Sandoz Group AG Registered Shares

SDZ: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 28.70	Dlwk	Ncggwgpm

Sandoz Earnings: Strong Growth Story Muddled by Weak Margins but Improvements to Come

Keonhee Kim

Mar 14, 2024

No-moat Sandoz reported mixed fourth-quarter earnings. Total sales of $2.5 billion were up 10.8% year over year but margins were weaker than we expected. After updating our model, we maintain our fair value estimate of CHF 31 per share, as our adjustments did not have a material impact on our valuation.

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