Sandoz Group AG Registered Shares

SDZ: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 15.80	Krl	Smvxfcvm

Sandoz: Aflibercept Approval Advances Ophthalmology Portfolio and Asserts Biosimilar Dominance

Keonhee Kim

Aug 12, 2024

No-moat Sandoz received Food and Drug Administration approval for Enzeevu, biosimilar to Eylea (aflibercept). Enzeevu is approved to treat neovascular age-related macular degeneration. We think this demonstrates Sandoz's biosimilar expertise and bolsters the firm's ophthalmology portfolio, which was enhanced by the Cimerli (ranibizumab) acquisition earlier this year. We think the firm can utilize the salesforce team that came with the acquisition to push Enzeevu to market. We maintain our fair value estimate at CHF 34.50.

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