Slides
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Sobi Capital Markets Day 2026 18 February 2026
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Forward-looking statements In order to utilise the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995, Swedish Orphan Biovitrum AB (publ) is providing the following cautionary statement. This presentation contains forward-looking statements with respect to the financial condition, results of operations and businesses of Swedish Orphan Biovitrum AB (publ), By their nature, forward-looking statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from that expressed or implied by these forward-looking statements. These factors include, among other things, the loss or expiration of patents, marketing exclusivity or trade marks; exchange rate fluctuations; the risk that R&D will not yield new products that achieve commercial success; the impact of competition, price controls and price reductions; taxation risks; the risk of substantial product liability claims; the impact of any failure by third parties to supply materials or services; the risk of delay to new product launches; the difficulties of obtaining and maintaining governmental approvals for products; the risk of failure to observe ongoing regulatory oversight; the risk that new products do not perform as we expect; and the risk of environmental liabilities.
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Today’s agenda 3 14:25 13:00 13:30 13:50 14:45 15:00 15:15 15:30 14:05 Guido Oelkers Chief Executive Officer, Sobi Lydia Abad-Franch Head of R&D and MA, CMO Robert Keenan CMO Arthrosi Therapeutics Prof Klaus Parhofer Endocrinologist, LMU Munich, Germany Prof Evangelos Giamarellos Chair European Sepsis Alliance, HISS Greece Henrik Stenqvist Chief Financial Officer Guido Oelkers Chief Executive Officer, Sobi Duane H Barnes, Sofiane Fahmy, Norbert Oppitz, Heads of NA, Europe, International Coffee break Sobi Ambition 2030 Pipeline and innovation at Sobi Disease Deep Dive: The painful burden of severe gout Disease Deep Dive: The silent risk of sHTG Disease Deep Dive: Precision medicine in sepsis Delivering shareholder value Wrap up and Q&A Roundtable: Commercial opportunities
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4 Sobi Ambition 2030 Guido Oelkers Chief Executive Officer
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We have significantly grown and transformed Sobi over the last decade 5 1 Annual Reports Sources: Capital Markets Day 10/12/2020 Annual revenue 2017-251 0 5 10 15 20 25 30 2017 2018 2019 2020 2021 2022 2023 2024 2025 6,5 9,1 14,2 15,3 15,5 18,8 22,1 26,0 28,2 +20% We expect to achieve sales of SEK 25 BN by 2025 - Sobi Capital Markets Day 2020 CAGR, 2017-25
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We delivered on “25 by 25, ” creating a stronger and more resilient economic platform and organisation 61: Adjusted EBITA as per financial reports; 2: Per Capital IQ at 31 December of respective year Revenue, SEK bn EBITA1, SEK bn Enterprise value2, SEK bn Number of employees, k 2020 2025 15.3 28.2 x 1.9 2020 2025 6.3 11.3 x 1.8 2020 2025 53.4 125.6 x 2.4 2020 2025 ~1.5 ~1.9 x 1.3
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Our strategy has remained consistent since 2017 — while organically evolving 7 Strengthen therapeutic area leadership Broaden the global footprint Put patient- centered sustainability at our core Unlock the value of our pipeline
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Building therapeutic area leadership by sourcing first and best-in-class therapies 8 Weekly Factor VIII replacement with sustained, near- physiological activity Only JAK-1 sparing JAK- 2 inhibitor, approved for thrombocytopenic Myelofibrosis Potential best-in- class URAT1 inhibitor in progressive gout Novel APOC3- targeting antisense oligonucleotide therapy for FCS Highly convenient Oral TPO-RA; meal-independent Only FDA-approved IFNγ-blocking antibody for pHLH and HLH/MAS First and only C3 inhibitor approved for PNH and C3G /pIC- MPGN Potential monthly uricase therapy without oral immunosuppression NASP Haematology Immunology Specialty Care pozdeutinurad Note: These statements are made based on the currently published scientific literature and applicable regulatory guidance
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Globalising our footprint to increase access and impact 91: 2020 and 2025 Annual reports, excluding royalty revenues; 2: Sobi internal information; 3 Coverage of 90% of Rare Disease Markets by value 2020 2025 5.5 9.3+11% 2020 2025 0.9 3.8+35% Sobi revenues1, SEK bn International US Sobi territories2 – coverage of > 90% of Global Mkt.3 2020 2025 7.6 10.8 +7% Europe >100 Launches across Sobi territories in last 5 years 9 new organisations since 2020, e.g. Japan, Australia, Korea and Brazil
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Sustainability drives our strategic business priorities and decisions 1 Scope 1 & 2 emissions in ktonnes; 2 The Corporate Reputation of Pharma, 2024, Rare Disease Edition (12th ) – 23/09/25 Patient commitment ▪ Access to treatment ▪ Patient centricity and engagement ▪ Patient and product safety ▪ Responsible marketing & sales ▪ Ethical R&D, focused on medical need Responsible behaviour ▪ Safe and healthy work ▪ A fair and inclusive workplace ▪ Lower environmental footprint ▪ Less resource consumption ▪ Responsible sourcing ▪ Compliance and anti- corruption Managing carbon footprint1 – in context of strong growth 0.0 1.4 1.6 1.8 2.0 2023 2025 1.9 1.5 -22% CO2e in kt 0 20 25 30 2023 2025 22.1 28.2 +28% Revenues in SEK B The most recent annual “Corporate Reputation of Pharma” ranks Sobi #1 among 518 patient groups across 31 companies active in rare diseases2
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We have significantly strengthened our innovation engine to unlock the value of our pipeline 111: On olezarsen, nirsevimab, pegcetacoplan, emapalumab 2: Aspaveli PNH approval in the EU (2021), Aspaveli PNH 1L in the EU (2024), Aspaveli C3G/IC-MPGN approval in the EU (2026), Zynlonta DLBCL approval in the EU (2022), Altuvoct hemophilia A approval in the EU (2024), Gamifant sHLH/MAS in the US (2025), Doptelet ITP approval in the US (2021), Doptelet pediatric ITP in the US (2025), Doptelet Sprinkle in the US (2025), Tryngolza FCS approval in the EU (2025), and Vonjo approval in the US (2022) 3: NCT06694701; NCT06782373; NCT05817812; NCT06752850 IFN-γ–driven sepsis (IDS): Introducing precision medicine to sepsis care Chronic synovitis: Shifting haemophilia care from bleed control to joint preservation VEXAS: Pioneering first therapeutic approaches in a new disease entity Driving science in new disease entities3 Embedded in leading global biotech hubs, with access to top talent and scientific ecosystems and 300 MDs / PhDs driving innovation Boston Stockholm Basel Building world-class innovation capabilities Strong and growing scientific impact, including 12 NEJM publications since 20201 Disciplined science-driven sourcing of first- and best-in- class therapies Proven delivery: >10 FDA/EMA2 approvals and >100 worldwide since 2020
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Sobi is entering a unique moment of opportunity, with 6 big launches and 5 potential blockbusters 121: Phase 4 Synovitis trial (SHINE) ongoing, it is not currently expected that a label change for Altuvoct is pursued, but positive trial results is a significant development for Haemophilia A patients and significant data generation activity to differentiate Altuvoct 2: Phase 2 VEXAS trial (PAXIS) ongoing, timeline for further development / potential new indication launch is dependent upon Ph2 results and regulator feedback 3: Phase 2a IDS trial (EMBRACE) topline results announced Jan 2026, timeline for further development / potential new indication launch is dependent upon regulator feedback 5 assets with block- buster potential Priority development projects Timeline 2024 2025 20272026 2028 20302029 Haemophilia A HLH / MAS C3G / IC-MPGN Uncontrolled gout NASP sHTG Progressive gout pozdeutinurad Joint Health / Synovitis1 VEXAS2 IDS3
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With such opportunities ahead we are setting a new ambition: Doubling Sobi to 55bn SEK1 by 2030 13 1 Revenue risk corridor of +/- 10% by 2030 ILLUSTRATIVE ONLY, NOT TO SCALE Revenue, in SEK B 2025 28,2 Loss of Exclusivity Strategic growth & Foundation Products Vonjo Zynlonta Gamifant pHLH Elocta & Alprolix Kineret Royalties 6 major launches Altuvoct in HA Gamifant HLH/ MAS NASP in uncontrolled gout Aspaveli C3G & IC- MPGN olezarsen in sHTG pozdeutinurad in progressive gout 2030 55 Portfolio renewal through Business Development Additional opportunities to augment / de-risk Altuvoct synovitis Gamifant in IDS Vonjo in VEXAS Priority development programs
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Altuvoct on track to make Haemophilia A a blockbuster franchise 141. Peak sales of entire Haemophilia A franchise including Elocta and Altuvoct, incl. potential value behind use in synovitis. 2. 2: FREEDOM and SHINE (NCT05817812; NCT06752850) are fully enrolled – data will be presented at EAHAD, ISTH & ASH 2026 SEK 10bn+1 Altuvoct momentum is accelerating into 2026, with growing competitive gains 2022 2030 SEK 10Bn Altuvoct Elocta Ambition: 40% share in our territory Raising the bar in haemophilia care ▪ Moving care beyond bleeding and ABRs to holistic haemophilia health – 22-55% of patients show synovitis despite prophylaxis ▪ Robust evidence program (incl. fully enrolled FREEDOM, SHINE) underway to underpin Altuvoct’s unique proposition2 illustrative ▪ 16 countries launching in 2026-27 ▪ Only 2 major markets (GER, ESP) have >12 months of launch maturity
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Aspaveli: Transforming the treatment of C3G and IC-MPGN 151: Peak sales for Aspaveli as a product (incl. all indications). 2 Disease targeting (immune modulatory) treatments Sources: Smith RJH, et al. Nat Rev Nephrol 2019;15:129–43. Zipfel PF, et al. Mol Immunol 2015;67:21–30. Cook HT & Pickering MC. Nat Rev Nephrol 2015;11:14–22. Noris M & Remuzzi R. Nephrol Dial Transplant 2024;39:202–14. Mastrangelo A, et al. Front Pediatr 2020;8:205. Ambition to treat ~5k patients at peak Serving patients across Sobi territoriesA disease-modifying therapy meeting unmet needs ▪ High unmet need in C3G and IC-MPGN: current treatments do not halt long-term disease progression ▪ 70% of children and up to 50% of adults progress to ESRD within 10 years ▪ Pegcetacoplan only approved C3i – targeting core disease pathology ▪ Sobi committed to improving outcomes globally, with focus on Europe and key international markets SEK 7- 10bn1 ▪ Currently estimated >13k diagnosed C3G & primary IC-MPGN patients in Sobi territories (~8k in Europe, ~5k in International markets) ▪ HCPs estimate only 50% of C3G patients are currently diagnosed ▪ Europe uptake driven by increasing treatment rates among diagnosed patients ▪ International requires market building activities to uncover patients Target: 400-500 patients on Aspaveli by the end of 2026 with ~5k at peak
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Tryngolza in sHTG: Lowering triglycerides and preventing pancreatitis – a medical emergency 16 SEK 10bn+ normal TG <150mg/dL sHTG TG≥880mg/dL sHTG causes significant elevation of Acute Pancreatitis risk 45% of patients admitted to ICU 33% of patients with persistent organ failure 5-8% mortality in patients with sHTG triggered pancreatitis Acute pancreatitis is a medical emergency Unprecedented lowering of TG and preventing pancreatitis ▪ First-in-class APOC3 inhibition in sHTG, once-monthly dosing ▪ Best-in-class efficacy: up to 72% lowering in Triglycerides and ~85% pancreatitis risk reduction ▪ NNT of ~9 to avoid AP event in target population sHTG, severe hypertriglyceridemia. TG, triglycerides. NNT, Number Needed to Treat. AP, Acute Pancreatitis Sources: Vipperla K et al. J Clin Gastroenterol 2017;51:77-85; Subramanian S et al. Eur J Intern Med 2025:106648 3; Javed F, et al. J Clin Lipidol 2025;19:382-403; Marston et al. N Engl J Med 2025; doi: 10.1056/NEJMoa2512761
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Tryngolza: A clear and focused launch strategy building on FCS and purposefully expanding 17sHTG, severe hypertriglyceridemia. FCS, Familial Chylomicronemia Syndrome. GTM, Go-to-market 1. Estimated number of Lipid Centers in Europe based on Sobi market research. Classifications and certifications differ between countries and professional societies (e.g., DGFL, NLA etc.) SEK 10bn+ EU Positioning and launch strategy ▪ Move sHTG care from triglycerides to true pancreatitis risk reduction ▪ Phased GTM: FCS as launchpad, stepwise expansion into sHTG via ~700 lipidology centers1, then broader cardiology/ endocrinology ▪ Product launched in FCS in Germany & Austria ▪ Peak sales across territories of > SEK 10Bn European patients with sHTG # of patients sHTG (>880mg/dl) 1M Refractory pts. under current treatments ~300k Expanding the business from the core ~700 Lipid Centers Lipidologists + specialised endocrinologists / cardiologists Cardiologists, endocrinologists, other internists
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Pozdeutinurad: Advancing the Treatment for Progressive Gout 181. Xanthine Oxidase Inhibitors. Progressive gout used to describe patients either on 2L treatment options (e.g., Febuxostat, Probenecid) or remain symptomatic under Allopurinal (e.g., presence of tophi, flares) or not reaching target of <6mg/dl. 2. REDUCE 1: NCT06846515, REDUCE 2: NCT06439602; data expected H1 and H2 2026 | Source: “Safety and Tolerability of Pozdeutinurad (AR882) Treatment following Long-term Dosing in Patients with Chronic Gouty Arthritis and Subcutaneous Tophi” EULAR 2025 Abstract OP0300; tophi figure adapted from presentation. URAT 1: uric acid transporter Most common inflammatory arthritis with high unmet need ▪ Serious, progressive disease with irreversible damage, disability, and reduced QoL ▪ Associated with CV and renal disease, morbidity and mortality ▪ >200k of patients in US alone have progressive gout1 ▪ Next generation URAT1 inhibitor, once daily oral ▪ Robust preclinical & clinical package A rationally engineered highly selective new treatment approach Bone erosion Joint deformity ▪ Both Phase 3 fully enrolled2 SEK 10bn+
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Establish Sobi in Gout via a top-down strategy 19 NASP, nanoencapsulated sirolimus plus pegadricase. 1: Of the estimated 9-12 million patients according to underlying prevalence (Chen-Xu et al., Arthritis Rheumatol 2019 (NHANES); Yokose et al., JAMA Netw Open 2023); 2: Patients either on 2L treatment options (e.g., Febuxostat, Probenecid) or who remain symptomatic under Allopurinol (e.g., presence of tophi, flares) or not reaching target of <6mg/dl; 3: Core addressable uncontrolled gout population 10-20k patients, based on Sobi market research using claims data and expert input. ▪ NASP anchors Sobi’s gout franchisein the uncontrolled gout segment ▪ Pozdeutinuradallows Sobi to broaden coverage, increase relevance and scale across the gout spectrum Building a leading Gout Franchise I. Launch NASP in 2026 Diagnosed Gout ~7.1M patients1 II. Launch pozdeutinurad in 2028 Uncontrolled gout 15k patients3 Progressive Gout >200k patients2 US
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Sepsis: A disease with high mortality and significant unmet medical need 20Source: Giamarellos et al, EBioMedicine 2024 Nov:109:105414; Interview panel made up of 100 HCPs considered as key decision maker in treatment of Sepsis patients (US = 50, DE=20, UK & FR= 15 each). WHO on sepsis (2024): https://www.who.int/news-room/fact-sheets/detail/sepsis Sepsis – an area of high unmet need ▪ 50 M global cases p.a., 11 M deaths ▪ Leading cause of in-hospital death ▪ Immune-mediated disease, yet no approved therapies targeting underlying immune dysregulation … of treating HCPs consider sepsis a condition with significant unmet need92% … absolute improvement in mortality considered highly clinically meaningful10% Survey of ICU physicians (2026, n=100) SEK 10bn+
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Gamifant ambition: transforming treatment in Sepsis 21Source: Giamarellos et al, EBioMedicine 2024 Nov:109:105414. Rudd KE, et al. Lancet 2020; 395: 200 SEK 10bn+ IFN-y driven sepsis (IDS) ▪ Informed by multicentre study stratifying ~5.5k sepsis patients based on immune biomarker profiles ▪ 20% show IDS endotype with high mortality ▪ IFN-γ reduction potentially associated with improved survival and reduction of organ disfunction pHLH and MAS Rest of HLH IDS ~1-2 3-4 >300 Estimated mortality Transforming Gamifant k cases p.a. 15-30% 10-25% 40-50% High risk, high impact program ▪ Ph. 2a PoC EMBRACE (n= 75) completed in <1 year ▪ Gamifant patients showed improved organ function and survival ▪ Regulatory dialogue ongoing: Potential to broaden Gamifant into a significant portion of sepsis patients
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We will further scale internationally to drive growth and diversify the business 22Source: 2017 annual report and Q4 2025 financial report 1: % of total product sales, excluding royalty revenues and milestones 93% 7% Europe + North America International 2017 84% 16% 2025 <80% >20% 2030 Pint partnership as move to further build LATAM presence ▪ Established launch and distribution platform for Sobi medicines ▪ Accelerate global trials by connectivity to LATAM clinical centers Share of Sobi business, in % of sales1 Increase share by launches and create operating leverage by scaling organizations Illustrative outlook
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Embedding analytics, digital and AI across our value chain to accelerate speed, productivity and impact 23 Our AI Agenda is driven by prioritizing impact at scale Elevating physician & patient engagement Accelerating innovation and operational excellence ▪ AI enhances physician engagement and facilitates world-class field force effectiveness ▪ FLORIO: Europe’s largest rare-disease patient platform, improving patients’ daily lives ▪ Harness technology to accelerate development timelines ▪ Boost R&D productivity through analytics-driven dynamic resource allocation ▪ Apply data and AI to optimize supply and reduce COGS
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Leveraging our roots in rare disease and pivoting towards broader opportunities 24 Branching out purposefully The “Rare approach” remains at our core ▪ Deep scientific and medical foundation ▪ Patient-centric model built on long-term, trusted physician partnerships ▪ Anchored in haematology, immunology and specialty care ▪ Extending into broader populations where unmet need remains Our strategy evolves Our identity does not yield 24 Branching out from the rare core - examples NASP PozdeutinuradGout From To pHLH IDS Refractory disease Progressive disease FCS sHTG (>880 mg/dl) CAPS, Stills Disease COVID19
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Select milestones and catalysts of the next years Product NASP Pozdeutinurad Modality Two Modified FVIII biologics Mab targeting IFN-y Pegylated peptide Pegylated uricase Antisense- oligonucleotide Next gen. URAT1- inh. Mab targeting IFN-y Indication Haemophilia A HLH PNH C3G and IC-MPGN Uncontrolled gout Hypertrigly- ceridemia Progressive gout IDS Status/ Launch Approved Approved Approved 2026 Approved FCS 2027 sHTG 2028 TBD Peak sales ambition SEK 10bn+ SEK 5- 7bn SEK 7- 10bn SEK 4- 6bn SEK 10bn+ SEK 10bn+ SEK 10bn+ Next milestones and catalysts Launch in 16 countries in 2026-27; FREEDOM and SHINE data at EAHAD, ISTH & ASH 2026 Decision from EMA (2026) and PDMA (Japan, 2027) 400-500 patients on treatment end of 2026; Decision in Japan end of 2026 FDA decision expected 06/2026 Filing to EMA H1/2026 for sHTG, decision expected 2027 REDUCE 1 & 2 readouts in H1/26 & H2/26, FDA filing 2027, decision 2028 Next stage under discussion with Health Authorities
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Sobi Ambition 2030: Doubling the company by 2030, and evolving our strategy to sustain long-term value Sobi today is stronger and more global, with greater scale, deeper scientific and organisational capabilities, and a broader, more diversified portfolio We are on track to double the company by 2030, driven by six major launches, priority development programs, and continued international expansion Our launches and pipeline power growth well beyond 2030 Further acceleration through continued international scale-up Strengthening the pipeline and TA leadership through focused external growth Delivered against strategy Double by 2030 Future- proofing beyond 2030
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27 Pipeline and innovation at Sobi Lydia Abad-Franch, Head of R&D and Medical Affairs, CMO
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Our R&D and Medical organisation is unlocking Sobi’s potential by driving science and delivering results 28 Powered by a lean global R&D model, accelerated development timelines and data-driven decision making Late-stage development powerhouse Currently running ~40 clinical studies (ph1-ph4) Proven regulatory capabilities 36 approvals in 2025 across major markets Scientific and medical excellence ~40 peer-reviewed publications in 2025 with presence at major congresses Strong engagement with rare disease community Ranked #1 in company reputation by rare disease patient groups1 1: Overall corporate reputation. 2024, Source: PatientView – Rare Disease Edition: The corporate reputation of pharma in 2024/25
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Pipeline progress is a major driver for Sobi’s growth 29 Key approvals and filings over the past 24 months… NASP Nanoencapsulated sirolimus plus pegadricase Approved in EU & major markets1 for haemophilia A Submitted to FDA for uncontrolled gout: BLA under review Approved in EU & major markets2 for C3G and pIC-MPGN Approved in EU for FCS & submission in preparation for sHTG Approved in US for HLH/MAS & submitted in EU, Japan Approved in US for Ped. ITP & in Japan for ITP Submitted to PMDA for Still’s disease: under review …enabling near to mid-term growth to support the ambition of doubling Sobi by 2030 1: including GB, CH, IL, UAE, SA, KW; 2: including CH, BR, KR, SA, AU C3G: Complement 3 glomerulopathy. pIC-MPGN: Primary immune complex membranoproliferative glomerulonephritis. HLH: Haemophagocytic lymphohistiocytosis. MAS: Macrophage activation syndrome. ITP: Immune thrombocytopenia. FCS: Familiar chylomicronemia syndrome. sHTG: Severe hypertriglyceridemia. NASP: Nanoencapsulated sirolimus plus pegadricase. VEXAS (Vacuoles, E1 enzyme, X-linked, Autoinflammatory, Somatic) Syndrome
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Next wave of catalysts driven by the innovative pipeline 30 Some regional registrations and studies not shown. 1: Research collaborations. 2: Approved in EU and other major markets, ongoing geographical expansion. 3: Approved in EU, US (Sanofi), other markets. C3G: Complement 3 glomerulopathy. IC-MPGN: Immune complex membranoproliferative glomerulonephritis. HLH: Haemophagocytic lymphohistiocytosis. MAS: Macrophage activation syndrome. APAC: Asia Pacific. NASP: Nanoencapsulated sirolimus plus pegadricase; VEXAS (Vacuoles, E1 enzyme, X-linked, Autoinflammatory, Somatic) Syndrome Medicine Indication Phase 2 Phase 3 Registration Phase 4 Emapalumab Interferon-gamma driven sepsis (IDS)1 Pacritinib VEXAS Syndrome Chronic Myelomonocytic Leukemia (CMML)1 Myelofibrosis with severe thrombocytopenia Loncastuximab tesirine R/R Diffuse large B-cell lymphoma Pozdeutinurad Progressive gout Avatrombopag Severe aplastic anaemia Olezarsen Severe hypertriglyceridemia (sHTG) NASP Uncontrolled gout Kineret Still’s Disease Emapalumab Secondary HLH / MAS in Still’s disease Pegcetacoplan C3G and primary IC-MPGN Efanesoctocog alfa Haemophilia A3 & phase 4 in synovitis Olezarsen Familial chylomicronaemia syndrome (FCS) Approved in EU & Registration in Japan and other markets2 Approved in US & Registration in EU and Japan Balance high- confidence late-stage value with selective biology-driven innovation to: ✓ Sustain growth ✓ Expand indications ✓ Create long-term significance and value Japan APAC Experts presenting
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Altuvoct provides unprecedented levels of protection for patients with haemophilia A 31*Mean percentage with zero spontaneous bleeds per 6-month intervals. ABR: Annualized bleed rate. 1.Data on File. 2. Susen et al. EAHAD 2026 OR17; 3. Susen et al. ISTH 2024 OR 50.1; 4. Malec et al. ISTH 2024 OC 50.2; 5.Chan et al. EAHAD 2025 0R02 Highly efficacious in preventing bleeds 99% 96% Participants from 0 0 >92% 98% Nearly all surgeries were rated excellent or good5 Reduced bleeding risk with simplified perioperative dosing 98% of surgeries had a haemostatic response of excellent or good 1 dose of efanesoctocog alfa (median) to perform a major procedure 97% of surgeries overall did not require blood transfusion Median ABR1 Patients with zero spontaneous bleeds*2 Compliance rate3,4 Altuvoct has transformed care in haemophilia A by normalising haemostasis: ✓ near-zero bleeds ✓ robust surgical protection ✓ durable real-world outcomes Haemophilia care is evolving beyond bleed control towards ✓ joint health ✓ physical well-being ✓ improved quality of life
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Synovitis is a major and the most common complication for people living with haemophilia A 321: De la -Rodriguez H et al. BMJ Open 2024;14:e082204. 2: Van Bergen EDP, et al. Haemophilia. 2023 Nov;29(6): 1580-1588. 3: Srivastava A et al. Haemophilia 2020;26:1–158. 4: Kendre G et al. Pediatr Oncall J. 2020;17: 30-31. doi: 10.7199/ped.oncall.2020.2 30-43% of people treated with prophylactic therapy have synovitis1,2 If untreated, synovitis evolves into irreversible chronic arthropathy – with severe and lasting impact on quality of life Progressive joint damage and irreversible arthropathy could be avoided with early diagnosis and bleed management3 Patient with synovitis4 Treatment options • Intensified & prolonged FVIII • Anti-inflammatory drugs • Intra-articular corticosteroids • Synovectomy • Joint replacement
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Altuvoct – Generating data on physical activity & joint health 33 Joint health, synovitis and bleed prevention are at the center of Sobi data generation 2026 2027 FREEDOM SHINE LIBERTY ALTITUDE Physical activity & joint health Resolution of synovitis Post-trial access Long-term real-world evidence through 2028 Expanding the evidence beyond bleed prevention Evaluating the impact of unprecedented levels of protection in haemophilia care ✓ Physical activity ✓ Joint health ✓ Synovitis ✓ Broader patient outcomes FREEDOM and SHINE fully enrolled – data this year @ EAHAD, ISTH & ASH Committed to generating long-term evidence on mobility, joint preservation and quality of life – and to transforming the standard of care
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C3G & pIC-MPGN – Great unmet need for disease-modifying treatments that reduce the risk of kidney failure 34 † Persistent proteinuria (>0.5 g/d for paediatric patients and >1 g/d for adults).2,4 C3, complement 3; QoL, Quality of Life; 1. Smith RJH, et al. Nat Rev Nephrol 2019;15:129–43; 2. Vivarelli M, et al. Pediatr Nephrol 2021;37:521–35; 3. Caravaca-Fontán F, et al. Nephron 2020;144:272–80; 4. Kidney Disease: Improving Global Outcomes (KDIGO) Glomerular Diseases Work Group. Kidney Int 2021;100:S1–276; 5. Tarragón B, et al. Clin J Am Soc Nephrol 2024;19:1005–15; 6. O’Shaughnessy MM, et al. J Am Soc Nephrol 2017;28:632–44. 34 Disease driver: Glomerular C3 deposits1 Biopsy-confirmed diagnosis2 Immunosuppression does not treat the root cause†,3,4 Kidney failure in up to 50% of patients1 Dialysis has detrimental impact on QoL and survival4 89% recurrence after kidney transplant1,5,6 Disease triggers are heterogeneous Kidney transplant Kidney failure
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Aspaveli delivers meaningful disease control in C3G & primary IC-MPGN 35C3G: Complement 3 glomerulopathy. pIC-MPGN: Primary immune complex membranoproliferative glomerulonephritis 1. Nester C, et al. Clin J Am Soc Nephrol 2024;19:1201–8; 2. Fakhouri F, et al. NEJM 2025; 3. Nester CM, et al. Presented at American Society of Nephrology Kidney Week 2024 (Oral SA-OR92) Aspaveli addresses the three most relevant clinical endpoints2,3 Histopathology improvement 1 Proteinuria reduction 2 eGFR stabilisation/ improvement 3 Aspaveli was well tolerated: frequency/severity of AEs was similar between arms and there were no encapsulated meningococcal infection cases 71.4% of adult treated patients had no C3 deposits 68% reduction in proteinuria vs placebo 51% of patients achieved <1 g/g proteinuria +6.3% mL/min/1.73 m2 difference in eGFR vs placebo Aspaveli cleared and stopped C3 deposition as seen by C3 staining in renal biopsy3 Baseline Week 26
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Aspaveli in C3G & primary IC-MPGN takes major steps towards global launch 361: Fakhouri F, et al. NEJM 2025 Apellis and Sobi have global co-development rights for systemic pegcetacoplan. Sobi holds exclusive commercialization rights outside the U.S. for systemic pegcetacoplan. *exclusively pursued by Apellis Further areas for data generation Paediatric population Transplant patients Patient populations excluded from clinical trials Economic & patient value Primary Focal Segmental Glomerulosclerosis* & Delayed Graft Function* VALIANT: Phase 3 results published in NEJM1 Broad label in EU, including: - C3G & primary IC-MPGN - Adults & adolescents - Transplant patients - No eGFR or proteinuria restrictions Approved also in: AUS, BRA, KSA, KOR, CH Submitted: JP , UK, CAN, with additional ongoing global submissions EnFuse on-body device
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Gamifant – Exploring benefits in further interferon-gamma driven conditions 37 pHLH sHLH/MAS Broad HLH IDS Approved in US Approved in US Submitted in EU, Japan Potential new area of investigation EMBRACE Study (proof of concept) Gamifant remains only approved IFN-γ–blocking antibody IFN-γ is central driver of immune overactivation Survival across HLH triggers in RWE1 60-day survival Real-world evidence points to potential benefit of emapalumab pHLH: Primary haemophagocytic lymphohistiocytosis. sHLH: secondary haemophagocytic lymphohistiocytosis. MAS: Macrophage activation syndrome. IDS: Interferon-gamma driven sepsis 1: Johnson et al. (2025) CXCL9 is a predictive biomarker of survival with IFNγ–targeted therapy in adult HLH, ASH (2025)
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Vonjo – Chronic myelofibrosis data generation & broad label 38MF: myelofibrosis. Primary endpoint results expected in 2027 Phase 3 confirmatory study in chronic myelofibrosis Basis for conversion to full approval and possibility of broader label PACER study Real-world effectiveness of pacritinib in patients with MF and higher platelet counts An observational chart review study with readout in 2027 Supportive data for regulatory label discussions NCT03165734
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Vonjo – VEXAS study on track towards readout in 2027 39VEXAS: Vacuoles, E1 enzyme, X-linked, autoinflammatory, somatic. VEXAS is a severe disease ▪ Discovered in 2020 ▪ Affects ~1 in 4,000 men over 50 years of age ▪ Severe, chronic, multisystem inflammatory disease, causing organ damage, thrombosis and high mortality ▪ Likely underdiagnosed and frequently misclassified ▪ No approved treatments; management relies on steroids, immunosuppression or transplant ▪ Phase 2 study ▪ First prospective trial ever conducted in VEXAS with novel endpoints ▪ Strong community interest ▪ Pivotal data readout expected H1 2027 NCT06782373
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Tech-enablement across the value chain enabling acceleration of the development cycle time 40 Clinical Development Regulatory Medical / Real-world evidence Integrated data visualization tools & statistical computing environment AI driven disease pathway understanding Data-driven site identification Gen AI authoring of CSR and module 2 Health Authority query agent Platform for parallel review from different Health Agencies Florio - details next page RWD driven insights platform AI literature finder Integrated Pharmacovigilance and Medical Information technology platform managing global & local case processing Data-enabled dynamic resource allocation
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Florio has evolved into a leading rare disease patient platform generating real-world insights at scale 41 State of the Art Digital Medical Devices MDR class I & IIa certified tools 7 applications: haemophilia, ITP , PNH, nephrology and for clinical trials with users in 26 countries Co-created together with patients and HCPs using latest design expertise, digital technology and AI Enabling the state-of-the-art care with digital technology: • Empowering patients to be in control of their disease, track what matters and to ask for appropriate treatment • Enabling HCPs to understand treatment benefits and to monitor treatments/treatment adjustments • Collecting clinical data and real-world evidence across regions for use by the scientific community Florio is an independently operated 100% subsidiary of Sobi
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Unlocking innovation by driving the science for patients with rare and debilitating diseases 42 Strong R&D organisation with global reach Robust delivery of pipeline Next wave of innovative medicines to catalyse growth Expanding into new disease areas
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43 Disease Deep Dive: The painful burden of severe gout Robert Keenan CMO Arthrosi Therapeutics
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Uric acid metabolism: overproduction and underexcretion are drivers of hyperuricemia and gout 44Abbreviations: GLUT = glucose transporter; OAT: organic anion transporter; BCRP = breast cacner resistance protein, URAT1: uric acid transporter 1 Rock, K. L. et al. Nat. Rev. Rheumatol. 9, 13–23 (2013); R.T. Keenan / Seminars in Arthritis and Rheumatism 50 (2020) S2 S10 Biochemistry of uric acid and its homeostasis Relevant urate transporters
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Pathogenesis of Gout: A systemic inflammatory disease causing tophi, joint damage, flares and more1,2 45MSU, monosodium urate; sUA, serum uric acid; ULT, urate-lowering therapy. 1. Dalbeth N, et al. Lancet 2021;397:1843–1855; 2. Srivastava A, et al. Am J Kidney Dis 2018;71:362–370; 3. Khanna P, et al. J Clin Med 2020;9:3204; 4. Sisi Chen et al, Physiology. Research 74:693-710, 2025. CONFIDENTIAL AND PROPRIETARY INFORMATION - For use in medical and scientific discussions with intended audiences only. Do not copy or distribute unless approved by Sobi Legal. Persistent hyperuricemia Overproduction or reduced clearance of uric acid leads to MSU crystal formation1,3. … leading to Inflammation and joint damage4 MSU crystals trigger neutrophil activation and inflammatory signaling, causing synovial inflammation, swelling, warmth, and progressive joint damage Gout flares4 Triggered by rapid changes in serum urate and precipitated by diet (purines, alcohol), acute illness, trauma, comorbidities (e.g., renal impairment) 1 2 3 Gout pathogenesis4 1 2 3 2
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Inadequately treated gout typically progresses, increasing sUA, flare rates and tophi1,2 Schematic representation of sUA, gout flare frequency and intensity, and MSU crystal deposition with tophus formation over the course of disease progression to uncontrolled gout. aTherapeutic ULN defined as the recommended sUA target for ULTs; bTransient normalization of sUA may occur during a gout flare.1 MSU, monosodium urate; sUA, serum uric acid; ULN, upper limit of normal; ULT, urate-lowering therapy. 1. Dalbeth N, et al. Nat Rev Dis Primers 2019;5:69; 2. Edwards NL. Arthritis Rheum 2008;58:2587–2590; 3. FitzGerald JD, et al. Arthritis Care Res (Hoboken) 2020;72:744–760. CONFIDENTIAL AND PROPRIETARY INFORMATION - For use in medical and scientific discussions with intended audiences only. Do not copy or distribute unless approved by Sobi Legal. HYPERURICAEMIA EARLY , SYMPTOMATIC GOUT UNCONTROLLED GOUT PROGRESSIVE GOUT HYPERURICEMIA (>6.8 mg/dL) Frequency and intensity of gout flares sUA levels may vary but remain >6 mg/dLb THERAPEUTIC ULNa (6 mg/dL) SERUM URIC ACID GOUT FLARES / TOPHUS FORMATION Rate of tophus formation Crystal deposition and formation Urate lowering therapeutic options Xanthine oxidase inhibitors UricasesUricosurics
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NASP in Uncontrolled Gout: Immediate impact on sUA, maintained over 6 months 47*Data shown are for pooled DISSOLVE I and II for patients on treatment. †Post hoc analysis. sUA, serum uric acid; NASP, nanoencapsulated sirolimus plus pegadricase. Reference: Sobi data on file. sUA levels decreased after the first administration of NASP and were maintained throughout the 6-month treatment period Mean sUA reduction: baseline to 1 hour post first infusion vs 3% on placebo sUA over time for patients on NASP† High-Dose NASP (On-treatment) Low-Dose NASP (On-treatment) Placebo 12 11 10 9 8 7 6 5 4 3 2 1 0 Mean (SD) sUA mg/dL 94% 95% on low-dose NASP on high-dose NASP On-Treatment Cohort
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DISSOLVE I & II: Clinical impression of patients receiving 6 doses of NASP 48CR, complete response; HD NASP, high-dose NASP; NASP, nanoencapsulated sirolimus plus pegadricase. Baraf HSB, et al. CCR-East 2025, Destin, FL; Poster presentation NP-41346 (v2.0) August 2025 Images from: Baraf HSB, et al. CCR-East 2025, Destin, FL; Poster presentation Baseline After 6 doses
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AR882 (pozdeutinurad): Highly selective, QD URAT1 inhibitor designed to deliver strong safety and efficacy 49URAT 1: uric acid transporter. QD, once a day 1. REDUCE 1: NCT06846515, REDUCE 2: NCT06439602 Note: Strong safety and efficacy refers here to the challenges that previous generation of URAT1 inhibitors faced with renal and liver safety that pozdeutinrad intends to overcome. • A potent and highly selective URAT1 inhibitor (modeled on a benzbromarone metabolite scaffold) that increases renal urate excretion—the key driver of gout • It rapidly and sustainably lowers serum uric acid (sUA), preventing further urate crystal deposition • Favorable 24-hr PK/PD profile with low peak exposure and minimal off-target transporter inhibition, supporting a superior renal & hepatic safety profile and allowing for QD dosing • AR882 does not require any dose titration • AR882 has shown rapid, sustained & dose-dependent sUA reduction across multiple phase 2 studies (incl. a placebo controlled 140 patient study) • sUA reduction (beyond 12 months) resulted in resolution of target tophi in AR882 mono-therapy treated patients Pharmaco- logical profile The molecule Clinical data
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AR882 (pozdeutinurad) showed clinically meaningful reduction in sUA in a large Phase 2 study 501: ACR Convergence 2023 abstract 0244; Cheng-Chung Wei et al sUA: serum urate Pozdeutinurad delivered rapid, sustained sUA reductions – with 82% on 75mg reaching <6 mg/dL – and showed a consistent, safe, and efficacious 12-week profile across diverse patients Study 202 (phase 2, n=140)1 Placebo Pozdeutinurad 50mg Pozdeutinurad 75mg Median sUA level, mg/dl, placebo, 50mg, 75mg Pozdeutinurad SUA reduction after 12 weeks, % of patients (ITT population, 202 study)
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1: Percent of individuals reaching serum urate levels at various time points 2: Percent of individuals with complete resolution of at least on target tophus at each time point ALLO = allopurinol; POZ = pozdeutinurad, sUA: serum urate; Note: data from Study 203 (phase 2, n=42); Source:“Safety and Tolerability of Pozdeutinurad (AR882) Treatment following Long-term Dosing in Patients with Chronic Gouty Arthritis and Subcutaneous Tophi” EULAR 2025 Abstract OP0300; tophi figure adapted from presentation AR882 (pozdeutinurad) achieved durable 18-month sUA reductions and marked tophi resolution 51 Pozdeutinurad maintained high sUA response rates up to 18 months1 and showed significant tophi resolution, alone and in combination with allopurinol2 Study 203 (phase 2, n=42)1 Patients achieving sUA levels on different therapy regimens Patients achieving complete resolution of target tophus
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AR882 (pozdeutinurad) demonstrated rapid and durable urate crystal volume reduction in Phase 2 52EULAR 2025 Keenan et al Volume 84, Supplement 1239-240June 2025 DECT: Dual-energy CT Crystal volume reduction by 98% in 18 months Baseline Month 6 Month 12 Month 18 DECT Images
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Phase 3 REDUCE 1 & 2 fully enrolled ahead of schedule – expected read out in 2026 53 Primary endpoint: Treatment response defined as sUA < 6 mg/dL at month 6 Placebo 50mg of pozdeutinurad once daily (oral capsule) for 12 months 75mg of pozdeutinurad once daily (oral capsule) for 12 monthsGout patients • ≥2 flares in the last 12 months • sUA ≥7 mg/dL (>6 mg/dL if currently on an approved ULT) • Enriched for patients with tophaceous gout Randomized 2:2:1 REDUCE 1 (n=750) – US study sites – fully enrolled in August 2025 REDUCE 2 (n=750) – Global study sites – fully enrolled in March 2025 Topline data expected in Q2 2026 Received FDA Fast Track designation in 2024
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NASP and pozdeutinurad could become the first meaningful innovations for the chronic treatment of gout in over 15 years5,6 Multiple novel therapeutics are being developed for patients with remaining unmet medical need in gout 54Progressive gout: persistent sUA above target levels and / or unresolved tophi / flares 1. Arthritis Foundation. Treatments for gout. Updated June 10, 2022. Accessed August 2025. www.arthritis.org/health-wellness/treatment/treatment-plan/disease-management/treatments-for-gout 2. Kumar M, et al. Drugs Aging. 2021;38(7):545-557. 3. Richette P, et al. Ann Rheum Dis. 2017;76(1):29-42. 4. Fitzgerald JD, et al. Arthritis Rheumatol. 2020;72(6):879-895. 5. Timing related to US FDA approvals, excl. lesinurad first approved in 2015, since marketing was discontinued as of 2019 in the US. Canakinumab was approved in 2023 as 3rd line treatment of gout flares, but not for treatment of chronic gout / hyperuricemia.6. Subject to regulatory review and approval Significant unmet medical need remains for patients who have an inadequate response to XOIs NASP6 A novel, monthly, two-component uricase therapy that avoids the need for systemic oral immunosuppression pozdeutinurad6 A first-in-class and best-in-class next- generation oral URAT1 inhibitor in progressive gout Gout treatment paradigm Early gout1,2 Xanthine Oxidase inhibitors Uncontrolled gout3,4 Uricases Progressive gout3,4 Uricosurics Urate lowering therapeutic options Xanthine oxidase inhibitors UricasesUricosurics
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55 Roundtable: Commercial opportunities Sofiane Fahmy Head of Europe Norbert Oppitz Head of International Duane H Barnes Head of North America
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Sobi’s growth model is built on three regional engines with distinct roles and momentum 56 Source: 2020 and 2025 Annual reports • Ongoing Gamifant-HLH/MAS launch • NASP launch in 2026 • Arthrosi integration and pozdeutinurad launch in 2028 • Continue strong Altuvoct launch • Aspaveli Nephrology launch in 2026 • Tryngolza: Prepare sHTG for launch in 2027 Sobi revenues, SEK bn Priorities going forwardMajor products today 2020 2025 5.5 9.3+11% 2020 2025 0.9 3.8+35% International US 2020 2025 7.6 10.8 +7% Europe %CAGR • Accelerate recent Gamifant and Altuvoct launches • Scale Japan and Latin America • Prepare for Aspaveli-C3G and IC- MPGN & Tryngolza in sHTG
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North America: Accelerated Gamifant growth and building a comprehensive gout franchise 57 acquired (pozdeutinurad) • Strong growth of 30% CAGR 2017-25 driven by Doptelet and increasingly Gamifant • pozdeutinurad complements NASP and starts to build scale in indication • MAS launch, strong patient uptake accelerates growth • Continued uptake in pHLH and HLH/MAS • Realize and launch LCM opportunities (e.g., within HLH) • NASP launch readiness: On track for launch with core leadership hired and infrastructure built • Early disease and medical engagement across centers • NASP and pozdeutinurad complimentary products – enables Sobi to build scale and leadership in areas of the disease with high unmet need • Maintain short term performance driven by differentiated efficacy and targeted investment • Prepare orginsation appropriately for LOE in H2 2027 Status of the business 2026 Outlook and major drivers of growth until 2030 pozdeutinurad NASP
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North America: Clear strategy to enable our 2026 NASP launch 58 1 Any promotional activity refers to period after potential FDA approval of NASP • Initiated pre-launch disease education, launch readiness • Executing a robust publication and scientific dissemination plan • Go-to-market model: Approach optimized to educate and sell into an in-clinic infusion with multiple stakeholders • Targeting rheumatologists, select nephrologists initially • Identifying and activating1 early adopters (within ~5K accounts) • Maximize potential: Balancing early adoption with an exceptional first-customer experience Launch strategy & early traction Value ambition NASP • Pre-launch publication plan on Ph 3 data • RWE plan in place to kick off immediately after PDUFA to complement clinical data • Assessing opportunities to enhance asset profile • ~15K addressable uncontrolled gout patients • 5-6 year uptake to peak • SEK 4-6bn peak sales potential across rheumatology and nephrology Launch strategy & early traction1 Evidence generation & differentiation
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Europe on track to execute three parallel potential blockbuster launches 59 First 6 months <50% >50% After 6 months • Strong growth of 20% in 2025 driven by Haemophilia franchise • Altuvoct successfully launched across >20 markets with many major markets still in early launch phase 1st wave countries Altuvoct switches from competition • Execute disciplined rare-disease launch starting with ~10 markets in 2026 and drive early patient uptake • Build long-term value with strong engagement with patients, caregivers, payers and Healthcare providers • Launch in FCS, rapidly switch patients from Waylivra , then expand into sHTG once approved via lipidology centers and broader specialist base • Anchor pancreatitis prevention, build SoC position in sHTG, and drive >SEK 10bn peak ambition • Deliver Wave 2/3 launches (UK/FR/Nordics and IT) • Advance evidence beyond ABR and further demonstrate the differentiated profile of Altuvoct Status of the business 2026 Outlook and major drivers of growth until 2030
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Aspaveli launches with clear rare-disease strategy, strong evidence, and SEK 7–10bn ambition 60 • Build strong scientific exchange and awareness among prescribers and centres of excellence. Ensure a structured initiation pathway, including patient activation and vaccination steps • 2026 rollout in ~10 countries • GER: >80% of top nephrology/ transplant centres engaged, • enFuse® injector on track for broad European availability (PNH, C3G, IC-MPGN) Value ambition Launch strategy & early traction Proteinuria reduction Histopathology improvement eGFR stabilization/ improvement 67% significant proteinuria reduction at 52 weeks of Pegcetacoplan Glomerular C3 clearance in 71% of patients (zero staining) at 26 weeks Stabilization of eGFR -3.7 mL/min/1.73 m2 change from baseline with 52 weeks of pegcetacoplan Value ambition Aspaveli • Build on strong VALIANT data to reinforce nephrology leadership • Expand evidence beyond proteinuria: disease burden, progression and treatment algorithms • SEK 7–10bn peak sales potential across nephrology and haematology • 400-500 patients on Aspaveli by end of 2026 Launch strategy & early traction Evidence generation & differentiation
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International continues to be a core pillar of Sobi’s growth story 61 • High-20s% CAGR since 2017, 2025 ~15% of total sales • Presence across >35 countries • Proven, repeatable execution model, built on selective market prioritisation, partnerships and launch experience • Scale Japan, growth driven by Gamifant, Doptelet and Aspaveli and Tryngolza • Execute launches, building capability in a high-value market • Deploy tailored but repeatable launch playbooks, maximising access, patient uptake and lifecycle value while enabling efficient multi-country scaling • LATAM: Unlock a large, underpenetrated rare- disease market, leveraging Pint Pharma’s strong local access, regulatory expertise and commercial footprint in the region as a launch platform for Sobi Status of the business 2026 Outlook and major drivers of growth until 2030
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62 Coffee break Welcome back at 14:45
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63 Disease Deep Dive: The silent risk of sHTG Prof Klaus Parhofer Endocrinologist, LMU Munich, Germany
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64 Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia
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65 Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Severe HTG | Parhofer | 18.02.2026 KGP has received research funding and/or honoraria for consultancy and/or speaker’s bureau and/or DMC activity from: Akcea Alexion Amgen Boehringer- Ingelheim Daiichi-Sankyo Lilly MSD Omnicuris Novartis Novo-Nordisk Regeneron Sanofi Silence Therapeutics SOBI Ultragenyx Disclosures
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66 Severe HTG | Parhofer | 18.02.2026 66 Figure is an illustrative example of the population density for the various triglyceride ranges. Population density estimates mathematically reconstructed using thresholds from Ginsberg HN et al. Eur Heart J 2021;42:4791-4806 and a log-normal statistical fit of the Copenhagen General Population Study data (n=84,177), originally publis hed in Nordestgaard BG. Circ Res 2016;118:547-563. AP, acute pancreatitis; CVD, cardiovascular disease; FCS, familial chylomicronemia syndrome; HTG, hypertriglyceridemia; sHTG, severe hypertriglyceridemia; TG, triglyceride; TRL, triglyceride-rich lipoprotein; VLDL, very low-density lipoprotein. 1. Ginsberg HN et al. Eur Heart J 2021;42:4791-4806 2. Nordestgaard BG. Circ Res 2016;118:547-563 3. Sanchez RJ et al. Lipids Heath Dis 2021;20:72 4. Packard CJ et al. Front Endocrinol 2020;11:252. ≥500 mg/dL 880 mg/dL Increasing CVD risk Increasing AP risk Optimal TG <100 mg/dL ≥150 mg/dL Increasing accumulation of large TG-rich VLDL and their remnants and decreased TRL lipolysis Borderline high TG 100–150 mg/dL Accumulation of large TG-rich VLDL and chylomicrons ≥100 mg/dL 0.1 - 0.3% 20 - 30% Classification of hypertriglyceridemia (HTG) and distribution of triglycerides in the general population sHTG (very severe/extreme HTG) >880 mg/dL sHTG 500–880 mg/dL Moderate HTG 150–500 mg/dL
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67 Severe HTG | Parhofer | 18.02.2026 Causes of Severe Hypertriglyceridemia Genetic factors Secondary factors Mono-causal genetic Mono-causal secondary (examples)Polygenic, multifactorial • LPL-defect • ApoC2 deficiency • ApoA-5 deficiency • LMF-1 deficiency • GPIHBP1 deficiency • Nephrotic syndrome • Diabetic ketoacidosis • Lymphomas • Genetic predisposition + • Lifestyle (alcohol, overweight) and/or • Medications and/or • Concomitant diseases (diabetes, obesity) LPL: lipoprotein lipase; ApoC2: apolipoprotein C2; ApoA-5: apolipoprotein A-5; LMF-1: Lipase Maturation Factor 1; GPIHBP1: Glycosyl-Phosphatidyl-Inositol Anchored High Density Lipoprotein Binding Protein 1 Karanchi, Harsha, et al. “Hypertriglyceridemia.” StatPearls, StatPearls Publishing, 14 August 2023 Familial chylomicronemia syndrome (FCS) Severe hypertriglyceridemia
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68 Severe HTG | Parhofer | 18.02.2026 Metabolism of Triglyceride-Rich Lipoproteins Laufs, Parhofer, Ginsberg, Hegele: Eur Heart J 2020 All components are required for a coordinated lipolytic function: • Lipoprotein lipase (LPL) • LMF1 • GPIHBP1 • Apo A-V • Apo C-II ApoC-III inhibits LPL-dependent and LPL-independent pathways of TG- metabolism Thus targeting apoC-III is a new treatment approach to lower TG LPL: lipoprotein lipase; LMF-1: Lipase Maturation Factor 1; GPIHBP1: Glycosyl-Phosphatidyl-Inositol Anchored High Density Lipoprotein Binding Protein 1: apo A-V: apolipoprotein A-V; apo C-II: apolipoprotein C-II; apoC-III: apolipoprotein C-III
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Clinical manifestations of FCS1-5 Severe HTG | Parhofer | 18.02.2026 69 Familial Chylomicronemia Syndrome (FCS) 1. Moulin P et al. Atherosclerosis 2018;275:265–72. 2. Brown EE et al. J Clin Lipidol 2020;14(4):398–413. 3.Davidson M et al. J Clin Lipidol 2018;12(4):898–907. 4. Nawaz H et al. Ann Gastroenterol 2015;110:1497–1503. 5. Gaudet D et al. Lipid Health Dis 2020;19(1):120. 6. Brunzel JD, Bierman EL. Med Clin North Am 1986;70:835–46. 7. Jørgensen KA et al. Eur J Prev Cardiol 2012;19(1):37–44. 8. Hegele RA. Nat Rev Genet 2009;10(2):109–21. Neuropsychiatric (anxiety, depression) and cognitive (brain fog, lack of focus, memory loss) complications Eruptive xanthomas (fatty deposits under the skin) Lipemia retinalis (fatty deposits in the retina) Lipaemic/milky blood Severe abdominal pain, nausea and vomiting Acute pancreatitis Hypertriglyceridemia-induced pancreatitis has high morbidity and mortality and is a medical emergency requiring hospitalisation6–8
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70 Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Severe HTG | Parhofer | 18.02.2026 Familial Chylomicronemia Syndrome (FCS) In patients with triglycerides > 10 mmol/l (885 mg/dL), scoring is based on: • Triglyceride levels: • Fasting TG > 10 mmol/L 3 consecutive times • Fasting TG at least once > 20 mmol/L • Medical history: • History of pancreatitis • Unexplained recurrent abdominal pain • No history of familial combined hyperlipidemia • Differential diagnosis: • No secondary factor (except pregnancy /OC) • No response (<20%) to hypolipidemic treatment • Age at onset of symptoms • Earlier age of onset scores higher FCS-Score: a helpful tool to screen for FCS1 1. Moulin P et al. Atherosclerosis 2018;275:265–72.
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Patient with genetically confirmed FCS Patient, male 24 years Severe HTG | Parhofer | 18.02.2026 71 AP AP Start volanesorsenAP Start volanesorsen Plasma with chylomicrons Eruptive xanthomas Palmar xanthomas No episodes of pancreatitis since Waylivra® (volanesorsen) was started. Limitation with volanesorsen: thrombocytopenia-related adverse events. Patient has now transitioned to Tryngolza® (olezarsen) • TG 2000-7000 mg/dl • Recurrent episodes of acute pancreatitis (total 7 severe episodes) • Lipemia retinalis Waylivra: antisense oligonucleotide targeting apoC-III Start olezarsen 13.02.2026
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72 Balance: Olezarsen in Familial Chylomicronemia Syndrome Severe HTG | Parhofer | 18.02.2026 Stroes ESG et al. N Engl J Med 2024;390:1781-92 Balance1 program Design ▪ Phase 3, randomized, double-blind, placebo-controlled trial ▪ Patients with genetically confirmed FCS ▪ Olezarsen 80 mg or 50 mg vs placebo, s.c. dosing every 4 weeks for 53 weeks Published in NEJM in 2024 Patients ▪ n = 66; mean baseline triglycerides ~2,600 mg/dL ▪ 71% with prior acute pancreatitis ▪ ~99% on background lipid-lowering therapy and strict dietary management Tryngolza® (olezarsen) is an antisense oligonucleotide targeting apoC-III with a liver-specific GalNAc-ligand
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73 Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Severe HTG | Parhofer | 18.02.2026 Balance Trial: Olezarsen in FCS n= 66; 40 mg or 80 mg or Placebo q 4 weeks sc Stroes ESG et al. N Engl J Med 2024;390:1781-92 Episodes of pancreatitisTriglycerides Olezarsen was well-tolerated with no safety signals with regards to platelet counts
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74 Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Severe HTG | Parhofer | 18.02.2026 Severe hypertriglyceridemia (sHTG) – more than FCS Significant Risk of Acute Pancreatitis and Unmet Need ▪ Patients with sHTG often have multiple comorbidities: Poorly controlled type 2 diabetes, obesity, metabolic syndrome, hypothyroidism, kidney disease1-3 ▪ The ESC/EAS guidelines state that “The risk of pancreatitis is clinically significant if TGs are >10 mmol/L (880 mg/dL)”4 ▪ Patient management:4 ▪ Low-fat diet and lifestyle modification ▪ Available lipid-lowering therapy (fibrates, omega-3 fatty acids, statins) have moderate triglyceride-lowering effect and have not demonstrated to reduce acute pancreatitis events 1. Hegele RA, et al. Lancet Diabetes Endocrinol 2014;2:655-666 2. Ginsberg HN. Eur Heart J 2021;42(47):4791-4806 3. Laufs U, et al. Eur Heart J. 2020; 41(1):99–109c.4. Mach F, et al. Eur Heart J. 2020;41(1):111– 188 5. Gouni-Berthold , et al. Curr Atheroscler Rep. 2023 Oct;25(10):701-709
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75 Severe HTG | Parhofer | 18.02.2026 CORE and CORE2: Olezarsen in Severe Hypertriglyceridemia Marston et al. N Engl J Med 2025; doi: 10.1056/NEJMoa2512761, including supplemental appendix. CORE/CORE21 program Design ▪ Phase 3, randomized, double-blind, placebo-controlled trials ▪ Patients with sHTG (FCS excluded) ▪ Olezarsen 50 mg or 80 mg vs placebo, s.c. dosing every 4 weeks for 12 months Published in NEJM on 08/11/25 Patients ▪ n = 1,061 ▪ Median baseline TG ~790 mg/dL (≈40% ≥880 mg/dL) ▪ ~19% with prior acute pancreatitis ▪ ~99% on background lipid-lowering therapy, including fibrates and omega-3s
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76 Severe HTG | Parhofer | 18.02.2026 Olezarsen achieved rapid and sustained TG reductions CORE CORE2 Placebo* (N=208) Olezarsen 50 mg (N=205) Olezarsen 80 mg (N=204) Median triglycerides (mg/dL) [95% CI] Timepoint Primary endpoint (Month 6) Olezarsen 50 mg: 62.9% reduction compared to placebo [95% CI: –72.2, –53.6; P<0.001] Primary endpoint (Month 6) Olezarsen 80 mg: 72.2% reduction compared to placebo [95% CI: –81.4, –63.1; P<0.001] 1,050 – 900 – 750 – 600 – 450 – 300 – 0 150 – Baseline Month 6 Month 9 Month 12Month 3 Placebo† (N=148) Olezarsen 50 mg (N=149) Olezarsen 80 mg (N=147) Median triglycerides (mg/dL) [95% CI] Timepoint 1,050 – 900 – 750 – 600 – 450 – 300 – 0 150 – Baseline Month 6 Month 9 Month 12Month 3 Primary endpoint (Month 6) Olezarsen 50 mg: 49.2% reduction compared to placebo [95% CI: 59.7, –38.8; P<0.001] Primary endpoint (Month 6) Olezarsen 80 mg: 54.5% reduction compared to placebo [95% CI: –65.1, –44.0; P<0.001] Olezarsen treatment resulted in substantial, statistically significant placebo-adjusted reductions in TG levels at 6 months, which were sustained through the 12-month treatment period. Olezarsen was generally well-tolerated with no major imbalances in platelet count between the groups * In CORE, median triglycerides at baseline were 832.0 mg/dL; the LSM % change from baseline [95% CI] for the placebo group was –0.4% [–7.8, 6.9] at 6 months and –3.9% [–11.6, 3.9] at 12 months. | † In CORE2, median triglycerides at baseline were 747.8 mg/dL; the LSM % change from baseline for the placebo group was –13.6% [–22.9, –4.3] at 6 months and –6.9 [–18.0, 4.2] at 12 months. | CI, confidence interval; LSM, least squares mean; TG, triglyceride. | 1. Marston et al. N Engl J Med 2025; doi: 10.1056/NEJMoa2512761, including supplemental appendix.
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77 Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Olezarsen significantly reduced incidence of acute pancreatitis* events CORE/CORE2 pooled * Acute pancreatitis events were adjudicated by blinded central endpoints committees, with acute pancreatitis defined by the Revised Atlanta Classification. | † Mean rate ratio: 0.15; 95% CI: 0.05-0.40; P<0.001. | ‡ Mean rate ratio: 0.17; 95% CI: 0.06-0.47; P<0.001. | AP, acute pancreatitis; CI, confidence interval; NNT, number needed to treat; TG, triglycerides. | 1. Marston et al. N Engl J Med 2025; doi: 10.1056/NEJMoa2512761. Severe HTG | Parhofer | 18.02.2026 • Olezarsen reduced the rate of acute pancreatitis by 85%† • 86% of the 29 AP events occurred among patients with baseline triglyceride levels ≥880 mg/dL and prior pancreatitis‡ NNT over 1 year Pooled olezarsen patients (n=705) 20 Patients with TG ≥880 mg/dL + prior pancreatitis (placebo n=49, pooled olezarsen n=92) 4 Number at risk Placebo 356 345 342 333 323 Pooled olezarsen 705 694 685 677 666 Pancreatitis cumulative incidence 0% 2% 4% 6% 0 90 180 270 360 Days of follow-up Pooled placebo group 22 AP events in 17 patients n=356; 352.9 patient-years Pooled olezarsen group 7 AP events in 5 patients n=705; 696.1 patient-years Olezarsen Placebo
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78 Severe HTG | Parhofer | 18.02.2026 Severe Hypertriglyceridemia • Hypertriglyceridemia is common; severe hypertriglyceridemia is uncommon1-4 • Acute pancreatitis is the most serious complication of severe hypertriglyceridemia1-4 • Patients with severe hypertriglyceridemia (FCS but also with less clear- cut genetic findings) benefit from approaches addressing apoC-III5-6 • Olezarsen reduces triglycerides and episodes of acute pancreatitis5-6 • The limiting side effect of thrombocytopenia typical for volanesorsen is not observed with olezarsen5-8 1. Ginsberg HN et al. Eur Heart J 2021;42:4791-4806 2. Nordestgaard BG. Circ Res 2016;118:547-563 3. Sanchez RJ et al. Lipids Heath Dis 2021;20:72 4. Packard CJ et al. Front Endocrinol 2020;11:252; 5. Stroes ESG et al. N Engl J Med 2024;390:1781-92; 6. Marston et al. N Engl J Med 2025; doi: 10.1056/NEJMoa2512761; 7. Waylivra EU SmPC; 8. Tryngolza EU SmPC
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79 Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Severe HTG | Parhofer | 18.02.2026
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80 Disease Deep Dive: Precision medicine in sepsis Prof Evangelos Giamarellos Chair European Sepsis Alliance, HISS Greece
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81 EMAPALUMAB IN PRECISION SEPSIS MANAGEMENT Ε . J. Giamarellos - Bourboulis , MD, PhD Professor of Internal Medicine and Infectious Diseases 4th Department of Internal Medicine Director MSc Infectious Diseases National & Kapodistrian University of Athens, Medical School, Greece Chairman: European Sepsis Alliance Board Member: Global Sepsis Alliance President: Hellenic Institute for the Study of Sepsis President: Hellenic Society of Chemotherapy https://sepsis.gr/
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82 CONFLICT OF INTEREST DISCLOSURE • Honoraria (paid to the University of Athens): Abbott Products Operations AG, bioMérieux France, Biotest GmbH, Brahms ThermoFisher GmbH Germany, and Swedish Orphan Biovitrum • Consultation fees (paid to the University of Athens): Abionic SA, Biorad, and Swedish Orphan Biovitrum • Independent educational grants (paid to the University of Athens): AbbVie USA, Biotest GmbH, InCyte, Novartis, Sanofi, UCB • Independent educational grants (paid to the Hellenic Institute for the Study of Sepsis): Abionic SA, Abbott Products Operations, bioMérieux France, MSD, Swedish Orphan Biovitrum • Funding by the Horizon 2020 ITN European Sepsis Academy (granted to the University of Athens), by the Horizon 2020 ImmunoSep and RISKinCOVID (granted to the Hellenic Institute for the Study of Sepsis) and by the Horizon Europe EPIC-CROWN-2, POINT and Homi-Lung (granted to the Hellenic Institute for the Study of Sepsis)
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83 THE GLOBAL BURDEN OF SEPSIS 49 million incident cases (ranging per year between 39 to 63 million)1 11 million DEATHS (ranging per year between 10 and 12 million)1 Cases annually USA 1 to 2 million1 Europe 3 to 4 million2 Global burden of sepsis (2017)1 1. Rudd KE, et al. Lancet 2020; 395: 200 2. https://globalsepsisalliance.org/ 3. https://www.europeansepsisalliance.org
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84 PRE-SEPSIS Patients arrive at hospital with early signs (e.g. fever or increased breath rate) SEPSIS TIME COURSE & THE ROLE OF BIOMARKERS Use a biomarker to select those likely to develop ORGAN DYSFUNCTION AND DIE FULL-BLOWN SEPSIS IN THE ICU Patients hospitalized in the ICU with organ dysfunction probably under mechanical ventilation and vasopressors Use a biomarker to select those who will receive most improvement by TARGETED IMMUNOTHERAPY
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85 PRE-SEPSIS Presepsin identifies early patients with CAP who receive survival benefit by Anakinra1 EVIDENCE SUPPORTS TARGETED IMMUNOTHERAPY FULL-BLOWN SEPSIS IN THE ICU Ferritin identifies patients who experience improvement of organ function by Anakinra2 HR 0.32 95% CIs 0.12 to 0.89 p: 0.029 CAP: community-acquired pneumonia CI: confidence interval HR: hazard ratio ICU: intensive care unit n: number of patients SoC: standard-of-care 1Tavoulareas G, et al. Lancet Reg Health Eur 2026; 62: 101573 2Giamarellos-Bourboulis EJ, et al. JAMA 2025; doi: 10.1001/jama.2025.24175. Biomarkers identify Interferon-γ Driven Sepsis and guide Emapalumab treatment
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86 INTERFERON-GAMMA DRIVEN SEPSIS IS A NEW FUNCTIONAL ENDOTYPE CAP: community-acquired pneumonia CXC: chemokine HAP: hospital-acquired pneumonia IFN: interferon NK: natural killer VAP: ventilator-associated pneumonia Giamarellos-Bourboulis EJ, et al. eBioMedicine 2024; 109: 105414. ΝΚ-/NKT-cells Th1-lymphocytes Neutrophils 20% of sepsis cases and by all type of infections • Any lung infection (CAP/HAP/VAP/COVID-19, influenza) • Urinary tract, abdominal • Bacteremia/candidemia Excess activation of tissue macrophages IFNγ CXCL9 Destruction of tissues leading to organ dysfunction
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87 IDS: IFNγ-driven sepsis IFN: interferon MALS: macrophage activation-like syndrome SII: sepsis-induced immunoparalysis 20% SHOW INTERFERON-GAMMA DRIVEN SEPSIS Discovery of endotype: Prevalence from 14 European cohorts1 (n=5,503 patients) Incidence from screening of EMBRACE2 (n=404 patients) 1Giamarellos-Bourboulis EJ, et al. eBioMedicine 2024; 109: 105414 2Alevizou A, et al. 45th ISICEM 2026 (accepted) Adaptive IDS MALS SII ~32% ~20% ~5% ~44% ~36% ~20% ~4% ~41%
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88 EMBRACE PHASE 2A STUDY DESIGN (EU CT: 2024-515255-38-00; Clinicaltrials.gov NCT06694701) Standard of care + Intervention High dose emapalumab (n=20) Low dose emapalumab (n=30) Placebo (n=25) SOFA score: (i) Assigns 0 to 4 points for the degree of each dysfunction in respiratory, cardiovascular, hepatic, coagulation, kidney, and neurological organ systems (ii) Total score ranges from 0 to 24 (iii) Higher scores indicate more severe organ dysfunction and higher mortality risk Screening & Randomization Day 1-Day 28 Double-blind treatment Day 29-120 Safety follow-up • All type of infections • Selection by biomarkers (IFNγ, CXCL9, mHLA-DR) • 24 trial sites in Greece Primary endpoint • Improvement of organ function (SOFA score*) Key secondary endpoints • 28-day mortality • Change of biomarkers • Safety
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Placebo (n=25) Low dose emapalumab 1 (n=30) High dose emapalumab 2 (n=20) 0 20 40 60 80 100 % of patients attaining the primary endpoint +/- 95%CIs 40.0% (n= 10) 60.0% (n=12) 43.3% (n= 13) 89 PRIMARY ENDPOINT: DECREASE OF SOFA SCORE AT THE END-OF-TREATMENT OR: 2.25 (95% CIs 0.67 to 7.47); probability: 0.034* *one-side binomial probability CI: confidence interval n: number of patients OR: odds ratio SAP: statistical analysis plan SoC: standard-of-care SOFA: sequential organ failure assessment Number of patients needed to treat for one additional organ function responder compared with placebo = 5
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90 SOFA scores of every patient over-time (darkening = worsening) Substantial improvement with high-dose emapalumab *by ordinal regression analysis Achievers: patients meeting the primary endpoint CI: confidence interval n: number of patients OR: odds ratio SOFA: sequential organ failure assessment Comparison of Emapalumab high dose heatmap vs placebo*: OR: 0.59 (95% CIs 0.48 to 0.74); p <0.0001 • Every line represents one patient • Boxes turning black indicate the time of death • Boxes turning lighter indicate SOFA improvement
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91 SURVIVAL ANALYSIS CI: confidence interval HR: hazard ratio SSC: Surviving Sepsis Campaign Mortality Emapalumab high dose : 40.0% (95% CIs 21.8 to 61.3%) Mortality Placebo : 52.0% (95% CIs 33.5 to 69.9%)MortalityEmapalumab low dose: 53.3% (95% CIs 36.1 to 69.8%) Absolute mortality reduction has led to endorsement by SSC guidelines Mortality reduction Year of publication Recombinant human activated protein C 6.1% 2004, 2008 Low-dose hydrocortisone 3.0% 2004 to 2021 Dexamethasone for COVID-19 3.0% 2021 Tocilizumab for COVID-19 2.9% 2021 12% absolute mortality reduction by high dose emapalumab
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92 FASTER CXCL9 DECREASE IN HIGH-DOSE EMAPALUMAB *by Cox regression analysis CXC: chemokine CI: confidence interval HR: hazard ratio n: number of patients pts: patients 85.0% (17/20 pts; 95% CIs 63.9 to 94.8%) 50.0% (15/30 pts; 95% CIs 33.2 to 66.9%) 25.0% (6/25 pts; 95% CIs 11.5 to 43.4%) HRGroup 2 vs Placebo: 5.00 95% CIs 1.95 to 12.79 p: 0.001*
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93 RECAP: KEY RESULTS OF EMBRACE TRIAL IN SEPSIS EMBRACE= EMapalumaB treatment foR Anticipated Clinical benefit in sepsis driven by the interferon-gamma Endotype Primary endpoint: in the high-dose Emapalumab group versus the placebo group • 20% absolute improvement of organ function Secondary endpoints: in the high-dose Emapalumab group versus the placebo group • 12% absolute decrease of 28-day mortality • 50% absolute significant decrease of blood CXCL9 (endotype effector molecule) • AEs consistent with serious condition of sepsis; increased infections in treatment arms
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94 Delivering shareholder value Henrik Stenqvist Chief Financial Officer
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95 Strong and sustained delivery of shareholder value ▪ Significantly scaled Sobi’s business ▪ Added multiple first- or best- in-class assets ▪ Expanded global footprint ▪ Broadened portfolio and expanded indications ▪ Delivered despite significant macro headwinds -40 -20 0 20 40 60 80 100 120 140 1/1/2020 1/1/2026 SOBI STOXX Europe 600 / Health Care OMX Stockholm 30 Sobi Share Price Performance vs European Healthcare and Swedish Indices, indexed 01/01/2020 until 01/01/2026
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Sobi has built a materially stronger financial platform 96 * Adjusted EBITA margin at actual rates; CER = Constant exchange rates 15 16 19 22 26 28 0 30 60 90 120 0 10 20 30 41% 2020 36% 2021 35% 2022 34% 2023 36% 2024 40% 2025 +12% at CER Revenue (B SEK) Adj EBITA margin • Key investments made in 2021–2023 paying dividends in 2025 and beyond • Delivered +12% revenue CAGR (2020–2025) • Expanded Adj. EBITA margin to 40% in 2025 • Strong and consistent cash generation Revenue and Adj EBITA margin evolution 2020 - 2025 2020 – 2025 Finance Performance
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Balancing growth investments with profitability 97 1. Sobi’s acquisition of Arthrosi Therapeutics subject to regulatory approval, closing expected in H1 2026; 2. Phase 4 Synovi tis trial (SHINE) ongoing, it is not currently expected that a label change for Altuvoct is pursued, but positive trial results i s a significant development for Haemophilia A patients and significant data generation activity to differentiate Altuvoct; 3. Phase 2 VEXAS t rial (PAXIS) ongoing, timeline for further development / potential new indication launch is dependent upon Ph2 results and regulator fee dback; 4. Phase 2a IDS trial (EMBRACE) read out December 2025, timeline for further development / potential new indication launch is de pendent upon Ph2 results and regulator feedback The scale of these launches and development projects requires significant resource and capability build-up Entering a new cycle of growth and value creation 5 assets with blockbuster potential Late-stage development projects Timeline 2024 2025 20272026 2028 20302029 Haemophilia A C3G / IC-MPGN Uncontrolled gout NASP MCS / sHTG Progressive gout AR8821 Joint Health / Synovitis2 VEXAS3 IDS4 HLH / MAS
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Revenue and Margin Ambition by 2030 98 Revenue growth to 55B SEK by 2030 Adj. EBITA margins in upper 30s percentage of revenue by 2030 Key assumptions underlying targets: ▪ Revenue excludes: 1. Gamifant IDS 2. Additional Business Development ▪ Based on 2025 average FX rates ▪ Revenue risk corridor of +/- 10% by 2030
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Financial framework Historical patterns are indicative of future expectations 99Adjusted EBITA margin at actual rates, SG&A and R&D excluding IAC (items affecting comparability) and amortization 99 22 26 28 0 10 20 30 40 50 60 0 10 20 30 31% 13% 34% 2023 2024 27% 12% 40% 2025 Revenue (B SEK) SG&A % of Sales R&D % of Sales Adj EBITA Margin Track record Our ambition till 2030 Revenue growth to 55B SEK by 2030 SG&A to increase in the earlier years before creating leverage R&D to remain 11 – 14% of sales Depending on portfolio evolution and maintaining current strategy of late-stage assets Investments in key launches Re-allocation of resources and cost discipline Top-line growth key contributor to maintaining strong margins and operating leverage Adj. EBITA margin upper 30s% by 2030 Operating leverage will allow us expand margins over time
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2030 margin ambition: scale benefits and disciplined investment 100* Adjusted EBITA margin at actual rates Strong revenue growth driven by six major launches by 2028 Execute COGS improvement projects to manage gross margin Disciplined, phased launches to smooth investment peaks Continuous resource reallocation toward future growth areas Ongoing cost discipline Key levers for margin ambition
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Strong operating cash flow enables flexibility 101Cash Conversion calculated as Operating Cashflow / EBITA 0 20 40 60 80 100 120 140 160 180 200 220 74% 98% 63% 81% 79% 4.9 5.5 4.6 4.5 7.4 8.6 77% Operating Cash Flow and cash conversion evolution Operating cashflow (B SEK) Cash conversion (%) Strong operating cash flow expected to continue allowing Sobi to delever quickly Net Debt ratio of 0.9x as of Dec 25, prior to Arthrosi acquisition Headroom for capital allocation strategy including selective M&A
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Capital allocation strategy 102 Fund Organic Growth (R&D and SGA expenses to drive launches) Maintain balance sheet strength and financial flexibility Continue disciplined business development Shareholder value Primary use of cash is reinvestment in the business – priority development programs and key launches Strong operating cash flows and high cash conversion underpin balance sheet resilience Selective and disciplined BD remains a core pillar of the operating model with clear criteria Increasing shareholder value through profitable growth and strong cash generation, prioritizing long-term value creation
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Sobi Delivering shareholder value 103 Proven track record and balance sheet strength Deliver on major launches and priority development programs Balancing investments and profitability Ambition of 55B SEK in revenue and upper 30% adj EBITA margin by 2030 Strong cash generation and disciplined capital allocation
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104 Wrap up and Q&A Guido Oelkers Chief Executive Officer
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105 Concluding remarks Sobi represents a compelling investment opportunity with a clear path to sustained long- term growth and value creation 1 We want to double Sobi to SEK 55bn revenue by 2030, with sustained growth beyond 2 After a period of investment, we expect adjusted EBITA margins to return to the upper-30% range 3 We will deliver six major launches and a late-stage pipeline with five potential blockbusters 4 We continue to expand our global footprint to prolong growth cycles, increase resilience and reach even more patients worldwide 5 We keep building capabilities, technology and our organisation to deliver long-term patient impact
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106 Q&A
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Sobi Investor Relations contacts 107 Sobi IR contacts Investors page on sobi.com 10 7
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Appendix: Abbreviations Abbreviation Meaning Abbreviation Meaning CMML Chronic Myelomonocytic Leukemia LOE Loss of exclusivity C3G and IC-MPGN Complement 3 glomerulopathy and immune- complex membranoproliferative glomerulonephritis MSU Monosodium urate C3i C3 inhibitor NASP Nanoencapsulated sirolimus plus pegadricase (formerly known as SEL- 212), CAPS Cryopyrin-associated periodic syndrome pHLH Primary haemophagocytic lymphohistiocytosis CV Cardiovascular PNH Aroxysmal nocturnal hemoglobinuria DLBCL Diffuse large B-cell lymphoma QoL Quality of Life ESRD End-stage renal disease SBTi Science Based Targets initiative FCS Familial Chylomicronemia Syndrome sHTG Sever Hypertriglyceridemia GTM Go-to-market sUA Serum uric acid HA Hemophilia A TA Therapeutic Area HLH/MAS Haemophagocytic lymphohistiocytosis / macrophage activation syndrome VEXAS Vacuoles E1 Ub activating enzyme X-linked Auto-inflammatory disease with Somatic mutations IDS Interferon gamma driven sepsis INF gamma Interferon-gamma 108
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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 109