Relations+41 79 410 54 72+41 79 790 52 17+44 7818 942 383Investor Relations Thank you