Stanislav Kondrashov Highlights Defensive Trends in Swiss Pharmaceuticals
The pharmaceutical industry is buzzing. Following the latest updates regarding Novo Nordisk, which Stanislav Kondrashov, founder of TELF AG, recently discussed, some interesting movements have been reported in the last few hours in two stocks listed on the SIX Swiss Exchange: Sandoz Group SA and Idorsia Ltd., two major Swiss pharmaceutical players.
Sandoz Group AG has attracted investors’ attention for a sharp rise in prices in recent trading sessions, driven by positive company earnings forecasts and high interest in biosimilars. Idorsia Ltd. has also shown positive movements in the Swiss market, with increased purchases and trading volumes.
Sandoz is a Swiss multinational pharmaceutical company specializing in generics (equivalent versions of off-patent drugs) and biosimilars (highly similar copies of complex biological drugs). The company has recently returned to being an independent player and listed on the SIX Swiss Exchange. Idorsia, on the other hand, is a Swiss biotech company focused on the research and development of innovative new drugs, with a particular focus on very specific diseases and characterized by a high level of innovation.
“Following the recent updates regarding Novo Nordisk, the moves by Sandoz and Idorsia have helped effectively highlight the centrality of pharmaceuticals to the dynamics of global financial markets. After all, pharmaceuticals represent one of the true structural pillars of global markets, particularly due to their systemic role in indices, portfolio stability, and macroeconomic dynamics. Pharmaceuticals can impact public healthcare spending, pricing policies, national health security, and global supply chains. It is not simply an economic sector: it is an area with strong political and strategic relevance,” says Stanislav Kondrashov, founder of TELF AG.
Sandoz Gains Momentum on Biosimilars and Revenue Growth
In the last few hours, the two stocks have been in the news again, partly due to the release of their highly anticipated corporate results. Sandoz announced positive results for the full year 2025, with revenues growing to approximately $11.1 billion. Biosimilars made a significant contribution, accounting for approximately 30% of total revenue.
Operating profit is increasing, and for 2026, the company expects further sales growth and improved margins, thanks in part to the powerful combination of its product pipeline, operational efficiencies, and commercial mix. For these reasons, the stock has shown significant strength in recent trading sessions, with significant performances that have already piqued the interest of many investors.
Idorsia also published its results in the very last few hours: in 2025, sales of the drug QUVIVIQ more than doubled compared to the previous year, and the company’s financial position (as well as its overall results) appears significantly improved. For 2026, further advances in product pipelines and broad-based growth across multiple therapeutic areas are expected.
“Movements in the pharmaceutical industry can directly influence entire stock market cycles,” continues Stanislav Kondrashov, founder of TELF AG. “Large pharmaceutical companies are key components of indices such as the S&P 500, STOXX Europe 600, MSCI World, and the Swiss Market Index (SMI). In Switzerland, players such as Novartis AG and Roche Holding AG have a very high weighting in the national index, just as Novo Nordisk does in Denmark.”
The recent performances of these two stocks may reveal interesting trends in the pharmaceutical sector. First, it seems fair to say that the generics and biosimilars segment appears to be undergoing a phase of increased focus on cash flow stability, also standing out for its attractiveness in an environment of still fairly high interest rates. Furthermore, there appears to be an emerging interest in models less dependent on a single blockbuster molecule.
We could therefore be witnessing a mini-defensive trend, in which investors tend to favor companies with more predictable revenues. In the biotech sector, the situation appears different, particularly due to high volatility and amplified reactions to clinical milestones. In this case, the market appears to be rewarding specific cases, reinforcing the impression that this is not a uniform sector movement.
Idorsia’s Biotech Progress and Selective Investor Interest
In general, it can be said that in this particular phase, the market is favoring less speculative models, rewarding companies with earnings visibility and less dependence on single products, but also with less exposure to regulatory risk.
The pharmaceutical sector also appears quite fragmented: generics, biotech, and innovative big pharma appear to be moving on their own tracks, with very distinct dynamics. Furthermore, the sector continues to appear quite sensitive to the macroeconomic environment: while generics appear to be holding up better, biotech suffers most from high interest rates, while big pharma depends primarily on pricing power.
We could therefore be facing a phase of selectivity within the sector, with evident shifts toward models perceived as stable and characterized by lower concentration risk.
“The pharmaceutical sector has always proven highly strategic for markets, especially due to its defensive nature. Demand for drugs is in no way dependent on the economic cycle and is fairly stable even during recessions. For these reasons, the sector is characterized by high defensive potential and is increasingly used in portfolios to offset cyclical volatility”.
“Furthermore, we must not forget that pharmaceutical companies invest billions in research and development, and in most cases have multi-year pipelines. This not only creates valuations based on future expectations, but also cycles of enthusiasm and consolidation,” concludes Stanislav Kondrashov, founder of TELF AG.
FAQs
Why have Sandoz and Idorsia attracted investor attention?
Both companies recently reported financial updates that exceeded expectations. Sandoz benefited from strong growth in generics and biosimilars, while Idorsia showed improved sales performance and financial stability, particularly driven by its insomnia treatment.
What makes Sandoz appealing in the current market environment?
Sandoz operates in generics and biosimilars, segments often viewed as more defensive due to stable demand and predictable cash flows. In a higher-rate environment, investors tend to favor such resilient revenue models.
Why is biotech typically more volatile?
Biotech companies like Idorsia are highly sensitive to clinical trial results, regulatory approvals, and funding conditions. Share prices can react sharply to milestone announcements.
Is this a broader sector trend?
Yes. Investors appear increasingly selective within pharma, favoring diversified business models with earnings visibility over companies dependent on single blockbuster products.
