山德士Sandoz 2025年年度财报「瑞士证券交易所」（英文版）（66页）.pdf

1、Financial Report99 Financial highlights100 Performance overview106 Consolidated financial statements of the Group155 Audit report for the consolidated financial statements of the Group157 Supplementary financial information164 Financial statements of Sandoz GroupAG172 Audit report for the financial

2、statements of Sandoz Group AGIntegrated Annual Report 202598Financial ReportESG DisclosuresBusiness ReportCompensation ReportRisk Management ReportCorporate Governance ReportOverviewFinancial highlightsNET SALESUSD11.1bn+5%at constant currenciesBIOSIMILARS SHARE OF NET SALES30%+200 basis pointsCORE

3、EBITDA MARGIN21.7%+160 basis pointsCORE DILUTED EPSUSD3.64+33%at constant currenciesMANAGEMENT FREE CASH FLOWUSD1.5bn+USD 435 millionCORE ROIC14.5%+220 basis points2025 11.1bn2025 3.642025 30%2025 1.5bn2025 21.7%2025 14.5%2024 10.4bn2024 2.712024 28%2024 1.1bn2024 20.1%2024 12.3%Integrated Annual Re

4、port 202599Financial ReportESG DisclosuresBusiness ReportCompensation ReportRisk Management ReportCorporate Governance ReportOverviewPerformance overviewSandoz delivers strong results in 2025,fueled by industry-leading pipeline and strategic launchesThe following table sets forth our key financial m

5、easures for the years ended December 31,2025 and2024:Change Change Change(USD millions unless indicated otherwise)2025 2024 USD%CC%1Net sales 11,086 10,357 729 7 5 EBITDA 1,980 820 1,160 141 140 Core EBITDA 2,405 2,080 325 16 14 Core EBITDA margin(%)21.7 20.1 Operating income 1,425 307 1,118 364 369

6、 Core operating income 2,094 1,821 273 15 13 Net income 914 1 913 nm nm Core net income 1,589 1,176 413 35 33 Diluted earnings per share(USD)2.09 0.00 2.09 nm nm Core diluted earnings per share(USD)3.64 2.71 0.93 34 33 Free cash flow 874 98 776 Management free cash flow 1,547 1,112 435 Net debt 3,56