Sandoz: stepping out from Novartis’ shadow

Swiss pharma Sandoz (SIX: SDZ) has spent less than a year charting its course as an independent company, but already it’s moving with the confidence of a seasoned player. Since separating from former parent Novartis (NOVN: VX) in October 2023, the generics and biosimilars specialist has been working fast to reshape its identity—and its balance sheet.

The spin-out wasn’t a surprise. Novartis had signaled for months that it was preparing to exit the low-margin generics sector. Investors, long frustrated by Sandoz’s drag on group earnings, welcomed the move. It was a clean break: Novartis would sharpen its focus on high-value innovative medicines, while Sandoz would compete head-on in a maturing, price-sensitive space that it knew well.