1、Compensation Report63 Shareholder letter from the Chair of the Human Capital&ESG Committee64 Executive Committee and Board compensation at a glance65 Executive Committee compensation75 Board of Directors compensation79 Compensation governance85 Audit report for the Compensation ReportOverviewFinanci

2、al ReportESG DisclosuresBusiness ReportGovernance,Compensation&RiskIntegrated Annual Report 202462Shareholder letter from the Chair of the Human Capital&ESG CommitteeUrs Riedener,Chair of the Human Capital&ESG Committee2024 in summaryAt the beginning of 2024,the Board set targets for the first time

3、under the Annual Incentive and Long-Term Performance Plan.The targets were set to reward the delivery of the Sandoz investment case that was presented to shareholders in advance of Sandozs spin off from its former parent company.Sandoz delivered strong results in its first full year as an independen

4、t company.Sales grew by 9%in constant currencies,reflecting the double-digit performance in North America and strong growth in the Europe and International regions.The Core EBITDA margin grew to 20.1%.The shift of the portfolio mix in favor of biosimilars has been accelerated by the launches of Hyri

5、moz,Pyzchiva,and Tyruko.Shareholders saw a 37%increase in the share price in 2024,alongside a total return of 39%.This success was reflected in the CEOs Annual Incentive payout of 160%of target and payout for Keep Whole and Refill LTPP Awards relating to the 2022-24 performance cycle of 145%of targe

6、t more details are in sections 2.4.2 and 2.4.3 of this report.The first Sandoz LTPP award for the 20242026 performance cycle vests in February 2027.As outlined elsewhere in this Integrated Annual Report,Remco Steenbergen was recruited externally to replace Colin Bond as Chief Financial Officer durin