Full Year 2025 Trading Update

Core Viewpoint - Santhera Pharmaceuticals reports a strong commercial momentum with AGAMREE, achieving 98% revenue growth in 2025, driven by increased adoption in European markets and strategic partnerships, positioning the company favorably in the rare disease sector [1][4]. Financial Performance - Total revenue for 2025 reached CHF 77.4 million, up from CHF 39.1 million in 2024, significantly exceeding the initial guidance of CHF 65–70 million [4]. - Product sales increased by 72% to CHF 25.8 million, reflecting strong AGAMREE adoption in Germany, Austria, and early sales in the UK [4]. - Royalties and milestones rose by 37% to CHF 23.1 million, driven by strong performance from licensing partner Catalyst Pharmaceuticals, including a USD 12.5 million sales milestone payment [4][7]. - Revenue from product and service supply to partners was CHF 28.5 million, up from CHF 7.2 million in 2024 [4]. Operational Highlights - AGAMREE's launch in the UK is progressing well, with uptake trends mirroring those in Germany [4]. - The company anticipates reaching cash flow breakeven in Q3 2026, with no additional funding required [4]. - Santhera entered into a strategic licensing agreement with Nxera Pharma for Japan and other APAC markets, valued at up to USD 205 million, including a USD 40 million upfront payment [4][5]. Market Expansion - Santhera has broadened its global access through new distribution partnerships in regions including GCC countries, India, Türkiye, and Russia [7]. - The company is targeting further launches across Europe in 2026, including Italy and Nordic markets, contingent on local regulatory processes [4]. Research and Development - Positive long-term data from the GUARDIAN study showed AGAMREE's efficacy comparable to standard corticosteroids, with an improved safety profile [7]. - The company plans to promote these findings to physicians, which is expected to enhance sales in 2026 [7]. Leadership and Governance - Santhera has strengthened its leadership team with new appointments, including a Chief Financial Officer and a Chief Commercial Officer, to drive future growth [7].