Berenberg: Sandoz Sees Vertical Integration as Key to Bio100 Strategy

08:41 AM EST, 11/13/2026 (MT Newswires) -- Berenberg noted that Sandoz Group (SDZ.SW) sees vertical integration as key to achieving its goal of having more than 100 biosimilars in its portfolio by 2040 under its Bio100 strategy, following a visit to the company's biosimilar development center and manufacturing site in Slovenia. "Our key takeaway from the event was that vertical integration across both development and manufacturing was a clear priority for the company, and is deemed necessary to realise its Bio100 ambition. In line with this, Sandoz targets having c60% in-house manufacturing and between 50-70% of its product development in-house in future," analysts said in a note published Friday. "We are encouraged by the steps that Sandoz is taking in this direction, but we think that there remains a way to go before this in-house capacity fully materialises (leaving the company subject to the supply of its partners), and thus prefer to remain prudent regarding the company realising the full benefit of this strategy until further milestones are reached." The research firm also highlighted the Swiss drugmaker's confidence in executing its plan to boost in-house production capacity, with the site also having available land that can be used for the construction of an additional facility. The hold recommendation on the stock and price target of 72 francs remain unchanged.