Iron sucrose

Net revenues of $183.1 million and $719.9 million, respectively, for the three months and fiscal year ended December 31, 2025 GAAP net income of $24.4 million, or $0.51 per share and $98.1 million, or $2.03 per share, respectively, for the fourth quarter and fiscal year Adjusted non-GAAP net income of $34.2 million, or $0.73 per share and $156.6 million, or $3.25 per share, respectively, for the fourth quarter and fiscal year Company to hold a conference call today at 2:00 p.m. Pacific Time RANCHO CUCAMONGA, CA / ACCESS Newswire / February 26, 2026 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company"), a biopharmaceutical company focused on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, today reported results for the three months and full year ended December 31, 2025. "2025 underscored Amphastar's evolution into a company focused on both commercial strength and scientific innovation." said Dr. Jack Zhang, Amphastar's President and Chief Executive Officer. "On the commercial side, BAQSIMI ® maintained its momentum as a top revenue driver with sustained double-digit growth, while the FDA approvals of our iron sucrose injection and our teriparatide injection demonstrate the depth of our technical capabilities in complex generics and ability to leverage our in‑house manufacturing expertise to deliver high‑quality, affordable therapies to patients. We also furthered our long-term strategic vision by adding three novel peptides and a fully synthetic corticotropin compound to expand our presence in oncology, ophthalmology, and immunology. As we look ahead to 2026, we remain committed to advancing these programs, securing upcoming approvals, and scaling our U.S. based manufacturing to support the next phase of our growth." Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 (in thousands, except per share data) Net revenues $ 183,105 $ 186,523 $ 719,887 $ 731,967 GAAP net income $ 24,429 $ 37,964 $ 98,094 $ 159,519 Adjusted non-GAAP net income* $ 34,158 $ 47,237 $ 156,618 $ 200,806 GAAP diluted EPS $ 0.51 $ 0.74 $ 2.03 $ 3.06 Adjusted non-GAAP diluted EPS* $ 0.73 $ 0.92 $ 3.25 $ 3.86 _____________________________ * Adjusted non-GAAP net income and adjusted non-GAAP diluted EPS are non-GAAP financial measures. Please see the discussion in the section entitled "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release. Fourth Quarter Results Three Months Ended December 31, Change 2025 2024 Dollars % (in thousands) Product revenues, net: BAQSIMI ® $ 46,708 $ 41,792 $ 4,916 12 % Primatene MIST ® 27,930 28,935 (1,005 ) (3 )% Epinephrine 17,087 18,698 (1,611 ) (9 )% Lidocaine 14,904 14,397 507 4 % Glucagon 14,081 25,619 (11,538 ) (45 )% Other products 62,395 57,537 4,858 8 % Total product revenues, net $ 183,105 $ 186,978 $ (3,873 ) (2 )% Other revenues - (455 ) 455 100 % Total net revenues $ 183,105 $ 186,523 $ (3,418 ) (2 )% Changes in product revenues, net as compared to the fourth quarter of the prior year were primarily driven by: BAQSIMI ® sales increased primarily due to an increase in unit volumes, as a result of our continued marketing efforts in the United States Primatene MIST ® sales decreased due to lower unit volumes Epinephrine sales decreased due to lower unit volumes, as well as a lower average selling price of the multi-dose vial product, impacting sales by $2.8 million and $1.5 million, respectively, as a result of increased competition. This trend was partially offset by an increase in unit volumes for our epinephrine pre-filled syringe, as a result of an increase in demand caused by shortages from other suppliers during the quarter Glucagon sales decreased primarily due to a lower average selling price, impacting sales by $10.2 million, as well as a decrease in unit volumes, impacting sales by $1.3 million, as a result of competition and the continued shift to ready to use glucagon products such as BAQSIMI ® Other pharmaceutical product sales changes were primarily due to an increase in sales of albuterol of $4.2 million and iron sucrose sales of $2.0 million, which we launched in August 2024 and August 2025, respectively. This increase was partially offset by a decrease in unit volumes of dextrose, primarily due to increased competition Other revenues were zero in the fourth quarter of 2025, as we completed the assumption of distribution responsibilities globally for BAQSIMI ® at the beginning of 2025, with all of BAQSIMI ® related revenues in the current period being recognized in product revenues, net Three Months Ended December 31, Change 2025 2024 Dollars % (in thousands) Net revenues $ 183,105 $ 186,523 $ (3,418 ) (2 )% Cost of revenues 97,435 99,875 (2,440 ) (2 )% Gross profit $ 85,670 $ 86,648 $ (978 ) (1 )% as % of net revenues 46.8 % 46.5 % Changes in the cost of revenues and gross margin were primarily driven by: Increase in sales of BAQSIMI ® and sales of iron sucrose, which we launched in August 2025, as well as cost control efforts across the business This was partially offset by a decrease in pricing of glucagon and our epinephrine multi-dose vial product Three Months Ended December 31, Change 2025 2024 Dollars % (in thousands) Selling, distribution, and marketing $ 10,279 $ 10,424 $ (145 ) (1 )% General and administrative 16,471 12,938 3,533 27 % Research and development 23,314 18,142 5,172 29 % General and administrative expenses increased primarily due to an increase in salary and personnel-related expenses, legal expenses and expenses related to the implementation of a new ERP system Research and development expenses increased primarily due to an increase in clinical trial expense, primarily related to our insulin and inhalation pipeline products, as well as an increase in material and supplies for our insulin pipeline product Three Months Ended December 31, Change 2025 2024 Dollars % (in thousands) Non-operating expenses: Interest income $ 2,423 $ 2,292 $ 131 6 % Interest expense (6,630 ) (6,425 ) (205 ) 3 % Other income, net 515 2,951 (2,436 ) (83 )% Total non-operating expenses, net $ (3,692 ) $ (1,182 ) $ (2,510 ) 212 % The change in non-operating expenses, net, is primarily due to a change in other income, net, as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts during the three months ended December 31, 2025. Year-End Results Year Ended December 31, Change 2025 2024 Dollars % (in thousands) Product revenues, net: BAQSIMI ® $ 185,358 $ 126,898 $ 58,460 46 % Primatene MIST ® 108,669 102,012 6,657 7 % Epinephrine 70,643 94,090 (23,447 ) (25 )% Glucagon 69,084 108,319 (39,235 ) (36 )% Lidocaine 56,479 55,854 625 1 % Other products 229,654 225,641 4,013 2 % Total product revenues, net $ 719,887 $ 712,814 $ 7,073 1 % Other revenues - 19,153 (19,153 ) (100 )% Total net revenues $ 719,887 $ 731,967 $ (12,080 ) (2 )% Changes in product revenues, net as compared to the prior fiscal year were primarily driven by: BAQSIMI ® sales increased primarily due to an increase in unit volumes, as a result of an expanded marketing effort in the United States; total sales of BAQSIMI ® grew 12% from the prior year including prior year sales by Eli Lilly and Company, or Lilly, which was accounted for in Other revenues Primatene MIST ® sales increased due to an increase in unit volumes driven by our continued marketing efforts Epinephrine sales decreased due to a decrease in unit volumes, impacting sales of $13.4 million, as well as a lower average selling price, which impacted sales of $10.0 million, primarily as a result of increased competition for our multi-dose vial product Glucagon sales decreased primarily due to a lower average selling price, impacting sales by $24.3 million, as well as a decrease in unit volumes, impacting sales by $14.9 million, as a result of competition and the continued shift to ready to use glucagon products such as BAQSIMI ® Other pharmaceutical product sales changes were primarily due to an increase in sales of albuterol of $14.7 million and iron sucrose sales of $4.4 million, which were launched in August 2024 and August 2025, respectively, as well as an increase in sales of sodium bicarbonate and atropine due to an increase in demand caused by other supplier shortages. This increase was partially offset by a decrease in sales of enoxaparin of $9.9 million and dextrose of $9.6 million due to increased competition Other revenues were zero in the year ended December 31, 2025 as we completed the assumption of distribution responsibilities globally for BAQSIMI ® at the beginning of 2025, with all of BAQSIMI ® related revenues in the current period being recognized in Product revenues, net. The other revenues in the year ended December 31, 2024 consisted of $19.2 million in BAQSIMI ® sales made by Lilly on our behalf under the Transition Service Agreement ("TSA"), and was net of $18.4 million in cost of sales and other expenses Year Ended December 31, Change 2025 2024 Dollars % (in thousands) Net revenues $ 719,887 $ 731,967 $ (12,080 ) (2 )% Cost of revenues 363,830 358,112 5,718 2 % Gross profit $ 356,057 $ 373,855 $ (17,798 ) (5 )% as % of net revenues 49.5 % 51.1 % Changes in the cost of revenues and gross margin were primarily driven by: Decrease in other revenues related to Lilly's sales of BAQSIMI ® under the TSA, which were recorded net of cost of sales and other expenses; as we assumed distribution of BAQSIMI ® to all of our customers by the beginning of 2025. We recorded those sales in product revenues and cost of sales separately Lower pricing of glucagon and our epinephrine multi-dose vial product, both of which are higher-margin products Cost control efforts across the business partially offset the impact of pricing declines Year Ended December 31, Change 2025 2024 Dollars % (in thousands) Selling, distribution, and marketing $ 43,885 $ 37,802 $ 6,083 16 % General and administrative 85,925 56,720 29,205 51 % Research and development 85,844 73,914 11,930 16 % Selling, distribution, and marketing expenses increased primarily due to the expansion of our sales and marketing efforts related to BAQSIMI ® , including expenses related to our co-promotion contract with MannKind, and sales efforts related to Primatene MIST ® General and administrative expenses increased primarily due to a legal settlement, which increased expenses by $23.1 million Research and development expenses increased primarily due to the $6.0 million upfront payment for the licensing agreement that we entered into with Nanjing Anji Biotechnology Co., Ltd. ("Anji"), during the year. Additionally, we had an increase in clinical trial expense, primarily related to our insulin and inhalation pipeline products, as well as an increase in depreciation expense. This was partially offset by a decrease in materials and supply expenses Year Ended December 31, Change 2025 2024 Dollars % (in thousands) Non-operating expenses: Interest income $ 8,679 $ 10,612 $ (1,933 ) (18 )% Interest expense (25,481 ) (30,343 ) 4,862 (16 )% Other income, net 23 4,076 (4,053 ) (99 )% Total non-operating expenses, net $ (16,779 ) $ (15,655 ) $ (1,124 ) 7 % The change in non-operating expenses, net is primarily a result of: A decrease in interest income resulting from a decrease in interest rates on our cash and investments accounts A decrease in interest expense as a result of the repayment of the mortgage loan with East West Bank, as well as the accretion of the interest on the deferred payment for BAQSIMI ® , both of which were paid in full in June 2024 A change to other income, net, primarily as a result of foreign currency fluctuation, as well as mark-to-market adjustments relating to our interest rate swap contracts during the year ended December 31, 2025 Cash flow provided by operating activities for the year ended December 31, 2025, was $156.1 million. Pipeline Information The Company currently has one abbreviated new drug application ("ANDA") and one biosimilar insulin candidate filed with the FDA targeting products with a combined market size exceeding $1.7 billion, along with two biosimilar products in development targeting products with a market size exceeding $3.7 billion, and two generic products in development targeting products with a market size of over $1 billion. This market information is based on IQVIA data for the 12 months ended December 31, 2025. The Company is developing multiple proprietary products with injectable, topical and intranasal dosage forms. The Company's proprietary pipeline also includes four recently in-licensed products including three proprietary peptides targeting oncology and ophthalmology indications, and a fully synthetic corticotropin compound designed to address inflammatory and autoimmune conditions. Conference Call Information The Company will hold a conference call to discuss its financial results today, February 26, 2026, at 2:00 p.m. Pacific Time. To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, ten minutes before the conference. The call can also be accessed on the Investors page on the Company's website at . Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP diluted EPS, which generally excludes amortization expense, share-based compensation, impairment charges, expenses related to our acquisition of BAQSIMI ® , certain debt issuance costs, legal settlements, and other one-time events in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance because the Company's management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP. Market Data This press release contains market data that we obtained from industry sources. These sources do not guarantee the accuracy or completeness of the information. Although we believe that our industry sources are reliable, we do not independently verify the information. The market data may include projections that are based on a number of other projections. While we believe these assumptions to be reasonable and sound as of the date of this press release, actual results may differ from the projections. About Amphastar Pharmaceuticals, Inc. Amphastar is a biopharmaceutical company that focuses on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells active pharmaceutical ingredient, or API products. Most of the Company's finished products are contracted and distributed through group purchasing organizations, drug wholesalers, and drug retailers. More information and resources are available at . Amphastar's logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar ® , BAQSIMI ® , Primatene MIST ® , REXTOVY ® , Amphadase ® , and Cortrosyn ® , are the property of Amphastar. Forward-Looking Statements All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth and our ability to continue to scale, sales and marketing of our products, market size and expansion, product portfolio, product development, the timing of FDA filings or approvals, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, the impact of our products, including their potential for continued revenue growth, the strategic trajectory of and market for our product pipeline, our long-term strategic vision, our ability to leverage our existing expertise and technology, the impacts of any licensing agreements and ability to commercialize additional therapies, our in-house manufacturing expertise, our ability to deliver high-quality, affordable therapies to patients, our commercial momentum and position in the market. These statements are not facts but rather are based on Amphastar's historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as "may," "might," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 8, 2025, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 7, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 6, 2025, and our other filings or reports that we may the SEC. In particular, there can be no guarantee that our sales strategies will be successful, or that we will continue to experience significant sales of BAQSIMI ® . You can locate these reports through our website at and on the SEC's website at . The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change. Contact Information: Amphastar Pharmaceuticals, Inc. Bill Peters Chief Financial Officer (909) 476-3416 Table I Amphastar Pharmaceuticals, Inc. Consolidated Statement of Operations (in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net revenues: Product revenues, net $ 183,105 $ 186,978 $ 719,887 $ 712,814 Other revenues - (455 ) - 19,153 Total net revenues 183,105 186,523 719,887 731,967 Cost of revenues 97,435 99,875 363,830 358,112 Gross profit 85,670 86,648 356,057 373,855 Operating expenses: Selling, distribution, and marketing 10,279 10,424 43,885 37,802 General and administrative 16,471 12,938 85,925 56,720 Research and development 23,314 18,142 85,844 73,914 Total operating expenses 50,064 41,504 215,654 168,436 Income from operations 35,606 45,144 140,403 205,419 Non-operating expenses: Interest income 2,423 2,292 8,679 10,612 Interest expense (6,630 ) (6,425 ) (25,481 ) (30,343 ) Other income, net 515 2,951 23 4,076 Total non-operating expenses, net (3,692 ) (1,182 ) (16,779 ) (15,655 ) Income before income taxes 31,914 43,962 123,624 189,764 Income tax provision 7,485 5,998 25,530 29,672 Income before equity in losses of unconsolidated affiliate 24,429 37,964 98,094 160,092 Equity in losses of unconsolidated affiliate - - - (573 ) Net income $ 24,429 $ 37,964 $ 98,094 $ 159,519 Net income per share: Basic $ 0.53 $ 0.79 $ 2.10 $ 3.29 Diluted $ 0.51 $ 0.74 $ 2.03 $ 3.06 Weighted-average shares used to compute net income per share: Basic 45,907 47,975 46,743 48,429 Diluted 47,164 51,310 48,215 52,058 Table II Amphastar Pharmaceuticals, Inc. Consolidated Balance Sheets (in thousands, except share data) December 31, December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 170,177 $ 151,609 Restricted cash 235 235 Short-term investments 112,635 70,036 Restricted short-term investments 2,200 2,200 Accounts receivable, net 143,560 136,289 Inventories 176,890 153,741 Income tax refunds and deposits 17,167 1,747 Prepaid expenses and other assets 13,152 18,214 Total current assets 636,016 534,071 Property, plant, and equipment, net 310,567 297,345 Finance lease right-of-use assets 221 383 Operating lease right-of-use assets 42,931 46,899 Goodwill and intangible assets, net 565,965 590,660 Long-term investments - 10,996 Other assets 31,135 25,992 Deferred tax assets 42,464 71,124 Total assets $ 1,629,299 $ 1,577,470 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 148,348 $ 157,057 Income taxes payable 239 9,664 Current portion of long-term debt 1,641 234 Current portion of operating lease liabilities 7,928 6,804 Total current liabilities 158,156 173,759 Long-term reserve for income tax liabilities 5,926 6,957 Long-term debt, net of current portion and unamortized debt issuance costs 608,749 601,630 Long-term operating lease liabilities, net of current portion 37,684 41,881 Other long-term liabilities 29,979 20,945 Total liabilities 840,494 845,172 Commitments and contingencies Stockholders' equity: Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding - - Common stock: par value $0.0001; 300,000,000 shares authorized; 61,779,883 and 45,645,497 shares issued and outstanding, respectively, as of December 31, 2025 and 60,847,124 and 47,617,691 shares issued and outstanding, respectively, as of December 31, 2024 6 6 Additional paid-in capital 535,380 505,400 Retained earnings 666,881 568,787 Accumulated other comprehensive loss (5,314 ) (9,181 ) Treasury stock (408,148 ) (332,714 ) Total stockholders' equity 788,805 732,298 Total liabilities and stockholders' equity $ 1,629,299 $ 1,577,470 Table III Amphastar Pharmaceuticals, Inc. Reconciliation of Non-GAAP Measures (in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 GAAP net income $ 24,429 $ 37,964 $ 98,094 $ 159,519 Adjusted for: Intangible asset amortization 6,270 6,179 25,048 24,718 Share-based compensation 6,205 5,632 27,277 24,368 Expenses related to BAQSIMI ® acquisition - - - 3,651 Litigation provision - - 23,147 - Income tax provision on pre-tax adjustments (2,746 ) (2,538 ) (16,948 ) (11,450 ) Adjusted non-GAAP net income $ 34,158 $ 47,237 $ 156,618 $ 200,806 Adjusted non-GAAP net income per share: Basic $ 0.75 $ 0.99 $ 3.35 $ 4.15 Diluted $ 0.73 $ 0.92 $ 3.25 $ 3.86 Weighted-average shares used to compute adjusted non-GAAP net income per share: Basic 45,907 47,975 46,743 48,429 Diluted 47,164 51,310 48,215 52,058 Three Months Ended December 31, 2025 Selling, General Research Non-operating Cost of distribution and and (expenses) Income revenue and marketing administrative development income, net tax provision GAAP $ 97,435 $ 10,279 $ 16,471 $ 23,314 $ (3,692 ) $ 7,485 Intangible asset amortization (6,250 ) - (1 ) (19 ) - - Share-based compensation (1,193 ) (290 ) (4,142 ) (580 ) - - Income tax provision on pre-tax adjustments - - - - - 2,746 Non-GAAP $ 89,992 $ 9,989 $ 12,328 $ 22,715 $ (3,692 ) $ 10,231 Three Months Ended December 31, 2024 Selling, General Research Non-operating Cost of distribution and and (expenses) Income revenue and marketing administrative development income, net tax provision GAAP $ 99,875 $ 10,424 $ 12,938 $ 18,142 $ (1,182 ) $ 5,998 Intangible asset amortization (6,160 ) - - (19 ) - - Share-based compensation (1,159 ) (286 ) (3,682 ) (505 ) - - Income tax provision on pre-tax adjustments - - - - - 2,538 Non-GAAP $ 92,556 $ 10,138 $ 9,256 $ 17,618 $ (1,182 ) $ 8,536 Year Ended December 31, 2025 Selling, General Research Non-operating Cost of distribution and and (expenses) Income revenue and marketing administrative development income, net tax provision GAAP $ 363,830 $ 43,885 $ 85,925 $ 85,844 $ (16,779 ) $ 25,530 Intangible asset amortization (24,968 ) - (3 ) (77 ) - - Share-based compensation (6,205 ) (1,215 ) (16,919 ) (2,938 ) - - Litigation provision - - (23,147 ) - - - Income tax provision on pre-tax adjustments - - - - - 16,948 Non-GAAP $ 332,657 $ 42,670 $ 45,856 $ 82,829 $ (16,779 ) $ 42,478 Year Ended December 31, 2024 Selling, General Research Non-operating Cost of distribution and and (expenses) Income revenue and marketing administrative development income, net tax provision GAAP $ 358,112 $ 37,802 $ 56,720 $ 73,914 $ (15,655 ) $ 29,672 Intangible asset amortization (24,639 ) - (4 ) (75 ) - - Share-based compensation (5,742 ) (1,063 ) (14,921 ) (2,642 ) - - Expenses related to BAQSIMI ® acquisition - - - - 3,651 - Income tax provision on pre-tax adjustments - - - - - 11,450 Non-GAAP $ 327,731 $ 36,739 $ 41,795 $ 71,197 $ (12,004 ) $ 41,122 SOURCE: Amphastar Pharmaceuticals, Inc. 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Ad-hoc announcement pursuant to art. 53 SIX Swiss Exchange Listing Rules Media Release Sandoz delivers strong full-year results; guidance for 2026 reflects an expected acceleration in growth Basel, February 25, 2026 – Sandoz (SIX: SDZ; OTCQX: SDZNY), the global leader in affordable medicines, today presents its financial results for the full year and net sales for the fourth quarter of 2025. FINANCIAL RESULTS FY 2025 FY 2024 change USD m USD m USD % CC %1,2 CGR %3 Net sales 11,086 10,357 7% 5% 6% Generics 7,794 7,504 4% 2% 2% Biosimilars 3,292 2,853 15% 13% 18% Core EBITDA 2,405 2,080 16% 14% Core EBITDA margin 21.7% 20.1% Core diluted earnings per share USD 3.64 USD 2.71 34% 33% Management free cash flow 1,547 1,112 39% Core return on invested capital 14.5% 12.3% Richard Saynor, Chief Executive Officer of Sandoz, said: “Our strong financial results in 2025 demonstrate the excellent headway we’re making. It was a year marked by the progress of our industry-leading pipeline, a record number of launches and significant investment in securing our biosimilars leadership for years to come. Our unrelenting focus on top-line growth, profitability and cash generation positions Sandoz well to deliver even more for patients and shareholders. “We will build on this momentum in 2026. Alongside our launch program, we plan to extend patient access, expand the pipeline and make further efficiency gains. As we cement our leadership in affordable medicines, we have an excellent platform to meet the unprecedented opportunities ahead and deliver strong results in a high-growth, attractive market.” 1 Constant currencies. 2 Non-IFRS measures are defined in the Supplementary financial information section of the Integrated Annual Report 2025. 3 Sandoz defines the comparable growth rate (CGR) as the growth rate of net sales at CC excluding the effects of material acquisitions and divestments. In the case of divestments, net sales are excluded for the corresponding period. Similarly, for acquisitions, the relevant net sales are excluded for the corresponding period. Material acquisitions and divestments are transactions in scope of significant transactions in the Company’s consolidated financial statements. Sandoz believes the presentation of CGR is meaningful for management and investors to evaluate the performance of the business over time. FINANCIAL HIGHLIGHTS FY 2025 net sales of USD 11.1 billion Up by 5% at CC and 7% in USD in the year, with volume growth of 8%; on a CGR basis, net sales grew by 6% Biosimilar sales up by 13% at CC in the year and by 18% at CGR; generics growth of 2% at CC and CGR The biosimilar share of total net sales increased to 30% (FY 2024: 28%) The 10 largest-selling medicines grew by a combined 10% at CC in the year and represented 33% of net sales In the fourth quarter, net sales of USD 3.0 billion represented growth of 6% at CC and 12% in USD; on a CGR basis, net sales grew by 7% in the quarter Core EBITDA-margin expansion in FY 2025 of 160 basis points to 21.7%, driven by a favorable mix of sales, operational efficiencies and cost discipline Core diluted earnings per share in the year up by 33% at CC to USD 3.64, mainly benefitting from growth in core net income Management free cash flow, defined as free cash flow adjusted for one-off items, amounted to USD 1.5 billion (FY 2024: USD 1.1 billion), with the increase primarily driven by the growth in core EBITDA A core return on invested capital (ROIC) of 14.5% in FY 2025 (FY 2024: 12.3%), principally a result of the strong growth in core operating income A proposed dividend per share of CHF 0.804 (FY 2024: CHF 0.60), representing 27% of core net income Full-year 2026 guidance of mid-to-high single-digit net-sales growth5 and core EBITDA-margin expansion of around 100 basis points Up by 5% at CC and 7% in USD in the year, with volume growth of 8%; on a CGR basis, net sales grew by 6% Biosimilar sales up by 13% at CC in the year and by 18% at CGR; generics growth of 2% at CC and CGR The biosimilar share of total net sales increased to 30% (FY 2024: 28%) The 10 largest-selling medicines grew by a combined 10% at CC in the year and represented 33% of net sales In the fourth quarter, net sales of USD 3.0 billion represented growth of 6% at CC and 12% in USD; on a CGR basis, net sales grew by 7% in the quarter BUSINESS HIGHLIGHTS 2025 was a milestone year for Sandoz, marked by a wave of launches across biosimilars and generics, significant progress on the transformation journey and strong financial results. The biosimilars business continued to perform strongly, supported by major launches: Pyzchiva® (ustekinumab) was launched in the US in February 2025, offering new treatment options for around 12 million patients with chronic inflammatory diseases such as psoriasis and psoriatic arthritis. The rollout included a full suite of dosing options and extended stability compared to the reference medicine The Pyzchiva autoinjector was launched in Europe in May 2025, the first ustekinumab biosimilar in Europe available in a pre-filled pen, with an improved self-administration experience supporting better treatment adherence and quality of life Wyost® & Jubbonti® (denosumab) were launched in the US in June 2025 as the first FDA6-approved interchangeable denosumab biosimilars, providing affordable treatment options for osteoporosis and cancer-related skeletal events, cementing Sandoz’s leadership in oncology and immunology biosimilars Tyruko® (natalizumab) was launched in the US in November 2025 as the first and only multiple-sclerosis biosimilar, approved for all indications of the reference medicine Afqlir® (aflibercept) was launched in Europe in November 2025, offering an affordable-treatment option for retinal diseases such as neovascular age-related macular degeneration, expanding Sandoz’s presence in the ~USD 15 billion anti-VEGF7 market Wyost & Jubbonti were launched in Europe in December 2025 In November 2025, Sandoz signed a global license agreement with EirGenix Inc. to commercialize a proposed biosimilar of pertuzumab for HER2‑positive early and metastatic breast cancer, a market worth approximately USD 4.1 billion8, strengthening the Company’s oncology portfolio and complementing its trastuzumab biosimilars. In December 2025, Sandoz completed the strategic acquisition of Just-Evotec Biologics EU SAS, including a site in Toulouse, France, expanding in-house development and manufacturing capabilities. In addition, Sandoz acquired an indefinite license to Just-Evotec Biologics, Inc.’s cutting-edge continuous-manufacturing technology. These acquisitions complemented ongoing investments in Slovenia, as Sandoz builds a vertically integrated European biosimilar development and manufacturing network. In 2025, Sandoz increased the availability of affordable medicines through several important generic launches, including rivaroxaban in Germany, expanding access to high-quality antithrombotic treatment options with multiple dosage forms. In September 2025, Sandoz launched its iron-sucrose injection in the US, broadening access to affordable treatment for iron-deficiency anemia in patients with chronic kidney disease and complementing its injectable iron-therapy portfolio. The Sandoz pipeline is industry‑leading, with 27 biosimilar assets and around 400 generics in development, targeting around USD 420 billion in originator sales. In 2025, the pipeline benefited from positive shifts in regulatory streamlining across key biosimilar programs - developments that are expected to deliver meaningful advantages for both patients and Sandoz. 4 Subject to approval at the Annual General Meeting on April 9, 2026. 5 At CC. 6 US Food & Drug Administration. 7 Vascular endothelial growth factor. 8 Evaluate Pharma, Summary: worldwide sales (last accessed November 2025). FULL-YEAR 2026 GUIDANCE Sandoz anticipates an acceleration of net-sales growth in 2026, partly reflecting the expected performance of recently launched biosimilars. This growth, alongside a favorable movement in the mix of sales, further operating efficiencies and cost discipline, is expected to result in expansion in the core EBITDA margin. As a result, the Company provides its financial guidance for 2026: Net sales to grow at CC by a mid to high single-digit percentage Core EBITDA-margin expansion of around 100 basis points Core EBITDA-margin expansion of around 100 basis points No material contribution from any potential launch of generic semaglutide is expected in 2026, while overall pricing is expected to decline by a low to mid single‑digit percentage. The guidance excludes any impacts of unforeseen events or unconfirmed developments, including the imposition of new tariffs emanating from the US government. PENICILLINS: TRADE DISTORTION As part of its vertically integrated penicillins production, the Company sells certain amounts of active pharmaceutical ingredients (APIs) to other businesses. The imposition of tariffs by the US government in 2025 led to reduced exports from China to the US, prompting Chinese suppliers to significantly lower global prices for key penicillin APIs, including 6‑Aminopenicillanic acid (6‑APA), the foundational compound for all penicillins. This price decline coincided with an increase in global market supply. These dynamics adversely impacted the Sandoz generics net-sales performance in H2 2025; a similar impact is expected in the first half of 2026. No imminent return to prior market conditions is anticipated. The recently announced introduction of a minimum import price of 6‑APA in India is expected to curb the inflow of low‑priced imports, primarily from China, and support the domestic fermentation‑based antibiotic production in India. This risks a diversion of the supply of low-cost 6-APA towards Europe, which continues to depend on Asia for key intermediates. CONFERENCE CALL A conference call and webcast for investors and analysts will begin today at 9.30am CET. Details can be found here, with the accompanying presentation here. NOTES The performance shown in this announcement covers the twelve-month period ended December 31, 2025 (FY 2025), the six-month period ended December 31, 2025 (H2 2025) and the three-month period ended December 31, 2025 (Q4 2025), compared to the twelve-month period ended December 31, 2024 (FY 2024), the six-month period ended December 31, 2024 (H2 2024) and the three-month period ended December 31, 2024 (Q4 2024), respectively. Commentary is based on the performance in FY 2025, unless stated otherwise. In this announcement, ‘Company’ refers to Sandoz Group AG. Over one billion patients were reached by Sandoz in 2025, including an estimated 0.2 billion patients reached through API sales. INTEGRATED ANNUAL REPORT Sandoz published its Integrated Annual Report 2025 today, which can be found here. CALENDAR The Company intends to publish its first-quarter sales update on April 29, 2026. CONTACTS Media Relations Investor Relations global.mediarelations@sandoz.com investor.relations@sandoz.com Alex Kalomparis+41 79 279 02 85 Craig Marks+44 7818 942 383 Gregor Rodehueser+49 170 574 3200 Tamara Hackl+41 79 790 52 17 Danja Spring+41 79 156 74 88 Silvia Siegfried+41 79 795 90 61 DISCLAIMER This media release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sandoz undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. This media release includes non-IFRS financial measures as defined by Sandoz. An explanation of non-IFRS measures can be found in the Supplementary financial information section of the 2025 Integrated Annual Report. ABOUT SANDOZ Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in affordable medicines, with a growth strategy driven by its Purpose: pioneering access for patients. More than 20,000 colleagues of 100 nationalities work together to ensure over one billion patients are reached by Sandoz, generating substantial global healthcare savings and an even larger social impact. Its leading portfolio of approximately 1,300 medicines addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to 1886. In 2026, Sandoz celebrates 20 years of pioneering biosimilars, 80 years of antibiotics manufacturing and 140 years of heritage. FULL-YEAR AND FOURTH-QUARTER NET SALES NET SALES BY BUSINESS FY 2025 FY 2025 % of FY 2024 change USD m net sales USD m USD % CC % CGR % Generics 7,794 70% 7,504 4% 2% 2% Biosimilars 3,292 30% 2,853 15% 13% 18% Net sales 11,086 100% 10,357 7% 5% 6% Net sales amounted to USD 11.1 billion, reflecting growth of 5% at CC and 6% at CGR. Volumes grew by 8%, partly offset by price erosion of 3%. Net-sales growth was primarily driven by the strong performance of biosimilars, which continued to benefit from an extensive pipeline and launch program. Generics overview Net sales of generics amounted to USD 7.8 billion, reflecting growth of 2% at CC and CGR. Generics represented 70% of net sales in the year (FY 2024: 72%). The increase in net sales of generics in Europe of 2% at CC and CGR was driven by the impact of launches in 2024 and 2025. International net sales of generics grew by 2% at CC and by 4% at CGR, after adjusting for the 2024 divestment of the Sandoz business in China; sales benefited from continued price increases and launches. In North America, net sales of generics were stable at CC and CGR, with the impact of strong levels of competition offset by the impact of the successful Q4 2024 US launch of paclitaxel, as well as a good performance in Canada. Biosimilars overview Net sales of biosimilars amounted to USD 3.3 billion in the year, reflecting growth of 13% at CC and 18% at CGR; biosimilars represented 30% of total net sales (FY 2024: 28%). Strong Europe biosimilars net-sales growth of 14% at CC and CGR reflected several good performances, including Pyzchiva, Binocrit® (epoetin alfa) and Hyrimoz® (adalimumab). Afqlir, Wyost & Jubbonti were launched in Europe in Q4 2025. International biosimilar net-sales growth of 30% at CC and CGR reflected strong contributions from Omnitrope® (somatropin) and Hyrimoz. Wyost & Jubbonti were launched in Q3 2025 in the International region. North America biosimilar net sales grew by 2% at CC and by 19% at CGR, with the difference reflecting the withdrawal of Cimerli® (ranibizumab) in Q1 2025. The strong underlying performance was partly a result of the successful launch of Wyost & Jubbonti in Q2 2025. Tyruko was launched in the US in Q4 2025. Q4 2025 Q4 2025 % of Q4 2024 change USD m net sales USD m USD % CC % CGR % Generics 2,095 69% 1,946 8% 2% 2% Biosimilars 934 31% 769 21% 16% 20% Net sales 3,029 100% 2,715 12% 6% 7% Net sales for the fourth quarter were USD 3.0 billion, reflecting growth of 6% at CC and 7% at CGR. Volumes grew by 9%, partly offset by price erosion of 3%. NET SALES BY REGION FY 2025 FY 2025 % of FY 2024 change USD m net sales USD m USD % CC % CGR % Europe 5,936 54% 5,363 11% 6% 6% International 2,713 24% 2,557 6% 7% 9% North America 2,437 22% 2,437 0% 0% 5% Net sales 11,086 100% 10,357 7% 5% 6% Europe overview Net sales in Europe in the year amounted to USD 5.9 billion, reflecting growth of 6% at CC and CGR. Europe net sales of generics increased by 2% at CC and CGR, with biosimilars up by 14% at CC and CGR. Notable growth included that from Pyzchiva, Binocrit and Hyrimoz. International overview Net sales in International in the year amounted to USD 2.7 billion, with growth of 7% at CC and 9% at CGR. International net sales of generics grew by 2% at CC and by 4% at CGR, with biosimilars up by 30% at CC and CGR. The performance was supported by strong sales of Omnitrope and Hyrimoz. North America overview Net sales in North America in the year amounted to USD 2.4 billion, reflecting a stable performance at CC. Growth at CGR, namely excluding the impact of the acquisition of Cimerli, amounted to 5%. Generics net sales in the year were stable at CC and CGR, with the effects of strong levels of competition offset by the impact of the successful 2024 US launch of paclitaxel, as well as a good performance in Canada. North America biosimilar net sales grew by 2% at CC and by 19% at CGR. Q4 2025 Q4 2025 % of Q4 2025 change USD m net sales USD m USD % CC % CGR % Europe 1,574 52% 1,367 15% 6% 6% International 770 25% 653 18% 14% 14% North America 685 23% 695 -1% -2% 2% Net sales 3,029 100% 2,715 12% 6% 7% The table of net sales by region and by business can be found in the Supplementary financial information. The North America performance in the fourth quarter was adversely affected by the impact of a one-time generics gross-to-net adjustment in Q4 2024. FY 2025 OPERATING RESULTS FY 2025 FY 2024 change USD m USD m USD % CC % Net sales 11,086 10,357 7% 5% Gross profit 5,284 4,926 7% 5% EBITDA 1,980 820 nm9 nm Operating income 1,425 307 nm nm Core gross profit 5,613 5,253 7% 5% Core gross profit margin (%) 50.6% 50.7% Core EBITDA 2,405 2,080 16% 14% Core EBITDA margin (%) 21.7% 20.1% Core operating income 2,094 1,821 15% 13% Core operating income margin (%) 18.9% 17.6% 9Not meaningful. Core gross profit amounted to USD 5.6 billion (FY 2024: USD 5.3 billion), resulting in a core gross-profit margin of 50.6% (FY 2024: 50.7%). A favorable mix of sales, reflecting double-digit biosimilars growth, and operational improvements were offset by the impacts of inflation on the cost of goods sold and price erosion. Core EBITDA was USD 2.4 billion (FY 2024: USD 2.1 billion), resulting in a core EBITDA margin of 21.7% (FY 2024: 20.1%). The increase in the margin was partly driven by the impacts of cost discipline on selling, general & administrative expenses and favorable other income and expenses, partly offset by growth in development & regulatory investment. EBITDA was USD 1,980 million (FY 2024: USD 820 million). Core adjustments of EBITDA in the year were USD 425 million (FY 2024: USD 1,260 million). These adjustments primarily reflected separation costs of USD 336 million, costs of the rationalization of internal manufacturing sites of USD 92 million, software-implementation cost-accounting impacts of USD 43 million and favorable effects from adjustments for legal costs of USD 58 million. FY 2025 NON-OPERATING RESULTS FY 2025 FY 2024 change USD m USD m USD % CC % Net financial result (218) (318) 31% 36% Income taxes (293) 12 nm nm Net income 914 1 nm nm Diluted earnings per share USD 2.09 USD 0.00 nm nm Core net financial result (219) (325) 33% 36% Core income taxes (286) (320) 11% 12% Core effective tax rate (%) 15.3% 21.4% Core net income 1,589 1,176 35% 33% Core diluted earnings per share USD 3.64 USD 2.71 34% 33% The core net financial result was an expense of USD 219 million (FY 2024: expense of USD 325 million). The decline reflected an improved net-currency result, as well as lower net interest expenses mainly driven by the repayment of EUR and USD term loans and local debt. The core effective tax rate was 15.3% (FY 2024: 21.4%), a reflection of changes in the mix of profit, adjustments to provisions for uncertain tax positions and the reorganization of the intellectual-property structure within the Company. Core net income of USD 1.6 billion (FY 2024: USD 1.2 billion) primarily reflected an increase in core operating income, and a decline in the core net financial result and in core income taxes. Core diluted earnings per share of USD 3.64 (FY 2024: USD 2.71) benefited from an increase in core net income. The weighted average number of shares diluted was 436.8 million as of December 31, 2025, versus 434.0 million as of December 31, 2024. CASH FLOW FY 2025 FY 2024 change USD m USD m USD m Net cash flows from operating activities 1,594 656 938 Cash flows used for capital expenditures (711) (554) (157) Other investing cash flows (9) (4) (5) Free cash flow 874 98 776 Payments for legal settlements, fees and expenses 663 29 634 Payments from restructuring provisions 128 40 88 Separation costs 336 348 (12) Separation-related capital expenditures 90 89 1 Other payments and receipts10 (544) 508 (1,052) Management free cash flow 1,547 1,112 435 Sandoz generated net cash flows from operating activities of USD 1,594 million (FY 2024: USD 656 million). This was mainly driven by an increase in operating income and stable net working-capital levels versus December 31, 2024. Cash flows used for capital expenditures were USD 711 million (FY 2024: USD 554 million), reflecting an increase in purchases of property, plant & equipment and intangible assets. This included the Company’s ongoing investments in Slovenia, namely a new biosimilar drug-substance production center in Lendava, a biosimilar-development center in Ljubljana and a new production plant in Brnik. It also included separation-related investments in facilities and technology. Free cash flow amounted to USD 874 million (FY 2024: USD 98 million). The improvement was mainly due to increased net cash flows from operating activities, partly offset by the growth in cash flows used for net capital expenditures. Management free cash flow, defined as free cash flow adjusted for one-off items, amounted to USD 1,547 million (FY 2024: USD 1,112 million). The performance was primarily a result of the growth in core EBITDA. 10 In FY 2025, other payments and receipts included the disbursements from qualified settlement funds relating to government generic-pricing antitrust investigations, antitrust class actions, opioid litigations in the US, and the payment for a technology acquisition from Just-Evotec Biologics, Inc. In FY 2024, other payments and receipts included two deposited settlement amounts of USD 233 million and USD 275 million, related to government generic-pricing antitrust investigations and antitrust class actions in the US. CAPITAL RESOURCES Dec 31 2025 Dec 31 2024 change USD m USD m USD m Inventories 2,845 2,800 45 Trade receivables 2,508 2,205 303 Trade payables (1,850) (1,519) (331) Net working capital 3,503 3,486 17 Non-current financial debts and derivative financial instruments 4,700 4,390 310 Current financial debts and derivative financial instruments 614 145 469 Total financial debts 5,314 4,535 779 Derivative financial instruments (12) (15) 3 Cash and cash equivalents (1,739) (1,191) (548) Total current financial assets (1,751) (1,206) (545) Net debt 3,563 3,329 234 Net debt to core EBITDA ratio 1.5x 1.6x Core ROIC (%) 14.5% 12.3% Net working capital remained broadly stable year‑on‑year, despite strong sales growth. Total inventories increased by USD 45 million, with lower levels of inventory more than offset by currency-translation effects. Trade receivables increased by USD 303 million, with trade payables up by USD 331 million, primarily reflecting currency-translation effects. Non-current financial debts and derivative financial instruments increased by USD 310 million, a reflection of the issuance of three bonds in the first half of 2025, totalling EUR 500 million and CHF 400 million, respectively and currency-translation effects. This was partly offset by the repayment of USD 750 million equivalent in USD and EUR term loans, as well as the reclassification of USD 504 million from non-current to current financial debts of a CHF-denominated bond, maturing in 2026. Current financial debts and derivative financial instruments increased by USD 469 million, primarily a result of the reclassification of USD 504 million from non-current to current financial debts. Cash and cash equivalents increased by USD 548 million, as cash generated from operating activities and proceeds from the issuance of non-current financial debts were partly offset by the repayment of term loans, the annual dividend payment, purchases of property, plant & equipment, purchases of intangible assets and the acquisition of Just-Evotec Biologics EU SAS. As a result, net debt increased to USD 3,563 million (December 31, 2024: USD 3,329 million), mainly driven by currency-translation effects of USD 442 million. Excluding these effects, net debt amounted to USD 3,121 million. An increase in core ROIC to 14.5% (FY 2024: 12.3%) was a result of strong growth in core operating income and a lower core effective tax rate. DIVIDEND A dividend of CHF 0.60 per share in respect of the 2024 financial year was approved by the Annual General Meeting on April 15, 2025, and paid. A dividend proposal of CHF 0.80 per share in respect of the 2025 financial year, representing 27% of core net income, is subject to approval at the Annual General Meeting on April 9, 2026. SUPPORTING FINANCIAL INFORMATION 2025 NET SALES BY BUSINESS H1 2025 change H2 2025 change FY 2025 change USD m USD % CC % USD m USD % CC % USD m USD % CC % Generics 3,736 1% 1% 4,058 7% 2% 7,794 4% 2% Biosimilars 1,496 11% 12% 1,796 19% 14% 3,292 15% 13% Net sales 5,232 4% 4% 5,854 10% 6% 11,086 7% 5% BY REGION H1 2025 change H2 2025 change FY 2025 change USD m USD % CC % USD m USD % CC % USD m USD % CC % Europe 2,832 8% 6% 3,104 14% 6% 5,936 11% 6% International 1,284 1% 5% 1,429 11% 9% 2,713 6% 7% North America 1,116 -2% -1% 1,321 2% 2% 2,437 0% 0% Net sales 5,232 4% 4% 5,854 10% 6% 11,086 7% 5% BY REGION AND BUSINESS: H2 H2 2025 H2 2024 change USD m USD m USD % CC % CGR % Europe 3,104 2,729 14% 6% 6% Generics 2,095 1,888 11% 3% 3% Biosimilars 1,009 841 20% 11% 11% International 1,429 1,288 11% 9% 9% Generics 1,135 1,058 7% 5% 5% Biosimilars 294 230 28% 30% 30% North America 1,321 1,293 2% 2% 6% Generics 828 854 -3% -3% -3% Biosimilars 493 439 12% 12% 27% Net sales 5,854 5,310 10% 6% 7% Thereof: Total generics 4,058 3,800 7% 2% 2% Total biosimilars 1,796 1,510 19% 14% 18% BY REGION AND BUSINESS: FY FY 2025 FY 2024 change USD m USD m USD % CC % CGR % Europe 5,936 5,363 11% 6% 6% Generics 4,036 3,769 7% 2% 2% Biosimilars 1,900 1,594 19% 14% 14% International 2,713 2,557 6% 7% 9% Generics 2,154 2,113 2% 2% 4% Biosimilars 559 444 26% 30% 30% North America 2,437 2,437 0% 0% 5% Generics 1,604 1,622 -1% 0% 0% Biosimilars 833 815 2% 2% 19% Net sales 11,086 10,357 7% 5% 6% Thereof: Total generics 7,794 7,504 4% 2% 2% Total biosimilars 3,292 2,853 15% 13% 18% QUARTERLY 2025 NET SALES BY BUSINESS Q1 2025 change Q2 2025 change Q3 2025 change Q4 2025 change USD m USD % CC % USD m USD % CC % USD m USD % CC % USD m USD % CC % Generics 1,809 -3% 0% 1,927 5% 2% 1,963 6% 3% 2,095 8% 2% Biosimilars 671 8% 11% 825 15% 12% 862 16% 13% 934 21% 16% Net sales 2,480 0% 3% 2,752 8% 5% 2,825 9% 6% 3,029 12% 6% BY REGION Q1 2025 change Q2 2025 change Q3 2025 change Q4 2025 change USD m USD % CC % USD m USD % CC % USD m USD % CC % USD m USD % CC % Europe 1,372 3% 7% 1,460 12% 6% 1,530 12% 6% 1,574 15% 6% International 590 -8% -2% 694 11% 11% 659 4% 4% 770 18% 14% North America 518 -1% 1% 598 -4% -3% 636 6% 7% 685 -1% -2% Net sales 2,480 0% 3% 2,752 8% 5% 2,825 9% 6% 3,029 12% 6% QUARTERLY 2024 NET SALES BY BUSINESS Q1 2024 change Q2 2024 change Q3 2024 change Q4 2024 change USD m USD % CC % USD m USD % CC % USD m USD % CC % USD m USD % CC % Generics 1,869 0% 1% 1,835 -1% 1% 1,854 3% 4% 1,946 1% 4% Biosimilars 623 21% 21% 720 35% 37% 741 36% 37% 769 23% 25% Net sales 2,492 5% 6% 2,555 7% 9% 2,595 11% 12% 2,715 7% 9% BY REGION Q1 2024 change Q2 2024 change Q3 2024 change Q4 2024 change USD m USD % CC % USD m USD % CC % USD m USD % CC % USD m USD % CC % Europe 1,326 4% 2% 1,308 2% 3% 1,362 13% 12% 1,367 7% 8% International 642 4% 12% 627 5% 9% 635 2% 8% 653 0% 6% North America 524 6% 6% 620 22% 23% 598 17% 18% 695 13% 14% Net sales 2,492 5% 6% 2,555 7% 9% 2,595 11% 12% 2,715 7% 9% FY 2025: RECONCILIATION FROM IFRS RESULTS TO CORE RESULTS (USD millions unless indicated otherwise) IFRS results Amortization of intangibleassets11 Impair-ments12 Acquisition or divest-ment of businesses and related items13 Other items14 Core results Net sales 11,086 – – – – 11,086 Other revenues 71 – – – – 71 Cost of goods sold (5,873) 214 16 – 99 (5,544) Gross profit 5,284 214 16 – 99 5,613 Selling, general and administration (2,529) – – – 67 (2,462) Development and regulatory (1,050) – 2 – 2 (1,046) Other income 353 – – (10) (200) 143 Other expense (633) – – 12 467 (154) Operating income15 1,425 214 18 2 435 2,094 Interest expense (220) – – – – (220) Other financial income and expense 2 – – – (1) 1 Income before taxes 1,207 214 18 2 434 1,875 Income taxes16 (293) (286) Net income 914 1,589 Basic earnings per share (USD) 2.12 3.68 Diluted earnings per share (USD) 2.09 3.64 11 Amortization of intangible assets: cost of goods sold includes the amortization of rights to currently marketed products and other production-related intangible assets. 12 Impairments: cost of goods sold and development and regulatory include impairment charges related to intangible assets. 13 Acquisition or divestment of businesses and related items: other income includes a release related to the China business divestment; other expense includes costs related to the Just-Evotec Biologics EU SAS acquisition. 14 Other items: cost of goods sold, other income and other expense include the Company-wide rationalization of manufacturing sites; cost of goods sold, selling general and administration, development and regulatory, other income and other expense include the separation costs related to the spin-off; cost of goods sold, selling general and administration, development and regulatory, other income and other expense include the costs related to the transformation program and other restructuring charges; other income and other expense include legal-related charges and adjustments to contingent consideration; selling, general and administration includes software implementation cost accounting impacts; other expense includes an onerous contract adjustment; other financial income and expense includes the net monetary impacts on the restatement of non-monetary items for subsidiaries in hyperinflationary economies. 15 For further breakdown of core adjustments by category, refer to table ‘Reconciliation from IFRS operating income to core net income’. 16 Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally, be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for items arising from legal settlements in certain jurisdictions. Due to these factors and the differing applicable tax rates in the various jurisdictions, the tax on the total adjustments of USD 668 million to arrive at the core results before tax amounts to USD -7 million. The average tax rate on the adjustments was not meaningful.