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J.P. Morgan Healthcare Conference 2025 European Medical Dermatology Leader 43rd Annual J.P. Morgan Healthcare Conference January 2025 1
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J.P. Morgan Healthcare Conference 2025 This document has been prepared by Almirall, S.A. (the “Company”) exclusively for use during the presentation. This document includes only summary information and does not intend to be comprehensive. This document may not be disclosed or published or used by any person or entity for any reason without the prior, express written consent of the Company. Information in this document about the price at which securities issued by the Company have been purchased or sold in the past, or information about the yield on securities issued by the Company, cannot be relied upon as a guide to the future performance of the Company’s securities. Forward looking information, opinions and statements contained herein are based on the Company’s estimates (using assumptions that the Company believes to be reasonable) and on sources believed to be reliable by the Company, but have not been verified by independent experts. The Company does not warrant the completeness, timeliness or accuracy of any such information, opinions and statements, and, accordingly, no reliance should be placed on them in this connection. Certain statements contained herein that are not historical facts are forward-looking statements. Such forward-looking statements are based on current expectations and projections about future events and are subject to various risks and uncertainties, many of which are difficult to predict and are beyond the control of the Company. Therefore, actual results may differ materially from those discussed in, or implied by, such forward-looking statements. Except to the extent required by the applicable law, the Company expressly disclaims any obligation to revise or update any forward-looking statements, the expectations of the Company, the conditions or circumstances on which the forward-looking statements are based, or any other information or data included herein. This document does not constitute an offer or invitation to acquire or subscribe for securities, in accordance with the provisions of the restated text of the Securities Market Act approved by the Spanish Law 6/2023 of March 17, on Securities Markets and Investment Services. Furthermore, this document does not constitute a purchase, sale or swap offer, nor a request for a purchase, sale or swap offer for securities, or a request for any vote or approval in any other jurisdiction. J.P. Morgan Healthcare Conference 2024 Disclaimer 2
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Index J.P. Morgan Healthcare Conference 2024 3 Ebglyss® & Atopic Dermatitis Ilumetri® & Psoriasis R&D roadmap in the next 3 years Our growth opportunity in Dermatology
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Our growth opportunity in Dermatology J.P. Morgan Healthcare Conference 2024 4
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J.P. Morgan Healthcare Conference 2025 Almirall today: a European research-focused medical dermatology leader • Partner of choice for dermatologists and patients with a broad and innovative portfolio. • Long term vision with a focus on sustained growth. • Proven track record of commercial execution, with six successful launches of internal & external assets in the past 7 years*. • Strong R&D capabilities covering the whole value chain & promising pipeline assets with disruptive potential. • Solid base business and exciting growth engine. We are a global biopharmaceutical company, with a leadership position in Europe, dedicated to medical dermatology, advancing skin science, and transforming patients’ lives. * (Skilarence®, Ilumetri®, Seysara®, Klisyri®, Wynzora® and Ebglyss®). US: United States of America, EU: Europe, RoW: Rest of the World. €111.0 MM€894.5 MM €465.2 MM R&D spending Net Sales Net Sales in Dermatology Headquartered in Barcelona Offices around the world Total Employees Countries presence 15 1,904 102 FY 2023 data 143 51 Number of products Dermatology products 5
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J.P. Morgan Healthcare Conference 2025 Other derma** 6 Atopic dermatitis Psoriasis 34.3 28.8 1.5 1.6 1.6 1.7 1.7 1.8 50.6 2.0 2.5 3.1 3.8 4.6 5.4 6.1 2024 2025 2026 2027 2028 2029 2030 46.2 54.8 59.2 63.2 67.7 71.1 14.7 27.9 17.4 29.1 1.8 19.7 30.4 21.8 32.0 23.8 33.2 26.6 34.0 Global net sales, $ B* +7.5% * CARG. Source: Evaluate Pharma’s sales by indication. Accessed December 5,0 2024. ** “Other” include alopecia, onychomycosis, basal cell carcinoma, rosacea, actinic keratosis, vitiligo and epidermolysis bullosa. CAGR Acne/Rosacea Our products in these categories Medical Dermatology: remains a highly attractive market Almirall well positioned to capture growth
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J.P. Morgan Healthcare Conference 2025 7*Psoriasis: moderate to severe adults, Ilumetri®. **Atopic Dermatitis: moderate to severe adults > 12y, Ebglyss®. Entering an era of accelerating growth and margin expansion Leadership in Medical Dermatology: Delivering in biologics Ilumetri® (PsO*) & Ebglyss® (AD**) becoming key first-line products for moderate to severe patients Accelerating growth Trajectory of sales & margin expansion from 2025 following investments in launches Shaping the future Attractive pipeline with disruptive innovation: 4 programs in Phase 1, 1 bispecific Ab in preclinical development and multiple assets in early discovery stage
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J.P. Morgan Healthcare Conference 2025 EBITDA Margin by 2028 ~ 25% Double-digit net sales CAGR 2023-2030 8 Mid-term guidance: Turning point with additional net sales growth driven by biologics EBITDA Margin by 2028 ~ 25% Double-digit net sales CAGR 2023-2030
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Ebglyss® & Atopic Dermatitis J.P. Morgan Healthcare Conference 2024 9
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J.P. Morgan Healthcare Conference 2025 Patient numbers treated with advanced therapies predicted to grow 4-5x by 2031 Ebglyss®: Significant opportunity in moderate-to-severe AD 10 Dermatology: Novel MoAs drive higher biologics penetration. 2018 2019 2020 2021 2022 2023 2018 2023 3,813 81,922 2018-2023 patients under advanced therapy treatment in EU5* c. 5.1 MM Moderate to severe patients c. 3.9 MM Moderate to severe patients under treatment c. 400 K Moderate to severe patients under treatment with advanced therapies 2031 Atopic dermatitis market in EU5** CAGR +85% * Patients treated with advanced therapies (Adtralza, Cibinqo, Dupixent, Ebglyss, Olumiant, Rinvoq) in EU5 (Germany, France, UK, Italy & Spain), 2018 data includes only Germany. Source: IQVIA. ** Atopic Dermatitis/Atopic Eczema in EU5 (Germany, France, UK, Italy & Spain) – Disease Landscape & Forecast, DRG Dec 2023. launch
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J.P. Morgan Healthcare Conference 2025 Growing body of evidence of Ebglyss® as first-line treatment Lebrikizumab** 250 mg 16 week responder population. EASI=Eczema Area and Severity Index; EASI -90=at least a 90% improvement from baseline in EASI; IGA=Investigator’s Global Assessment; IGA (0,1) = IGA response of clear or almost clear; Q2W = every 2 weeks; Q4W = every 4 w eeks. ** Lebrikizumab in licensed from Dermira / Eli Lilly. Ebglyss®: Sustained disease control for at least 3 years* 11 Q4W Q2W IGA (0,1) and ≥2-point improvement 84% 83% EASI-90 87% 79% Did not require high potency TCS or systemic treatment 83% 91% * Source: Efficacy and safety of lebrikizumab is maintained up to 3 years in patients with moderate-to-severe atopic dermatitis: ADvocate 1 and ADvocate 2 to ADjoin long-term extension trial. Thaçi D, et al. Presented at EADV 2024; Abstract #7829. ADvocate 1&2 > Adjoin 3-year maintenance data
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J.P. Morgan Healthcare Conference 2025 ✓ DE CZ UK DK ES NO ✓ ✓ ✓ ✓ ✓ NL FLSE FRIT BE PT PLIE SK HU AT CH Ebglyss®: Commercial excellence in launch executions Gaining strong foothold in AD market: over €20 million in sales* since launch in December 2023. Best launch in Atopic Dermatitis market** in Germany since Dupixent ®. Strong commercial capabilities in biologics – building on Ilumetri® commercial success. Dec’23 2024 Progressing market rollout across Europe 2025 12* Ebglyss net sales up to September 2024. ** Source: Almirall estimations based on IQVIA data. Brand awareness higher than average** across markets, one year after launch. ✓
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J.P. Morgan Healthcare Conference 2025 Atopic Dermatitis ADlong Long-term safety up to 5 years ADvantage extension Long-term benefit in Cyclosporine non-responder or ineligible ADhope-1 24-week effectiveness and safety ADhope-2 Atopic Dermatitis ADorable-1 16-week efficacy and safety in pediatric patients ADorable-2 52-week long-term safety in pediatric patients ADjoin extension 3-year long-term safety and Q8W ADapt Effectiveness in dupilumab experienced* ADmirable Effectiveness in skin of color* PAR PREPARED-1 Efficacy and safety in adults with perennial allergic rhinitis CSRwNP CONTRAST-NP Efficacy & safety in adults with chronic rhinosinusitis and nasal polyps treated with intranasal corticosteroids 13 Indication Name Objective Collaborative clinical programme to give more patients access and grow product value Ebglyss®: Ongoing Collaborative Clinical Development Programme * Week 16 ADmirable results and week 24 ADapt results presented by Lilly at the Fall Clinical Dermatology Conference. Atopic Dermatitis ADlong Long-term safety up to 5 years ADvantage extension Long-term benefit in Cyclosporine non-responder or ineligible ADhope-1 24-week effectiveness and safety ADhope-2 Atopic Dermatitis ADorable-1 16-week efficacy and safety in pediatric patients ADorable-2 52-week long-term safety in pediatric patients ADjoin 100-week long term safety and efficacy ADapt Effectiveness in dupilumab experienced* ADmirable Effectiveness in skin of color* PAR PREPARED-1 Efficacy and safety in adults with perennial allergic rhinitis CSRwNP CONTRAST-NP Efficacy & safety in adults and adolescents with chronic rhinosinusitis and nasal polyps treated with intranasal corticosteroids
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Ilumetri® & Psoriasis J.P. Morgan Healthcare Conference 2024 14
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J.P. Morgan Healthcare Conference 2025 205k treated ~50k treated 106k treated ~20k treated 2005 2010 2015 2020 Years relative to launch >7x Psoriasis 365K treated 2024 YEAR 0 YEAR 5 YEAR 1 0 YEAR 1 5 MoA +IL-12/23TNF +PDE4 +IL-17 +IL-23 +TYK2 Psoriasis: Continuous growth of biologics driven by novel therapies and patient demographics Source: Almirall estimations based on IQVIA data, Dec 2024. Advanced Therapy Patients. Biologics & Advanced Systemics (EUROPE) 15
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J.P. Morgan Healthcare Conference 2025 The new 200mg dosage: a unique advantage offers dermatologists flexibility to adapt treatment pattern and continue treating patients with Ilumetri®. Patient-centric approach: facilitates flexibility with an advanced treatment for moderate to severe psoriasis. POSITIVE study*: at 52 weeks, Ilumetri® demonstrated that it is a treatment capable of restoring well-being to the level of the average population, key to alleviating the psychosocial burden of the disease. Ilumetri® is Almirall’s best-selling product (c.€153 MM in 9M 2024) - continued growth trajectory 16* Compared to the general population - as early as Week 16 post treatment and maintained for up to 1 year. Ilumetri®: Strong & differentiated attributes for continued growth
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J.P. Morgan Healthcare Conference 2025 17 Sustained high growth: Driven by Ilumetri® & Ebglyss® * Upgrading Ilumetri peak sales to +€300MM. ** 2023 FY Net sales. + Key Dermatology areas outlook NEW Peak Sales in Biologics > €800MM combined Atopic dermatitis peak sales > €450MM Ebglyss® Psoriasis peak sales > €300MM* Ilumetri® Potential to increase biologics sales by > 5x from 2023 to 2030 Biologics sales c. €167MM** 2030 High double- digit growth in biologic sales CAGR 2023-2030 2020 2021 2022 2023 2024
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R&D roadmap in the next 3 years J.P. Morgan Healthcare Conference 2024 18
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J.P. Morgan Healthcare Conference 2025 Pipeline focus: Delivering future value by disruptive innovation 19IMID: Immune-mediated Inflammatory Diseases, NMSC: Non-Melanoma Skin Cancer, SMOL: Small Molecules, PROTAC: PROteolysis TArgeting Chimeras. NMEs • 4 programs in Phase I with 4 PoC studies planned to start in the next 15 months • Bispecific antibody in preclinical development • Multiple early discovery programs covering a broad range of skin diseases • Ranging across modalities from mRNA/LNP, SMOL, PROTACs, antibodies, bispecific antibodies and other advanced therapies • Innovation coming from in-house discovery and in-licensing opportunities Preclinical Development Phase IDiscovery (Advanced) All potential first-in-class or best-in-class PROTAC oral Atopic dermatitis SMOL oral Atopic dermatitis SMOL oral Inflammatory skin disease mRNA/LNP NMSC Bispecific antibody Atopic dermatitis Readthrough inducer (ALM24412) RDEB/JEB IL-2muFc fusión protein (ALM223) Inflammatory skin disease Anti-IL-1-RAP mAb (ALM27134) Hidradenitis suppurativa Anti-IL-21 mAb (ALM401) Inflammatory skin disease
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J.P. Morgan Healthcare Conference 2025 mRNA: messenger RiboNucleic Acid, SMOL: Small Molecules, LNP: Lipid nanoparticles, PROTAC: PROteolysis TArgeting Chimeras. mRNA/LNP / mRNA/LNP -based therapies for serious skin conditions Small Molecules / Multi target research partnership / SMOL capabilities / PROTAC drugs Biologics & bispecific / Generative AI / Human therapeutic antibodies / Bispecific antibodies Addressing highly relevant disease targets with the most suitable modality to establish a highly innovative & diverse pipeline
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J.P. Morgan Healthcare Conference 2025 Focus on the right market Entering an era of accelerating growth We built a robust platform to capture growth Conclusion: Leading in dermatology in the next decade & beyond 21
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For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Thank you. Or visit our website: almirall.com
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Annex J.P. Morgan Healthcare Conference 2024 23
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J.P. Morgan Healthcare Conference 2025 Psoriasis Atopic dermatitis Other derma Acne/Rosacea Biologic growth drivers Other growth drivers Psoriasis 24 Growth drivers: Fast growing therapies in key dermatological areas Leading products with rapid growth Positioning Almirall as partner of choice for dermatologists.