Sandoz cuts sales outlook as shares fall
Swiss drugmaker Sandoz lowered its full-year sales growth guidance due to supply constraints. The update sent shares down as much as 8 percent. However, the company raised its core earnings margin forecasts.
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SANDOZ GROUP AG lowered its full-year sales growth guidance to 5-6% after biosimilar-supply constraints weighed on third-quarter results, sending shares down 8% on Wednesday. The Swiss drugmaker previously expected mid-to-high single digit growth at constant exchange rates. The downgrade highlights near-term pressure in the company's key biological drug segment despite long-term expansion goals.
