Sandoz - Public Comps and Valuation Multiples

Sandoz Overview

About Sandoz

Sandoz is one of the largest generic pharmaceutical manufacturers in the world, generating over $9 billion annually from off-patent drugs. Once part of Novartis, Sandoz spun off and went public in October 2023. Generics, including small molecules and complex injectables, make up roughly 75% of Sandoz’s total sales, and the firm has a significant presence in Europe, the United States, and other key international markets. Sandoz generates its remaining sales from biosimilars and is among the leaders in the space. Sandoz launched Europe’s first biosimilar, Omnitrope, in 2006, as well as the first US biosimilar, Zarxio, in 2015. It currently has eight commercialized biosimilars in a number of markets and has over 20 assets in its pipeline.

Founded

1996

HQ

Employees

23.4K+

Website

sandoz.com

Sectors

Biopharmaceuticals
Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $9.0B

LTM EBITDA $1.9B

EV

$35.0B

Valuation Multiples

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Sandoz Financials

As of November 2025, Sandoz reported last 12-month revenue of $9.0B and EBITDA of $1.9B.

In the same period, Sandoz generated $4.4B in LTM gross profit and $782M in net income.

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Sandoz P&L

In the most recent fiscal year, Sandoz reported revenue of $12.9B and EBITDA of $924M.

Sandoz expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$9.0B	XXX	$12.9B	XXX	XXX	XXX
Gross Profit	$4.4B	XXX	$6.1B	XXX	XXX	XXX
Gross Margin	49%	XXX	47%	XXX	XXX	XXX
EBITDA	$1.9B	XXX	$924M	XXX	XXX	XXX
EBITDA Margin	21%	XXX	7%	XXX	XXX	XXX
EBIT	$1.7B	XXX	$382M	XXX	XXX	XXX
EBIT Margin	19%	XXX	3%	XXX	XXX	XXX
Net Profit	$782M	XXX	n/a	XXX	XXX	XXX
Net Margin	9%	XXX	n/a	XXX	XXX	XXX
Net Debt	XXX	XXX	$4.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Sandoz including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $9.0B. EBITDA for the last twelve months was $1.9B. In the most recent fiscal year, Sandoz achieved $12.9B in revenue and $924M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$9.0B	Analyst estimates available to subscribers	$12.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$4.4B	Analyst estimates available to subscribers	$6.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	49.2% gross margin	Analyst estimates available to subscribers	47.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.9B	Analyst estimates available to subscribers	$924M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	21.4% EBITDA margin	Analyst estimates available to subscribers	7.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.7B	Analyst estimates available to subscribers	$382M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	18.7% EBIT margin	Analyst estimates available to subscribers	3.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$782M	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.7% net profit margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$4.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Sandoz

This financial data table provides comprehensive performance metrics for Sandoz, a company based in Switzerland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Sandoz generated $9.0B in revenue over the last twelve months.
The company achieved $1.9B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $4.4B.
Net income over the last twelve months reached $782M.

Fiscal Year Performance

In the most recent fiscal year, Sandoz reported $12.9B in total revenue.
Fiscal year EBITDA was $924M.
The company maintained a gross profit margin of 47.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 7.1%.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Sandoz. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Sandoz Stock Performance

Sandoz has current market cap of CHF 24.7B (or $30.7B), and EV of CHF 28.1B (or $35.0B).

Market Cap Evolution

Sandoz Stock Data

As of December 3, 2025, Sandoz's stock price is CHF 57 (or $71).

See Sandoz trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$35.0B	$30.7B	XXX	XXX	XXX	XXX	$3.25

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Sandoz Valuation Multiples

Sandoz's trades at 2.7x EV/Revenue multiple, and 37.9x EV/EBITDA.

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Sandoz Financial Valuation Multiples

As of December 3, 2025, Sandoz has market cap of $30.7B and EV of $35.0B.

Equity research analysts estimate Sandoz's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Sandoz has a P/E ratio of 31.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$30.7B	XXX	$30.7B	XXX	XXX	XXX
EV (current)	$35.0B	XXX	$35.0B	XXX	XXX	XXX
EV/Revenue	3.1x	XXX	2.7x	XXX	XXX	XXX
EV/EBITDA	14.7x	XXX	37.9x	XXX	XXX	XXX
EV/EBIT	16.8x	XXX	91.7x	XXX	XXX	XXX
EV/Gross Profit	6.4x	XXX	n/a	XXX	XXX	XXX
P/E	31.6x	XXX	320.5x	XXX	XXX	XXX
EV/FCF	57.4x	XXX	469.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Sandoz Margins & Growth Rates

Sandoz's last 12 month revenue growth is 7%

Sandoz's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.2M for the same period.

Sandoz's rule of 40 is 16% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Sandoz's rule of X is 40% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Sandoz Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	7%	XXX	-4%	XXX	XXX	XXX
EBITDA Margin	21%	XXX	7%	XXX	XXX	XXX
EBITDA Growth	12%	XXX	50%	XXX	XXX	XXX
Rule of 40	16%	XXX	14%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	40%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	23%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	9%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	44%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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