Richard Saynor has been at the helm of Sandoz since 2019. The British pharmacist has transformed the troubled generics subsidiary of Novartis into an independent and successful company. Sandoz was spun off and listed on the SIX at the beginning of October 2023. Since then, its capitalization has roughly doubled. By comparison, Novartis has gained around 14% in the meantime. Saynor's statements in an interview with "L'Agefi" show just how convinced he is of his path. In the August 15, 2025 issue, he commented on the ongoing debate about US import tariffs, among other things. Sandoz would not be setting up its own production in the States. This would apply even if Washington made good on President Donald Trump's threat to impose tariffs of 250% on the import of medicines. "The US market is far too uncertain and dysfunctional," said Saynor in an interview with the French-speaking Swiss daily. In addition, Sandoz currently generates less than a fifth of its total sales in the USA.
The operational focus of the Basel-based company is on the old continent. According to the CEO, forward planning of production is easier in Europe. More than half of the company's growth already comes from Europe. "It is our main market, where we have a leading position that we want to expand further," Saynor explained in the interview. A look at the latest interim report leaves little doubt about this strategy. In the first half of 2025, Sandoz generated more than half of its sales in Europe (see chart). Overall, the Group increased sales by 4% at constant exchange rates to USD 5.2 billion. In the second division alongside Generics, Sandoz increased sales by 12% at constant exchange rates from January to June 2025. In the second half of the year, biosimilars contributed 30% to total business for the first time. Here, too, the positioning on the old continent is paying off. Sandoz benefited from new products in Europe. For example, "Pyzchiva", the first autoinjector biosimilar for "ustekinumab", an active ingredient for the treatment of chronic inflammatory diseases, was launched.
The profit trend is also impressive. Sandoz earned USD 1.046 bn in operating terms (Core Ebitda level) in the first half of the year - at constant exchange rates, this represents growth of 20% compared with the same period last year. The Ebitda margin increased by 2.5 percentage points to 20%. Management is targeting a figure of around 21% for the year as a whole. In addition to a favorable product mix, the simplification of the external network and the ongoing transformation program should boost profitability. Furthermore, those responsible are counting on further product launches in the biosimilar segment. Against this backdrop, Sandoz is targeting net sales growth in the mid-single-digit percentage range at constant exchange rates for 2025. The Basel-based company has thus confirmed its previous forecast. The SMI share reacted to the presentation of the figures with a price jump of almost 12%, reaching a new all-time high of CHF 50.62.
The Softcallable Barrier Reverse Convertible will play to its strengths even if Sandoz takes a more relaxed approach. Irrespective of Sandoz's share price performance, the quarterly coupon payment of 6.00% p.a. is due. There is partial protection for the nominal value of CHF 1.000: as long as the underlying does not fall to or below the barrier of 74% of the initial level, the bond is redeemed in full. If the cushion is not sufficient, the BRC would be exposed to the full price risk of the pharmaceutical share. Please also note the soft callable component. It makes early termination and redemption of this issue possible.
Of course, the momentum strong Mid Cap should not be missing from Leonteq's growing range of leveraged products. The Zurich-based fintech currently trades more than 50 mini futures, warrants with knock-outs and warrants based on Sandoz. They offer both leveraged speculation on further price rises and short exposure.