03 R&D Highlights Pablo Cagnoni, MD | Head of R&D Alexis Smith | VP, Investor Relations 04 Financial Results Tom Tray | Principal Financial Officer 06 Q&A Fourth Quarter & Full-Year 2025 Financial & Corporate Update FEBRUARY 10, 2026 Agenda 01 Introduction Bill Meury | Chief Executive Officer 05 Closing Remarks Bill Meury | Chief Executive Officer Steven Stein, MD | EVP, Chief Medical Officer Dave Gardner | EVP, Chief Strategy Officer Mohamed Issa | EVP, Head of US Oncology 02 Opening Remarks Matteo Trotta ...

Group 1: AI's Role in Business Transformation - AI is recognized as a durable engine of transformation that is fundamentally reshaping how companies operate and innovate [1] - The critical factor for companies in 2026 and beyond will be the enterprise-scale implementation of AI, moving from experimentation to operationalization [3] - As organizations implement AI at their core, evidence of long-term value will emerge, particularly in areas like drug discovery and optimized supply chains [3] Group 2: AI in Drug Development - Generative AI has the potential to accelerate early-stage drug breakthroughs, reducing timelines by 25% or more [4] - Sanofi has discovered 10 new drug targets in one year by integrating machine learning and data with lab research, demonstrating AI's active role in decision-making [5] - AI-powered tools have improved clinical trial enrollment rates by 65%, automating patient eligibility and enhancing the efficiency of recruitment processes [6]

Financial Data and Key Metrics Changes - Total revenue increased by 8% in 2025, with product revenue growing by 10% driven by global demand for innovative medicines [7][18] - Core EPS grew by 11%, aligning with full-year guidance [18] - Operating profit increased by 9%, with a focus on operating leverage [20] - Cash flow from operating activities rose by 23% to $14.6 billion [21] - Core gross margin landed at 82%, consistent with expectations [18] Business Line Data and Key Metrics Changes - Oncology revenues reached $25.6 billion, up 14% year-on-year, with Tagrisso, Imfinzi, and Enhertu showing significant growth [26][27] - BioPharmaceuticals revenue increased by 5% to $23 billion, with growth medicines outpacing declines from generic competition [40] - Rare Disease revenue grew by 4% to $9.1 billion, driven by demand in neurology indications [52] Market Data and Key Metrics Changes - U.S. market growth was strong at 10%, while emerging markets outside of China saw a remarkable 22% growth [11] - China experienced a 4% growth despite losing Pulmicort to generics, maintaining its position as the largest pharma company in the region [11] - Europe grew by 7%, contributing to overall revenue growth [11] Company Strategy and Development Direction - The company aims to reach 25 blockbusters by 2030, having increased from 12 to 16 blockbusters in 2025 [7][8] - Continued investment in R&D is prioritized to drive growth beyond 2030, focusing on innovative technologies and new medicines [13][24] - The company is enhancing its manufacturing and R&D capabilities in the U.S. and China to support future growth [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $80 billion revenue target by 2030, supported by a robust pipeline and diverse portfolio [59] - The company anticipates mid- to high-single-digit revenue growth in 2026, despite known headwinds such as patent expirations and market competition [22][23] - Management highlighted the importance of diversification in mitigating risks associated with product concentration [10] Other Important Information - The company confirmed a second interim dividend of $2.17 per share, with plans to increase the annual declared dividend to $3.30 in 2026 [22] - The company has over 100 ongoing phase 3 trials, with significant revenue potential from upcoming readouts [12][21] Q&A Session Summary Question: What are the expectations for oncology growth in 2026? - Oncology is expected to continue strong momentum, with new approvals and combination therapies driving growth [30][31] Question: How is the company addressing the challenges from generics? - The company is focusing on expanding its portfolio and enhancing market share in emerging markets to offset the impact of generics [40][44] Question: What are the key catalysts in the pipeline for 2026? - Key catalysts include several phase 3 readouts for innovative therapies in oncology and rare diseases, which could significantly impact future growth [34][46][50]

Financial Data and Key Metrics Changes - Total revenue increased by 8% in 2025, with product revenue growing by 10% driven by global demand for innovative medicines [5][18] - Core EPS grew by 11%, aligning with full-year guidance [19] - Operating profit increased by 9%, with a core gross margin of 82% [18][19] - Cash flow from operating activities rose by 23% to $14.6 billion [20] - Interest-bearing debt is close to $30 billion, with a net debt-to-EBITDA ratio of 1.2 times [21] Business Line Data and Key Metrics Changes - Oncology revenues reached $25.6 billion, up 14% year-on-year, with Tagrisso, Imfinzi, and Enhertu contributing significantly [25][26] - Biopharmaceuticals revenue increased by 5% to $23 billion, with growth medicines outpacing declines from generic competition [38] - Rare Disease revenue grew by 4% to $9.1 billion, driven by neurology indications and global expansion [50] Market Data and Key Metrics Changes - U.S. market saw a 10% growth, while emerging markets outside of China grew by 22% [10] - China experienced a 4% growth despite losing Pulmicort to generics, maintaining its position as the largest pharma company in the region [10] - Europe accounted for 35% of Farxiga's total revenue, with patent protections extending to 2028 [22] Company Strategy and Development Direction - The company aims to reach $80 billion in revenue by 2030, with a focus on R&D investments in innovative technologies and new medicines [12][57] - Plans to strengthen manufacturing and R&D footprints in the U.S. and China to support growth [8] - Emphasis on diversification to mitigate concentration risk and ensure resilience against regional disruptions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum into 2026 despite known headwinds, including patent expirations and market competition [21][22] - The company anticipates a mid- to high-single-digit percentage growth in total revenue for 2026, driven by strong underlying business momentum [21] - Management highlighted the importance of continued investment in R&D to drive long-term growth beyond 2030 [12][57] Other Important Information - The company secured 43 approvals for its medicines across major regions in the last 12 months [6] - A second interim dividend of $2.17 per share was declared, with plans to increase the annual dividend to $3.30 per share in 2026 [21] Q&A Session Summary Question: Growth beyond 2030 and readouts in 2026 - Inquiry about the $10 billion risk-adjusted peak sales potential and the mix of assets contributing to this figure, as well as expectations for higher success rates following strong performance in the previous year [61] Question: Update on China - Request for an update on the 2026 outlook for China, including new launches and profitability compared to historical performance [62]

Core Viewpoint - Helus Pharma has appointed Michael Cola as CEO to lead the company through pivotal clinical milestones in its mental health therapy pipeline, focusing on novel serotonergic agonists [2][3][4]. Company Overview - Helus Pharma, a clinical stage pharmaceutical company, is dedicated to developing novel serotonergic agonists aimed at treating mental health disorders such as depression and anxiety [8][9]. - The company has filed over 350 patent applications globally and holds more than 100 granted patents, indicating a strong intellectual property position [3]. Leadership Appointment - Michael Cola's appointment as CEO is seen as crucial for advancing Helus's pipeline, particularly with upcoming Phase 2 data for HLP004 and Phase 3 topline data for HLP003 [3][6]. - Cola has over 30 years of experience in neuroscience and pharmaceuticals, having previously led significant growth initiatives at Shire and other companies [4][5]. Clinical Development - Helus is advancing HLP003, which is in Phase 3 for major depressive disorder and has received Breakthrough Therapy Designation from the FDA, and HLP004, currently in Phase 2 for generalized anxiety disorder [9]. - The company aims to improve treatment outcomes for serious mental health disorders through its differentiated pipeline of NSAs [9]. Market Position and Strategy - The company is focused on global regulatory engagement and long-term commercial planning as it transitions from early clinical development to later-stage execution [3]. - Cola's leadership is expected to enhance the company's ability to translate scientific advancements into effective therapies and shareholder value [4][5].

Core Insights - The company is developing Teverelix® as a leading product for advanced prostate cancer patients with high cardiovascular risk and as a first-in-class treatment for Acute Urinary Retention Relapse prevention, representing a combined market opportunity of approximately US$6 billion [1][20]. Clinical Development - The Phase 2b study is an open-label trial enrolling 40 men with advanced prostate cancer, with a total treatment duration of approximately 22 weeks [2]. - The primary endpoint is to confirm medical castration by Day 29 with sustained suppression through Day 155, targeting a probability exceeding 90% [2][9]. Mechanism of Action - Teverelix is a long-acting injectable GnRH antagonist that provides immediate receptor antagonism, allowing for rapid suppression of luteinizing hormone (LH), follicle-stimulating hormone (FSH), and downstream sex hormones without an initial testosterone surge [4][21]. - This mechanism is particularly relevant for patients with advanced prostate cancer and elevated cardiovascular risk, as GnRH agonists may contribute to adverse cardiovascular outcomes [5][6]. Target Patient Population - Teverelix is specifically developed for advanced prostate cancer patients with objectively defined cardiovascular risk, including those with recent major adverse cardiovascular events (MACE) or severe subclinical atherosclerosis [7]. - Approximately 300,000 to 500,000 men in the U.S. are living with advanced prostate cancer, representing an estimated annual market opportunity exceeding US$4 billion [7]. Regulatory Strategy - The company has received FDA clearance to initiate the Phase 2b study and has aligned on a development indication focused on hormone therapy for advanced prostate cancer patients with increased cardiovascular risk [10][23]. - A clear Phase 3 framework is defined to evaluate sustained castration efficacy alongside cardiovascular outcomes, which may establish Teverelix as a new therapeutic backbone for patients where cardiovascular safety is critical [11][10]. Strategic Partnerships - The company is well-positioned for strategic partnership discussions, particularly with organizations seeking differentiated late-stage oncology assets supported by a clear regulatory and labeling strategy [12]. - The development strategy includes advancing select programs through Phase 2 proof-of-concept and pursuing licensing or strategic partnerships for late-stage development and commercialization [13]. Additional Programs - Medicus is also advancing SkinJect™, a proprietary dissolvable microneedle array platform for the non-invasive treatment of basal cell carcinoma, with topline decision-grade data expected in Q1 2026 [14][27].

Core Insights - Cardiol Therapeutics Inc. has published results from its Phase II ARCHER study, demonstrating the efficacy of its lead drug candidate, CardiolRx™, in treating acute myocarditis, which is a significant cause of heart failure in young adults [1][2][3] Company Overview - Cardiol Therapeutics Inc. is a late-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for heart disease, with its lead drug candidate being CardiolRx™ [6][9] - The company is also developing CRD-38, a novel subcutaneously administered drug formulation aimed at treating inflammatory heart disease, including heart failure, which incurs healthcare costs exceeding US$30 billion annually in the U.S. [9] Study Findings - The Phase II ARCHER study involved 109 patients and showed that treatment with CardiolRx™ resulted in a significant reduction in left ventricular mass by 9.2 grams compared to placebo (p=0.0117), alongside decreased left atrial remodeling and favorable trends in myocardial inflammation markers [3][4] - The safety and tolerability of CardiolRx™ were confirmed in the study, indicating its potential to improve clinical outcomes in myocarditis patients [3] Ongoing Trials - The biological signals observed in the ARCHER study are relevant to Cardiol's ongoing pivotal Phase III MAVERIC trial, which focuses on recurrent pericarditis, an inflammatory disease of the pericardium [4][7] - The MAVERIC program includes the completed Phase II MAvERIC-Pilot study and the ongoing Phase III MAVERIC trial, with the U.S. FDA granting Orphan Drug Designation to CardiolRx™ for recurrent pericarditis [7] Management Commentary - The CEO of Cardiol Therapeutics emphasized that the publication of the ARCHER study results enhances confidence in the MAVERIC trial and highlights CardiolRx's impact on inflammatory heart disease [5]

Core Insights - ImageneBio, Inc. has appointed Dr. Ben Porter-Brown as Chief Medical Officer to lead the clinical organization and the Phase 2b ADAPTIVE trial in atopic dermatitis [1][2][3] Company Overview - ImageneBio is a clinical-stage biotechnology company focused on developing therapeutics for immunological, autoimmune, and inflammatory diseases, with a specific emphasis on the anti-OX40 monoclonal antibody, IMG-007 [5] Leadership Appointment - Dr. Porter-Brown brings over 20 years of experience in autoimmune and inflammatory diseases, particularly in the OX40-OX40L inhibition field, and has previously held significant roles at MoonLake Immunotherapeutics and Kymab [3][4] - His expertise is expected to enhance the execution of the Phase 2b ADAPTIVE trial and the overall clinical strategy of Imagene [2][4] Clinical Development Plans - The Phase 2b ADAPTIVE trial will expand its footprint with planned international sites in the UK and Europe, aiming to address the treatment gap for patients with moderate-to-severe atopic dermatitis [1][4] - IMG-007 is positioned as a novel treatment option that may offer disease-modifying potential, differing from currently approved therapies [4] Financial Incentives - As part of his appointment, Dr. Porter-Brown will receive an inducement award of 137,000 shares of common stock, contingent upon his employment with a subsidiary in the UK [4]

Core Viewpoint - Moderna has signed a Memorandum of Understanding with the Mexican Government and local pharmaceutical companies to enhance Mexico's health sovereignty and establish a local mRNA manufacturing ecosystem [1] Group 1: Strategic Agreement - The agreement is a five-year strategic partnership aimed at strengthening health security in Mexico [1] - It includes the supply of Moderna's respiratory vaccine portfolio to Mexico [1] - Technology transfer will be provided to Laboratorios Liomont for the domestic manufacturing of Moderna's COVID-19 vaccine, mRNA-1273 [1] Group 2: Health Sovereignty and Manufacturing Resilience - The initiative supports "Plan Mexico," which focuses on building a local mRNA ecosystem [1] - The collaboration aims to create a reliable in-country supply of respiratory vaccines [1] - Laboratorios Liomont is noted for its state-of-the-art manufacturing facilities, which will be utilized for this purpose [1]

Core Insights - AstraZeneca PLC demonstrated strong operational performance in a challenging comparison period, with a commitment to long-term growth [1] - The company reported fourth-quarter revenue of $15.5 billion, exceeding consensus by just over 1% [1] Financial Performance - Core earnings per share were $2.12, with underlying earnings growth estimated at 16% for the year after excluding non-repeating collaboration revenue [2] - Oncology sales increased by 19% to $6.47 billion, driven by strong contributions from Imfinzi and Calquence [2] - Cardiovascular, renal, and metabolism (CVRM) sales also exceeded forecasts, although Farxiga is expected to face generic competition starting in Q2 2026 [3] Expenses and Profitability - Core operating profit fell short of consensus by 8% due to higher-than-expected R&D and SG&A expenses, with R&D accounting for 24% of total revenue [4] - The company is investing in late-stage trials and next-generation technologies, including GLP-1s and bispecifics [4] Future Guidance - AstraZeneca provided guidance for mid- to high-single-digit revenue growth in 2026 and low double-digit EPS growth, both at constant exchange rates [4] - ShoreCap's forecast for 2026 includes 11% revenue growth and 19% EPS growth, which may be revised due to higher finance costs [5] Long-term Ambitions - AstraZeneca aims to achieve $80 billion in annual revenue by 2030, with projections suggesting this target may be beatable at $82 billion [5] Valuation - The stock trades at a forward price-to-earnings ratio of 18–19 times for 2026, a premium to peers, justified by a strong pipeline and multiple phase III catalysts expected [6] - Following a sluggish start, shares increased by 1% to 14,044p [6]