Sandoz reports fourth quarter 2023 sales and full-year 2023 results

GlobeNewswire 2024-03-14

Ad hoc announcement pursuant to art. 53 SIX Swiss Exchange Listing Rules

MEDIA RELEASE

  • Strong fourth quarter performance, with net sales1 of USD 2.5 billion, up 10% in constant currencies (up 11% in USD)
  • Full-year 2023 net sales of USD 9.6 billion, up 7% in constant currencies (up 6% in USD)
  • Strong growth across all three regions and double-digit growth in biosimilars both in the fourth quarter and full year
  • Full-year 2023 core EBITDA margin of 18.1%, with strong contribution from net sales offset by expected inflation and standalone costs, and foreign exchange headwinds of 1.7 percentage points
  • Full-year 2023 EBITDA margin of 9.5%, due to legal settlements, one-time separation costs and rationalization of specific manufacturing sites
  • 2024 guidance of mid-single digit net sales growth in constant currencies and core EBITDA margin around 20%

Basel, March 13, 2024 – Sandoz (SIX:SDZ/OTCQX:SDZNY), the global leader in generic and biosimilar medicines, today announced net sales for the fourth quarter and results for the full year ended December 31, 2023. For the fourth quarter, net sales were USD 2.5 billion, an increase of 10% in constant currencies compared to the same quarter of the prior year. For the full year, net sales were USD 9.6 billion, an increase of 7% in constant currencies compared to the prior year and core EBITDA margin of 18.1%.

“2023 was a year of many achievements for Sandoz, thanks to the passion and tireless efforts of our employees worldwide”, said Richard Saynor, Chief Executive Officer of Sandoz. “We launched Hyrimoz® (biosimilar adalimumab) in the US, expanded our biosimilar pipeline through a commercialization agreement with Samsung on biosimilar ustekinumab (reference medicine Stelara®) and enhanced our generic portfolio with the acquisition of Mycamine® (an anti-fungal agent), while becoming an independent public company.”

Mr. Saynor continued: “These achievements came alongside strong financial results, with sales growth in all three regions and double-digit growth in biosimilars for the fourth quarter and full year. Our full-year 2023 core EBITDA margin was 18.1%, in line with our guidance despite foreign exchange headwinds, offering a solid basis for our mid-term ambitions. We have also secured long-term financing with two bond issuances and ended the year with a strong cash balance of USD 1.1 billion, providing optionality for future investments. We have entered 2024 with strong momentum and a deep pipeline of products to create sustainable long-term value for our shareholders and society.”

FOURTH QUARTER AND FULL-YEAR 2023 NET SALES RESULTS
Net sales for the fourth quarter were USD 2.5 billion, up 10% in constant currencies, compared to the fourth quarter of 2022. Volume contributed 12 percentage points of growth, partially offset by price erosion of 2 percentage points. All regions showed growth this quarter with solid contribution from generics and strong performance in biosimilars, across new and existing products.   

Net sales for the full year were USD 9.6 billion, up 7% in constant currencies compared to 2022. Volume contributed 10 percentage points of growth, partially offset by price erosion of 3 percentage points, a significant reduction compared to 6 percentage points in 2022. Growth was driven by strong demand, product launches and continued performance of Omnitrope® and Hyrimoz®.

Net sales by business

 

  Three months ended December 31   Change %   Twelve months ended December 31   Change %
USD millions unless indicated otherwise 2023 2022   USD cc*   2023 2022   USD cc
Generics 1 920 1 813   6 6   7 432 7 141   4 5
Biosimilars 623 483   29 26   2 215 1 928   15 15
Net sales to third parties 2 543 2 296   11 10   9 647 9 069   6 7

  
*Constant currencies

Generics overview
Net sales for the fourth quarter were USD 1.9 billion, up 6% in constant currencies, compared to the fourth quarter of 2022. Growth was driven by volume demand, the acquisition of Mycamine®, an antifungal agent, the transfer of mature brands from our former parent and price erosion below prior year.

Net sales for the full year were USD 7.4 billion, up 5% in constant currencies, driven by strong volume demand and recent launches. The first half of the year was particularly strong due to an exceptional cough and cold season and the contribution from apixaban, an anticoagulant medication, in Europe.

Biosimilars overview
Net sales for the fourth quarter were USD 623 million, up 26% in constant currencies, compared to the fourth quarter of 2022. This strong double digit biosimilar growth reflects the launch of Hyrimoz® high concentration formulation as well as ongoing strong demand for our first ever biosimilar Omnitrope®, where we are the market leader, capturing 34% market share2.

Net sales for the full year were USD 2.2 billion, up 15% in constant currencies versus prior year, driven by strong contributions from Omnitrope® and Hyrimoz®.

Net sales by region

 

  Three months ended December 31   Change %   Twelve months ended December 31   Change %
USD millions unless indicated otherwise 2023 2022   USD cc   2023 2022   USD cc
Europe 1 272 1 154   10 4   5 023 4 503   12 9
North America 615 514   20 20   2 129 2 094   2 3
International 656 628   4 14   2 495 2 472   1 9
Net sales to third parties 2 543 2 296   11 10   9 647 9 069   6 7

Europe overview
Net sales for the fourth quarter were USD 1.3 billion, up 4% in constant currencies, compared to the fourth quarter of 2022, primarily due to solid generic volume growth and strong performance of Omnitrope®.   

Net sales for the full year were USD 5.0 billion, up 9% in constant currencies versus prior year, driven by sales related to an extraordinary cough and cold season and demand for new generic launches such as apixaban in the first half of the year, and strong performance of our biosimilars.

North America overview
Net sales for the fourth quarter were USD 615 million, up 20% in constant currencies, compared to the fourth quarter of 2022. Growth was driven by the transfer of mature brands from our former parent and strong demand for Omnitrope®. In addition, we started supplying Hyrimoz® to Cordavis, a wholly owned subsidiary launched by CVS Health, during the quarter to sell under their private label and to expand the reach of Hyrimoz® to patients in the US.

Net sales for the full year were USD 2.1 billion, up 3% in constant currencies versus prior year. North America moved from stabilization to growth, driven primarily by strong demand for Omnitrope®, the launch of Hyrimoz® in the US and price erosion lower than in the prior year.

International overview
Net sales for the fourth quarter were USD 656 million, up 14% in constant currencies, compared to the fourth quarter of 2022. This was primarily a result of strong volume growth, new product launches, such as Mycamine®, and strong demand for our biosimilars.

Net sales for the full year were USD 2.5 billion, up 9% in constant currencies versus prior year, driven by strong demand in key markets and growth across the biosimilar portfolio.

For full release, please visit here: https://www.globenewswire.com/news-release/2024/03/13/2845150/0/en/Sandoz-reports-fourth-quarter-2023-sales-and-full-year-2023-results.html.

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