Management Presentation

Attractive market fundamentals | Leadership and scale | Multiple growth drivers | Margin improvement Attractive financial outlook Compelling sustainability story Multiple levers to drive margin expansion Core EBITDA Margin = 2023 2028 (illustrative), % of net sales ~150bps ~24 to 26% ~350bps ~100bps ~18 to 19% ~100bps Strong volume growth across regions and businesses, price erosion in line with historical averages Growing share of higher margin products, esp. Biosimilars and complex Generics Operational improvements 2023 Volume Price Product mix Operational improvements Organizational efficiency 2028 driven by four key levers Network design ↑ Focused vertical integration Operational excellence Note: For additional information regarding the core results, which are non-IFRS measures, see "Appendix" starting on slide 31 23 Management Presentation Procurement optimization Leveraging organizational efficiencies through a leaner operating model SANDOZ

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