At its Investor Day on Tuesday, Sandoz presented new medium-term targets and a long-term growth strategy for its biosimilars business. The previous targets through 2028, which call for a margin of 24 to 26 percent, were reaffirmed. By 2030, the generic drug manufacturer now aims for mid-to-high single-digit annual revenue growth at constant exchange rates, as well as a core EBITDA margin of 25 to 27 percent. Under the “Bio100” program, Sandoz intends to have more than 100 biosimilars in its portfolio by 2040, up from 13 currently. Starting in 2035, approximately 80 percent of the value of biosimilars with upcoming patent expirations is expected to be covered. Today, this share stands at around 50 percent. By 2035, “Bio100” is expected to more than double net sales compared to 2025. At the same time, the core EBITDA margin is forecast to rise to over 30 percent. CEO Richard Saynor sees Sandoz entering its next phase of growth. According to the press release, he explained that these ambitions would make biosimilars the “majority share” of revenue and expand access to affordable medications.

The Swiss stock market performed slightly worse on Monday than the rest of the European markets. Novartis shares plunged 3.2 percent. The pharmaceutical company reported a setback in a highly anticipated cholesterol study. In the pharmaceutical sector, Roche lost 1.0 percent, while Sandoz’s generic drug shares fell 0.2 percent ahead of Tuesday’s investor day. Swiss Re dropped 3.6 percent. At the industry conference in Monte Carlo, the reinsurer warned of rising costs due to natural disasters—its German competitor Hannover Re made similar remarks. Technology stocks were up across the board following strong performance from Asia. VAT rose 2.8 percent, AMS Osram 5.3 percent, and Komax 2.3 percent. Burkhalter advanced 1.8 percent following the release of its earnings report. Meanwhile, analyst recommendations drove share prices: Arbonia jumped 11.3 percent after UBS raised its rating to “Buy.” Schindler, on the other hand, dipped 2.7 percent as Goldman Sachs had lowered its rating to “Sell.”

Europe
European stock markets closed mixed on Monday. At the close, the Stoxx Europe 600 index was flat at 649.90 points. In Paris, the CAC 40 gained 0.3% and the SBF 120 rose 0.25%. The DAX 40 in Frankfurt closed down 0.15%, while the FTSE 100 fell 0.1% in London. DANONE (-0.2%): The food and beverage group announced Friday evening that it had finalized the acquisition of British instant meal specialist Huel. ESSILORLUXOTTICA (-0.8%): one of the heirs of the founder of the lens and eyewear manufacturer—who resigned dramatically from his position within the group this summer—called on Sunday for the start of a “new chapter” for the eyewear and corrective lens manufacturer, whose stock has lost 50% since its all-time high in November 2025. NOVO NORDISK (unchanged): The Danish pharmaceutical company confirmed on Monday positive results from a Phase 3 clinical trial of its injectable anti-obesity treatment, Wegovy, for children ages 6 to 12. VOLKSWAGEN (-0.55%): The German car manufacturer revealed on Monday having signed an agreement to sell its Osnabrück plant in Germany to the Israeli group Aurelius Capital and the German state of Lower Saxony.

United States
The rise in oil prices pushed U.S. stock-index futures down from early Monday highs. Dow Jones Industrial Average futures YM00 YM00 were down more than 300 points, or 0.6%, as of 11 p.m. Eastern on Monday, while S&P 500 futures ES00 ES00 edged lower and Nasdaq-100 futures NQ00 NQ00 inched higher. The U.S. cash equity and bond markets were closed Monday for Labor Day.

Asia
Asian indexes diverged for the Tuesday trading session. The Kospi is up 2.2 percent, with SK Hynix rising another 5.7 percent and Samsung Electronics up 3.1 percent. Hanmi Semiconductor is up 5.6 percent. Japan’s Topix index is down 0.6 percent, giving back the previous day’s gains. Activity on the Chinese stock markets is more subdued: Shanghai added 0.4 percent, while Hong Kong shed 0.3 percent. Among individual stocks, in Tokyo, Advantest climbed 2.8 percent, while Renesas gave up 2.7 percent and Murata Manufacturing plummeted 4.8 percent. Kioxia, on the other hand, is up 0.7 percent. In Hong Kong, Hua Hong Grace is little changed, while SMIC lost2.0 percent. In Taipei, TSMC increased by 0.8 percent.

Bonds
U.S. Treasury futures TY00 TY00 dipped on concerns that higher energy costs would bolster inflationary pressures. The U.S. cash equity and bond markets were closed Monday for Labor Day.

Analysis
Accelleron price target: Deutsche Bank raises to CHF 76 (74) - Hold
Novartis price target: Vontobel lowers to CHF 128 (130) - Hold
SoftwareOne price target: JPMorgan increases to CHF 9.00 (7.50) - Neutral


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