Sandoz Group AG ADR 2025年度报告

Pioneering accessfor patients Integrated Annual Report 2025 Table of contents Risk Management Report94Risk management95Risks Overview Corporate Governance Report Business Report 12Year in review13Our business model15Purpose in action17Our strategy19Generics21Biosimilars23Our biosimilars pipeline25Our manufacturing and supplynetwork26Regional review – Europe28Regional review – International30Regional review – North America32ESG overview34ESG in our value chain35Driving Impact and Access39Empowering our People43Championing Sustainability47Governing with Integrity 02Financial highlights02Access and impact highlights03At a glance06Chairman’s letter08Looking forward to 2026:a triple-anniversary year09Chief Executive’s statement 50Corporate Governance framework50ESG governance51Group structure and shareholders54Board of Directors60Executive Committee Financial Report 99Financial highlights100Performance overview106Consolidated financial statementsof the Group155Audit report for the consolidatedfinancial statements of the Group157Supplementary financial information164Financial statements of SandozGroup AG Compensation Report 70Shareholder letter from Urs Riedener,Chair of the Human Capital &ESG Committee712025 Executive Committeeand Board compensation at a glance72Executive Committee compensation83Board of Directors compensation87Compensation governance92Audit report for the CompensationReport ESG Disclosures 175ESG reporting standards and assurance177ESG performance indicators182Article 964b: Swiss Code of Obligations– compliance index183Task Force on Climate-related FinancialDisclosures (TCFD) Access and impact highlights2PATIENTS REACHED+1bnEstimated number of patients reached3 HEALTHCARE SYSTEM SAVINGSUSD 26bnEstimated savings in North America, Europeand other key markets MANAGEMENT FREE CASH FLOWUSD 1.5bn SOCIAL IMPACTUSD 400bn Estimated impact delivered by our key medicines annually Financial Report begins /Page 98 At a glance At Sandoz, our Purpose ispioneering access for patients. Someone you care about needs medicine. Maybe it’s a family member. A friend. You.The medicine exists. It works. Only the price puts it out of reach. This happens every day. And we’re here to change that. Sandoz makes the same medicines as Big Pharma for a fraction of the price.We lead the segment of the healthcare industry – generics and biosimilars – that delivers 80% of the world’s medicines at just a fraction of the cost.Same science. Greater affordability. Better patient access. Heritage Strategy We pioneered biosimilars in 2006 and leadthe field today. We’re investing more than USD1 billion to develop and manufacture biosimilarsand over USD 200 million for antibioticsmanufacturing, all in Europe. We reach nearlyevery country while understanding local needs,never compromising quality. Our roots go back 140 years. Today we reachover 1 billion patients every year for conditionsranging from infections and autoimmunediseases to cancer. By providing more affordablemedicines we create savings for our healthcaresystems – USD 26 billion in North America,Europe and other key markets. The social impactof our key medicines is estimated at around USD400 billion per year (see page 36). Since goingindependent in 2023, we’ve grown every quarterwith total shareholder return in 2025 of 58.5%. Medicines with projected sales of more thanUSD 650 billion1are coming off patent thiscoming decade. And we’re ready. Generics are our foundation. Our more than1,300 medicines serve people who needaffordable care most. Generics are broad,reliable and a steady source of revenue for morecomplex work. Biosimilars – newer versions ofsophisticated biologic medicines – require biggerinvestments but deliver higher returns. We have 13on the market and many more in development. But having great medicines means nothingif people can’t get them. See next page We’re living proof that affordable healthcareworks – for patients and society as a whole. USD+1BN COMMITTEDTO DEVELOP ANDMANUFACTUREBIOSIMILARS USD26BN SAVINGS TOHEALTHCARE SYSTEMSIN NORTH AMERICA,EUROPE AND OTHER KEYMARKETS USD200MCOMMITTED TOANTIBIOTICSMANUFACTURING At a glancecontinued People Pipeline Healthcare costs too much.We’re changing that. Access That’s why breaking down barriers is a corepart of our business. We challenge unfairpatent monopolies in courts. We work withregulators to remove unnecessary delays. Weadvocate for affordable care together withdoctors and patient groups, and partner withother companies to expand our pipeline. Everyobstacle we remove gets affordable medicines topeople sooner. United by our Purpose, our people are proud topioneer access for patients. We attract the bestby showing what real impact looks like, and weretain them by fostering a culture founded onintegrity and inclusion, where bold ideas arewelcomed and everyone belongs. We growtogether – challenging and supporting oneanother to learn and to lead. Today’s expensive medici