Sandoz reports a strong performance in the first quarter of 2024, with net sales [1] of USD 2.5 billion, up 6% in constant currencies (up 5% in USD). The biosimilar business grew 21% in constant currencies. All regions contributed to growth. The acquisition of CIMERLI® (ranibizumab-eqrn) was completed in March 2024.

Richard Saynor, Chief Executive Officer of Sandoz, said: “We saw a strong start to the year as we report our 10th consecutive quarter of increased total revenue. The momentum in our business continues as demonstrated by double-digit growth in biosimilars and a positive contribution by all regions.”

Mr. Saynor continued: “Biosimilars are a key element of performance, driven by strong results in our existing portfolio, demand for our recently launched product Hyrimoz® (adalimumab-adaz) in the US and the recent acquisition of CIMERLI® (ranibizumab-eqrn), which closed in early March. Generics remained in line with the strong prior year sales. Looking forward, we are confident in our ability to continue to grow our top line and meet our full-year net sales guidance of mid-single digits in constant currencies.”

Net sales for the first quarter were USD 2.5 billion, up 6% in constant currencies, compared to the first quarter of 2023. Volume contributed 10 percentage points of growth, partially offset by price erosion of 4 percentage points. Biosimilars were a key driver of growth in the quarter, while generics remained in line with the strong prior year sales.

Net sales by business Three months ended March 31 Change % USD millions unless indicated otherwise 2024 2023 USD cc* Generics 1869 1868 0 1 Biosimilars 623 516 21 21 Net sales to third parties 2492 2384 5 6 *Constant currencies Generics overviewNet sales for the first quarter were USD 1.9 billion, up 1% in constant currencies, compared to the first quarter of 2023.