Slide 1: Building a high-performing, growth-focused, sterile injectable CDMO
Building a high-performing, growth-focused, sterile injectable CDMO August 2026
Slide 2: Important Information Regarding Forward-Looking Statements
Important Information Regarding Forward-Looking Statements This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Secu
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains non-GAAP financial information, including Adjusted EBITDA and free cash flow. The company has included a reconciliation of Adjusted EBITDA to net income or loss and operating cash flows to free cash flow, the most directly comparable financial m
Slide 4: Lifecore at a Glance
Lifecore at a Glance Fully integrated 400 Approx. Founded in 1965 CDMO offering development Leader in Sodium Hyaluronate (HA) and fill/finish of Employees sterile injectable Inclusive, Performance- Global Regulatory pharmaceuticals Driven Culture Capabilities 2026 Financial Guidance and Business Pro
Slide 5: Campus Overview
Campus Overview 248,000sqft State-of-the-art facilities, within 2 square miles ~400 Employees Site 1 – HQ (Lyman Blvd.) Site 2 (Lakeview Drive) Site 3 (Shelby Court) 150,000 sqft 78,000 sqft 20,000 sqft Manufacturing Operations Manufacturing Operations Manufacturing Operations • Sodium hyaluronate m
Slide 6: Financial Highlights
Financial Highlights Recent Developments Q2 Performance • Ended June 2026 with $38.8 million in liquidity, including cash of $17.2 million and availability under our revolver of $21.6 million. Q2 2026 2026 Year to Date • Cash from operations of $2.5 million and free cash flow* of (Unaudited) (Unaudi
Slide 7: We Serve Large and Growing Markets with Strong Tailwinds
We Serve Large and Growing Markets with Strong Tailwinds Global CDMO Global Injectable CDMO $120B $10B Market1 Market1 +8% CAGR +10% CAGR GLP-1 Acceleration of US-based 50%+ $47B of Annual US Drug Market3 Manufacturing Approvals are Injectables2 Expected to Increase 10X 1. Jefferies September 2024 P
Slide 8: Performance & Outlook
Performance & Outlook 2026 Performance Targets Deliver $20.5 - $25 million in Adjusted EBITDA*, supported by revenue of $120 - $125 million Quality as Wins from Revamped Cost Discipline Optimized Core Differentiator Commercial Strategy & Value Creation Organization Strengthened Consistent, Strong pi
Slide 9: Inflection Point - Positioned for Growth
Inflection Point - Positioned for Growth Achieve ~12% revenue CAGR, and >25% Adjusted EBITDA*Sustain margins10-5-3 by y/e 2029 Close – File - Launch Promising Late-Stage Pipeline Building 11 Potential Launches in 2027 & 2028 the Foundation Changed the Culture Revamped Commercial Strategy Inflection
Slide 10: Significant Investment in Capabilities Supporting Growth
Significant Investment in Capabilities Supporting Growth $90M Invested over Previous Five Years • Significant growth CapEx complete – enables execution of mid-term plan • State-of-the-art, 5-head isolator filler – ~100% increase in annual production capacity* – Full isolator technology, state-of-the
Slide 11: The Lifecore Difference
The Lifecore Difference Technical Expertise Quality Integrated Model Decades of proven Multi-compendial Development to experience in complex regulatory system commercialization injectables 11
Slide 12: Aggressive and Achievable Growth Strategy
Aggressive and Achievable Growth Strategy Targeting 12% Revenue CAGR and Adjusted EBITDA* Margins of 25%+ by Year-End 2029 • Strong commercial foundation • High-potential late-stage development pipeline • Revamped commercial strategy • Disciplined cost structure approach • Experienced and proven lea
Slide 13: Revenue Outlook
Revenue Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business $300M ~12% CAGR ~$212-$225M Development Revenue Portfolio $129M Commercialization Expansion of Existing Commercial Contracts Existing Commercial HA FY 2025 2029 Long-Term Av
Slide 14: Mid-Term Revenue Trajectory Outlook
Mid-Term Revenue Trajectory Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business ~$212-$225M Development Revenue Portfolio Commercialization Expansion of Existing Commercial Contracts Existing Commercial HA FY 2025 2029 14 The informa
Slide 15: Efficiency and Revenue Growth Drive Margin Improvement
Efficiency and Revenue Growth Drive Margin Improvement Operational Efficiency • Improved Adjusted EBITDA margins through ongoing initiatives • Successfully launched ERP system in January 2026 to 25%+ strengthen inventory control, financial management, Adj. EBITDA Margin* and procurement efficiency N
Slide 16: Executing Three-Pronged Growth Strategy
Executing Three-Pronged Growth Strategy Maximizing Advancing Existing Driving New Programs Towards Commercial Business Commercialization Business 16
Slide 17: Fill & Finish: Pathway to Increased Commercial Demand
MA X I MI ZI N G E X I S T I NG CO MME R C IA L B U S IN E S S Fill & Finish: Pathway to Increased Commercial Demand Commercial Unit Projection • Significant inflection point expected from total demand beginning in 2027 ~3x • Largest customer’s injectable unit contractual demand reaches inflection p
Slide 18: Strong, Diverse Pipeline
A D V A N CI N G P R O GR A M S T O W A RD S CO M ME R CI A L IZ A T I O N Strong, Diverse Pipeline Late Stage: Total Pipeline Represents1 Active 16 $150M - $200M Projects Early-Mid Stage: in Incremental Commercial Revenue Potential 22 • Eleven potential launches in 2027 - 2028 • Diversification acr
Slide 19: Late-Stage Development Portfolio: Impactful Revenue Potential
A D V A N CI N G P R O GR A M S T O W A RD S CO M ME R CI A L IZ A T I O N Late-Stage Development Portfolio: Impactful Revenue Potential 1 Customer Product Stage 2027 2028 2029 2030 Specialty Pharma BLA Phase III Specialty Pharma Cosmetic Commercial Site Transfer Specialty Pharma Medical Device
Slide 20: Attracting New High-Value Business
D R I V IN G N EW B U S IN E S S Attracting New High-Value Business Upgraded Strategically Leveraging sales/marketing expanding state-of-the-art strategy and target market capabilities talent • Growing and diverse pipeline with large multinational and specialty pharma • Strong momentum with 13 new b
Slide 21: Key Takeaways
Key Takeaways Disciplined High-Growth High-Value, Clear Path to Execution Market Expected Growing Durable Revenue Driving Future to Increase by Late-Stage Growth Margin 100% by 2030 Pipeline Expansion 21
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures To supplement the company’s financial results determined by U.S. generally accepted accounting principles (“GAAP”), the company has disclosed in these tables the following non-GAAP information about Adjusted EBITDA and free cash flow. See “Non-GAAP Finan
Slide 23: Thank you
<> Lifecore BIOMEDICAL Thank you