Sandoz agrees to $450 million settlement with 43 US states over generic drug price-fixing allegations

Aug 3, 2026

Sandoz Inc. has agreed to a $450 million settlement with 43 U.S. states and territories, alongside a separate $28.5 million agreement with indirect resellers, to resolve long-running generic drug price-fixing allegations. The company will pay $400 million over seven years starting in 2027, plus $50 million to states that settled earlier. Sandoz admits no wrongdoing, and the deals resolve all remaining U.S. government claims without impacting its 2026 financial guidance.

Sandoz $450 million state settlement

▪Sandoz Inc. entered into a $450 million settlement agreement with 43 United States states and territories to resolve litigation over alleged anti-competitive conduct in the generic medicines market.
▪The $450 million settlement is conditioned upon approval by all of the litigating United States states and territories.

Generic drug price-fixing allegations

▪The price-fixing allegations against Sandoz Inc. center on conduct that occurred between 2009 and 2019.
▪Sandoz Inc. was accused of engaging in widespread, long-running conspiracies to artificially inflate and manipulate prices, reduce competition, and unreasonably restrain trade for generic prescription drugs.

Seven-year payment structure

▪Under the settlement terms, Sandoz Inc. will pay $400 million over seven years starting in 2027.
▪Sandoz Inc. will pay an additional $50 million to states that settled related generic drug claims earlier.

Indirect reseller class settlement

▪Sandoz Inc. entered into a separate $28.5 million settlement agreement with a putative class of indirect reseller plaintiffs, including retail pharmacies, clinics, and hospitals.
▪The $28.5 million indirect reseller settlement is subject to court approval, and class members retain the right to opt out.

Decade-long antitrust litigation resolution

▪The agreements resolve all remaining claims filed by any United States federal or state government against Sandoz Inc. in the generic antitrust litigation.
▪The settlements do not affect Sandoz Inc.'s full-year 2026 financial guidance or its mid-term outlook.
▪The state and reseller settlements contain no admission of wrongdoing by Sandoz Inc. or its affiliates.