Slide 1: Q4 2025 results
Q4 2025 results Closing the year with significant growth and strategic progress Conference call and webcast for analysts and investors 5 February 2026
Slide 2: Forward-looking statements
Forward-looking statements In order to utilise the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995, Swedish Orphan BiovitrumAB (publ) is providing the following cautionary statement. This presentation contains forward-looking statements with respect to
Slide 3: Agenda
Agenda Business Update - Guido Oelkers Chief Executive Officer R&D Pipeline - Lydia Abad-Franch Head of R&D and Medical Affairs, Chief Medical Officer Financials - Henrik Stenqvist Chief Financial Officer Summary & Q&A
Slide 4: Key takeaways for Q4 2025
Key takeaways for Q4 2025 Continued strong performance in Q4, growth of 16% at CER – driven by 37% growth in our strategic portfolio1 Delivered double digit growth for full year with 15% growth at CER with all regions contributing and 40% adjusted EBITA margin Addition of Arthrosi Therapeutics to st
Slide 5: Strong growth of 16% at CER in Q4 delivered by our portfolio and across all regions
Strong growth of 16% at CER in Q4 delivered by our portfolio and across all regions Total net sales, SEK M, growth at CER Strategic products, SEK M Revenue by region Doptelet 1,508 Strategic1 +16% Foundational Beyfortus Europe 2,955 +19% 849 7,821 royalty 7,436 Altuvoct 1,023 North 5,059 Gamifant 76
Slide 6: Full year growth of 15% at CER delivered by strong momentum across the business
Full year growth of 15% at CER delivered by strong momentum across the business and across all regions Total net sales, SEK M, growth at CER Revenue by Therapeutic area Revenue by region Strategic1 +15% Foundational Europe 10,815 20% 28,238 4% 26,027 28% North 16,698 America 9,313 +19% 12,346 (59%)
Slide 7: Altuvoct: FY 2025 haemophilia A sales >SEK 6.8 B with continued growth expected
Altuvoct: FY 2025 haemophilia A sales >SEK 6.8 B with continued growth expected Haemophilia A sales SEK 1,907 M +39% Q4 Haemophilia A Altuvoct: Best in class product annual sales • Launched in 23 countries with strong momentum Elocta • Q4 Altuvoct sales exceeding SEK 1B 8,000 Altuvoct Altuvoct launc
Slide 8: Doptelet: Continues to deliver strong momentum, growing 47% at CER
Doptelet: Continues to deliver strong momentum, growing 47% at CER Doptelet SEK 1,508 M +47% Q4 Doptelet • Excellent efficacy coupled with less diet restriction has made Doptelet an important choice in ITP • The brand has evolved into a truly global franchise, with strong momentum and continued grow
Slide 9: Aspaveli: Launching in Germany in Q1 supported by best-in-class data
Aspaveli: Launching in Germany in Q1 supported by best-in-class data for C3G and IC-MPGN Aspaveli has demonstrated strong efficacy in C3G & IC-MPGN1 EU approval on January 16th for both C3G & IC-MPGN • The robust phase 3 VALIANT data were recently published in the New England Journal of Medicine • L
Slide 10: Beyfortus: Strong fundamentals – with season variation and inventory levels
Beyfortus: Strong fundamentals – with season variation and inventory levels Beyfortus seasonal revenue Q4 SEK 849 M H2 SEK 2,015 M Fundamentals of market have not changed • Beyfortus recommended for all newborns whose mother has not received a Product High 2025/26 maternal vaccine and fully reimburs
Slide 11: Gamifant: Accelerating growth with US launch in HLH/MAS
Gamifant: Accelerating growth with US launch in HLH/MAS and strong momentum across indications Gamifant SEK 763 M +70% Q4 MAS launch accelerating growth • First-ever treatment for adults and children with Macrophage Activation Syndrome (MAS) in Still's disease • Strong patient growth continues to dr
Slide 12: A strong wave of high-value launches through 2028
A strong wave of high-value launches through 2028 driving long-term growth into the 2030s US Europe International Timeline 2024 2025 2026 2027 2028 2029 2030 Haemophilia A HLH / MAS C3G / IC-MPGN Uncontrolled gout NASP sHTG Progressive gout Pozdeutinurad US or EU market approval achieved 12 12 Sobi
Slide 13: Our expectations in 2026 is all about balancing today, tomorrow and the day after tomorrow
Our expectations in 2026 is all about balancing “today”, “tomorrow” and “the day after tomorrow”… Pipeline Launches sHTG pre-launch Continued activities for Altuvoct launch Tryngolza Arthrosi deal closure and Launch of Aspaveli finalisation of in Europe Phase 3 program Next program for Gamifant laun
Slide 14: Q4 R&D Pipeline
Q4 R&D Pipeline Lydia Abad-Franch Head of R&D and Chief Medical Officer
Slide 15: Continued pipeline progress in Q4 2025
Continued pipeline progress in Q4 2025 C3G & primary IC-MPGN Aspaveli EU approval C3G & primary IC-MPGN Japan submission C3G & primary IC-MPGN Pivotal VALIANT data published in NEJM HLH / MAS in Still’s disease Gamifant Japan submission HLH / MAS in Still’s disease EU submission IDS Phase 2a data Se
Slide 16: Aspaveli in C3G and primary IC-MPGN takes major steps towards global launch
Aspaveli in C3G and primary IC-MPGN takes major steps towards global launch Rapid progress in Q4 Global launch in 2026 Approved for C3G & primary IC-MPGN in - EU* - Australia - Brazil* - Saudi Arabia January H1 H2 - South Korea EU C3G Enfuse Japan C3G and - Switzerland approval rollout Enfuse approv
Slide 17: Gamifant: Significant new potential opportunity in sepsis
Gamifant: Significant new potential opportunity in sepsis High unmet medical need in Gamifant to be moved into new sepsis endotype - EMBRACE4 – exploratory phase further development for the interferon-gamma driven 2 study in IFNγ driven sepsis potential treatment of IDS sepsis (IDS) Sepsis accounts
Slide 18: Olezarsen: Strong phase 3 data paves way for European submission
Olezarsen: Strong phase 3 data paves way for European submission in H1/2026 for sHTG ≥ 880 mg/dL Placebo-adjusted triglyceride-lowering 85% reduction of acute pancreatitis approximately double what is currently achievable events in sHTG2,3 for patients with sHTG1 Triglyceride Levels in CORE-TIMI 72a
Slide 19: Progress to be continued in 2026
Progress to be continued in 2026 Anticipated pipeline news flow 2026 H1 2026 H2 NASP – Uncontrolled gout Altuvoct – Haemophilia A o US regulatory decision o FREEDOM Phase 3b initial study data Tryngolza – sHTG ≥880 mg/dL Aspaveli – C3G & primary IC-MPGN o EU submission o Japan regulatory decision Zy
Slide 20: Q4 Financials
Q4 Financials Henrik Stenqvist Chief Financial Officer
Slide 21: Q4 2025 Revenue and profit & loss
Q4 2025 Revenue and profit & loss Q4 Q4 Full-year Total revenue (SEK M) Amounts in SEK M 2025 2024 Change 2025 Haematology Immunology Specialty Care Total revenue 7,821 7,436 5% 28,238 7 776 7 821 Adjusted Gross profit1,2 6,307 5,821 6% 22,270 7 436 341 347 Adjusted Gross margin1,2 81% 78% 79% 385 6
Slide 22: Delivering profitable growth in 2025
Delivering profitable growth in 2025 Revenue growth1 Gross margin2 OPEX1 Adjusted EBITA Margin2 +8% -3% +15% +0.8pp 40% SG&A R&D Growth across Driven by product SG&A: increased SG&A costs for Reflecting strong regions driven by and country mix Altuvoct, Gamifant, NASP and revenue growth, Altuvoct, D
Slide 23: Sobi Outlook 2026
Sobi Outlook 2026 Key drivers for 2026 outlook 2026 Outlook • Progress with commercial portfolio and continued Altuvoct launch Revenue • Critical investments in 2026 for future revenue growth: Anticipated to grow by a low • SG&A investment in Aspaveli in double-digit percentage at CER Nephrology and
Slide 24: Summary and Q&A
Summary and Q&A Guido Oelkers Chief Executive Officer
Slide 25: Sobi CMD 2026
Sobi CMD 2026 Stockholm and Webcast live February 18th 13:00-16:00 CET Pre-registration available at Sobi.com 25
Slide 26: Q&A
Q&A
Slide 27: Current Development Pipeline
Current Development Pipeline Major ongoing clinical studies and medicines in registration in a major region or country Phase 2 Phase 3 Registration Vonjo® (pacritinib) Vonjo® (pacritinib) Gamifant® (emapalumab) VEXAS (Vacuoles, E1 enzyme, X-linked, Myelofibrosis with severe HLH/MAS autoinflammatory,
Slide 28: Appendix: Q4 2025 sustainability performance
Appendix: Q4 2025 sustainability performance Sobi sustainability priorities Highlights in Q4 2025 Highlights in Q4 2025 Maintain commitment to Always act responsibly patients • Awareness and patient support • Access to treatment • Safe and healthy working • Caring for employees - • Patient centricit
Slide 29: Thank you
Thank you Sobi is a trademark of Swedish Orphan Biovitrum AB (publ). © Swedish Orphan Biovitrum AB (publ) – All rights reserved Swedish Orphan Biovitrum AB (publ) SE-112 76 Stockholm • Sweden www.sobi.com