Sandoz Bio100 Biosimilars Plan Targets 100 Products by 2040 and Doubles 2025 Sales by 2035

Sandoz has put a date and a number on the golden decade of biosimilars it has talked about since early 2026. At its first full Capital Markets Day as a standalone company, held at the London Stock Exchange on 8 September 2026, the group set out the Sandoz Bio100 biosimilars plan: grow the marketed book from 13 products today to more than 100 by 2040 and let biosimilars become the majority of group sales.

Chief Executive Richard Saynor told investors the ambition is to cover about 80 percent of biosimilar-addressable loss-of-exclusivity (LoE) value by 2035, up from about half today. On that mix Sandoz aims to more than double its 2025 net sales by 2035, with a core EBITDA margin of 25 to 27 percent by 2030 and above 30 percent by 2035. Biosimilars were already 33 percent of net sales in the first half of 2026.

“Our Bio100 ambitions are set to position biosimilars to become the majority of our sales, broadening access for patients while creating significant value for shareholders,” Saynor said.

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Sandoz Bio100 biosimilars: from slogan to operating plan

Bio100 is a mix-shift plan, not a new product brand. Sandoz left Novartis in October 2023 as a generics-majority company with a pioneering but still minority biosimilars franchise. Full-year 2024 net sales were USD 10.4 billion, with biosimilars at USD 2.9 billion. Full-year 2025 net sales reached USD 11.1 billion, up 5 percent at constant currencies, with biosimilars at USD 3.3 billion, up 13 percent. First-half 2026 net sales were USD 5.8 billion, up 5 percent, and the core EBITDA margin stood at 20.9 percent.

The strategy bets that a rising share of high-value monoclonal antibodies, oncology and immunology copies, and later GLP-1 copies will lift growth and margin as the originator LoE wave thickens in the early 2030s. Syenza’s January 2026 piece on the Sandoz biosimilars strategy already framed the firm as a pure-play affordable-medicines company converting LoE into savings in immunology and oncology. RBC’s first-day read noted that the 2025-2030 targets look light against the rhetoric while the 2035 targets are more ambitious and point to acceleration through the early 2030s. Shares rose as much as 5 percent in early trade before giving back the move.

What it means for payers and HTA bodies

A move from 13 marketed biosimilars to about 70 by 2035 changes how many simultaneous tender events, multi-winner awards and switching programmes payers must administer. Health systems that still treat biosimilar introduction as a special project will run out of operational capacity. Countries that already run mature multi-winner tenders, such as the Nordics and parts of the Gulf, are better placed than markets that still default to single-winner awards.

Vertically integrated players can sustain lower prices and still fund the next wave; thinly capitalised asset-light filers cannot. For pricing authorities the question is whether biosimilar price competition in oncology and immunology tenders remains compatible with a multi-supplier market, or whether Bio100-style programmes push the market toward two or three global houses.

On evidence, Sandoz’s cost model assumes regulators keep stripping comparative efficacy trials out of the standard biosimilar path. Payers and HTA agencies that still demand local switching studies or indication-extrapolation dossiers will re-import the cost regulators are trying to take out.

Execution risks that stay on the page

The plan is internally consistent but not risk-free. Ten in-house development starts a year, 60 percent in-house manufacturing and a 2029 Ljubljana start-up have to land in sequence. Price erosion has to stay behind the mix shift, and US uptake remains patchier than Europe’s. Henlius and Samsung Bioepis are now material to the 39-project book, so the end-to-end control claim has to survive a large partnered minority. Most sales are still generics, so a sharp deterioration in European oral-solid or anti-infective pricing would force Bio100 to carry more of the group.

Sandoz hosts an investor visit to its Slovenian biosimilar hub in November 2026, the first physical test of whether the capacity story matches the slides. The 80 percent coverage claim is only credible once the large 2030s monoclonal antibodies sit on a public timeline.

Source: Sandoz hosts Capital Markets Day and unveils Bio100 ambition, Sandoz Group AG, 8 September 2026.