Half Year 2024 Sandoz Group AG Earnings Call Transcript
Key Points
- Sales grew 7% in constant currencies in the first half of the year, driven predominantly by the biosimilar business.
- Biosimilar business saw a fantastic 29% growth in constant currencies in the first half of the year.
- Core EBITDA margin improved significantly compared to the second half of last year.
- Sandoz Group AG (SDZNY) raised net sales guidance to mid- to high-single digits for the full year.
- Strong performance in all regions, with North America growing 23% in the quarter and 40% for the half year.
- Core EBITDA margin declined versus the first half of 2023 due to inflationary impact on cost of goods sold.
- Generics business in North America declined in the first half of the year.
- Price erosion and inflation on input costs impacted the core EBITDA margin.
- Higher costs of goods sold due to carryover of higher input costs in 2023.
- Significant costs related to the transformation program, with expected annualized run rate savings not fully realized until 2026.
Good morning, ladies and gentlemen, and welcome to the Sandoz call today. I will now pass on to Karen King, Global Head of Investor Relations, for her opening remarks.
Welcome to Sandoz's half year results 2024. Earlier today, we issued our half year 2024 report, including the financial statements of the company for the first half of the year. We also released a press release summarizing our sales performance in the second quarter and our results for the first half. In addition, we published a supplemental slide presentation on our website earlier this morning, which we will follow on today's call. You can find all these documents in the Investor Relations section of our website at investors.sandoz.com.
Joining me on today's call are Richard Saynor, our Chief Executive Officer; and Remco Steenbergen, our Chief Financial Officer. Remco joined us on July 1 and is with us today for his first Sandoz earnings call.
Our report, press release, presentation and discussion include forward
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
