Santhera Pharmaceuticals Holding Ag · SIX:SANN
Santhera Pharmaceuticals — Investor Presentation (November 2025)
32 slides from Santhera Pharmaceuticals's investor presentation, November 2025
Slide 1: Santhera Pharmaceuticals Investor Presentation
Santhera Pharmaceuticals Investor Presentation November 2025
Slide 2: 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 3: Santhera Pharmaceuticals
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 A fully integrated dystrophy (DMD) • A unique dissociative corticosteroid which
Slide 4: DMD is lifelong neuromuscular disorder characterized by progressive loss of muscle strength and function
DMD is 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 t
Slide 5: 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 6: 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 7: 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 8: GUARDIAN study positive topline results – Nov 2025
GUARDIAN study positive topline results – Nov 2025 Durable efficacy, markedly improved safety vs. standard corticosteroids in DMD Study Overview Efficacy Open-label, multicenter study evaluating Durable efficacy, with time to loss of ambulation comparable to standard of care (p=0.91) AGAMREE® (vamor
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: Global DMD market opportunity with substantial runway for growth
Global DMD market opportunity with substantial runway for growth Europe 17 markets Own commercialization 13’000 patients (100% of net sales) > € 150 Mio > $ 350 Mio North America 3 markets 15’000 patients Upfront payment Milestone payments China/SE Asia Royalty income 15 markets Market size 90’000 p
Slide 11: 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 12: Expected peak sales of EUR >150 million in Santhera territory in 2030
Expected peak sales of EUR >150 million 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
Slide 13: H1 Results: Operational highlights
H1 Results: Operational highlights – 6 months ending 30 June 2025 (including post period) 1 4 Germany and Austria growing strongly: Sperogenix partnership in China: • Approximately 40% of steroid using DMD patients in Germany now • Early access program continued in 2025 with commencement of treated
Slide 14: 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 approximately 40% of steroid using Current corticosteroid (CS) use DMD patients now treated with AGAMREE 50 - 55% of patients ‒ newly diagnosed aged 4-5 ‒ switchers aged
Slide 15: Key European launches progressing
Key European launches progressing 2024 2025 2026 Status Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 H1 H2 Germany / Austria Launched Launch Pricing negotiations PHASE 1 UK Launched Pricing negotiations Launch Spain Submitted NPP* Pricing negotiations ** Submission Italy NPP* Pricing negotiations Q1 2025 PHASE 2 Nordic
Slide 16: Successful rollout by Catalyst in the US continues
Successful rollout by Catalyst in the US continues 11’000 9m sales of AGAMREE grew to USD – DMD prevalence 81.8 Mio 13’000 Current corticosteroid (CS) use > 70 % of patients H1 sales of 49.4 Mio, already ahead of FY 2024 sales of USD 46 Mio Q3 sales continued to grow with USD 32.4 Mio in the quarter
Slide 17: 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 18: Financial highlights - 6 months ending 30 June 2025
Financial highlights - 6 months ending 30 June 2025 1 5 Total revenues: CHF 24 .0 Mio (H1 2024: CHF 14.1 Operating expenses: CHF 27.3 Mio (H1 2024: CHF Mio), 70% growth driven by revenue from strong product 26.7 Mio) with increased Sales and Marketing offset by sales in launched markets in addition
Slide 19: Financing: September 2024 gross funds CHF 20.5 Mio
Financing: September 2024 gross funds CHF 20.5 Mio Convertible loan extension: (Highbridge Capital Management) Highbridge will provide an additional CHF 10 million via a new convertible note with the existing CHF 7 million convertible bond exchanging, at parity The new convertible bond with an aggre
Slide 20: Financial guidance
Financial guidance New 2025 revenue guidance: FY revenues in excess of CHF 65-70 Mio 2028 revenue outlook: EUR 150 Mio – including direct and partnered markets, and royalty income from North America and China, but excluding potential milestones payments received from partners 2030 revenue outlook (d
Slide 21: 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 22: 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 22
Slide 23: Thank you
Thank you For your time APPENDIX 23
Slide 24: We are expanding manufacturing capacity
We are expanding manufacturing capacity Additional manufacturing sites in development: Q4 2025: First supply ready from second CMO Ensures supply for geographical expansion Provides redundancy and security of supply Streamlines supply chain & reduces lead time Reduces manufacturing cost and working
Slide 25: Further geographic expansion targeted
Further geographic expansion targeted Santhera is actively pursuing further Opportunity for additional mid - to long - term international partnerships with focus on: revenue and profitability with limited investment Step 1: Step 2: ⚫ Turkey ⚫ S. Korea ⚫ GCC ⚫ Australia/NZ ⚫ Brazil/LatAm ⚫ India ⚫ Ja
Slide 26: Nimble commercial set-up supports markets
Nimble commercial set - up supports markets Headquarters functions support own country teams, licensing and commercialization partners License Partners Catalyst (North America) Sperogenix (Greater China/SEA) Quality Medical & PV Affairs Santhera Germany, Austria, Switzerland Strategic United Kingdom
Slide 27: Our data builds on over 200 patient-years exposure from more than 200 boys treated for up to 7 years
Our data builds on over 200 patient - years exposure from more than 200 boys treated for up to 7 years 27
Slide 28: Financing: August 2024 Gross funds c. CHF 69 Mio
Financing: August 2024 Gross funds c. CHF 69 Mio Term Loan: (Highbridge Capital Management) Received CHF 35 Mio from a 4-year term loan: Interest rate of 3-month SARON Plus 9.75% 1st two years interest only, remainder 15% pa amortization, bullet repayment Aug 28 237k new warrants issued with a strik
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: Share Capital and Major Shareholders
Share Capital and Major Shareholders Share Capital – as of 1 st Novembe r 2025 Number ‘000 Comments Listed shares outstanding 14,010 Less Treasury (642) Basic shares outstanding 13,368 Dilution Convertible bonds 1,486 CHF 20,132k Maturing Sept 2028 at a strike of CHF 13.5446 237k at strike CHF 11.10
Slide 32: 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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