Better Medicines, Better Life 2025 Full-Year Earnings Conference March 2026 1 Disclaimer This presentation has been prepared by Everest Medicines Limited (the "Company" and together with its subsidiaries, the "Group") solely for information purposes and does not constitute a recommendation regarding the securities of the Group or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Group in any jurisdiction or an inducement to enter into investment activity, nor may ...

Core Viewpoint - The company plans to acquire 100% of Nameixin (Shanghai) Biotechnology Co., Ltd. through a three-phase investment strategy, with a total consideration of approximately 630 million yuan, marking a strategic shift towards mRNA vaccine innovation [1] Group 1: Acquisition Details - The acquisition will be executed in three phases, with the first phase involving a cash investment of 120 million yuan to secure approximately 27.27% equity and governance control [3] - The deal is structured with strict milestone conditions tied to the clinical progress of the RSV mRNA vaccine and HPV therapeutic vaccine, effectively managing short-term risks while enabling long-term collaborative growth [3] Group 2: Company Profile and Technology - Nameixin was established in 2021 and focuses on the research and development of mRNA vaccines and drugs, having built a comprehensive platform covering sequence design, delivery systems, and production processes [2] - The company has developed a leading technology system that includes AI-driven antigen design, proprietary mRNA optimization processes, and advanced lipid nanoparticle delivery methods [2] - Nameixin's first RSV mRNA freeze-dried vaccine received Phase I clinical approval by the end of 2024, marking a significant technological breakthrough and addressing global cold chain storage challenges [2] Group 3: Financial Projections - Revenue forecasts for the company are projected at 1.199 billion yuan, 1.36 billion yuan, and 1.478 billion yuan for 2025-2027, reflecting year-on-year changes of -16.23%, 13.40%, and 8.63% respectively [3] - Net profit attributable to the parent company is expected to be 212 million yuan, 327 million yuan, and 436 million yuan for the same period, with year-on-year growth rates of -46.84%, 54.49%, and 33.09% respectively [3]

Core Viewpoint - The company is advancing its candidate product development as planned and will share updates on progress when available [1] Group 1: R&D Progress - The company is actively progressing its candidate product research and development [1] - Updates on any significant advancements will be communicated to stakeholders [1] Group 2: Business Expansion - The company is leveraging its mRNA platform to expand related business opportunities [1] - A three-component LNP delivery system has been authorized for external use and supports other partners in research and development [1] - The company is collaborating with domestic and international partners to further enhance the application and value of its platform [1]

Core Viewpoint - Moderna's stock surged 16% following positive clinical trial results for its experimental skin cancer vaccine, mRNA-1893/V940, which showed a 49% reduction in the risk of melanoma recurrence when combined with Keytruda immunotherapy [2][3]. Company Performance - Moderna's revenues have declined at an average annual rate of 52.3% over the last three years, with a 56.4% drop in the latest twelve-month period from $5.1 billion to $2.2 billion [7]. - The most recent quarter reported a 46% year-over-year revenue decline, down to $1.0 billion [7]. - The company is currently trading at a price-to-sales ratio of 7.9x, significantly higher than the S&P 500's 3.3x, indicating that investors are paying nearly $8 for each dollar of revenue generated [6]. Financial Health - Moderna's operating income over the past four quarters was negative $3.5 billion, resulting in an operating margin of -157.3%, compared to the S&P 500's average operating margin of 18.8% [9]. - The company has a solid balance sheet with $734 million in debt against a market capitalization of $19 billion, yielding a debt-to-equity ratio of 4.2% [11]. - Cash and cash equivalents total $4.5 billion out of $12 billion in total assets, resulting in a cash-to-assets ratio of 37.1% [11]. Cash Flow and Sustainability - At the current burn rate of about $2 billion annually in operating cash flow, Moderna has approximately two years of runway before needing to achieve commercial success or raise additional capital [12]. - The company is heavily investing in R&D for its product pipeline while generating minimal revenue from offerings outside of COVID vaccines [10]. Market Resilience - Moderna has shown poor resilience during market declines, with its stock plummeting 85.7% from its peak in August 2021 to November 2023, compared to the S&P 500's 25.4% drop [13]. - The stock has not returned to previous highs and is currently trading near $50 after reaching $166.61 in May 2024 [13]. Investment Outlook - While the cancer vaccine shows promise, it is years away from commercialization and will face regulatory hurdles [8]. - The overall evaluation indicates very weak growth, very weak profitability, very strong financial stability, and weak downturn resilience, suggesting that the risk-reward profile is unfavorable for investors [16].