Slide 1: Q1 Report January – March 2025
Q1 Report January – March 2025 Stockholm, May 21, 2025 BioArctic AB
Slide 2: Presenting team
Presenting team GUNILLA OSSWALD, ANDERS MARTIN-LÖF, IR contact: CEO CFO Anders Martin-Löf, CFO +46 706 83 79 77 ir@bioarctic.se Next Report: Q2 Report August 28, 2025 To subscribe to financial reports/press releases and for more information, please visit www.bioarctic.com 2 BioArctic AB
Slide 3: 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 4: Highlights – the beginning of a new era for BioArctic
Highlights – the beginning of a new era for BioArctic Bristol Myers Squibb Leqembi® approved deal including in all major global BrainTransporter Record profit in Q1 markets effective with up-front and milestone as well as Continued growth EXIST study on track continuous royalites across markets and
Slide 5: A global leader in neurodegenerative diseases with two technology platforms
A global leader in neurodegenerative diseases with two technology platforms Highly selective antibodies targeting BrainTransporter: aggregated forms of misfolded toxic receptor-mediated transport across proteins the blood brain barrier 5 BioArctic AB
Slide 6: EU approval – Leqembi now approved on all major markets
EU approval – Leqembi now approved on all major markets Regulatory • European Commission granted market authorisation April 15, 2025 • Indicated for the treatment of adult patients with a clinical diagnosis of mild cognitive impairment (MCI) and mild dementia due to Alzheimer’s disease (early AD) wh
Slide 7: Leqembi commercialization across markets
Leqembi commercialization across markets AD/PD Congress • Real-world use confirms FDA prescribing recommendations with similar rates of side effects as in Clarity AD Phase 3 study • Data for the UK and EU indicated population confirmed that the effects of lecanemab were similar to the overall Clarit
Slide 8: Simplified diagnosis and continued development of Leqembi may increase use and broaden patient population
Simplified diagnosis and continued development of Leqembi may increase use and broaden patient population Approved File accepted (US) To be submitted (44 countries) Approved (US) PDUFA Aug 31, 2025 Potential Approval H1-26 Subcutaneous Subcutaneous Intravenous Intravenous Convenient autoinjector: au
Slide 9: Agreement with Bristol Myers Squibb opens a broad possibility for new partnerships
Agreement with Bristol Myers Squibb opens a broad possibility for new partnerships Global license with Bristol Myers Squibb for BioArctic’s Pyroglutamate-Amyloid Beta antibody program • BAN1503 and BAN2803 which includes BrainTransporter technology USD 100 million upfront received • Up to USD 1.25 b
Slide 10: Exidavnemab - an antibody targeting toxic aggregated α-synuclein
Exidavnemab - an antibody targeting toxic aggregated α-synuclein Potential disease modifying antibody in several α-synucleinopathies currently in Ph2a High unmet medical need Unique profile Pre-clinical proof of concept No existing disease- Unique and targeted binding profile • Reduction of neurotox
Slide 11: EXIST Phase 2a study with exidavnemab on track
EXIST Phase 2a study with exidavnemab on track EXIST Exidavnemab offers opportunities in several • Ongoing phase 2a study in Parkinson’s disease neuronal synucleinopathies • Low dose part fully recruited and progressing as planned • Study will be expanded to include patients with Multiple System Atr
Slide 12: Multiple System Atrophy (MSA) – Orphan indication opportunity for exidavnemab
Multiple System Atrophy (MSA) – Orphan indication opportunity for exidavnemab High unmet medical need Growing awareness Market potential2 Exidavnemab in MSA (7MM) No existing disease modifying Current population 1 400 treatment (DMT) • MSA prevalence in the US was estimated 1 200 • No specific treat
Slide 13: Two world leading platforms with cross-program synergies
Two world leading platforms with cross-program synergies Alzheimer’s disease Partner Discovery Preclinical Phase 1 Phase 2 Phase 3 Regulatory Market Lecanemab (infusion) Eisai Lecanemab (s.c.) Eisai Lecanemab (pre-symptomatic AD) Eisai Lecanemab backup Eisai Antibody BAN1503 (PyroGlu Aβ) BMS* projec
Slide 14: Financial Summary
Financial Summary 14 BioArctic AB
Slide 15: Leqembi – solid growth, US entering demand expansion phase
Leqembi – solid growth, US entering demand expansion phase • Global Q1-25 sales were ¥ 14.7 B ($ ~96 M), BioArctic royalty 11% increase from Q4-24, ~380% increase from Q1-24 − Accrued royalty for Q1 was SEK 101.7 M 120 − Adjustment of SEK 5.7 M currency effect on Q4 royalty led to SEK 96.0 M in reco
Slide 16: Eisai forecasts Leqembi to grow by 73% to ¥ 76.5 B in FY 2025
Eisai forecasts Leqembi to grow by 73% to ¥ 76.5 B in FY 2025 Leqembi Global Sales 90 ¥ 76.5 B (SEK ~5.1 B) 80 70 +73% 9,5 +102% • This corresponds to SEK ~510 M in royalty Q2-25 to Q1-26 60 ¥ 44.3 B Other 50 (SEK ~3.0 B) 24,0 +88% China • Eisai’s FY 2027 revenue ¥B 40 4,7 Japan simulation presented
Slide 17: Highest ever operating profit of SEK 1,075 M in the first quarter
Highest ever operating profit of SEK 1,075 M in the first quarter Net Revenues (SEK M) OPEX by function (SEK M) Operating Profit/Loss (SEK M) 1 290 203 1 075 143 121 101 95 Other 131 G&A 209 30 50 77 101 M&S 3 11 -101 -78 -73 -76 -26 -53 R&D Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 18: Upfront and milestone payments on top of royalties further strengthen the financial base
Upfront and milestone payments on top of royalties further strengthen the financial base Net Result (SEK M) Cash Flow From Operating Cash Balance (SEK M) Activities (SEK M) 1 021 1 042 998 1 112 991 126 890 804 779 789 12 125 -53 -27 -64 -102 -87 -58 -68 -20 -31 -114 -94 -80 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 19: Upcoming news flow and closing remarks
Upcoming news flow and closing remarks 19 BioArctic AB
Slide 20: BioArctic Capital Markets Day 2025
2 June 2025 10:30 CET BioArctic Live from Helio GT 30, Grev Turegatan 30 and live streamed CAPITAL MARKETS DAY 2025 Registration at www.bioarctic.com
Slide 21: Upcoming news flow
Upcoming news flow Q2 2025 Q3 2025 Q4 2025 H1 2026 Congresses AD/PD, Apr 1 - Apr 5 AAIC, Jul 27 - Jul 31 CTAD, Dec 1 - 4 AD/PD, Mar 17-21 Potential US approval Potential launch of Potential US approval Leqembi of lecanemab SC-AI Leqembi in Germany Leqembi SC-AI EU market approval maintenance dosing
Slide 22: In summary
In summary BrainTransporter Leqembi approved in generating interest all major markets Record profit Q1 across the industry and Continued growth profitable 2025 Exidavnemab across markets indication expanded 22 BioArctic AB
Slide 23: BioArctic will create drugs that improve the lives of patients
” BioArctic will, through world-leading innovative research, create drugs that improve the lives of patients with neurodegenerative diseases. 23 BioArctic AB