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NON-CONFIDENTIAL FY2025 Financial Results 12-month period ended December 31, 2025 13 February 2026 | Nxera Pharma Co., Ltd. (TSE: 4565)
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STRICTLY PRIVATE & CONFIDENTIAL ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 The material that follows is a presentation of general background information about Nxera Pharma Co., Ltd and its subsidiaries (collectively, the “Company”) as of the date of this presentation. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment advice to recipients. It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. It is not intended to provide the basis for any third-party evaluation of any securities or any offering of them and should not be considered as a recommendation that any recipient should subscribe for or purchase any securities. The information contained herein is in summary form and does not purport to be complete. Certain information has been obtained from public sources. No representation or warranty, either express or implied, by the Company is made as to the accuracy, fairness, or completeness of the information presented herein and no reliance should be placed on the accuracy, fairness, or completeness of such information. The Company takes no responsibility or liability to update the contents of this presentation in the light of new information and/or future events In addition, the Company may alter, modify or otherwise change in any manner the contents of this presentation, in its own discretion without the obligation to notify any person of such revision or changes. This presentation contains “forward looking statements, ”as that term is defined in Section 27 A of the U S Securities Act of 1933 as amended, and Section 21 E of the U S Securities Exchange Act of 1934 as amended. The words “ believe” , “expect” , “anticipate” , “intend” , “plan” , “seeks” , “estimates” , “and “ and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future The important factors that could cause our actual results, performance or achievements to differ materially from those in the forward looking statements include, among others, risks associated with product discovery and development, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues resulting from the administration of our products in patients, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. These factors include, without limitation, those discussed in our public reports filed with the Tokyo Stock Exchange and the Financial Services Agency of Japan. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonably based on information currently available to the Company’s management, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate. The forward-looking statements in this document speak only as at the date of this presentation and the company does not assume any obligations to update or revise any of these forward statements, even if new information becomes available in the future. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard. This presentation and its contents are proprietary confidential information and may not be reproduced, published or otherwise disseminated in whole or in part without the Company’s prior written consent. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. This presentation contains non-GAAP financial measures. The non‐GAAP financial measures contained in this presentation are not measures of financial performance calculated in accordance with IFRS and should not be considered as replacements or alternatives profit, or operating profit, as an indicator of operating performance or as replacements or alternatives to cash flow provided by operating activities or as a measure of liquidity (in each case, as determined in accordance with IFRS). Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, analysis of the Company’s results reported in accordance with IFRS. (c) Nxera Pharma Co, Ltd, 2024. Nxera and the Nxera logos are trademarks of Nxera Pharma Co. Ltd. 2 Disclaimer
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Financial Results Operational Highlights Japan /AP AC Commercial Business R&D Progress FY2026 Objectives and beyond Appendix 3 Agenda 01 02 03 04 05 06
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Financial Results Hironoshin Nomura, CFO 01
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Key financial results 5 While the commercial business grew, milestones decreased year-on-year, resulting in a core operating loss Platform Commercial Progress in 2025 ◼ Multiple milestone receipts from Neurocrine, Centessa, Lilly, AbbVie, etc. ◼ Down YoY due to the absence of the prior-year large M4 agonist Phase 2 success milestone ◼ 39% revenue growth (YoY) • Pivlaz: +7% YoY • Quviviq: +224% YoY ◼ R&D spend up in platform business on progress across three in-house clinical ◼ SG&A down in commercial business, driven by Pivlaz sales cost decrease Cost / Profit (JPY million) 28 80 7,609 13,987 17,836 1,571 3,259 7,397 2,339 11,163 7,879 11,408 4,666 1,392 3,017 3,426 2,818 2,293 2,329 17,712 15,569 12,766 28,835 29,615 8,904 5,856 -3,076 3,606 -352 3,775 3,436 -9,526 -5,423 -8,462-10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 FY21 FY22 FY23 FY24 FY25 Product Sales Other(Commercial) Milestone Upfront Other CoreOP OP
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 (1,789) (3,080) (1,797) Breakdown of 2025 results Strong profitability growth in the commercial business; accelerated clinical-trial investment in the platform business Consolidated P&L (Core)Platform*1 Consolidated P&L (IFRS)Non-core costs Commercial*2 Revenue Cost of Sales Other income R&D OP/Core OP A ＋= = B (1,444) SG&A A B B 10,207 2,111 1,615 19,408 6,022 (7) 29,615 8,133 1,608 11,669 1,352 13,022 (6,899) 6,547 Core OP (352) -31% -22% +344 +26% -6,745 +39% +149% +15 +9% +2,787 +3% +59% +360 +24% -3,958 4,940 5,480+15% -16% 10,420 -4% 29,615 8,198 14,466 (189) OP (8,462) 15,225 +3% +8% +22% -5% -1,377 -3,038 ＋ Total：8,110 C C (JPY million) *1 = Nxera Pharma Co. Ltd. (formerly Sosei Group Corporation) + Nxera Pharma UK Ltd (formerly Heptares Therapeutics Ltd.) + Sosei K.K (ex -Nxera Pharma Basel branch) *2 = Nxera Pharma Japan (formerly Idorsia Pharmaceuticals Japan) + Nxera Pharma Korea (formerly Idorsia Pharmaceuticals Korea)+ Nxera Pharma Basel branch Amortization of intangible assets (currently relates to PIVLAZ® and QUVIVIQ®). Amortization of other intangible assets (e.g. IP), depreciation (e.g. laboratory equipment), share-based payments and other restructuring costs. Restructuring costs and impairment losses （YoY） （YoY） （YoY）（YoY） Amortization Other Other
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 57 FY2025 7 Analysis of changes in R&D expenses Clinical Development and Increased Investment Focus on Obesity as Key Drivers of Growth R&D (JPY million) FY2024 Clinical Obesity Commercial 558 1,398 110 11,816 14,466 Other 362 FX Impact 222
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Operational Highlights 02 Chris Cargill, President and CEO
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 9 Recap of FY2025 Priority Objectives JPY 17 billion+ Net product sales (PIVLAZ® plus QUVIVIQ®) Acquire/in-license at least one late-stage medicine for Japan/AP AC (ex-China) Execute at least one new major partnership, and initiate at least one new in-house Ph.2 study Investment in systems and applications for efficiency and scalability Positive operating profit under IFRS (if GPR52 option is exercised) 01 02 03 04 05 Platform Commercial Commercial Corporate Corporate ✘ ✘ JPY17.8Bn Vamorolone In-licensing（Jan） EP4 Antagonist Initiation of Ph2 Investment Executed as planned Profit missed as option not exercised
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Both sides of the business continue to advance rapidly 10 On track to continue growth trajectory throughout 2026 Phase 3 Phase 2 Phase 1 2* 5 5 +2 +2 -3 (moved to Ph2) CommercialDrug Discovery Platform Clinical Asset Major Partners Active Programs Changes in 2025 Products PIVLAZ® QUVIVIQ® 13.5Bn 4.3 Bn +7% +224% 2025 Sales (Actual : JPY) Changes in 2025 (Actual : JPY) Late-stage assets Vamorolone Lucerastat New Candidate drug for Fabry disease. Nxera has exclusive opt-in rights. Candidate drug for DMD. Already approved in US and Europe. * Cenerimod included
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 11 Commercial Business Two marketed products continue to grow, with a new product launch in early 2026 to support the next phase Commercial Vamorolone (JPY million) 34% 57% 69% 74% 80% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 120% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2022 2023 2024 2025 2026e Sales Market Share 12,651 11,126 6,254 13,511 13,800-14,200+47%* +14% +7% +5% A “practical guide to clazosentan administration” is scheduled for release in the first half of 2026 2024 2025 2026e 1,336 4,327 5,000-6,000+224% +30% Shionogi will be responsible for sales. Nxera hold the rights to product supply and royalties 55 117 163 198 239 46 131 159 174 199 307 North America (Catalyst) Europe (Santhera) (mUSD) 2024 2025 2026 2027 2028 2032 63 187 276 337 547 397 Potential to replace existing steroid therapy Estimated sales synergy with Pivlaz® of ~70% (JPY million)
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 12 Platform Business Partner-led development progressing well; strong phase 1 readouts for in-house programs Platform GPR52 ago | EP4 ago EP4 antag Lead asset cobenfy peak sales expected to exceed JPY600bn Royalty: high single digits to mid-teens; Total milestones: up to $2.6bn Program Target Disease Phase Direclidine Schizophrenia Phase3 Bipolar disorder Phase2 NBI’570 Schizophrenia Phase2 NBI’569 AD’s Psychosis Phase1 NBI’567 AD Phase1 LBD First phase 3 readout for direclidine expected in 2027 Muscarinic Agonist Portfolio Orexin Agonist Portfolio Program Target Disease Phase ORX750 NT1/NT2/IH Phase2 ORX142 Neurological disorders Phase2 ORX489 Neurological disorders - ORX750 peak sales expected to exceed ¥200bn Royalty: low single digits Development and sales milestones ORX750 to enter a registrational program in 1H 2026 Nxera retains global rights Ongoing phase 2 readout for NXE’732 expected in 2027 Program Target Disease Phase NXE’732 Solid Cancer Phase2 Program Target Disease Phase NXE’149 Schizophrenia Phase1 NXE’744 IBD Phase1 Under development in-houseLicensing activities in progress In discussions with multiple partners for a 2026 license deal Phase 1 completed successfully Phase 2 ready to initiate NXE’732 showed early efficacy signals, including two partial responses NXE’744 showed early efficacy signals in an indomethacin challenge study
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 1313 GPR52 ag. NXE’149 Schizophrenia EP4 ag. NXE’744 IBD EP4 ant. NXE’732 Advanced solid tumors Respiratory Portfolio COPD / Asthma OX2 ag. ORX750 Narcolepsy, IH MC4 ant. PF’669 Malnutrition M1 ag. NBI’567 AD Cognition*/LBD* M1M4 ag. NBI’569 Alzheimer’s psychosis Key discovery collabs Diabetes/Metabolic Neurology Cenerimod SLE AD: Alzheimer’s disease; LBD: dementia with Lewy bodies *NXE0039732 (EP4 antagonist): Cancer Research UK is funding the Phase I/ IIa clinical trial; Nxera retains the rights. M4 ag. NBI’568 Bipolar Mania M4 ag. NBI’568 Schizophrenia OX2 ag. ORX142 Neurology Best-in-class, focused on obesity and metabolic diseases M1M4 ag. NBI’570 Schizophrenia Major Pipeline Overview Discovery – Preclinical Phase2 FiledPhase3 CommercialPhase1 Commercial Platform Other PARTNERED IN-HOUSE Develop programs in-house up to a certain stage to enhance their value, then out-license them to partner companies— while retaining rights for Japan (and other territories) for selected indications. PIVLAZ® Cerebral vasospasm QUVIVIQTM Insomnia Vamorolone Duchenne Muscular Dystrophy Lucerastat Fabry disease
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Japan/APAC Commercial Business Toshihiro Maeda, Chief Operating Officer (COO) and President of Nxera Pharma Japan 03
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Our first commercially available product for the prevention of cerebral vasospasm in patients with Aneurysmal Subarachnoid Haemorrhage (aSAH) Source: MDV DPC hospital data *: Comparison of 2-4Q of 2022 and 2023, 15 PIVLAZ® sales growth (million JPY) Pivlaz® is now the clear Standard of Care (SoC) in Japan PIVLAZ® (clazosentan, an endothelin A antagonist) Commercial 2025 PIVLAZ® highlights ✓ 25,470 patients were treated by PIVLAZ® since the launch to Dec 2025. ✓ 103 abstracts were presented at annual congress of STROKE2025 ✓ Academic society drafted "Practical Guide to the Administration of Clazosentan" , which would be published in Mar-2026 34% 57% 69% 74% 80% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2022 2023 2024 2025 2026e Net Sales Market Share(patient base) 12,651 11,126 6,254 +47%* +14% 13,511 +7% 13,800-14,200 +5%
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 11% 13% 16% 21% 26% 31% 35% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 10 20 30 40 50 60 70 80 90 2019 2020 2021 2022 2023 2024 2025 QUVIVIQ® (daridorexant, dual orexin antagonist “DORA”) 16 DORA is rapidly establishing its position in the treatment paradigm for insomnia Commercial 79Bn 83BnDaridorexant (Quviviq) Lemborexant (Dayvigo) Suvorexant (Belsomra) DORA share (#of tablets) Domestic Market Size for DORA QUVIVIQ® Annual Sales and Growth Rate +30% 2024 2025 2026e 1,336 4,327 +224% 5.0 – 6.0 Bn JPY +30% 5,000-6,000 (Bn JPY) (million JPY)
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 QUVIVIQ® Business structure 17 Royalty profits initiated and supply margin expected in a few years Royalty Product Supply (= COGS) Royalty Product Supply (= COGS) Supply Margin Sales structure Profit structure for Nxera Product net sales Royalty + Product supply sales Current Future (after current COGS optimization complete) Nxera Profit Nxera Profit Commercial Supply chain optimization Comprehensive strategy to optimize the end-to-end supply chain Achievements as of today ✓ Establish Nxera independent supply chain from the licenser ✓ Regulatory approval on 2nd API source in October Future plan ✓ Achieve further cost optimization on raw materials ✓ Optimize drug product and packaging sourcing
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Announced: In-licensing of vamorolone (AGAMREE®) for DMD Vamorolone (AGAMREE®) Duchenne Muscular Dystrophy (DMD) There is no established therapy for DMD other than corticosteroids in Japan Commercial • First-in-class drug candidate that binds to the same receptors as corticosteroids but modifies the downstream activity of the receptors • Nxera has the development rights for Japan, South Korea, Australia and New Zealand • DMD treatment is concentrated in a limited number of centers and there is approximately 70% sales synergy with PIVLAZ® • DMD is a rare and life-threatening neuromuscular disorder • Characterized by progressive muscle dysfunction leading to ambulation loss, respiratory failure, heart issues and premature death • No efficacious therapy apart from corticosteroids, however they present many severe adverse events Approved Source: Cowen L, et al. BMC Neurol. 2019;19:84; 2. Wong B, et al. J Pediatr. 2017;182:296–303; 3. Bello L, et al. Neurology. 2015;85:1048–55; 4. Guglieri M, et al. JAMA. 2022;327(15):1456–68; 5. Weber DR, et al. Pediatr. 2018;142(Suppl 2):S43–52; 6. Zhang T, Kong X. Exp Ther Med. 2021;21(5):447; 7. Osorio AN, et al. Neurología. 2019;34(7):469–81. 8. Rice ML, et al. J AAPOS. 2018;22:192–6; 2. Angelini C. Muscle Nerve. 2007;36:424–35. 9. Ward LM, et al. Pediatrics. 2018;142:S34–42; 10. Ward LM. Front Endocrinol (Lausanne). 2020;11:576. *
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 19 Commercial V amorolone (AGAMREE®) addresses the need for a tolerable steroid 55 117 163 198 213 222 231 239 46 131 159 174 199 228 251 278 307 2024 2025 2026 2027 2028 2029 2030 2031 2032 North America (by Catalyst) Europe (by Santhera) (mUSD) 63 187 276 337 397 441 473 509 547 Consensus sales forecast of vamorolone in other countries Compared with conventional corticosteroid therapy, the risk of treatment-related adverse events is reduced • Vamorolone confronts the limitations of standard corticosteroid therapy • Topline data from the recent GUARDIAN clinical study showed durable efficacy and markedly improved safety of vamorolone vs. standard corticosteroids • Study demonstrated reduction of steroid-associated adverse events related to: ▪ Growth – normal growth maintained (p<0.0001) ▪ Bone health – lower vertebral fracture rate (p=0.0061) ▪ Eye health – lower incidence of cataracts (p<0.015) and no cases of glaucoma • Reduction of side effects allows patients to maintain treatment *Source: Evaluate Pharma, December 2025
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Synergy with Pivlaz DMD treatment is concentrated in a limited number of centers and there is approximately 70% commercial overlap with PIVLAZ, creating significant sales synergies University Hospital/Special Functions Hospital Core hospital for advanced acute care Local acute care hospital University Hospital/Special Functions Hospital Highly specialized hospital for DMD Neurosurgery Hospital 0% 50% 100% Approximately 70% sales synergy Proportion of prescription volume by hospital Pivlaz® target institutions （Large hospitals + Neurosurgery） Vamorolone target institutions （Large hospitals + Neurology） Commercial
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R&D Progress Dr. Patrik Foerch, Chief Scientific Officer(CSO) and President of Nxera Pharma UK 04
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Renewed R&D focus where the science is strongest and the opportunity is greatest 22 ✓ Targets with highest potential for patient impact ✓ Phase1 completed ✓ Phase 2 ready ✓ Phase1 completed ✓ Target engagement ✓ Phase 2 ready ✓ Mechanistic proof-of- concept ✓ CRUK driving trial execution NXE’149 GPR52 agonist NXE’744 EP4 agonist NXE’732 EP4 antagonist Discovery candidates R&D focus on highest potential opportunities IN-HOUSE PORTFOLIO - R&D FOCUS AND PROGRAM PRIORITISATION Obesity, metabolic & endocrine disorders Schizophrenia IBD Advanced solid tumors Discovery Phase 2Phase 2 ready Platform Competitive licensing process on going
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 A first-in-class GI-targeted agent to promote mucosal healing in IBD • All elements of the first-in-human study have now completed dosing in the clinic ➢ SAD/MAD studies are complete with no concerning adverse events and no systemic exposure observed ➢ Gut restricted profile confirmed by high gut tissue concentrations measured following oral dosing ➢ UC patient cohort has completed dosing (n=6) with interim analysis confirming high gut tissue concentration. ➢ Indomethacin challenge cohort complete, interim analysis complete with no need to increase subjects and final data read-out by March 2026 ➢ Preliminary data analysis demonstrates a highly significant ~50% reduction in indomethacin induced permeability in the NXE’744 treatment group; these data confirm target engagement in the small intestine 23 NXE’744: EP4 agonist for IBD* – target engagement & Phase 2 ready Study link: https://www.isrctn.com/ISRCTN70080074?q=nxera&filters=&sort=&offset=1&totalResults=2&pa ge=1&pageSize=10 Platform EP4 AGONIST OFFERS A DIFFERENTIATED MOA TO CURRENT SOC: Modulation of barrier homeostasis and inflammatory axis positions EP4 as an attractive MOA for IBD therapy Adapted from (Weisshof et al 2018) Systemically absorbed 2 Immune cell Anti-TNFs, JAKi Steroids 1 Epithelial cell Anti- Integrins Current IBD therapies (SOC) EP4 EP4 Key: LUMENMUCOSALSYSTEMIC Luminally restricted Gut mucosa targeted *inflammatory bowel disease
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Cognition Cogstate assessment demonstrated improvements in cognitive performance across doses on day 10 of treatment NXE’149: GPR52 agonist for schizophrenia – Phase 2 ready 24 A novel first-in-class mechanism to treat positive, negative & cognitive domains of schizophrenia ✓ Safe and well tolerated ✓ Human PK showed low variability and consistent with once daily dosing ✓ High level of central penetration ✓ Pharmacodynamic measures provide evidence of engagement of brain circuitry relevant to the treatment of schizophrenia and related disorders • 3 month GLP toxicology in 2 species • 2 species EFD completed • Metabolite characterisation complete • Drug substance and drug product available for phase 2 start Standardized differences between each dose of NXE’149 compared to placebo Phase 1 highlights: Phase 2 enablement: EEG and ERP measures • NXE’149 clearly engages frontotemporal circuitry underlying the MMN and ASSR responses, both of which are reproducible biomarkers in schizophrenia • Resting state EEG data suggest increased arousal on day 10 of treatment SAD PK data General cognitive composite Dose 1 Dose 2 Dose 3 Dose 4 Attention/Executive Function 0.89 1.5 0.69 0.64 General Cognition 1.1 0.84 0.77 0.55 Platform
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 • When EP4 is activated, it dampens immune responses and promotes tumor growth • EP4 antagonism is a highly attractive mechanism supported by recent clinical data for ONO-4578 in gastric cancer • NXE-732 is designed to deliver high potency, selectivity, and safety Phase 2a expansion in process in combination with atezolizumab Disease Rationale Study Link: https://www.isrctn.com/ISRCTN70080074?q=nxera&filters=&sort=&offset=1&totalResults=2&page=1&pageSize=10 25 NXE’732: EP4 antagonist is our novel immunotherapy for solid tumors Platform Phase 1 trial results Phase 2a expansion study underway in MSS Colorectal (PIK3CA, HER2± others), Gastric/GOJ Adenocarcinoma, Renal (ccRCC), Prostate (CRPC) Baseline 3 months • The emerging data for NXE-732 points to a potential best-in-class profile • Two partial responses were observed in MSS CRC and anti-PD-L1 resistant ccRcc in the combination arm, with meaningful tumor shrinkage of over 30% demonstrated • Target engagement confirmed and no dose-limiting toxicities
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 We can make a huge impact by leveraging our GPCR expertise in the areas of highest unmet medical need: next-generation small molecules for obesity, metabolic and endocrine disorders 26 • Launched broad new pipeline, advancing next-gen BIC therapies for obesity and metabolic disorders • Convenient, scalable oral therapies for sustained weight loss in a market dominated by peptides • Targeting key obesity-related co- morbidities: Enhanced outcomes in cardiovascular, renal, and liver diseases • Reducing side effects and broadening out to difficult to treat populations Nxera aims to redefine obesity, weight management and related co-morbidities by delivering potent, oral small molecules to meet a critical global need at scale Structure of GLP1-R bound to peptide Structure of GLP1-R bound to small molecule Unparalleled GPCR SBDD capabilities MECHANISM GLP-1 ag GIP ant Amylin ag Multiple other targets of interest Platform
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 27 Five clinical-stage programs spanning the M1, M4, and dual M1/M4 mechanisms designed using NxWave Source: Neurocrine presentation – R&D Day 2025, December 16, 2025 Platform Neurocrine is advancing the world’s most comprehensive portfolio of muscarinic agonists to treat neuropsychiatric disorders Program Mechanism Disease State Stage of Development Direclidine M4 Agonist Schizophrenia Phase 3 Bipolar Mania Phase 2 NBI-’570 Dual M1/M4 Agonist Schizophrenia / LAI Potential Phase 2 NBI-’569 Dual M1/M4 Agonist Alzheimer’s Psychosis Entering Phase 1b NBI-’567 M1 Preferring Agonist Alzheimer’s Cognition Phase 1 Lewy Body Dementia
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Centessa is advancing ORX750, a potential best-in-class Orexin Receptor 2 agonist for treatment of NT1, NT2 and IH 28 Platform Potential BIC for NT1, NT2 and IH Endpoints Maintenance of Wakefulness Test (MWT) >20 min change at 1.5mg vs baseline (with half of participants >30 min). NT1 >10 min change at 4mg vs baseline. NT2 Epworth Sleepiness Scale (ESS) 1.5mg = 5.1 vs 18.7 (placebo). NT1 4mg = 8.1 vs 15.9 (placebo). NT2 Weekly Cataplexy Rate (WCR) 87% relative reduction at 1.5mg vs placebo. NT1 Participants 55 participants (NT1, NT2 & IH) Next step Registrational Program initiation planned for Q1 2026 Phase 2a study update Source: Centessa presentation – Corporate Overview, November 2025 Initial Phase 2a data mark first robust demonstration of oral OX2R agonist addressing wakefulness needs of patients across all three indications; Expect to initiate registrational program in Q1 2026
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FY2026 Objectives and beyond Chris Cargill, President and CEO 05
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 30 JPY 19.5 billion+ Net product sales (PIVLAZ® plus QUVIVIQ®) Get one or more late-stage assets for Japan and APAC (excl. China) Sign one or more high-value partnership deals Initiate at least one partner-sponsored phase 2 trial Reduce total costs by >10% and achieve full-year profitability on IFRS basis 01 02 03 04 05 Platform Commercial Commercial Corporate Platform Priority objectives for FY2026
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Historical financial and 2026 guidance (Without significant upfront from BD activity) 31 Target profitability for both Core Operating Profit and Operating Profitin FY26 Platform Commercial FY26 Strategy ◼ Multiple milestones to be received from Neurocrine, Centessa, Lilly, AbbVie, etc. ◼ Plan to out-license priority programs, including GPR52 agonist and EP4 agonist ◼ Pivlaz: +5% YoY ◼ Quviviq: +30% YoY ◼ Rationalize investment in clinical-stage assets and focus funding on obesity & metabolic programs ◼ Pursue margin maximization in the commercial business Cost / Profit (JPY million) 7,609 13,987 17,836 19,500 1,571 7,397 2,339 11,163 7,879 12,500 4,666 1,392 3,426 2,818 2,293 2,329 1,800 15,569 12,766 28,835 29,615 33,800~ 5,856 -3,076 3,606 -352 7,800~ 3,436 -9,526 -5,423 -8,462 700~ -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 FY22 FY23 FY24 FY25 FY26E Product Sales Other(Commercial) Milestone Upfront Other CoreOP OP
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Breakdown of 2026 guidance (Without significant upfront from BD activity) Commercial business profitability has grown significantly. Platform business has reached breakeven on a core basis Consolidated P&L (Core)Platform*1 Consolidated P&L (IFRS)Non-core costs Commercial*2 Revenue Cost of Sales Other income R&D*3 OP/Core OP A ＋= = B SG&A*3 ＋(JPY million) *1 = Nxera Pharma Co. Ltd. (formerly Sosei Group Corporation) + Nxera Pharma UK Ltd (formerly Heptares Therapeutics Ltd.) + Sosei K.K (ex -Nxera Pharma Basel branch) *2 = Nxera Pharma Japan (formerly Idorsia Pharmaceuticals Japan) + Nxera Pharma Korea (formerly Idorsia Pharmaceuticals Korea)+ Nxera Pharma Basel branch *3 = We expect the effects of restructuring initiatives implemented since Nov 2025 to become more evident in the 2H26 Amortization of intangible assets (currently relates to PIVLAZ® and QUVIVIQ®). Amortization of other intangible assets (e.g. IP), depreciation (e.g. laboratory equipment), share-based payments and other restructuring costs. （YoY） （YoY） （YoY）（YoY） 14,300 1,400 1,000 19,500 5,700 - 8,100 2,400 100 7,700 +40% -34% -615 -31% +6,999 +0% -5% +7 +78% +18% 5,700 3,700+15% -32% 33,800 7,100 1,000 10,500 Core OP 7,800 +14% -13% -608 -19% +8,152 9,400 -10% 33,800 7,200 12,000 300 OP 700 14,200 +14% -12% -17% -7% +489 +9,162 (1,500) (1,800) (3,100) A B B Total : 7,100 (700) Amortization Other Other 32
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 PROGRAM PARTNER TIMING EVENT ORX750 (OX2 agonist) Q1 2026 Phase 2a data across NT1, NT2, and IH ORX750 (OX2 agonist) Q1 2026 Registrational program start in NT1/NT2/IH ORX142 (OX2 agonist) Q1 2026 Phase 2 study start ORX489 (OX2 agonist) Q1 2026 Phase 1 study start NBI’570 (M1/M4 ago) Q1 2026 Phase 2 study start Multiple discovery collaboration progress 1H 2026 Progression through discovery stage Cenerimod Q4 2026 Phase 3 data readout NBI’567 (M1 ago) / NBI’569 (M1/M4 ago) 2H 2026 Clinical progression PF’669 (MC4 antagonist) 2026 Phase 1 data readout NBI’567 (M1 ago) / NBI’569 (M1/M4 ago) / NBI’570 (M1/M4 ago) 2026 Phase 1 data disclosure New global out-licenses Anytime Out licensing and/or discovery collabs New Japan / APAC in-licenses Anytime Acquire/in-license late-stage medicines QUVIVIQ / Vamorolone Anytime APAC out-licensing deals Looking ahead to potential catalysts in 2026* 33* Partnered product progress is as already signaled or disclosed by partner
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 34 Our 2030 vision is to build a high growth, highly profitable Japanese biopharma Note: * Revenue values are proforma the acquisition of Idorsia Pharmaceuticals Japan and Korea and reflect annual product sales of PIVLAZ in 2023. ** WAVE1 and WAVE2 royalty is not included. 2023 (FP)* 11.1Bn 2030 30-35Bn 10-15Bn 10-15Bn WAVE1 Royalty 2035 WAVE1 Royalty WAVE2 Royalty 2024 New products Product sales derived from in- licensed or acquired assets. Upfront + Milestone Upfront and milestones from new and existing out-licensing deals. WAVE1 Royalty Potential royalty from significant 5 pipelines (M4, M1/M4, OX2, MC4 and EP4 ant). Profit** (30%+) Profit** (40%+) WAVE2 Royalty Potential royalty from next generation pipelines. At least JPY50Bn core revenue Only 1-2 launches from seven WAVE1 drives significant upside Royalties from WAVE1 + WAVE2 create step-change CAGR 15+% Current Products Product sales from PIVLAZ, QUVIVIQ supply and QUVIVIQ royalties. JPY Bn JPY17.7 Bn JPY28.8 Bn 13.5Bn 13.0 Bn Platform Commercial Royalty
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 35 Questions?
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESS ● BREAKTHROUGHS IN PROGRESS Thank you
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ACCENT COLOURS R:0 G:0 B:0 R:241 G:255 B:0 R:231 G:29 B:63 GREY COLOUR PALETTE R:30 G:26 B:33 R:74 G:71 B:77 R:160 G:158 B:161 R:205 G:204 B:206 R:232 G:232 B:232R:120 G:117 B:122 FULL COLOUR PALETTE R:140 G:0 B:70 R:250 G:0 B130 R:12 G:99 B65R:24 G:175 B:30 R:0 G:210 B:190 R:255 G:118 B:56 R:0 G:0 B:112R:0 G:22 B:226 R:93 G:75 B:221 R:241 G:64 B:207 R:117 G:255 B:186 R:57 G:213 B:249 R:0 G:22 B:226 Midtown East, 9-7-2 Akasaka Minato-ku Tokyo 107-0052 Japan F17, 410 Teheran- Ro GangHam-Gu Seoul 06192 South Korea Steinmetz Building Granta Park, Cambridge CB21 6DG United Kingdom Spaces Grosspeter Tower, Grosspeteranlage 29, 4052 Basel Switzerland 37 Locations