Bioarctic Ab Class B · OMXSTO:BIOA_B
Bioarctic Ab Class B — Q1 2026 Earnings Presentation
26 slides from Bioarctic Ab Class B's earnings presentation, May 20, 2026
Slide 1: Strong financial performance with commercial milestone reached
Strong financial performance with commercial milestone reached First quarter 2026 business and financial 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: Q2 2026 To subscribe to financial reports/press releases and +46 704 10 71 80
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 targeting aggregated forms BrainTransporter platform Modality BrainTransporter of toxic proteins delivers biotherapeutics to the brain accommodate a variety of drug modalities BT Modalities Antibodies Enzymes Proteins Geneti
Slide 6: Delivering on our 2030 ambitions
Delivering on our 2030 ambitions On the path to becoming Sweden’s next major biopharma company 1 2 3 4 Leqembi Broader pipeline Partnerships Strong financials • Steady growth across • Phase 2a fully recruited • Partnerships with Bristol • Quarterly royalty geographies in Q1 • IND-activities for BAN2
Slide 7: Partnerships – a key component behind our success
EUR 222 M + 9% royalties (EUR 34 M milestones remaining) 2005 – USD 1.35 B + potential royalites Partnerships (USD 1.25 B milestones remaining) – a key component 2024 – behind our success USD 802 M + potential royalties (USD 772 M milestones remaining) 2025 – USD 130 M received 2015 – 2022 7
Slide 8: R&D update
R&D update Johanna Fälting Chief R&D Officer 8
Slide 9: Two world-leading platforms with cross-program synergies
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 (subcutaneous) Eisai Antibody Lecanemab (presymptomatic treatment) Eisai Lecanemab back-up Eisai projects BAN1503 (
Slide 10: α-synuclein portfolio moving forward and expanding
α-synuclein portfolio moving forward and expanding Offers opportunities in several synucleinopathies α-syn antibodies targeting aggregated misfolded α-synuclein Exidavnemab (α-synuclein antibody) ▪ Phase 2a study EXIST in Parkinson’s disease and Multiple System Atrophy fully recruited ▪ Key regulato
Slide 11: Many clinical benefits of overcoming the BBB obstacle with the BrainTransporter technology
Many clinical benefits of overcoming the BBB obstacle with the BrainTransporter technology Active transport across the BBB Opportunities with increased brain exposure TfR BBB: Blood brain barrier BT: BrainTransporter TfR: Transferrin Receptor RMT: Receptor-mediated transport 11
Slide 12: BAN2238 show promising brain exposure and safety in preclinical testing
BAN2238 show promising brain exposure and safety in preclinical testing Increases brain exposure of No signs of anemia or BAN2238 BAN2238 in mice reduction of reticulocytes (with full effector function) Brain:plasma ratio 800 15 Reticulocyte Levels Brain:plasma ratio (%) ✱✱✱ 600 (109/L) 10 400 5 200
Slide 13: The expanded BrainTransporter platform delivers various drug modalities across the blood brain barrier
The expanded BrainTransporter platform delivers various drug modalities across the blood brain barrier Multi-modality system BTA BT-Antibodies BTE BT-Enzymes BTS Small Modalities 13
Slide 14: Leqembi update
Leqembi update Anna-Kaija Grönblad Chief Commercial Officer 14
Slide 15: Leqembi continues to be the global market leader
• Global markets continue to show good growth, increase of 99% compared to Eisai’s previous FY • The market for blood biomarkers shows promising growth & the number of patients receiving maintenance treatment has increased, both for IV and with Leqembi Leqembi continues to be Iqlik • Subcutaneous in
Slide 16: Committed to securing patient access in the Nordics
Committed to securing patient access in the Nordics • Negative NT-council recommendation in Sweden in April ⎻ Possibility to re-open dialogue with new data such as approval of IV Maintenance dosing • Health Technology Assessment reports expected Bild från in Norway and Finland in the coming months •
Slide 17: AD/PD 2026: data further strengthen Leqembi's efficacy & safety profile
AD/PD 2026: data further strengthen Leqembi’s efficacy & safety profile 48 months treatment associated with increasing benefit Treatment persistence: versus matched controls 78% at 18 months, 67% at 24 months AD/PD 2026, Froelich L et al. A 48-Month Analysis of the Lecanemab Clarity AD Open- AD/PD 2
Slide 18: Financial summary
Financial summary Anders Martin-Löf Chief Financial Officer 18
Slide 19: Leqembi underlying growth continues
Leqembi underlying growth continues Eisai FY 2025 sales > € 500 M BioArctic royalty • Global Q1-26 sales were ¥ 26.2 B ($ ~168 M), 27% increase from Q4-25, ~78% increase from Q1-25 180 − Q1 royalty grew by 27% QoQ to SEK 160,8 M 162.5 160.8 160 • China sales no longer distorted by Q2 stockpiling 140
Slide 20: Leqembi beat forecast by 15% reaching ¥ 88.0 B in Eisai's FY 2025
Leqembi beat forecast by 15% reaching ¥ 88.0 B in Eisai’s FY 2025 - New 2026 forecast of ¥ 143.5 B implies 63% global growth Leqembi Global Sales - Actuals & forecast ¥ 143.5 B 160 ($ ~910 M) 140 14.0 +63% 120 19.0 ¥ 88.0 B 100 ($ ~580 M) Other Forecast corresponds to 33.0 6.6 China royalty of SEK~8
Slide 21: Solid royalty growth and € 20 M sales milestone led to high profit
Solid royalty growth and € 20 M sales milestone led to high profit Net Revenues (SEK M) OPEX by function (SEK M) Operating Profit/Loss (SEK M) 1,290 207 1,075 203 193 150 136 Other G&A 179 211 392 438 33 133 184 M&S R&D -29 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2026 2025 2026 2025 2026 •
Slide 22: Very solid financial position with over SEK 2 B in cash
Very solid financial position with over SEK 2 B in cash Net Result (SEK M) Cash Flow From Operating Cash Balance (SEK M) Activities (SEK M) 1,021 1,147 2,190 1,916 2,035 1,882 212 313 789 97 12 -87 -9 -41 -166 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2026 2025 2026 2025 2026 Net profit for
Slide 23: Upcoming news flow and closing remarks
Upcoming news flow and closing remarks 23
Slide 24: Recent and upcoming news flow
Recent and upcoming news flow Q2 2026 Q3 2026 Q4 2026 H1 2027 Congresses AAIC, Jul 12 - 15 CTAD, Nov 16 - 19 AD/PD Potential US approval Potential Japanese Leqembi Iqlik and Chinese approval initiation treatment Leqembi SC-AI initiation treatment Exidavnemab Ph2a-study read-out Start of exidavnemab
Slide 25: Key takeaways
Key takeaways 1 Continued robust growth for Leqembi: second sales milestone received 2 Project portfolio progressing 3 Strong interest from potential partners 4 >SEK 2 billion in cash Strong financial position: 25
Slide 26: 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 26