Slide 1: Increasing Leqembi royalties and new partnership with Novartis
Increasing Leqembi® royalties and new partnership with Novartis Second quarter 2025 business and fiancial update 1
Slide 2: Disclaimer
Disclaimer • This presentation has been prepared and produced by BioArctic AB (publ) (“BioArctic”) solely for the benefit of investment analysis of BioArctic and may not be used for any other purpose. Unless otherwise stated, BioArctic is the source for all data contained in this presentation. Such
Slide 3: Presenters and IR contact
Gunilla Osswald Anders Martin-Löf Johanna Fälting Anna-Kaija Grönblad Chief Executive Officer Chief Financial Officer Chief R&D Officer Chief Commercial Officer IR contact: Oskar Bosson, VP IR & Communications Next Report: Q3 Report To subscribe to financial reports/press releases and +46 704 10 71
Slide 4: Key highlights
Key highlights Gunilla Osswald Chief Executive Officer 4
Slide 5: World-leading innovators in precision neurology
World-leading innovators in precision neurology Highly selective antibodies BrainTransporter platform targeting aggregated forms delivers biotherapeutics to the brain of toxic proteins 5
Slide 6: 2030 ambitions – on our way towards becoming Sweden's next major biopharma company
2030 ambitions – on our way towards becoming Sweden’s next major biopharma company 1 Leqembi – an established treatment in Alzheimer’s disease 2 Balanced and broader pipeline with projects in all stages of development 3 partnerships Additional successful global 4 Profitable with recurring dividends
Slide 7: Starting to deliver on our 2030 ambitions
Starting to deliver on our 2030 ambitions • Now approved in over 45 countries, including EU • Eisai initiated EU launch in Austria and Sept 1 in Germany Leqembi • HTA dossiers submitted in the Nordic countries (excl Iceland) • Long-term, real-world and SC data presented at AAIC • Part two of phase 2
Slide 8: Agreement with Novartis once again validates the BrainTransporter's potential
Agreement with Novartis once again validates the BrainTransporter’s potential Option, collaboration and license agreement with Novartis using BrainTransporter • Combination of the BrainTransporter technology with a Novartis proprietary antibody USD 30 million upfront • Up to USD 772 million in addit
Slide 9: R&D update
R&D update Johanna Fälting Chief R&D Officer 9
Slide 10: Two world-leading platforms with cross-program synergies
To summarize: Two world-leading platforms with cross-program synergies Alzheimer’s disease Partner Research Preclinical Phase 1 Phase 2 Phase 3 Regulatory Market Lecanemab (infusion) Eisai Lecanemab (s.c.) Eisai Lecanemab (presymtomatic treatment) Eisai Lecanemab (backup) Eisai Antibody projects BAN
Slide 11: BrainTransporter platform has generated three collaborations
So far our proprietary BrainTransporter platform has generated three collaborations on different targets BT Modalities BT Mode-of-Action Proteinopathies Remove & Knock-down Antibodies Enzymes Proteins Enzyme/protein Replace deficiency Dysfunctional immune Restore cells & neurons Peptides Antisense S
Slide 12: EXIST Phase 2a study with exidavnemab on track
EXIST Phase 2a study with exidavnemab on track Exidavnemab development Exidavnemab offers opportunities in several neuronal • Safety evaluation of first part of the study supports synucleinopathies progression to high dose parts according to plan • 2nd part (high dose) of phase 2a study in Parkinson
Slide 13: AAIC 2025: Leqembi efficacy through 48 months
AAIC 2025: Leqembi efficacy through 48 months – treated patients continue with increased benefit over time • Efficacy: Treatment effects continue to expand compared to the natural course of Alzheimer’s disease shown by ADNI and BioFINDER • Safety: Long-term safety profile in line with previous data
Slide 14: AAIC 2025: Leqembi-treated patients with low tau benefit even more
AAIC 2025: Leqembi-treated patients with low tau seem to benefit even more, with a large percentage improving over 48 months CDR-SB No Decline - Low Tau Population CDR-SB Improvement - Low Tau Population Tau PET substudy: No decline or improvement was shown in 69% of patients with low tau, with impr
Slide 15: AAIC 2025: additional data will help expand Leqembi usage
AAIC 2025: additional data will help expand Leqembi usage • Leqembi Real World Evidence confirm Clarity AD phase 3 data ⎻ Case report of 178 patients with early Alzheimer’s disease from 9 medical facilities in the US showed that ~84% of patients did not progress to the next stage of disease (average
Slide 16: Leqembi EU update
Leqembi EU update Anna-Kaija Grönblad Chief Commercial Officer 16
Slide 17: Leqembi now launched in the EU
Leqembi now launched in the EU Globally • Additional approvals since last quarterly report in Thailand, Saudi Arabia, Qatar, Kuwait and Bahrain • US: Subcutaneous autoinjector (SC-AI) maintenance dosing, FDA PDUFA date August 31, 2025 ⎻ Eisai is preparing the sBLA submission for SC-AI initiation tre
Slide 18: Simplified diagnosis and continued development of Leqembi
Simplified diagnosis and continued development of Leqembi will help remove potential bottlenecks in healthcare and broaden patient population Approved Approved (US) File accepted (US) To be submitted (US) (>45 countries) Filed in 9 countries/regions PDUFA Aug 31, 2025 Potential approval H1-26 Intrav
Slide 19: BioArctic well positioned for a launch in the Nordics in 2026
Leqembi is the biggest breakthrough in Alzheimer’s disease in 20 years – BioArctic is well positioned for a launch in the Nordics in 2026 Partnering in New educational platform Help hospitals prepare their several collaborations Supporting Eisai (Campus Alzheimer) infrastructure on to drive precisio
Slide 20: Campus Alzheimer HCP portal launch & Nordic educational symposium
Campus Alzheimer HCP portal launch & Nordic Alzheimer´s educational symposium in September 20
Slide 21: Financial summary
Financial summary Anders Martin-Löf Chief Financial Officer 21
Slide 22: Leqembi growth boosted by one-time effect in China
Leqembi growth boosted by one-time effect in China BioArctic royalty • Global Q2-25 sales were ¥ 23.1 B ($ ~160 M), 180 57% increase from Q1-25, ~270% increase from Q2-24 162.5 − Royalty was SEK 162.5 M (~SEK 125 M excl.one-time effect) 160 • Stocking effect in China 140 − ¥ 7.7 B ($ ~52 M), +300% f
Slide 23: Leqembi on track to reach forecast of ¥76.5 B in FY 2025
Leqembi on track to reach forecast of ¥ 76.5 B in FY 2025 Leqembi Global Sales 90 ¥ 76.5 B (SEK ~5.1 B) 80 70 +73% 9.5 +102% • Above plan in Q2-25 in several markets 60 ¥ 44.3 B Other 50 (SEK ~3.0 B) 24.0 +88% China ¥B • Low growth needed to reach forecast 40 4.7 Japan 30 12.7 US • Strong trend cont
Slide 24: Continued high operating profit due to high royalty revenue and milestone
Continued high operating profit due to high royalty revenue and milestone Net Revenues (SEK M) OPEX by function (SEK M) Operating Profit/Loss (SEK M) 1,290 1,075 203 193 143 121 95 Other 179 392 G&A 50 77 101 M&S -76 -26 -53 R&D Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2024 2025 2025 • Q2 n
Slide 25: Upfront and milestone payments strengthen the financial base
Upfront and milestone payments on top of royalties further strengthen the financial base Net Result (SEK M) Cash Flow From Operating Cash Balance (SEK M) Activities (SEK M) 1,916 1,021 1,147 890 789 804 779 97 12 -68 -20 -31 -94 -80 -27 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2025 2025 Net
Slide 26: Upcoming news flow and closing remarks
Upcoming news flow and closing remarks 26
Slide 27: Upcoming news flow
Upcoming news flow Q3 2025 Q4 2025 H1 2026 H2 2026 Congresses AAIC, Jul 27 - Jul 31 CTAD, Dec 1 - 4 AD/PD, Mar 17-21 AAIC and CTAD Leqembi early access Launch of Leqembi in programs in France Further Leqembi launches in the EU Germany and Austria and Spain Potential US approval Potential US approval
Slide 28: Key takeaways
We are staring to deliver on our 2030 ambitions: • Leqembi well on track to becoming an established treatment in Alzheimer’s disease Key takeaways • High dose part of exidavnemab phase 2a study initiated • Third BrainTransporter partnership agreement signed • Highly profitable with record royalties
Slide 29: A world where science defeats severe brain diseases
With patients in mind we are committed to our vision: A world where science defeats severe brain diseases 29