Sandoz to Pay $450 Million in Settlement with 43 U.S. States

Swiss generic‑drug maker Sandoz announced settlements with a consortium of 43 U.S. states and territories and with a group of indirect resellers. The company will pay roughly $450 million (about $478.5 million including earlier agreements) over seven years starting in 2027. The agreements contain no admission of wrongdoing and must still be approved by the participating states and a U.S. court.

The settlements resolve the bulk of long‑running antitrust investigations that accused Sandoz of price‑fixing in the U.S. generics market. After the deals, only a handful of individual plaintiffs who did not join the collective actions remain, and Sandoz said it will continue to defend those cases. The company adjusted its legal reserves accordingly and reiterated that its 2026 outlook and medium‑term growth targets are unchanged, easing investors' concerns about lingering legal risk.