Sandoz dips despite strong first-half 2024 financials

Swiss generic and biosimilars drugmaker Sandoz (SIX: SDZ) today announced strong second quarter and half year results ended June 30, 2024, but its shares were down as much as 3.3% at 34.57 francs in early trading.

For the second quarter, net sales were $6 billion, an increase of 9% in constant currencies compared to the same quarter of the prior year. Generic revenues edged up 1% to 1,835 million francs, while biosimilar sales soared 37% to $720.

Sandoz noted that the strong double-digit biosimilars growth reflects the uptake of Hyrimoz (adalimumab) in the USA, the acquisition of Cimerli (ranibizumab), the continued strong demand for its first-ever biosimilar, Omnitrope (somatropin) and the launch of Tyruko (natalizumab) in Europe.

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