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Sandoz Group

Rank: 25

2024 Revenues ($USD) : $10.40B

Sandoz became an independent, publicly traded pharmaceutical company following its spin-off from Novartis, with trading commencing on October 4, 2023. Based in Basel, Switzerland, Sandoz specializes in generic and biosimilar medicines. In the first quarter of 2025, the company reported net sales of $2.48 billion. For Q1 2025, biosimilars accounted for 27% of total net sales, with generics representing 73%.

As of January 2025, Sandoz's biosimilar pipeline comprised 28 molecules. The company anticipated three U.S. biosimilar launches in 2025, with some already occurring, such as Pyzchiva (ustekinumab-ttwe) in February. Sandoz is also pursuing opportunities in the competitive GLP-1 therapeutic area through a combination of internal development and external partnerships.

In the U.S., Sandoz announced in April 2025 that it had filed an antitrust lawsuit against Amgen, alleging anti-competitive practices related to the biologic drug Enbrel (etanercept) to block competition from its biosimilar, Erelzi.

CEO Richard Saynor has been vocal about market dynamics. In April 2025, he criticized proposals for a uniform European drug pricing system, arguing that such measures fail to address underlying causes of price disparities, especially those driven by the U.S. market structure.