Management Presentation: Biosimilar Pipeline and Margin Improvement Strategy
Disclaimer (2/2)
Neither this Presentation, the listing, the separation, nor the spin-off constitutes or forms part of any offer or invitation to
purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell,
otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security, including any shares in Sandoz or
any other Sandoz or Novartis securities, in any jurisdiction or any member state of the European Union. In particular, no
action has been undertaken, or will be undertaken, in connection with this Presentation, the listing, the separation or the
spin-off, to make an offer to the public of any security, including any Sandoz shares or other Sandoz or Novartis securities,
in any jurisdiction or any member state of the European Union. This document is not a listing prospectus (or equivalent
document) within the meaning of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003,
as amended, in particular by Directive 2010/73/EU (including to the extent such Directive has been transposed in any
member state of the European Union).
Presentations are by their nature abbreviated information and cannot substitute for narrative information. In addition, the
information herein is preliminary and is not comprehensive. Consistent with its purpose, this Presentation does not include
all information that is material to evaluate the strengths and weaknesses as well as risks and opportunities for Sandoz.
This Presentation contains financial information regarding the businesses and assets of Sandoz. Such financial information
is of a preliminary nature, subject to change and has not been audited, reviewed or verified by any independent accounting
firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as
a representation or warranty by Sandoz, their affiliates, or any of their respective directors, officers, employees, agents or
advisers as to the accuracy or completeness of such information's portrayal of the financial condition or results of
operations by Sandoz. This Presentation may include certain measures and other metrics which have not been subject to
a financial audit for any period and may be based solely on management accounts and estimates of Sandoz. These
financial measures may not be comparable to similarly titled measures as presented by other companies, nor should they
be considered as an alternative to the historical financial results or other indicators of the performance based on IFRS. Any
prospective financial information and the financial measures contained in this Presentation are forward-looking statements,
which are qualified by the subsequent paragraph. Certain financial and statistical information in this presentation has been
subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. Sandoz
uses several key operating measures to track the performance of the portfolio and business. None of these items are a
measure of financial performance under generally accepted accounting principles, including IFRS, nor have these
measures been reviewed by an external auditor, consultant or expert. These measures are derived from management
information systems and may not be comparable to other similarly titled measures terms used by others. Accordingly, no
undue reliance should be placed on any of the financial information and financial measures contained in the Presentation.
This Presentation contains various forward-looking statements that reflect management's current views with respect to
future events and anticipated financial and operational performance. Forward-looking statements as a general matter are
all statements other than statements as to historical facts or present facts or circumstances. In some cases, these forward-
looking statements can be identified by the use of forward-looking terminology or subjective assessments, including the
words "aims", "believes", "estimates", "anticipates", "expects", "projects", "forecasts", "intends", "goals", "targets", "may",
"will", "likely," "plans", "continue" "would" or "should" or, in each case, their negative or similar expressions. Other forward-
looking statements can be identified in the context in which the statements are made. Although we believe that the
expectations reflected in these forward-looking statements are reasonable, we can give no assurance that they will
materialize or prove to be correct. Because these statements are based on assumptions or estimates, are inherently
subject to risks and uncertainties, and may involve third parties over whom we have no control, the actual results or
outcome could differ materially from those set out in the forward-looking statements as a result of many factors and could
cause actual results to differ materially from what we anticipate. Due to the uncertainty of future developments, to the
fullest extent permitted by applicable law, neither Novartis nor Sandoz assume any liability with respect to or in connection
with such prospects or other forward-looking statements contained herein. Any forward-looking statements speak only as
of the date of this Presentation. Neither Novartis nor Sandoz undertake an obligation to update any prospects or forward-
looking statements after the date hereof, even if new information, future events or other circumstances have made them
incorrect or misleading, except as may be required by law. Accordingly, investors are cautioned not to place undue
reliance on any of the forward-looking statements herein.
To the extent available, the industry and market data contained in the Presentation has come from official or third-party
sources. Third party industry publications, studies or surveys generally state that the data contained therein have been
obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data.
While Sandoz reasonably believes that each of these publications, studies and surveys has been prepared by a reputable
source, the data contained therein has not been independently verified by Sandoz or anyone else. In addition, certain of
the industry and market data contained in the Presentation come from Sandoz own internal research and estimates based
on the knowledge and experience of Sandoz management in the market in which Sandoz operates. While Sandoz
believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and
assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change.
3
Management Presentation
SANDOZView entire presentation