Sandoz Group AG unveiled its Bio100 strategy at a Capital Markets Day in London on the 8th, targeting more than 100 biosimilar products by 2040, up from 13 currently. The company aims to more than double revenue from 2025 to 2035 and achieve a core EBITDA margin of at least 30%, excluding GLP-1-related effects from those 2035 targets. It plans to expand coverage of biologic medicines losing patent protection after 2035 to about 80%, from roughly 50% today, as it pursues an estimated $322 billion addressable biosimilar market within a broader $600 billion wave of drug patent expirations. Sandoz is targeting mid-to-high single-digit annual net revenue growth at constant currency from 2025 to 2030 and a 25%-27% core EBITDA margin by 2030, with GLP-1 effects included in the interim targets. Biosimilar revenue reached approximately $3.3 billion in 2025, or 30% of total net revenue of $11.1 billion, after 13% year-over-year growth. The company is investing about $300 million in a Slovenian manufacturing facility due to begin commercial operations in 2029 and has consolidated biosimilar development, manufacturing and supply-chain management in a dedicated unit. Sandoz CEO Richard Saynor has also warned that threatened U.S. tariffs on imported generic medicines could raise patient costs or reduce supply.