Swedish Orphan Biovitrum Ab · OMXSTO:SOBI
Swedish Orphan Biovitrum Ab — Investor Day (February 2026)
109 slides from Swedish Orphan Biovitrum Ab's investor day presentation, Feb 18, 2026
Slide 1: Sobi Capital Markets Day 2026
Sobi Capital Markets Day 2026 18 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 Biovitrum AB (publ) is providing the following cautionary statement. This presentation contains forward-looking statements with respect to
Slide 3: Today's agenda
Today’s agenda Guido Oelkers Sobi Ambition 2030 13:00 Chief Executive Officer, Sobi Lydia Abad-Franch Pipeline and innovation at Sobi 13:30 Head of R&D and MA, CMO Disease Deep Dive: The painful Robert Keenan 13:50 burden of severe gout CMO Arthrosi Therapeutics Roundtable: Commercial Duane H Barnes
Slide 4: Sobi Ambition 2030
Sobi Ambition Guido Oelkers Chief Executive Officer 2030 4
Slide 5: We have significantly grown and transformed Sobi over the last decade
We have significantly grown and transformed Sobi over the last decade Annual revenue 2017-251 CAGR, 2017-25 We expect to achieve sales of SEK 25 BN by 2025 30 28,2 26,0 - Sobi Capital Markets Day 25 +20% 22,1 2020 20 18,8 15,3 15,5 15 14,2 10 9,1 6,5 5 0 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 6: We delivered on "25 by 25"
We delivered on “25 by 25,” creating a stronger and more resilient economic platform and organisation Revenue, SEK bn EBITA1, SEK bn Enterprise value2, SEK bn Number of employees, k x 1.9 x 1.8 x 2.4 x 1.3 28.2 11.3 125.6 ~1.9 ~1.5 15.3 6.3 53.4 2020 2025 2020 2025 2020 2025 2020 2025 1: Adjusted EB
Slide 7: Our strategy has remained consistent since 2017
Our strategy has remained consistent since 2017 — while organically evolving Strengthen Put patient- Broaden the Unlock the therapeutic centered global value of our area sustainability at footprint pipeline leadership our core 7
Slide 8: Building therapeutic area leadership by sourcing first and best-in-class therapies
Building therapeutic area leadership by sourcing first and best-in-class therapies Haematology Immunology Specialty Care Weekly Factor VIII Highly convenient Only JAK-1 sparing JAK- Novel APOC3- replacement with Oral TPO-RA; 2 inhibitor, approved for targeting antisense sustained, near- meal-indepen
Slide 9: Globalising our footprint to increase access and impact
Globalising our footprint to increase access and impact Sobi revenues1, SEK bn Sobi territories2 – coverage of > 90% of Global Mkt.3 US +11% >100 Launches across Sobi 9.3 territories 5.5 in last 5 years 2020 2025 Europe +7% 9 new 10.8 7.6 organisations since 2020, 2020 2025 e.g. Japan, International
Slide 10: Sustainability drives our strategic business priorities and decisions
Sustainability drives our strategic business priorities and decisions Managing carbon footprint1 – Patient Responsible in context of strong growth commitment behaviour CO2e in kt Revenues in SEK B ▪ Access to treatment Safe and healthy work ▪ 2.0 28.2 30 ▪ Patient centricity and 1.9 A fair and inclu
Slide 11: We have significantly strengthened our innovation engine
We have significantly strengthened our innovation engine to unlock the value of our pipeline Building world-class innovation capabilities Driving science in new disease Stockholm entities3 Embedded in leading global biotech hubs, with access to Boston Basel IFN-γ–driven sepsis (IDS): top talent and
Slide 12: Sobi is entering a unique moment of opportunity
Sobi is entering a unique moment of opportunity, with 6 big launches and 5 potential blockbusters Timeline 2024 2025 2026 2027 2028 2029 2030 Haemophilia A HLH / MAS C3G / IC-MPGN Uncontrolled gout NASP sHTG Progressive gout pozdeutinurad Joint Health / Synovitis1 VEXAS2 5 assets with block- Priorit
Slide 13: Setting a new ambition: Doubling Sobi to 55bn SEK by 2030
With such opportunities ahead we are setting a new ambition: Doubling Sobi to 55bn SEK1 by 2030 Revenue, in SEK B ILLUSTRATIVE ONLY, NOT TO SCALE 6 major launches 55 Altuvoct in HA Gamifant HLH/ MAS Priority Portfolio development renewal programs through NASP in BD uncontrolled gout Gamifant in IDS
Slide 14: Altuvoct on track to make Haemophilia A a blockbuster franchise
Altuvoct on track to make Haemophilia A a blockbuster franchise SEK 10bn+1 Altuvoct momentum is accelerating into 2026, with growing competitive gains Ambition: 40% share in our territory Raising the bar in haemophilia care ▪ 16 countries launching in 2026-27 ▪ Moving care beyond bleeding and ABRs t
Slide 15: Aspaveli: Transforming the treatment of C3G and IC-MPGN
Aspaveli: Transforming the treatment of C3G and IC-MPGN SEK 7- 10bn1 Ambition to treat ~5k patients at peak A disease-modifying therapy meeting unmet needs Serving patients across Sobi territories ▪ High unmet need in C3G and IC-MPGN: ▪ Currently estimated >13k diagnosed C3G & current treatments do
Slide 16: Tryngolza in sHTG: Lowering triglycerides and preventing pancreatitis
Tryngolza in sHTG: Lowering triglycerides and preventing pancreatitis – a medical emergency SEK 10bn+ Unprecedented lowering of TG and preventing pancreatitis ▪ First-in-class APOC3 inhibition in sHTG, once-monthly dosing ▪ Best-in-class efficacy: up to 72% lowering in Triglycerides and ~85% pancrea
Slide 17: Tryngolza: A clear and focused launch strategy
Tryngolza: A clear and focused launch strategy building on FCS and purposefully expanding SEK 10bn+ Positioning and launch strategy Expanding the business from the core ▪ Move sHTG care from triglycerides to true Lipidologists + specialised pancreatitis risk reduction endocrinologists / cardiologist
Slide 18: Pozdeutinurad: Advancing the Treatment for Progressive Gout
Pozdeutinurad: Advancing the Treatment for Progressive Gout SEK 10bn+ Most common inflammatory arthritis A rationally engineered highly with high unmet need selective new treatment approach ▪ Serious, progressive disease Bone erosion ▪ Next generation with irreversible damage, URAT1 inhibitor, disab
Slide 19: Establish Sobi in Gout via a top-down strategy
Establish Sobi in Gout via a top-down strategy US Uncontrolled I. Launch NASP in Building a leading Gout 2026 gout Franchise 15k patients3 ▪ NASP anchors Sobi’s gout franchise in the uncontrolled gout segment Progressive Gout II. Launch pozdeutinurad ▪ Pozdeutinurad allows Sobi to broaden >200k pati
Slide 20: Sepsis: A disease with high mortality and significant unmet medical need
Sepsis: A disease with high mortality and significant unmet medical need SEK 10bn+ Sepsis – an area of high unmet need ▪ 50 M global cases p.a., 11 M deaths ▪ Leading cause of in-hospital death ▪ Immune-mediated disease, yet no approved therapies targeting underlying immune dysregulation … of treati
Slide 21: Gamifant ambition: transforming treatment in Sepsis
Gamifant ambition: transforming treatment in Sepsis SEK 10bn+ IFN-y driven sepsis (IDS) Transforming Gamifant k cases p.a. ▪ Informed by multicentre study stratifying ~5.5k sepsis Estimated mortality patients based on immune biomarker profiles ▪ 20% show IDS endotype with high mortality 15-30% 10-25
Slide 22: We will further scale internationally to drive growth
We will further scale internationally to drive growth and diversify the business Europe + North America Pint partnership as Share of Sobi business, in % of sales1 International move to further build LATAM presence ▪ Established launch and 7% distribution platform for 16% >20% Sobi medicines ▪ Accele
Slide 23: Embedding analytics, digital and AI across our value chain
Embedding analytics, digital and AI across our value chain to accelerate speed, productivity and impact Our AI Agenda is driven by prioritizing impact at scale Elevating ▪ AI enhances physician engagement and physician & facilitates world-class field force effectiveness patient ▪ FLORIO: Europe’s la
Slide 24: Leveraging our roots in rare disease and pivoting towards broader opportunities
Leveraging our roots in rare disease and pivoting towards broader opportunities The “Rare approach” remains at our Branching out from the rare core - examples core From To ▪ Deep scientific and medical foundation ▪ Patient-centric model built on long-term, pHLH IDS trusted physician partnerships Bra
Slide 25: Select milestones and catalysts of the next years
Select milestones and catalysts of the next years Status/ Peak sales Product Modality Indication Launch ambition Next milestones and catalysts Two Modified SEK Launch in 16 countries in 2026-27; Haemophilia A Approved FREEDOM and SHINE data at EAHAD, FVIII biologics 10bn+ ISTH & ASH 2026 Mab targeti
Slide 26: Sobi Ambition 2030: Doubling the company by 2030
Sobi Ambition 2030: Doubling the company by 2030, and evolving our strategy to sustain long-term value Delivered Future- against Double by proofing strategy 2030 beyond 2030 Sobi today is stronger and We are on track to double the Our launches and pipeline power more global, with greater company by
Slide 27: Pipeline and innovation at Sobi
Pipeline and Lydia Abad-Franch, innovation Head of R&D and Medical Affairs, CMO at Sobi 27
Slide 28: Our R&D and Medical organisation is unlocking Sobi's potential
Our R&D and Medical organisation is unlocking Sobi’s potential by driving science and delivering results Late-stage development powerhouse Currently running ~40 clinical studies (ph1-ph4) Proven regulatory capabilities 36 approvals in 2025 across major markets ~40 peer-reviewed publications in 2025
Slide 29: Pipeline progress is a major driver for Sobi's growth
Pipeline progress is a major driver for Sobi’s growth Key approvals and filings over the past 24 months… Approved in EU & major markets1 for haemophilia A Approved in EU & major markets2 for C3G and pIC-MPGN …enabling Approved in US for HLH/MAS & submitted in EU, Japan near to mid-term growth Approv
Slide 30: Next wave of catalysts driven by the innovative pipeline
Next wave of catalysts driven by the innovative pipeline Medicine Indication Phase 2 Phase 3 Registration Phase 4 Emapalumab Interferon-gamma driven sepsis (IDS)1 Balance high- Pacritinib VEXAS Syndrome confidence late-stage Chronic Myelomonocytic Leukemia (CMML)1 value with selective Myelofibrosis
Slide 31: Altuvoct provides unprecedented levels of protection for patients with haemophilia A
Altuvoct provides unprecedented levels of protection for patients with haemophilia A Highly efficacious Reduced bleeding risk with in preventing bleeds simplified perioperative dosing Altuvoct has transformed care in haemophilia A by Nearly all surgeries were normalising haemostasis: Participants fr
Slide 32: Synovitis is a major and the most common complication of haemophilia A
Synovitis is a major and the most common complication for people living with haemophilia A 30-43% of people treated with If untreated, synovitis evolves into irreversible chronic arthropathy – prophylactic therapy with severe and lasting impact on quality of life have synovitis1,2 Treatment options
Slide 33: Altuvoct – Generating data on physical activity & joint health
Altuvoct – Generating data on physical activity & joint health Joint health, synovitis and bleed prevention Expanding the evidence beyond are at the center of Sobi data generation bleed prevention Evaluating the impact of unprecedented levels of protection in haemophilia care 2026 2027 ✓ Physical ac
Slide 34: C3G & pIC-MPGN – Great unmet need for disease-modifying treatments
C3G & pIC-MPGN – Great unmet need for disease-modifying treatments that reduce the risk of kidney failure Disease driver: Glomerular C3 deposits1 Disease triggers are heterogeneous Kidney 89% Biopsy-confirmed failure recurrence diagnosis2 in up to 50% of after kidney patients1 transplant1,5,6 Immuno
Slide 35: Aspaveli delivers meaningful disease control in C3G & primary IC-MPGN
Aspaveli delivers meaningful disease control in C3G & primary IC-MPGN Aspaveli cleared and Aspaveli addresses the three most relevant clinical endpoints2,3 stopped C3 deposition as seen by C3 staining in renal biopsy3 1 71.4% Histopathology of adult treated +6.3% improvement patients had no C3 depos
Slide 36: Aspaveli in C3G & primary IC-MPGN takes major steps towards global launch
Aspaveli in C3G & primary IC-MPGN takes major steps towards global launch VALIANT: Phase 3 results Further areas for data published in NEJM1 generation Broad label in EU, including: Paediatric population - C3G & primary IC-MPGN - Adults & adolescents Transplant patients - Transplant patients - No eG
Slide 37: Gamifant – Exploring benefits in further interferon-gamma driven conditions
Gamifant – Exploring benefits in further interferon-gamma driven conditions Gamifant remains only approved IFN-γ–blocking antibody IFN-γ is central driver of immune overactivation Real-world evidence points to potential benefit of emapalumab pHLH Approved in US Survival across HLH triggers in RWE1 6
Slide 38: Vonjo – PACER study
Vonjo – Chronic myelofibrosis data generation & broad label PACER study Phase 3 confirmatory study Real-world effectiveness of pacritinib in chronic myelofibrosis in patients with MF and higher platelet counts Primary endpoint results An observational chart review study expected in 2027 with readout
Slide 39: Vonjo – VEXAS study on track towards readout in 2027
Vonjo – VEXAS study on track towards readout in 2027 VEXAS is a severe disease ▪ Discovered in 2020 ▪ Phase 2 study ▪ Affects ~1 in 4,000 men over 50 years of age ▪ First prospective trial ever conducted in ▪ Severe, chronic, multisystem inflammatory VEXAS with novel endpoints disease, causing organ
Slide 40: Tech-enablement across the value chain
Tech-enablement across the value chain enabling acceleration of the development cycle time Clinical Development Regulatory Medical / Real-world evidence Integrated data visualization tools & Gen AI authoring of CSR and Florio - details next page statistical computing environment module 2 RWD driven
Slide 41: Florio has evolved into a leading rare disease patient platform
Florio has evolved into a leading rare disease patient platform generating real-world insights at scale State of the Art Digital Medical Devices MDR class I & IIa certified tools 7 applications: haemophilia, ITP, PNH, nephrology and for clinical trials with users in 26 countries Enabling the state-o
Slide 42: Unlocking innovation by driving the science for patients with rare diseases
Unlocking innovation by driving the science for patients with rare and debilitating diseases Strong R&D Robust delivery of organisation with pipeline global reach Next wave of innovative medicines Expanding into to catalyse growth new disease areas 42
Slide 43: Disease Deep Dive: The painful burden of severe gout
Disease Deep Dive: Robert Keenan The painful burden CMO Arthrosi Therapeutics of severe gout 43
Slide 44: Uric acid metabolism: drivers of hyperuricemia and gout
Uric acid metabolism: overproduction and underexcretion are drivers of hyperuricemia and gout Biochemistry of uric acid Relevant urate and its homeostasis transporters Abbreviations: GLUT = glucose transporter; OAT: organic anion transporter; BCRP = breast cacner resistance protein, URAT1: uric acid
Slide 45: Pathogenesis of Gout: A systemic inflammatory disease
Pathogenesis of Gout: A systemic inflammatory disease causing tophi, joint damage, flares and more1,2 Gout pathogenesis4 1 Persistent hyperuricemia Overproduction or reduced clearance of uric 1 2 2 acid leads to MSU crystal formation1,3. 2 … leading to Inflammation and joint damage4 MSU crystals tri
Slide 46: Inadequately treated gout typically progresses
Inadequately treated gout typically progresses, increasing sUA, flare rates and tophi1,2 SERUM GOUT URIC FLARES / ACID TOPHUS sUA levels may vary but HYPERURICEMIA remain >6 mg/dLb FORMATION (>6.8 mg/dL) THERAPEUTIC ULNa (6 mg/dL) Frequency and intensity of gout flares Crystal deposition and formati
Slide 47: NASP in Uncontrolled Gout: Immediate impact on sUA
NASP in Uncontrolled Gout: Immediate impact on sUA, maintained over 6 months On-Treatment Cohort Mean sUA reduction: sUA over time for patients on NASP† baseline to 1 hour High-Dose NASP (On-treatment) Low-Dose NASP (On-treatment) Placebo post first infusion 12 11 94% Mean (SD) sUA mg/dL 10 9 8 7 on
Slide 48: DISSOLVE I & II: Clinical impression of patients receiving NASP
DISSOLVE I & II: Clinical impression of patients receiving 6 doses of NASP Baseline After 6 doses Images from: Baraf HSB, et al. CCR-East 2025, Destin, FL; Poster presentation CR, complete response; HD NASP, high-dose NASP; NASP, nanoencapsulated sirolimus plus pegadricase. 48 Baraf HSB, et al. CCR-
Slide 49: AR882 (pozdeutinurad): Highly selective, QD URAT1 inhibitor
AR882 (pozdeutinurad): Highly selective, QD URAT1 inhibitor designed to deliver strong safety and efficacy • A potent and highly selective URAT1 inhibitor (modeled on a benzbromarone metabolite scaffold) that increases renal urate The molecule excretion—the key driver of gout • It rapidly and sustai
Slide 50: Pozdeutinurad reduction in sUA in a large Phase 2 study
AR882 (pozdeutinurad) showed clinically meaningful reduction in sUA in a large Phase 2 study Study 202 (phase 2, n=140)1 SUA reduction after 12 weeks, Median sUA level, % of patients (ITT population, 202 mg/dl, placebo, 50mg, 75mg study) Pozdeutinurad Placebo Pozdeutinurad 50mg Pozdeutinurad 75mg Po
Slide 51: Durable 18-month sUA reductions and marked tophi resolution
AR882 (pozdeutinurad) achieved durable 18-month sUA reductions and marked tophi resolution Study 203 (phase 2, n=42)1 Patients achieving sUA levels Patients achieving complete on different therapy regimens resolution of target tophus Pozdeutinurad maintained high sUA response rates up to 18 months1
Slide 52: Rapid and durable urate crystal volume reduction in Phase 2
AR882 (pozdeutinurad) demonstrated rapid and durable urate crystal volume reduction in Phase 2 Baseline Month 6 Month 12 Month 18 DECT Images Crystal volume reduction by 98% in 18 months EULAR 2025 Keenan et al Volume 84, Supplement 1239-240June 2025 52 DECT: Dual-energy CT
Slide 53: Phase 3 REDUCE 1 & 2 fully enrolled ahead of schedule
Phase 3 REDUCE 1 & 2 fully enrolled ahead of schedule – expected read out in 2026 75mg of pozdeutinurad once daily (oral capsule) for 12 months Gout patients • ≥2 flares in the last 12 months • sUA ≥7 mg/dL (>6 mg/dL if currently on an approved ULT) • Enriched for patients with 50mg of pozdeutinurad
Slide 54: Multiple novel therapeutics being developed for remaining unmet need in gout
Multiple novel therapeutics are being developed for patients with remaining unmet medical need in gout Significant unmet medical need remains for patients who have an inadequate response to XOIs Gout treatment paradigm Early gout1,2 Progressive gout3,4 Uncontrolled gout3,4 Xanthine Oxidase inhibitor
Slide 55: Roundtable: Commercial opportunities
Duane H Barnes Head of North America Roundtable: Sofiane Fahmy Commercial Head of Europe opportunities Norbert Oppitz Head of International 55
Slide 56: Growth model built on three regional engines
Sobi’s growth model is built on three regional engines with distinct roles and momentum Sobi revenues, SEK bn Major products today Priorities going forward %CAGR • Ongoing Gamifant-HLH/MAS launch US +11% 9.3 • NASP launch in 2026 5.5 • Arthrosi integration and pozdeutinurad launch in 2028 2020 2025
Slide 57: North America: Accelerated Gamifant growth and building a gout franchise
North America: Accelerated Gamifant growth and building a comprehensive gout franchise Status of the business 2026 Outlook and major drivers of growth until 2030 • Strong growth of 30% CAGR • Maintain short term performance driven by differentiated 2017-25 driven by Doptelet and efficacy and targete
Slide 58: North America: Clear strategy to enable our 2026 NASP launch
North America: Clear strategy to enable our 2026 NASP launch Launch & Launch strategy strategy & early1traction early traction Evidence generation & differentiation • Initiated pre-launch disease education, launch readiness • Pre-launch publication plan on Ph 3 data • Executing a robust publication
Slide 59: Europe on track to execute three parallel potential blockbuster launches
Europe on track to execute three parallel potential blockbuster launches Status of the business 2026 Outlook and major drivers of growth until 2030 • Strong growth of 20% in 2025 • Deliver Wave 2/3 launches (UK/FR/Nordics and IT) driven by Haemophilia franchise • Advance evidence beyond ABR and furt
Slide 60: Aspaveli launches with clear rare-disease strategy and SEK 7–10bn ambition
Aspaveli launches with clear rare-disease strategy, strong evidence, and SEK 7–10bn ambition Launch & Launch strategy strategy & early traction early traction Evidence generation & differentiation • Build strong scientific exchange and awareness among • Build on strong VALIANT data to 67% significan
Slide 61: International continues to be a core pillar of Sobi's growth story
International continues to be a core pillar of Sobi’s growth story Status of the business 2026 Outlook and major drivers of growth until 2030 • High-20s% CAGR since 2017, • LATAM: Unlock a large, underpenetrated rare- 2025 ~15% of total sales disease market, leveraging Pint Pharma’s strong • Presenc
Slide 62: Coffee break
Coffee break Welcome back at 14:45 62
Slide 63: Disease Deep Dive: The silent risk of sHTG
Disease Deep Dive: Prof Klaus Parhofer The silent Endocrinologist, LMU Munich, Germany risk of sHTG 63
Slide 64: Defining the Unmet Needs and Current Treatment Landscape for Managing sHTG
Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer 64
Slide 65: Disclosures
Disclosures KGP has received research funding and/or honoraria for consultancy and/or speaker’s bureau and/or DMC activity from: Boehringer- Akcea Alexion Amgen Daiichi-Sankyo Ingelheim Lilly MSD Omnicuris Novartis Novo-Nordisk Defining the Unmet Needs and Current Silence Treatment Landscape for Man
Slide 66: Classification of hypertriglyceridemia and distribution of sHTG
sHTG Accumulation of large (very severe/extreme HTG) >880 mg/dL TG-rich VLDL and 0.1 - 0.3% Increasing AP risk chylomicrons 880 mg/dL Classification of Increasing CVD risk hypertriglyceridemia (HTG) and distribution of sHTG triglycerides in the 500–880 mg/dL Increasing accumulation of general popula
Slide 67: Causes of Severe Hypertriglyceridemia
Causes of Severe Hypertriglyceridemia Familial chylomicronemia Severe hypertriglyceridemia syndrome (FCS) Mono-causal genetic Polygenic, multifactorial Mono-causal secondary (examples) • LPL-defect • Genetic predisposition + • Nephrotic syndrome • ApoC2 deficiency • Lifestyle (alcohol, overweight) a
Slide 68: Metabolism of Triglyceride-Rich Lipoproteins
Metabolism of Triglyceride-Rich Lipoproteins All components are required for a coordinated lipolytic function: • Lipoprotein lipase (LPL) • LMF1 • GPIHBP1 • Apo A-V • Apo C-II ApoC-III inhibits LPL-dependent and LPL-independent pathways of TG- metabolism Thus targeting apoC-III is a new treatment ap
Slide 69: Familial Chylomicronemia Syndrome (FCS)
Familial Chylomicronemia Syndrome (FCS) Clinical manifestations of FCS1-5 Neuropsychiatric (anxiety, depression) and cognitive (brain fog, lack of focus, memory loss) complications Eruptive xanthomas (fatty deposits under the skin) Lipemia retinalis (fatty deposits in the retina) Lipaemic/milky bloo
Slide 70: Familial Chylomicronemia Syndrome (FCS) – FCS-Score
Familial Chylomicronemia Syndrome (FCS) FCS-Score: a helpful tool to screen for FCS1 In patients with triglycerides > 10 mmol/l (885 mg/dL), scoring is based on: • Triglyceride levels: • Fasting TG > 10 mmol/L 3 consecutive times • Fasting TG at least once > 20 mmol/L • Medical history: • History of
Slide 71: Patient with genetically confirmed FCS
Patient with genetically confirmed FCS Patient, male 24 years • TG 2000-7000 mg/dl • Recurrent episodes of acute pancreatitis (total 7 severe episodes) AP AP Start olezarsen • Lipemia retinalis AP Start volanesorsen 13.02.2026 Start volanesorsen Plasma with Eruptive xanthomas Palmar chylomicrons xan
Slide 72: Balance: Olezarsen in Familial Chylomicronemia Syndrome
Balance: Olezarsen in Familial Chylomicronemia Syndrome Tryngolza® (olezarsen) is an antisense oligonucleotide targeting apoC-III with a liver-specific GalNAc-ligand Balance1 program Published in NEJM in 2024 ▪ Phase 3, randomized, double-blind, placebo-controlled trial Design ▪ Patients with geneti
Slide 73: Balance Trial: Olezarsen in FCS
Balance Trial: Olezarsen in FCS n= 66; 40 mg or 80 mg or Placebo q 4 weeks sc Triglycerides Episodes of pancreatitis Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Medizinische Klinik IV- Großhadern Stroes ESG et al. N Engl J Med 2024;390:1781-92 18
Slide 74: Severe hypertriglyceridemia (sHTG) – more than FCS
Severe hypertriglyceridemia (sHTG) – more than FCS Significant Risk of Acute Pancreatitis and Unmet Need ▪ Patients with sHTG often have multiple comorbidities: Poorly controlled type 2 diabetes, obesity, metabolic syndrome, hypothyroidism, kidney disease1-3 ▪ The ESC/EAS guidelines state that “The
Slide 75: CORE and CORE2: Olezarsen in Severe Hypertriglyceridemia
CORE and CORE2: Olezarsen in Severe Hypertriglyceridemia CORE/CORE21 program Published in NEJM on 08/11/25 ▪ Phase 3, randomized, double-blind, Design placebo-controlled trials ▪ Patients with sHTG (FCS excluded) ▪ Olezarsen 50 mg or 80 mg vs placebo, s.c. dosing every 4 weeks for 12 months ▪ n = 1,
Slide 76: Olezarsen achieved rapid and sustained TG reductions
Olezarsen achieved rapid and sustained TG reductions CORE CORE2 1,050 – Primary endpoint (Month 6) Primary endpoint (Month 6) 1,050 – Primary endpoint (Month 6) Primary endpoint (Month 6) Olezarsen 50 mg: Olezarsen 80 mg: Olezarsen 50 mg: Olezarsen 80 mg: 62.9% reduction compared to placebo 72.2% re
Slide 77: Olezarsen significantly reduced incidence of acute pancreatitis
Olezarsen significantly reduced incidence of acute pancreatitis* events • Olezarsen reduced the rate of acute pancreatitis by CORE/CORE2 pooled 85%† 6% Placebo Pooled placebo group • 86% of the 29 AP events occurred among patients Olezarsen 22 AP events in 17 patients with baseline triglyceride leve
Slide 78: Severe Hypertriglyceridemia
Severe Hypertriglyceridemia • Hypertriglyceridemia is common; severe hypertriglyceridemia is uncommon1-4 • Acute pancreatitis is the most serious complication of severe hypertriglyceridemia1-4 • Patients with severe hypertriglyceridemia (FCS but also with less clear- cut genetic findings) benefit fr
Slide 79: Defining the Unmet Needs and Current Treatment Landscape for Managing sHTG
Defining the Unmet Needs and Current Treatment Landscape for Managing Severe Hypertriglyceridemia Medizinische Klinik IV- Großhadern 18.02.2026 | Prof. Dr. Klaus Parhofer 79 Severe HTG | Parhofer | 18.02.2026
Slide 80: Disease Deep Dive: Precision medicine in sepsis
Disease Deep Dive: Prof Evangelos Giamarellos Precision medicine Chair European Sepsis Alliance, HISS Greece in sepsis 80
Slide 81: Emapalumab in precision sepsis management
EMAPALUMAB IN PRECISION SEPSIS MANAGEMENT Ε. J. Giamarellos-Bourboulis, MD, PhD Professor of Internal Medicine and Infectious Diseases 4th Department of Internal Medicine Director MSc Infectious Diseases National & Kapodistrian University of Athens, Medical School, Greece Chairman: European Sepsis A
Slide 82: Conflict of interest disclosure
CONFLICT OF INTEREST DISCLOSURE • Honoraria (paid to the University of Athens): Abbott Products Operations AG, bioMérieux France, Biotest GmbH, Brahms ThermoFisher GmbH Germany, and Swedish Orphan Biovitrum • Consultation fees (paid to the University of Athens): Abionic SA, Biorad, and Swedish Orpha
Slide 83: The global burden of sepsis
THE GLOBAL BURDEN OF SEPSIS 49 million incident cases (ranging per year between 39 to 63 million)1 11 million DEATHS (ranging per year between 10 and 12 million)1 Cases annually Global burden of sepsis (2017)1 USA 1 to 2 million1 Europe 3 to 4 million2 1. Rudd KE, et al. Lancet 2020; 395: 200 2. htt
Slide 84: Sepsis time course & the role of biomarkers
SEPSIS TIME COURSE & THE ROLE OF BIOMARKERS PRE-SEPSIS FULL-BLOWN SEPSIS IN THE ICU Patients arrive at Patients hospitalized in the hospital with early ICU with organ dysfunction signs (e.g. fever or probably under mechanical increased breath rate) ventilation and vasopressors Use a biomarker to Use
Slide 85: Evidence supports targeted immunotherapy
EVIDENCE SUPPORTS TARGETED IMMUNOTHERAPY PRE-SEPSIS FULL-BLOWN SEPSIS IN THE ICU Presepsin identifies early patients with CAP who receive survival benefit by Anakinra1 Ferritin identifies patients who experience improvement of organ function by Anakinra2 HR 0.32 Biomarkers identify Interferon-γ 95%
Slide 86: Interferon-gamma driven sepsis is a new functional endotype
INTERFERON-GAMMA DRIVEN SEPSIS IS A NEW FUNCTIONAL ENDOTYPE 20% of sepsis cases and by all type of infections • Any lung infection (CAP/HAP/VAP/COVID-19, influenza) • Urinary tract, abdominal • Bacteremia/candidemia Excess activation of tissue macrophages ΝΚ-/NKT-cells CXCL9 Th1-lymphocytes IFNγ
Slide 87: 20% show interferon-gamma driven sepsis
20% SHOW INTERFERON-GAMMA DRIVEN SEPSIS Discovery of endotype: Prevalence Incidence from screening of from 14 European cohorts1 EMBRACE2 (n=5,503 patients) (n=404 patients) Adaptive ~32% ~36% IDS ~20% ~20% MALS ~5% ~4% 1Giamarellos-Bourboulis EJ, et al. eBioMedicine 2024; 109: 105414 SII ~44% ~41% 2
Slide 88: EMBRACE Phase 2a study design
EMBRACE PHASE 2A STUDY DESIGN (EU CT: 2024-515255-38-00; Clinicaltrials.gov NCT06694701) Intervention Primary endpoint Day 1-Day 28 Day 29-120 • Improvement of organ Screening & function (SOFA score*) Randomization Double-blind Safety treatment follow-up Key secondary endpoints • 28-day mortality •
Slide 89: Primary endpoint: decrease of SOFA score at end-of-treatment
PRIMARY ENDPOINT: DECREASE OF SOFA SCORE AT THE END-OF-TREATMENT 100 % of patients attaining the primary endpoint +/- 95%CIs OR: 2.25 (95% CIs 0.67 to 7.47); probability: 0.034* Number of patients needed 80 to treat for one additional organ function responder compared with placebo = 5 60 40 60.0% (n
Slide 90: Substantial improvement with high-dose emapalumab
SOFA scores of every patient over-time (darkening = worsening) Substantial improvement with high-dose emapalumab Comparison of Emapalumab high dose heatmap vs placebo*: OR: 0.59 (95% CIs 0.48 to 0.74); p <0.0001 *by ordinal regression analysis Achievers: patients meeting the primary endpoint • Every
Slide 91: Survival analysis
SURVIVAL ANALYSIS 12% absolute mortality reduction by high dose emapalumab Mortality Emapalumab high dose : 40.0% Absolute mortality reduction has led to (95% CIs 21.8 to 61.3%) endorsement by SSC guidelines Mortality Year of reduction publication Recombinant human 6.1% 2004, 2008 Mortality Placebo
Slide 92: Faster CXCL9 decrease in high-dose emapalumab
FASTER CXCL9 DECREASE IN HIGH-DOSE EMAPALUMAB 85.0% (17/20 pts; 95% CIs 63.9 to 94.8%) HRGroup 2 vs Placebo: 5.00 95% CIs 1.95 to 12.79 50.0% (15/30 pts; 95% CIs 33.2 to 66.9%) p: 0.001* 24.0% (6/25 pts; 95% CIs 11.5 to 43.4%) *by Cox regression analysis CXC: chemokine CI: confidence interval HR: ha
Slide 93: Recap: key results of EMBRACE trial in sepsis
RECAP: KEY RESULTS OF EMBRACE TRIAL IN SEPSIS Primary endpoint: in the high-dose Emapalumab group versus the placebo group • 20% absolute improvement of organ function Secondary endpoints: in the high-dose Emapalumab group versus the placebo group • 12% absolute decrease of 28-day mortality • 61% ab
Slide 94: Delivering shareholder value
Delivering Henrik Stenqvist shareholder Chief Financial Officer value 94
Slide 95: Strong and sustained delivery of shareholder value
Strong and sustained delivery of shareholder value Sobi Share Price Performance vs European Healthcare and Swedish Indices, indexed 01/01/2020 until 01/01/2026 140 ▪ Significantly scaled Sobi’s SOBI STOXX Europe 600 / Health Care OMX Stockholm 30 business 120 100 ▪ Added multiple first- or best- in-
Slide 96: Sobi has built a materially stronger financial platform
Sobi has built a materially stronger financial platform Revenue and Adj EBITA margin evolution 2020 - 2025 2020 – 2025 Finance Performance Revenue (B SEK) Adj EBITA margin • Key investments made in 2021–2023 30 120 paying dividends in 2025 and 28 +12% at CER 26 beyond 22 • Delivered +12% revenue CAG
Slide 97: Balancing growth investments with profitability
Balancing growth investments with profitability Timeline The scale of these launches 2024 2025 2026 2027 2028 2029 2030 and development projects Haemophilia A requires significant HLH / MAS resource and capability C3G / IC-MPGN build-up Uncontrolled gout NASP MCS / sHTG Entering a new cycle of Progr
Slide 98: Revenue and Margin Ambition by 2030
Revenue and Margin Ambition by 2030 Key assumptions underlying targets: Revenue growth to ▪ Revenue excludes: 55B SEK by 2030 1. Gamifant IDS 2. Additional Business Development ▪ Based on 2025 average FX rates Adj. EBITA margins in ▪ Revenue risk corridor of +/- 10% by 2030 upper 30s percentage of r
Slide 99: Financial framework
Financial framework Historical patterns are indicative of future expectations Track record Our ambition till 2030 Revenue (B SEK) R&D % of Sales Revenue growth to Top-line growth key contributor to SG&A % of Sales Adj EBITA Margin maintaining strong margins and operating 30 60 55B SEK by 2030 levera
Slide 100: 2030 margin ambition: scale benefits and disciplined investment
2030 margin ambition: scale benefits and disciplined investment Key levers for margin ambition Strong revenue growth driven by six major launches by 2028 Execute COGS improvement projects to manage gross margin Disciplined, phased launches to smooth investment peaks Continuous resource reallocation
Slide 101: Strong operating cash flow enables flexibility
Strong operating cash flow enables flexibility Operating cashflow (B SEK) Cash conversion (%) Strong operating cash flow Operating Cash Flow and cash conversion evolution expected to continue 8.6 220 allowing Sobi to delever 200 quickly 7.4 180 160 5.5 140 Net Debt ratio of 0.9x as of 4.9 4.6 120 De
Slide 102: Capital allocation strategy
Capital allocation strategy Fund Organic Maintain balance Continue Shareholder Growth (R&D and sheet strength disciplined value SGA expenses to and financial business drive launches) flexibility development Primary use of cash Strong operating Selective and Increasing is reinvestment in cash flows a
Slide 103: Sobi Delivering shareholder value
Proven track record and balance sheet strength Sobi Deliver on major launches and priority development programs Delivering Balancing investments and profitability shareholder Ambition of 55B SEK in revenue and upper value 30% adj EBITA margin by 2030 Strong cash generation and disciplined capital al
Slide 104: Wrap up and Q&A
Wrap up Guido Oelkers Chief Executive Officer and Q&A 104
Slide 105: Concluding remarks
We want to double Sobi to SEK 55bn revenue by 2030, 1 with sustained growth beyond Concluding After a period of investment, we expect adjusted remarks 2 EBITA margins to return to the upper-30% range Sobi represents a We will deliver six major launches and a late-stage compelling investment 3 pipeli
Slide 106: Q&A
Q&A 106
Slide 107: Sobi Investor Relations contacts
Sobi Investor Relations contacts Sobi IR contacts Investors page on sobi.com 10 107 7
Slide 108: Appendix: Abbreviations
Appendix: Abbreviations Abbreviation Meaning Abbreviation Meaning CMML Chronic Myelomonocytic Leukemia LOE Loss of exclusivity Complement 3 glomerulopathy and immune- C3G and IC-MPGN complex membranoproliferative MSU Monosodium urate glomerulonephritis Nanoencapsulated sirolimus plus pegadricase (fo
Slide 109: Sobi is a trademark of Swedish Orphan Biovitrum AB (publ)
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 109
Sobi (Swedish Orphan Biovitrum AB) — Investor Day (February 2026) on 6ix