Slides
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Q3 2026 results Underpinning a strong growth momentum Conference call and webcast for analysts and investors 27 October 2026
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2 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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R&D Pipeline – Lydia Abad-Franch Head of R&D and Medical Affairs, Chief Medical Officer Summary and Q&A Agenda Financial results and outlook – Henrik Stenqvist Chief Financial Officer Business Update – Guido Oelkers Chief Executive Officer
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Strong portfolio growth and upgraded revenue outlook 4Per cent growth calculated in CER Revenue outlook raised; progressing towards Sobi’s 2030 ambition 2026 growth now high-teens to low-20s at CER; SEK 55bn ambition for 2030 Japan: approvals for Gamifant and Aspaveli Gamifant for HLH/MAS; Aspaveli for C3G / pIC-MPGN Full ownership of Pint Pharma Strengthening Sobi’s presence in Latin America; completed 2 October Tryngolza: positive CHMP opinion in Europe For the treatment of severe hypertriglyceridaemia (sHTG) Q3 revenue growth (+26% ex RSV royalties) YTD revenue growth Q3 adjusted EBITA margin 45% 23% 16% Altuvoct and Aspaveli launch progress Altuvoct +125%; Aspaveli reached its 2026 nephrology patient target by the end of Q3
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Strong growth delivered by our portfolio and across all regions +16% growth at CER (excluding seasonal RSV royalties +26%) 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, Zynlonta and Tryngolza and royalties from Altuviiio and Beyfortus. Revenue by region 5,001 (64%) 2,775 (36%) Q3 2025 6,298 (69%) 2,827 (31%) Q3 2026 Strategic1 Foundational 7,776 9,124 +16% Total net sales, SEK M, growth at CER 1,389 Europe North America International Other (Royalties) 3,398 3,004 1,333 +25% +19% +58% -23% +25% Strategic portfolio, SEK M 1 829 1 729 834 417 297 43 66 1 082 6,298 Doptelet Altuvoct Gamifant Aspaveli / Empaveli Vonjo Zynlonta Tryngolza Altuviiio + Beyfortus royalty Total Q3 +29% +125% +12% +32% -5% +6%
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61. Phase 4 Synovitis trial (SHINE) ongoing, it is not currently expected that a label change for Altuvoct is pursued, but pos itive trial results is a significant development for haemophilia A patients and significant data generation activity to differen tiate Altuvoct 2. Phase 2 VEXAS trial (PAXIS) ongoing, timeline for further development / potential new indication launch is dependent upon Ph2 results and regulator fee dback 3. Phase 2a IDS trial (EMBRACE) topline results announced Jan 2026, timeline for further development / potential new indicati on launch is dependent upon regulator feedback Strong launch cadence and milestone achievement continues to strengthen Sobi’s differentiated portfolio New / update Q3/26 Gamifant: Approved in Japan for HLH/MAS Aspaveli: : Approved in Japan for C3G and pIC-MPGN NASP: FDA CRL: FDA meeting late Oct to agree on filing Pozdeutinurad: Filing on track for mid 2027 Gamifant: EVEREST, Phase 2b/3 preparation underway Tryngolza: Positive CHMP opinion for sHTG Lacutumab: Partnership signed, US accelerated approval filing planned for 2027 Timeline 2024 2025 20272026 2028 20302029 Haemophilia A C3G & pIC-MPGN Uncontrolled gout NASP sHTG Progressive gout pozdeutinurad Joint Health / Synovitis1 VEXAS2 IDS3 HLH/MAS Sézary syndrome lacutamab Today
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Altuvoct: Growth of 125% at CER as its launch expanded to 32 countries Altuvoct: Launch progress • Altuvoct sales growth of +125% at CER • Launched in 32 countries, including key European markets Altuvoct launch in three waves: • Wave 1: Established in six countries, including DACH, with further opportunity to increase uptake • Wave 2: Rollout continues across major European markets • Wave 3: Further European and international launches planned Haemophilia A sales SEK 2,345 M +48% Q3 Sales in SEK M at actual exchange rates; change at constant exchange rates 7
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Aspaveli: Reached its 2026 nephrology patient target by Q3, with sales up 32% 8 Sustained launch momentum • Reached the 2026 target of 400–500 nephrology patients by the end of Q3 • Reimbursement available in several markets, including Germany, Spain and Japan • PNH performance remained stable • International roll out of enFuse on-body delivery device • Additional 52-week adolescent VALIANT/VALE data presented at ESPN showed sustained stabilisation of kidney function Sales in SEK M at actual exchange rates; change at constant exchange rates, C3G and pIC-MPGN: Complement 3 glomerulopathy and primary immune-complex membranoproliferative glomerulonephritis RWE: Real world evidence UK uptake remains contingent on a positive NICE recommendation, which is pending Aspaveli SEK 417 M +32% Q3
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Beyfortus: Retains physician preference as the US RSV season begins amid uncertainty 91. https://www.cdc.gov/respiratory-viruses/data/activity-levels.html?CDC_AAref_Val=https://www.cdc.gov/respiratory-viruses/data-research/dashboard/activity-levels.html. 2.Sobi RSV survey: n=100 HCPs (week ending 02.10.2026) 3. Vaccination outlook: 60% of prescribers expect higher RSV vaccinations, 25% expect stable numbers; 16% expect fewer patients. 4. Product preference: Among HCPs with a preference, >90% choose Beyfortus. 5. 52% expect to continue to order supply while 48% consider they have sufficient already on order Early-season conditions remain mixed • RSV activity is rising across many states, • Competition and immunisation rates levels remain key uncertainties for the season October physician survey indicates continued demand2 • 60% expect RSV immunisation to increase this season, while 25% expect volumes to remain stable3 • Among physicians expressing a product preference, more than 90% choose Beyfortus4 • 52% of accounts still expect to place additional orders; 48% report sufficient stock already on order 5 CDC Epidemic trends (Data presented through October 20, 2026)1
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Doptelet & Gamifant: Continued strong momentum Doptelet • Strong momentum and sustained growth across all three major regions • Expanding international launches across Japan, South Korea, Taiwan, LATAM, the Middle East, and Eastern Europe are expected to significantly increase ex-US contribution over time Gamifant • First-ever treatment for adults and children with Macrophage Activation Syndrome (MAS) in Still's disease • Strong patient demand continues to drive growth • Growth supported by International markets following FDA label • Approved in Japan for HLH/MAS, EU filing review ongoing SEK 1,829 M +29% Q3 ITP: Idiopathic Thrombocytopenic Purpura Sales in SEK M at actual exchange rates; change at constant exchange rates 10 SEK 834 M +12% Q3
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Significant progress in our International growth ambitions *This agreement follows an announcement on 5 February 2026 as part of fourth quarter and full year 2025 results, under which Sobi acquired 19.9 per cent of the voting rights and 60 per cent of the economic rights in Pharma Investments S.A. Under the current agreement, Sobi has acquired full ownership of Pint as of October 2, 2026 1. NCT07786922 11 Strengthening our presence in LATAM Building presence in strong Japanese market Pint Pharma Full ownership establishes a platform for growth in Latin America 6 Sobi medicines already commercialised in the region ✓ Builds on an established local presence Three approvals in 2026 Aspaveli for C3G and pIC-MPGN Gamifant for HLH/MAS 2025 Doptelet launched in ITP 2026 Kineret launched Aug 2026 Aspaveli approved in nephrology Sep 2026 Gamifant approved Doptelet Phase 2/3 study in aplastic anaemia: first patient enrolled in September 2026
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Sobi – Innate Pharma partnership advances Lacutamab in T-cell lymphoma 1. Bagot et al ASCO 2025, J Clin Oncol 43, 2522(2025). *Lacutamab is an investigational antibody under clinical evaluation. It is not approved for any indication, and its safety and efficacy have not been established AA: Aplastic anaemia Cutaneous T-cell lymphoma (CTCL) Rare group of non-Hodgkin lymphoma, including •Sézary Syndrome (SS) •Mycosis Fungoides (MF) Lacutamab Investigational anti-KIR3DL2 antibody PRIME (EMA) and Fast Track (FDA) designation for SS FDA Breakthrough Therapy Designation in relapsed/refractory SS TELLOMAK Phase 2 1: Deep and durable responses in Sézary Syndrome post-mogamulizumab 12 1 2 3 5 4 Partnership enabling Phase 3 initiation Innate to conduct confirmatory Phase 3 in CTCL Innate to file for accelerated approval in Sézary syndrome based on Phase 2 Partnership overview Agreement Phase 3 TELLOMAK-3 Sézary Syndrome filing TELLOMAK-3 results Commercial rights Sobi is eligible to full global development rights following positive Phase 3 results Sobi receives global commercial rights upon potential AA
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13 Guidance upgrade: Strong year to date performance across the portfolio leading us to raise full-year revenue guidance Strong business performance in the first nine months 23% Revenue growth at CER 40% adjusted EBITA margin Significant pipeline progress Updated 2026 outlook Tryngolza Positive CHMP opinion in sHTG ahead of schedule Japan Gamifant and Aspaveli approved Latin America Full ownership of Pint Pharma strengthens regional presence High-teens to low-20s revenue growth at CER (Previously mid- to high-teens) Mid- to high-30s adjusted EBITA margin Unchanged Portfolio progress Progressing towards the SEK 55bn 2030 revenue ambition
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Q3 R&D Update Lydia Abad-Franch Head of R&D and Chief Medical Officer
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Continued pipeline progress in Q3 2026 1. AVA-AA-350, NCT07786922, conducted in Japan, South Korea and Taiwan C3G and pIC-MPGN: Complement 3 glomerulopathy and primary immune-complex membranoproliferative glomerulonephritis. HLH/MAS: Haemophagocytic lymphohistiocytosis / macrophage activation syndrome. VEXAS: Vacuoles, E1 enzyme, X-linked, autoinflammatory, somatic syndrome. 15 Gamifant HLH/MAS in Still’s disease • Approved for MAS in Japan • New HLH data presented at Histiocyte Society Tryngolza Severe hypertriglyceridemia (sHTG) • 53-week CORE/CORE2 data presented at ESC • Positive CHMP opinion Doptelet Aplastic anaemia • First participant enrolled in AVA-AA-350 study1 Vonjo VEXAS syndrome • FDA grants Fast Track designation Aspaveli / Empaveli C3G & pIC-MPGN • Approved in Japan • First participant enrolled in Phase 4 PRISM-C3 study Altuvoct Haemophilia A • Phase 4 ALTITUDE study completes enrolment
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Gamifant: Developing two new indications beyond today’s label 161. US HLH claims from HCUP NIS database (2016-2022), Symphony claims 2022-25, Abdelhay et al., Lancet (2023). 2. Johnson et al. (2025) CXCL9 is a predictive biomarker of survival with IFNγ–targeted therapy in adult HLH, ASH (2025). HLH: haemophagocytic lymphohistiocytosis. MAS: macrophage activation syndrome. SoC: Standard of care. IEC -HS: immune effector cell-associated HLH-like syndrome. CRS: cytokine release syndrome. RWE: Real-world evidence Malignancy-associated HLH (mHLH) Pivotal Phase 3 SAPPHIRE, with OPAL as external control mHLH: growing number of at least 1,500 patients a year in the US1 – as many as primary HLH and HLH/MAS combined – with no approved treatment 60-day survival across HLH triggers in RWE2 38% 75% Historical cohort Emapalumab Tx (dosed by CXCL9) Existing evidence2 shows strong efficacy of Gamifant across sHLH types, especially in patients with elevated CXCL9 Sepsis Phase 2b/3 EVEREST study • Expanding the study to sites outside Europe • Discussion with FDA planned in Q1 2027 • First participant in H1 2027 • Phase 2b efficacy and safety analysis in 2028 to inform the Phase 3 part Dec 2026 Trial initiation Mid 2027 First participant in 2028 Phase 2b analysis Two interferon-gamma-driven diseases with no approved targeted treatment Study design Primary endpoint Survival at day 60 Emapalumab ~80 mHLH patients Exploratory cohorts ~80 patients with other secondary HLH, IEC-HS or refractory CRS SoC, external control ~160 mHLH patients Q1 2027 First participant in 2029 Submission 2028 Topline data
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HFF at 24 months (n=53): Preliminary data suggest only modest increase (<2%) Open label extension (month 12-24) Olezarsen new data confirms long-term efficacy & safety in severe hypertriglyceridemia (sHTG) 17*Baseline prior to start of CORE-TIMI 72a and CORE-TIMI 72b. Error bars show the standard error of the mean. Giugliano RP et al. CORE-OLE (TIMI 72c) interim one-year results, ESC 2026. Preliminary data. IQR: interquartile range. LSM: Least Squares Means. RCT: Randomised controlled trial. -2 0 2 4 6 8 LSM absolute change in hepatic fat fraction (%) Baseline Month12 Month24 Generally well tolerated, with no new safety findings Treatment compliance 98% at 10 months (IQR 6–13 months) TG at 24 months (n=885): • 90% of patients achieved triglyceride levels < 500 mg/dL • 58% of patients achieved triglyceride levels < 150 mg/dL Open label extension (month 12-24) Olezarsen 80mg Interim one-year results of the 53-week CORE open-label extension (CORE-OLE) presented at ESC 2026 Mean % change in baseline* triglycerides to OLE week 53 -80 -60 -40 -20 0 RCT (CORE 1&2)RCT 12mth 50mg Placebo 80mg Olezarsen 80mg Olezarsen 50mg Placebo Olezarsen 80mg
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Progress to be continued in 2026-27 Anticipated pipeline news flow HLH/MAS: Haemophagocytic lymphohistiocytosis / macrophage activation syndrome. NASP: Nanoencapsulated sirolimus plus pegadricase (formerly known as SEL-212). sHTG: Severe hypertriglyceridemia. VEXAS: Vacuoles, E1 enzyme, X-linked, autoinflammatory, somatic syndrome. 2026 Q4 2027 Tryngolza – sHTG ≥880 mg/dL • EU regulatory decision Pozdeutinurad – Progressive gout • REDUCE 1&2 secondary data Gamifant – HLH / MAS in Still’s disease • EU regulatory decision Pozdeutinurad – Progressive gout • NDA submission (FDA) NASP – Uncontrolled gout • FDA re-submission Vonjo – Myelofibrosis • PACIFICA Phase 3 readout Vonjo – VEXAS • PAXIS Phase 2 topline data Pozdeutinurad: REDUCE-2 topline data presentation, ACR Convergence 2026 Late Breaking Abstract Oral Session, Wednesday November 11th
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Q3 Financials Henrik Stenqvist Chief Financial Officer
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Q3 2026 Revenue and profit & loss 20 2,525 Q3 2025 341 Q4 2025 Q1 2026 Q2 2026 5,186 1,643 405 Q3 2026 7,776 7,184 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). 6,171 9,124 2,658 4,771 1. Alternative Performance Measures (APM); see the report for further information 2. Items affecting comparability (IAC); see the report for further information 5,143 2,337 354 7,821 428 5,726 1,711 347 7,842 1 Q3 Q3 Full-year Amounts in SEK M 2026 2025 Change 2025 Total revenue 9,124 7,776 17% 28,238 Adjusted Gross profit 1,2 7,195 6,214 16% 22,270 Adjusted Gross margin 1,2 79% 80% 79% EBITA1 3,990 3,620 10% 10,817 Adjusted EBITA 1,2 4,087 3,672 11% 11,341 EBITA margin1 44% 47% 38% Adjusted EBITA margin 1,2 45% 47% 40% Profit for the period 2,349 -2,895 181% 476 EPS, before dilution, SEK 6.76 -8.40 180% 1.39 Adjusted EPS, before dilution, SEK 1,2 6.96 6.11 14% 16.95 Operating cash flow 1,871 1,840 2% 8,565 Net debt1 14,781 12,177 10,081
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Sobi Outlook 2026 Key drivers for 2026 outlook – Q3 update Anticipated to grow by high-teens to low-20s per cent at CER (previously mid- to high-teens) Anticipated to be in the mid- to high-30s per cent of revenue (unchanged) Revenue Adjusted EBITA margin 2026 Updated Outlook NASP: nanoencapsulated sirolimus plus pegadricase, IDS: interferon-gamma-driven sepsis • Progress with commercial portfolio and continued Altuvoct launch • YTD Growth 23% at CER • Critical investments in 2026 for future revenue growth: • Adj EBITA margin YTD 40% • Launch prep for Tryngolza and ongoing launch investments continue • Some NASP launch costs moved to 2027 • Gamifant IDS Phase 2b/3 startup • Balanced by re-allocation of resources towards new investments and rigorous cost control 21
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Summary and Q&A Guido Oelkers Chief Executive Officer
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Commercial growth and key milestones advance Sobi’s 2030 ambition 23 2026 progress 1 Revenue risk corridor of +/- 10% by 2030 SEK 55bn revenue ambition by 20301 Illustrative CMD framework, February 2026 Only eight months after our CMD, our path to SEK 55bn is already significantly de-risked Strongly growing, diversified business – launches delivering, pipeline advancing and strengthened through BD 1 Growth Revenue +23% year to date at CER 2 Launches Aspaveli launched in Europe Aspaveli and Gamifant approved in Japan Tryngolza positive CHMP opinion 3 Pipeline Pozdeutinurad: Filing on track for mid 2027 Gamifant IDS Phase 2b/3 start-up advancing 4 Reach Innate (Lacutamab) partnership and Pint Pharma ownership extending portfolio and presence 5 of 6 major launches on the market, recommended for approval or with positive Phase 3 data
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Q&A
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Current Development Pipeline 25 NASP: nanoencapsulated sirolimus plus pegadricase CAR-T: chimeric antigen receptor T-cell HLH/MAS: Haemophagocytic lymphohistiocytosis / macrophage activation syndrome 1. Proof of concept research collaboration 2. Strategic partnership with Innate Pharma Major ongoing clinical studies and medicines in registration in a major region or country Phase 2 Phase 3 Registration Vonjo® (pacritinib) VEXAS (Vacuoles, E1 enzyme, X-linked, autoinflammatory, somatic) Vonjo® (pacritinib) Chronic myelomonocytic leukemia (CMML)1 lacutamab Cutaneous T-cell lymphoma (CTCL) and Sézary syndrome2 Gamifant® (emapalumab) Sepsis Gamifant® (emapalumab) Cytokine release syndrome (CRS) prophylaxis in CAR-T therapy 1 Vonjo® (pacritinib) Myelofibrosis with severe thrombocytopenia (confirmatory trial) pozdeutinurad Progressive gout Tryngolza® (olezarsen) Severe Hypertriglyceridemia (sHTG) EU Gamifant® (emapalumab) HLH/MAS EU NASP Uncontrolled gout US Haematology Immunology Lipids Nephrology Gout
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Sustainability drives our strategic business priorities and decisions – progress Q3 2026 Patient commitment • Access to treatment • Patient centricity and engagement • Patient and product safety • Responsible marketing & sales • Ethical R&D, focused on medical need Main achievements Q3 2026 Ranked no. 1 in rare diseases for the second consecutive year in PatientView’s Corporate Reputation of Pharma, Rare Diseases Edition 2025/2026. Participated in annual awareness events for several patient communities, including World Lymphoma Day, C3G Awareness day and Global ITP Awareness Week. Responsible behaviour • Safe and healthy work • A fair and inclusive workplace • Lower environmental footprint • Less resource consumption • Responsible sourcing • Compliance and anti- corruption
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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 Thank you