I’m not sure what you’re missing in this thread, but you are clearly missing something. The overwhelming majority of Sandoz’s portfolio consists of low-margin pills. The reason the Sandoz division as a whole has an operating margin as large as 18% is that the portfolio contains a few high-margin products, such as biosimilars in Europe, that pull up the average substantially. As noted in #msg-54805945, Lovenox will be (and probably already is) the highest-margin product in Sandoz’s portfolio.
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