Sandoz Group AG (SDZNY), the Swiss manufacturer specializing in generic and biosimilar medicines, announced on Thursday that its net income attributable to shareholders for the first half of the year decreased by 36%, falling to $150 million from $235 million in the same period last year.Earnings per share (EPS) dropped to $0.35, a 36% decline from $0.55 a year earlier.The company’s core net income amounted to $484 million, or $1.12 per share, compared to $591 million, or $1.37 per share, in the previous year.Core EBITDA also declined by 11% year-over-year to $885 million, and the core EBITDA margin contracted to 17.5%, down from 20.8% the prior year.Conversely, net sales to third parties increased by 6%, reaching $5.05 billion, up from last year’s $4.77 billion, driven by robust double-digit growth in biosimilars and positive contributions across all three regions. Sales saw a 7% growth when adjusted for constant currency rates.In the second quarter, net sales were reported at $2.6 billion, marking a 7% increase on a reported basis and a 9% increase in constant currencies. Biosimilars played a significant role in this growth, while generics maintained strong performance in line with the previous year’s robust sales.Looking forward to fiscal year 2024, Sandoz has revised its net sales guidance, now anticipating mid- to high-single-digit growth in constant currencies compared to the previously expected mid-single-digit growth. This optimism is based on favorable business momentum and accelerated growth in biosimilars in the United States.The company maintains its forecast for a core EBITDA margin of approximately 20% for the year.Additionally, Sandoz Group announced that Pierre Bourdage, Chief Commercial Officer and Executive Committee member, will be stepping down for personal health reasons.Rebecca Guntern, currently President of Sandoz Europe and Executive Committee member, will assume the role of Chief Commercial Officer on September 1.Christophe Delenta is set to succeed Guntern as President of Europe and will also join the Executive Committee, effective September 1.The material has been provided by InstaForex Company – www.instaforex.com
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