Santhera Pharmaceuticals Holding Ag · SIX:SANN
Santhera Pharmaceuticals — FY2025 Earnings Presentation
28 slides from Santhera Pharmaceuticals's earnings presentation, April 2026
Slide 1: Santhera Full Year Results Presentation
Santhera Full Year Results Presentation Year ended 31 December 2025 April 2026
Slide 2: Santhera speakers today
Santhera speakers today Dario Eklund Catherine Isted Dr. Shabir Hasham CEO 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: A Year of Growth and Expansion as Global Momentum Continues
A Year of Growth and Expansion as Global Momentum Continues 1 Strong commercial momentum in own markets 4 Exclusive strategic licensing agreement with • Strong growth continues to be observed, with >40% of steroid using DMD patients now on AGAMREE, with >50% in Austria Nxera • Signed Jan 2026 - cove
Slide 5: 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 6: 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 Pricing Agreed NPP* Pricing negotiations PHASE 2 Nordic S
Slide 7: 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 8: China progressing as commercial launch commences
China progressing as commercial launch commences 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 Sep
Slide 9: 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 10: Significant geographic expansion over the past nine months
Significant geographic expansion over the past nine 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 Au
Slide 11: 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 12: 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 13: 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 14: 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 15: Financial highlights – Year ending 31 December 2025
Financial highlights – 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 guidanc
Slide 16: 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 17: 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 18: Looking to the Future - Executive Changes for 2026
Looking to the Future - Executive Changes for 2026 Orlando Oliveira Marc Clausse Incoming Chief Executive Officer Incoming Chief Commercial Officer Joining 15 July 2026 Joining 1 June 2026 18
Slide 19: Thank you
Thank you For your time Any Questions ? 19
Slide 20: Appendix
APPENDIX santhera
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 27 * For sales <$500 Mio, for sales >$500
Slide 28: 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 Dr. Geert-Jan van Chief Medical Officer Chief Technology Officer Daal Chief Commercial Office
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