05:57 AM EST, 11/03/2026 (MT Newswires) -- Berenberg adjusted its near-term earnings forecasts for Sandoz Group (SDZ.SW) after the Switzerland-listed drugmaker updated its full-year 2026 guidance alongside its third-quarter sales report. "Biosimilar supply constraints and stronger-than-expected adverse market dynamics in Germany led to the company revising its FY26E net sales growth outlook to 5-6% at constant currency (cc) (previously mid- to high-single-digit at cc). Despite this, anticipation of continued cost discipline on SG&A and ongoing benefits from mix improvements drove Sandoz to upgrade its core EBITDA margin guidance for 2026E. We revise our estimates following the update to factor in FX and management commentary, expecting certain headwinds to abate in 2027E, but remain Hold-rated," analysts said Monday, noting the stock's current valuation reflects the short-term pipeline and leaves "limited room for missteps." Sandoz raised its 2026 core EBITDA margin outlook to between 23% and 23.5% from the previous target of 100 basis points of year-on-year expansion over the 2025 margin of 21.7%, reflecting improved operational performance and a more favorable net sales mix. On the earnings side, the research firm lowered its 2026 to 2028 sales forecasts and trimmed its 2027 and 2028 EPS estimates, while nudging up its 2026 EPS projection. Berenberg left the stock's price target unchanged at 72 francs.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.