Santhera Pharmaceuticals Holding Ag · SIX:SANN
Santhera Pharmaceuticals — Investor Presentation (June 2026)
36 slides from Santhera Pharmaceuticals's investor presentation, June 2026
Slide 1: Santhera Pharmaceuticals Investor Presentation
Santhera Pharmaceuticals Investor Presentation June 2026
Slide 2: Santhera speakers today
Santhera speakers today Catherine Isted Dr. Shabir Hasham CFO CMO 2
Slide 3: Disclaimer
Disclaimer This presentation is not and under no circumstances to be construed as a solicitation, offer, or recommendation, to buy or sell securities issued by Santhera Pharmaceuticals Holding AG. Santhera Pharmaceuticals Holding AG makes no representation (either express or implied) that the inform
Slide 4: Santhera Pharmaceuticals: A Fully Integrated Commercial Stage Specialty Pharma Company
SIX Swiss Exchange listed company (SANN) Santhera • Global headquarters near Basel (Switzerland) • About 110 employees; will remain <150 employees Pharmaceuticals AGAMREE® is a differentiated product in Duchenne muscular dystrophy (DMD) A Fully Integrated • A unique dissociative corticosteroid which
Slide 5: DMD is a lifelong neuromuscular disorder characterized by progressive loss of muscle strength and function
DMD is a lifelong neuromuscular disorder characterized by progressive loss of muscle strength and function 1. No cure and high medical need 2. Onset at age 3-5 years and life expectancy in the late 20s to mid-30s 3. Progressive muscle weakness needing chronic treatment 4. Loss of ambulation in early
Slide 6: Current therapies with intrinsic limitations: too late – too little – too soon
Current therapies with intrinsic limitations: too late – too little – too soon Today’s standard of care: Corticosteroids are the standard of care in combination with other treatments Corticosteroids can delay disease progression by 2-3 years Corticosteroids have limitations due to serious side effec
Slide 7: Managing side effects and improving tolerability remain key challenges with traditional corticosteroids
Managing side effects and improving tolerability remain key challenges with traditional corticosteroids Cataracts/ glaucoma (12-25%) Long bone fractures Vertebral (20-60%) DOSE RISK Growth fractures stunting (76%) Weight (37-72%) Behavioral gain challenges (6-65%) (34-38%) SIDE EFFECTS COMMONLY LEAD
Slide 8: AGAMREE (vamorolone): A better foundational therapy
AGAMREE ® (vamorolone) A better foundational therapy AGAMREE addresses limitations of standard corticosteroid therapy Retained anti-inflammatory action and efficacy Reduction of steroid-associated side effects related to: ‒ growth ‒ bone health ‒ behavior May have additional benefits – Heart health
Slide 9: DMD is one of the largest rare disease markets with a clearly defined patient group
DMD is one of the largest rare disease markets with a clearly defined patient group Around 300’000 individuals affected globally Western Europe 90% of patients are diagnosed in NA/Europe 13’000 50-75% of patients on steroid treatment Central Patients are treated in Europe 4’000 specialized centers H
Slide 10: Large global DMD market with significant growth runway
Large global DMD market with significant growth runway Europe 17 markets Own commercialization 13’000 patients (100% of net sales) North America 3 markets > € 150 Mio* 15’000 patients > $ 350 Mio* China/SE Asia 15 markets Upfront payment 90’000 patients Milestone payments (70’000 + 20’000) Royalty i
Slide 11: FY 2025, A Year of Growth and Expansion, with Global Momentum Continuing Strongly in 2026
FY 2025, A Year of Growth and Expansion, with Global Momentum Continuing Strongly in 2026 1 4 Strong commercial momentum in own markets Positive long - term AGAMREE data • FY 2025, Strong growth continues in Germany, with >40% of steroid using DMD patients now on AGAMREE, with >50% in Austria (GUARD
Slide 12: Rapid adoption of AGAMREE by patients and payers in Germany & Austria
Rapid adoption of AGAMREE ® by patients and payers in Germany & Austria 2 ’300 Strong uptake of AGAMREE DMD prevalence In Germany over 40% of steroid using DMD patients now Current corticosteroid (CS) use treated with AGAMREE 50 - 55% of patients ‒ newly diagnosed patients aged 4-5 ‒ switchers aged
Slide 13: Key European launches progressing
Key European launches progressing 2024 2025 2026 Status Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 H1 H2 Germany / Launched Launch Pricing negotiations Austria PHASE 1 UK Launched Pricing negotiations Launch Spain Launch Imminent NPP* Pricing negotiations Italy Launch Imminent NPP* Pricing negotiations PHASE 2 Nordic
Slide 14: Targeting 5,000 patients on AGAMREE in Santhera European territory by 2030
Targeting 5’000 patients on AGAMREE ® in Santhera European territory by 2030 13’000 13’000 DMD prevalence prevalent patients and Current corticosteroid (CS) use 8’000 estimated 50 - 75% (~8'000) of European patients patients age on standard distribution corticosteroids 8’000 Age (y) 10 20 30 2030 In
Slide 15: Expected peak sales of >EUR 150 Mio in Santhera territory in 2030
Expected peak sales of >EUR 150 Mio in Santhera territory in 2030 TYPICAL PATIENT Annual cost (EUR) Weight 33kg 60’000 45’000 Dose 5.2 mg/kg/d 30’000 150m EUR 15’000 4’000 5’000 6’000 8’000 13’000 Bottles 1.3 per month 15 bottles per year Estimated patients Current patients DMD Patients on AGA
Slide 16: Catalyst U.S. launch exceeding expectations
Catalyst U.S. launch exceeding expectations 11’000 2025 US AGAMREE sales: USD 117 Mio – US DMD prevalence 13’000 USD 117 Mio exceeded initial guidance (USD > 70 % treated with corticosteroids 100–110 Mio) >USD 100 Mio sales milestone triggered USD 12.5 Mio payment to Santhera Catalyst 2026 guidance:
Slide 17: China progressing well following commercial launch
China progressing well following commercial launch 2023 2024 2025 2026 Q3 Q4 Q1 Q2 Q3 Q4 H1 H2 H1 H2 Filing Approval Soft Mar 27 Dec Launch Reaching patients in China Early access program (EAP) in Hainan province was launched in June 2024 Commercial launch in the non-reimbursed market commenced in S
Slide 18: USD 215 Mio APAC licensing deal with Nxera (Jan 2026)
USD 215 Mio APAC licensing deal with Nxera (Jan 2026) USD 40 Mio Upfront Addressing unmet needs in Japan and beyond USD 30 Mio cash and USD 10 Mio Equity at CHF 14.9 (20% premium Nxera exclusive, strategic licensing partner for to 30-day VWAP) AGAMREE in Japan, South Korea, Australia and New Zealand
Slide 19: Significant geographic expansion over the past twelve months
Significant geographic expansion over the past twelve months Recent international partnership Opportunity for additional mid - to long - term expansion across key markets: revenue and profitability with limited investment ⚫ Türkiye Aug 25 ⚫ S. Korea Jan 26 ⚫ GCC Aug 25 ⚫ Australia/NZ Jan 26 ⚫ India
Slide 20: Positive Long-Term Data (inc. GUARDIAN data) Presented March 2026
Positive Long - Term Data (inc. GUARDIAN data) Presented March 2026 Durable efficacy, markedly improved safety vs. standard corticosteroids in DMD Study Overview Efficacy Open-label, multicenter study evaluating Comparable long-term effectiveness to classic corticosteroids, AGAMREE® (vamorolone) in
Slide 21: Vamorolone improves long-term bone health vs standard glucocorticoids in DMD
Vamorolone improves long - term bone health vs standard glucocorticoids in DMD Substantially Lower Vertebral Fracture Risk Prevalence of boys with ≥1 vertebral fracture (A) and vertebral fracture Significantly lower severity (B) vertebral fracture prevalence with vamorolone vs classic CS 8.1% (3/37)
Slide 22: Vamorolone maintains efficacy with improved growth vs standard glucocorticoids in DMD
Vamorolone maintains efficacy with improved growth vs standard glucocorticoids in DMD Comparable long-term effectiveness Maintained growth without compromising motor function Time to loss of ambulation comparable vs classic CS Height trajectories/Growth maintained with vamorolone Efficacy maintained
Slide 23: Financial Highlights – Year ending 31 December 2025
Financial H ighlights – Year ending 31 December 2025 1 5 Total revenue grew 97% to CHF 77.2 Mio (2024: CHF Operating expenses down 7% to CHF 53.0 Mio (2024: 39.1 Mio) CHF 56.9 Mio) • Strong growth in AGAMREE adoption • Lower development, general and administrative expenses • Ahead of original guidan
Slide 24: 2026 financial guidance and longer-term outlook
2026 financial guidance and longer - term outlook 2026 revenue guidance: FY revenues between CHF 80-90 Mio • Product sales are anticipated to grow by more than 50% • Royalty income is expected to increase year-on-year. However, royalty income from Catalyst will lag underlying US sales • Milestone in
Slide 25: Clear strategy with four pillars of revenue generation
Clear strategy with four pillars of revenue generation Self commercialization Acquire rights to additional in core European synergistic late-stage countries rare/orphan assets Geographical Additional expansion indications Go direct in Acquire rights Europe to assets Grow AGAMREE® Leverage in synergy
Slide 26: Expected News Flow
Expected News F low 2026 News Flow: • June/July 2026: First Italian commercial sales • July 2026: First Spanish commercial sales • September 26: Interim results • H2 2026: Pricing agreement and commercial launch in other smaller EU countries • H2 2026: Distribution agreement in South America Other N
Slide 27: Appendix
APPENDIX santhera
Slide 28: Share Capital and Major Shareholders
Share Capital and Major Shareholders Share Capital – as of 1 May 2026 Number ‘000 Comments Listed shares outstanding 15,151 Less Treasury (638) Basic shares outstanding 14,513 Dilution CHF 20,132k Maturing Sept 2028 at a strike of CHF 13.5446 Convertible bonds 997 CHF 13,500k Remaining to convert 23
Slide 29: Summary revenue/royalty stream
Summary revenue/royalty stream Direct markets Distributors Licensed (Western Europe) (Eastern Europe & other) Catalyst / Sperogenix Revenues booked Low-high teens Booked revenue guidance 100% >60% 2028: EUR 150 Mio to SANN % gross royalty* Royalty payment (less mid-high (less mid-high (less mid-high
Slide 30: Summary royalty stream
Summary royalty stream Total gross royalty (low-high teens %*) Royalty payments to originator (mid-high single digit %*) $’s Net royalty payments (mid single digits up to 11%) Royalty payments to Royalty payments CBC and Partners Group retained by SANN TIME 30 * For sales <$500 Mio, for sales >$500
Slide 31: Protection of vamorolone through patents and orphan exclusivity
Protection of vamorolone through patents and orphan exclusivity • Patent portfolio under exclusive license from ReveraGen • Granted use patents in DMD until 2029 with expected patent term extension by up to 5 years, i.e., 2034* • Granted US patent to protect vamorolone crystal form (polymorph) and s
Slide 32: Expanding manufacturing capacity
E xpanding manufacturing capacity Santhera’s additional manufacturing site now online Q4 2025: First supply ready from second CMO Ensures supply for geographical expansion Strengthens supply chain resilience and security of supply Streamlines supply chain & reduces lead time Significant cost efficie
Slide 33: Nimble commercial setup supports markets
Nimble commercial setup supports markets Headquarters functions support own country teams, licensing and commercialization partners License Partners Catalyst (North America) Sperogenix (Greater China/SEA) Nxera (Japan, S. Korea, Australia New Zealand Quality Medical & PV Affairs Santhera Germany, Au
Slide 34: Financing: September 2025 gross funds CHF 20.5 Mio
Financing: September 2025 gross funds CHF 20.5 Mio Convertible loan extension: (Highbridge Capital Management) Highbridge will provide an additional CHF 10 Mio via a new convertible note with the existing CHF 7 Mio convertible bond exchanging, at parity The new convertible bond with an aggregate pri
Slide 35: Executive Management Team
Executive Management Team Dario Eklund Catherine Isted Dr. Oliver P. Chief Executive Officer Chief Financial Officer Kronenberg Chief Legal Officer and Secretary to the Board Dr. Shabir Hasham Marc Schrader Marc Clausse Chief Medical Officer Chief Technology Officer Chief Commercial Officer 35
Slide 36: We have everything in place to successfully serve the DMD market
We have everything in place to successfully serve the DMD market A differentiated A clear A strong & A nimble Funded to product with growth growing partner organization projected cash - worldwide rights strategy network with expertise breakeven 36
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