Slides
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Q3 2025 results Accelerated growth and portfolio momentum drives performance Conference call and webcast for analysts and investors 20 October 2025
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Forward-looking statements 2 This presentation contains certain forward-looking statements with respect to certain of the Company’s current expectations and projections about future events. These statements, which sometimes use words such as “intend, ” “proposed, ” “plan, ” “expect, ” and words of similar meaning, reflect management’s beliefs and expectations and involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this presentation is subject to change without notice and, except as required by applicable law, the Company does not assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained in it. You should not place undue reliance on forward-looking statements, which speak only as at the date of this presentation.
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Agenda 3 Business update Financials R&D pipeline Summary & Q&A Henrik Stenqvist Chief Financial Officer Lydia Abad-Franch Head of R&D and Chief Medical Officer Guido Oelkers Chief Executive Officer
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Key takeaways for Q3 2025 4 1: Strategic portfolio includes Altuvoct, Aspaveli/Empaveli, Doptelet, Gamifant, Vonjo and Zynlonta and royalties from Altuviiio and Beyfortus. Per cent growth calculated in CER Outstanding Q3 growth of 21% in CER – driven by 39% growth in our strategic products portfolio Strong margin evolution delivering 47% adjusted EBITA Significant pipeline news and progress fuels long -term growth (new indication for olezarsen and FDA acceptance of BLA for NASP) We are rebasing our Vonjo strategy, taking an impairment of SEK 6.6bn, clear path to deliver future growth Our strong progress is undeniable – as a result we increase our guidance
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Outstanding growth of 21% CER in Q3 delivered by our portfolio and across all regions 5 Revenue at actual exchange rates; change at constant exchange rates (by segment and geographic area). International region previously called rest of the world. Other refers to royalty and the majority of royalties received are attributable to North America. 1: Strategic portfolio includes Altuvoct, Aspaveli/Empaveli, Doptelet, Gamifant, Vonjo and Zynlonta and royalties from Altuviiio and Beyfortus. Revenue by region 3,830 (56%) 3,064 (44%) Q3 2024 5,001 (64%) 2,775 (36%) Q3 2025 Strategic1 Foundational 6,894 7,776 +21% Total net sales, SEK M, growth at CER 769 733 317 307 260 40 Doptelet Beyfortus royalty Altuvoct Gamifant Aspaveli/ Empaveli Vonjo Altuviiio royalty Zynlonta Total Q3 1,408 1,166 5,001 886 Europe North America International Other (Royalties) 2,715 2,491 1,684 +21% +37% +43% -5% +39% Strategic products, SEK M
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Doptelet: Sobi’s largest product continues to deliver strong momentum, growing 46% at CER 6 Doptelet • Excellent efficacy coupled with less diet restriction has made Doptelet an important choice in ITP • The brand has evolved into a truly global franchise, with strong momentum and continued growth across all three major regions • Expanding International launches, including Japan, South Korea, Taiwan, LATAM, Middle East and Eastern Europe - are set to significantly increase the ex-US share over time • Early results from Japan’s ITP launch show a strong uptake, underscoring Doptelet’s global potential Doptelet SEK 1,408 M +46% Q3 ITP. Idiopathic Thrombocytopenic Purpura Sales in SEK M at actual exchange rates; change at constant exchange rates
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Beyfortus: Strong fundamentals – with typical uncertainty on season start and inventory levels 7 1.CDC estimates, all products, 2. Sobi RSV survey: n=101 HCPs (week ending 10.10.2025), 3. Vaccination outlook: 53% of prescribers expect higher RSV vaccinations, 42% expect stable numbers; only 6% expect fewer patients → RSV growth expected to outpace overall vaccination rates, 4. Product preference: Among HCPs with a preference, 96% choose Beyfortus – driven by availability (73%, “already in stock”), and familiarity/experience (41%), 5. Positive RSV tests as published by CDC, 6. Sobi RSV survey: n=101 HCPs (week ending 10.10.2025) 73% of HCPs expect increased or stable number of RSV cases this year vs. last. Sales in SEK M at actual exchange rates; change at constant exchange rates. Fundamentals remain strong - based on survey of >100 physicians • RSV immunisation rates (57% for 2024/25 season 1) leaves room for further growth • Majority of surveyed prescribers 2 see no change in vaccination refusal rates and do not see any decrease in overall RSV immunization in the coming season 3 • Beyfortus remains preferred product amongst HCPs 4 (preference share >90% amongst physicians) Typical uncertainty around season start and stocking levels • Later start of season vs. last 5, but majority of HCPs expect no decline in RSV cases 6 0 200 400 600 800 1,000 1,200 1,400 1,600 Q3 2023 Q4 2023 Q1 2024 Q3 2024 Q4 2024 Q1 2025 Q3 2025 Product shortage High demand Beginning of season Beyfortus seasonal revenue Q3 SEK 1,166 M
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Altuvoct: Annualised haemophilia A sales approaching >SEK 6bn and growth continues 8 Best in class product • Effective once-weekly treatment for enhanced bleed protection & treatment burden as a key clinical benefit in normalisation for FVIII levels* • Strong momentum with continued switching from Elocta and other competitors, including NFT Altuvoct launch in three waves: • Wave 1: 6 countries incl. DACH – significant portion of the market potential captured • Wave 2: Active rollout in >10 countries across Europe & Middle East – small part of market potential captured so far • Wave 3: Remaining European & international markets – launches pending Haemophilia A sales SEK 1,581 M +31% Q3 *above 40% for a significant part of the week (4 days for adults and 3 days for children and adolescents), NFT: Nonfactor VIII treatments, DACH: Germany, Austria and Switzerland Sales in SEK M at actual exchange rates; change at constant exchange rates <40% >60% Wave 1 ~80% ~20% Wave 2 100% Wave 3 Value at stake Value captured illustrative
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Gamifant: Accelerating growth with US launch in HLH/MAS and strong momentum across indications 9Sales in SEK M at actual exchange rates; change at constant exchange rates. pHLH: Primary Hemophagocytic Lymphohistiocytosis, IFN-γ: Interferon gamma Gamifant SEK 733 M +98% Q3 MAS launch accelerating growth • First-ever treatment for adults and children with Macrophage Activation Syndrome (MAS) in Still's disease • US launch in Q3, Adult patient growth of 19% vs. previous quarter Continued strong uptake and growth in pHLH EMBRACE program in IFN-γ Driven Sepsis (IDS) could unlock large potential • ~2 Mio. patients in the US hospitalised with sepsis, ~1 Mio. requiring ICU care • IDS represents 20% of sepsis patients and has a ~40% mortality • Recruitment progressing with strong interest • Primary endpoint data expected by end of 2025; market update will follow latest at Q4 reporting
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Vonjo: We are rebasing our Vonjo strategy, taking an impairment of SEK 6.6bn, with a clear path to future growth 10 Q3 highlights • Net sales SEK 307 M, -11% YoY , underlying demand strong +9% vs PY in Q3 • GTN pressured by 340B changes and Medicare redesign • SEK 6.6 B impairment recorded for Vonjo, reflecting current performance Strong MF growth potential remains • PACIFICA Phase 3 and new MF data expected to drive label expansion and accelerate growth • International roll-out to broaden reach and add momentum • Pipeline advancing beyond MF with opportunities in VEXAS and CMML Sales in SEK M at actual exchange rates; change at constant exchange rates GTN: gross to net, MF: myelofibrosis, CMML: Chronic myelomonocytic leukaemia, VEXAS: Vacuoles, E1 enzyme, X-linked, autoinflammatory, somatic 2023 2024 2025 2026 2027 2028 2029 2030 Vonjo Sales Original expectation Rebased strategy, base case Rebased strategy, upside case Clinical develop. Strategic initiatives Illustrative
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Strong margin evolution delivering 47% adjusted EBITA – creating space for future growth projects 11 47% Q3 2025 Adjusted results, SEK M -1,562 6,214 -2,543 3,672 7,776 Total revenue COGS Gross profit OPEX EBITA 100% 20% 80% 33% 47% Compared to 38% in Q3/2024 Compared to 43% in Q3/2024 Cost discipline to fund future growth • Relative OPEX reduced from 38% (Q3/24) to 33% (Q3/25), driving EBITA margin expansion from 43% to 47% - clear evidence of stronger operating leverage • Disciplined cost control has freed capacity to fund 5 major launches and 4 priority development programs, all targeting areas of high unmet medical need Sales in SEK M at actual exchange rates; change at constant exchange rates
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Sobi’s next growth horizon: significant progress with multiple near-term opportunities 12*subject to regulatory review and approval NASP: nanoencapsulated sirolimus plus pegadricase, CMML: Chronic myelomonocytic leukaemia, IDS: Interferon-gamma driven sepsis, MCS: Multifactorial chylomicronemia syndrome 5 Key and planned launches * 1. Altuvoct in Hemophilia A 2. Gamifant - HLH/MAS 3. Aspaveli - C3G/IC-MPGN 4. NASP - uncontrolled gout 5. Tryngolza in MCS 4 Priority development projects in areas of high unmet medical need 1. Gamifant - IDS 2. Vonjo - VEXAS 3. Vonjo - CMML 4. Altuvoct - synovitis Recent Tryngolza Phase 3 data unlock a new significant potential indication – details to follow
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Tryngolza (olezarsen): Highly significant TG lowering and pancreatitis reduction in patients with hypertriglyceridemia 1. CORE: clinicaltrials.gov/NCT05079919; CORE2: clinicaltrials.gov/NCT05552326. 2. Within 10 years prior to screening. 3. Least-squares mean difference of percent reduction in fasting triglycerides 4. adjudicated by a blinded, independen t committee according to the revised Atlanta classification of acute pancreatitis TG: triglyerides, FCS: Familial Chylomicronemia Syndrome, MCS: Multifactorial Chylomicronemia Syndrome, sHTG: Severe Hypertriglyceridemia Seyedmohammad Saadatagah et al, J Clin Lipid 2025; NawazH, et al. Am J Gastroenterol. 2015;110:1497-1503. FCS & MCS 13 Olezarsen CORE and CORE2 1 (n= 1,063) Design Two randomised Phase 3, double-blind, placebo-controlled studies of olezarsen Q4W with fasting triglycerides ≥500 mg/dL • Stratified by baseline triglyceride levels >880 mg/dL and pancreatitis history2 • 99% on standard lipid-lowering therapy Highly clinically meaningful results 85% reduction in acute pancreatitis vs placebo4 72% placebo- adjusted mean reduction in fasting triglycerides vs placebo3 MCS (TG>880mg/dl) FCS Endpoint s Primary endpoint: % change in fasting triglycerides from baseline to month 6 Secondary endpoint: Acute pancreatitis events at 12 months (among others) More data presented at AHA 2025, 8 November sHTG (TG>500mg/dl)
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Tryngolza (olezarsen): Significant commercial opportunity in MCS and ability to grow the market 14 MCS (>880mg/DL) ~700k patients EU-5 FCS ~1-3k patients MCS (TG >880mg/dl) ~700k patients FCS ~1-3k patients sHTG (TG >500mg/dl) >2Mio. patients Sobi territories ~4M patients Europe ~1M EU5 ~700K MSC market size and current view TG: triglycerides, FCS: Familial Chylomicronemia Syndrome, MC: Multifactorial Chylomicronemia Syndrome. MCS (TG >880mg/DL) Target patient population and initial positioning: • Current standard of care: diet, statins, fibrates • Only ~1/3 achieve adequate response • Another ~1/3 remain moderately controlled (TG 500–880 mg/dl) • Final ~1/3 poorly controlled (>880 mg/dl) with high acute pancreatitis risk • EMA submission for MCS planned in 2026 Significant opportunity: SEK > 5Bn peak sales potential in EU5
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Guidance upgrade: Strong Q3 performance, and significant pipeline progress – leading us to raise full-year guidance 15 Strong Business performance Outstanding Q3 growth of 21% in CER Strong margin evolution, 47% adjusted EBITA Significant pipeline progress 4 priority development projects in areas of high unmet medical need 5 major ongoing or upcoming launches Sales growth and Adjusted EBITDA Revised Full Year 2025 outlook
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Q3 Financials Henrik Stenqvist Chief Financial Officer
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Q3 2025 Revenue and profit & loss 17 1 1 288 317 Q3 2024 347 Q4 2024 4 000 2 583 311 Q1 2025 4 487 2 564 Q2 2025 4 632 1 526 307 Q3 2025 7 776 6 894 7 436 6 465 Haematology Immunology Specialty Care Total revenue (SEK M) Absolute amounts in SEK million (except EPS) and at actual exchange rates; change at actual exchange rates (statutory view). 4 570 385 6 175 2 658 4 771 Q3 Q3 Full-year Amounts in SEK M 2025 2024 Change 2024 Total revenue 7,776 6,894 13% 26,027 Adjusted Gross profit 1,2 6,214 5,604 11% 20,326 Adjusted Gross margin 1,2 80% 81% 78% EBITA1 3,620 2,923 24% 9,158 Adjusted EBITA 1,2 3,672 2,965 24% 9,368 EBITA margin1 47% 42% 35% Adjusted EBITA margin 1,2 47% 43% 36% Profit/loss for the period -2,895 1,464 >-200% 3,879 EPS, before dilution, SEK -8.40 4.27 >-200% 11.37 Adjusted EPS, before dilution, SEK 1,2 6.11 4.36 40% 11.83 Operating cash flow 1,840 1,201 53% 7,388 Net debt 12,177 16,880 15,194 1. Alternative Performance Measures (APM); see the report for further information 2. Items affecting comparability (IAC); see the report for further information
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Sobi Outlook 2025 Overall: • Year-to-date performance and strong momentum in Q3 Revenue: • Higher-than-expected in-market performance, particularly for Doptelet and Gamifant and continued momentum for Altuvoct • Adjusted expectations for Vonjo OPEX: • Re-aligned SG&A and R&D activities on NASP to align with June 26 PDUFA date • Accelerated impact from Q2 restructuring and cost control Key drivers for Q4 2025 Anticipated to grow by a low double-digit percentage at CER Anticipated to be in the mid-to- high 30s percentage of revenue Revenue Adjusted EBITA margin 2025 Outlook NASP: nanoencapsulated sirolimus plus pegadricase
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Q3 R&D Pipeline Lydia Abad-Franch Head of R&D and Chief Medical Officer
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Solid pipeline progress in Q3 2025 C3G and IC-MPGN: Complement 3 glomerulopathy and immune-complex membranoproliferative glomerulonephritis. TA-TMA: Transplant-associated Thrombotic Microangiopathy. HLH/MAS: Haemophagocytic lymphohistiocytosis / macrophage activation syndrome. NASP: Nanoencapsulated sirolimus plus pegadricase (formerly known as SEL-212). VEXAS: Vacuoles E1 Ub activating enzyme X-linked Auto-inflammatory disease with Somatic mutations. 20 Kineret Doptelet NASP Still’s disease Submitted to PMDA for authorisation in Japan Paediatric immune thrombocytopenia (ITP) FDA approved extension & new sprinkle formulation Uncontrolled gout FDA accepted Biologics Licence Application Immune thrombocytopenia (ITP) PMDA approved ITP indication Tryngolza Familial chylomicronemia syndrome (FCS) EMA approved Severe hypertriglyceridemia ( sHTG) Partner Ionis announced positive topline data
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Vonjo clinical program gained speed 1. PACIFICA: NCT03165734. PAXIS: NCT06782373 MF: Myelofibrosis. VEXAS: Vacuoles, E1 enzyme, X-linked, autoinflammatory, somatic. Expansion accelerates recruitment Onboarded new countries & sites Q3 enrolment ~50% faster than previous quarters Enrolment to be completed in 2026 Recruitment ahead of plan Strong interest from VEXAS community Recruitment ahead of schedule Futility analysis projected for H1 2026 Phase 3 confirmatory study in MF Phase 2 study in VEXAS
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New long-term NASP data at ACR Convergence American College of Rheumatology, 24-29 Oct 2025 22 NASP demonstrated long term durability of sUA reduction through 48 weeks of treatment 100% of patients on NASP were flare-free at the end of the study No new safety signals observed during the extension phase sUA: serum uric acid. HD: High dose arm. SD: Standard deviation. Kivitz, A, et al.: Nanoencapsulated Sirolimus plus Pegadricase (NASP) Demonstrates Long Term Efficacy and Safety in Patients with Uncontrolled Gout: Results from the 24- week Double-blind Extension of the Phase 3 DISSOLVE I Study. Arthritis Rheumatol. 2025; 77 (suppl 9). ACR 2025 abstract 1124 0 2 4 6 8 10 Baseline wk 24 wk 48 Therapeutic range sUA <6 mg/dL 0% 5% 10% 15% 20% 25% 30% wk 1-4 wk 21-24 wk 45-48 NASP (HD), n=19 Placebo, n=25 NASP (HD), n=19 Placebo, n=25 % of patients with flares Mean (SD) sUA (mg/dL)
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Sobi ranks #1 in reputation among patient groups 23 #1 Sobi #2 Roche #3 BioMarin 32 companies in total Ranking1 by rare-disease patient groups familiar with company #1 Sobi #2 Roche #3 UCB 31 companies in total Ranking1 by rare-disease patient groups working with company 1: Overall corporate reputation. 2024 Source: PatientView – Rare Disease Edition: The corporate reputation of pharma in 2024/25
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Progress to be continued in 2025-26 Anticipated pipeline news flow 2025 Q4 2026 Aspaveli – C3G & IC-MPGN o EU CHMP opinion o Japan regulatory submission Gamifant – HLH/MAS in Still’s disease o Japan regulatory submission Gamifant – IDS o Phase 2a data (proof of concept research collaboration) Altuvoct – Haemophilia A o FREEDOM Phase 3b initial study data Aspaveli – C3G & IC-MPGN o EU regulatory decision o Japan regulatory decision Gamifant – HLH / MAS in Still’s disease o Japan regulatory decision o EU regulatory submission NASP – Uncontrolled gout o US regulatory decision Tryngolza – MCS o EU regulatory submission Zynlonta – DLBCL 2L o LOTIS-5 data readout C3G and IC-MPGN: Complement 3 glomerulopathy and immune-complex membranoproliferative glomerulonephritis. HLH/MAS: Haemophagocytic lymphohistiocytosis / macrophage activation syndrome. IDS: Interferon gamma driven sepsis. FCS: Familial chylomicronemia syndrome. NASP: Nanoencapsulated sirolimus plus pegadricase (formerly known as SEL-212). DLBCL: Diffuse large B-cell lymphoma.
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Summary and Q&A Guido Oelkers Chief Executive Officer
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Key takeaways for Q3 2025 26 1: Strategic portfolio includes Altuvoct, Aspaveli/Empaveli, Doptelet, Gamifant, Vonjo and Zynlonta and royalties from Altuviiio and Beyfortus. Per cent growth calculated in CER Outstanding Q3 growth of 21% in CER – driven by 39% growth in our strategic products portfolio Strong margin evolution delivering 47% adjusted EBITA Significant pipeline news and progress fuels long -term growth (new indication for olezarsen and FDA acceptance of BLA for NASP) We are rebasing our Vonjo strategy, taking an impairment of SEK 6.6bn, clear path to deliver future growth Our strong progress is undeniable – as a result we increase our guidance
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27 Q&A
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Current Development Pipeline 28 NASP: nanoencapsulated sirolimus plus pegadricase CAR-T: chimeric antigen receptor T-cell C3G & primary IC-MPGN: complement 3 glomerulopathy and primary immune-complex membranoproliferative glomerulonephritis 1. Proof of concept research collaboration Phase 2 Phase 3 Registration Vonjo® (pacritinib) VEXAS (Vacuoles, E1 enzyme, X -linked, autoinflammatory, somatic) Vonjo® (pacritinib) Chronic myelomonocytic leukemia (CMML)1 Gamifant® (emapalumab) Interferon -gamma driven sepsis (IDS) 1 Gamifant® (emapalumab) Cytokine release syndrome (CRS) prophylaxis in CAR -T therapy 1 Vonjo® (pacritinib) Myelofibrosis with severe thrombocytopenia (confirmatory trial) Zynlonta® (loncastuximab tesirine) Diffuse large B -cell lymphoma (confirmatory & extension into second line or earlier in combination with rituximab) Kineret® (anakinra) Still’s disease (Japan) Aspaveli®(pegcetacoplan) C3G & primary IC -MPGN Doptelet® (avatrombopag) Immune thrombocytopenia (ITP) Japan Doptelet® (avatrombopag) Paediatric immune thrombocytopenia (ITP) United States NASP (formerly SEL-212) Uncontrolled gout (US FDA filing initiated) Major ongoing clinical studies and medicines in registration in a major region or country Haematology Immunology Nephrology Tryngolza® (olezarsen) Severe Hypertriglyceridemia ( sHTG) including Multifactorial Chylomicronemia Syndrome (MCS)
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Appendix: Q3 2025 sustainability performance • Awareness and patient support - Announced number one ranking out of 31 global pharma companies by patient groups in “The Corporate Reputation of Pharma – Rare Disease Edition 2024 - Participated in the 2025 edition of Nordic Rare Disease Summit together with patient groups and policy makers. - Launched new digital platforms to share knowledge and best practice on C3G. Highlights in Q3 2025 Sobi sustainability priorities Third consecutive year as member of DJSI Europe, now renamed DJ Best-in-Class Europe Index and member of the S&P Sustainability Yearbook • Access to treatment • Patient centricity & engagement • Patient & product safety • Responsible marketing & sales • Ethical R&D • Safe, healthy & fair working conditions • An inclusive & diverse workplace • Reduction of environmental & climate impact • Reducing resource consumption Responsible sourcing • Compliance & corruption prevention Maintain commitmentto patients Always act responsibly Built on Sobi’s 21 material sustainabilitymattersand supportingthe the 2030 Agenda, the UN Sustainable Development Goals and the Paris Agreement
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30 Sobi is a trademark of Swedish Orphan Biovitrum AB (publ). © Swedish Orphan Biovitrum AB (publ) – All rights reserved Swedish Orphan Biovitrum AB (publ) SE-112 76 Stockholm • Sweden www.sobi.com Thank you