Sandoz Group 2025 Conference Summary Industry Overview - **Company**: Sandoz Group (OTCPK:SDZN.Y) - **Focus**: Biosimilars and generics, particularly in the context of the evolving pharmaceutical landscape Key Points and Arguments GLP-1 Market Dynamics - Sandoz is cautiously optimistic about the GLP-1 market, expecting significant development to begin in mid-2026, with a conservative approach to capacity and market size [4][5][6] - The company emphasizes the importance of production capacity over market size, noting that a million pens can only serve 80,000 patients [5] - Pricing elasticity is highlighted, with potential demand increases if prices drop significantly in markets like the UK and Brazil [7] Biosimilars Strategy - The acquisition of Just – Evotec Biologics is aimed at enhancing manufacturing control and profitability, with integration expected to be net neutral in the long term [9][10][11] - Sandoz anticipates launching six biologics in 2026, leveraging a significant pipeline as many products come off patent [15][16] - The company sees a unique opportunity due to regulatory changes that reduce development costs for biosimilars, allowing for more assets to be developed [16][17] Product Development and Market Position - Sandoz has a preference for developing products in Europe first, leveraging its established market presence before considering the US [22][23] - The company has successfully launched Istakinomab in Europe and is the largest player in that market, which boosts confidence for future partnerships [25] - Codarvis has captured 60%-70% of the available biosimilar market, indicating strong market penetration [26][27] Challenges and Opportunities - The company faces challenges in maintaining pricing power and managing costs, particularly in the generics market [30][36] - Sandoz emphasizes the importance of sustainable pricing for essential drugs like penicillin, advocating for government support to maintain production viability [39][40] - The company is focused on maintaining a lean operational structure to ensure growth outpaces cost increases [52][53] Future Outlook - Sandoz is optimistic about its growth trajectory, with a focus on executing its pipeline and maintaining a strong balance sheet [50][51] - The company is not actively seeking M&A opportunities but remains open to strategic partnerships that align with its growth strategy [50][51] - Sandoz aims to refresh its midterm guidance as it continues to meet its operational targets and capitalize on market opportunities [44][45] Additional Important Insights - The company has successfully navigated a challenging market environment, with a record number of loss of exclusivity (LOE) opportunities [37] - Sandoz's strategy is to remain focused on generics and biosimilars, avoiding the pitfalls of trying to innovate like a pharmaceutical company [36] - The management team is committed to executing its strategy effectively, with a strong emphasis on operational efficiency and cost control [52][53]

CORPORATE UPDATE INVESTOR CALL – 20 August 2025 Dr Jeremy Levin – Chairman of the Board Fred Guerard – Chief Executive Officer Tom Reilly – Chief Financial Officer For personal use only Important Information This investor presentation (Presentation) is dated August 19th, 2025 and has been prepared by Opthea Limited (ASX:OTP) (Opthea or the Company). SUMMARY INFORMATION This Presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offer ...

UBX1325 ASPIRE Study Results - UBX1325 showed a BCVA gain of 5.2 letters at week 24 and 5.5 letters at week 36[5] - Approximately 40% of UBX1325 patients did not require supplemental anti-VEGF treatment through week 36[5] - UBX1325 generally outperformed Aflibercept in subjects with less aggressive disease (baseline CST < 400 µm)[39] - Patients switching from Aflibercept to UBX1325 experienced consistent gains in BCVA and less variable CST[5, 39] - UBX1325 was non-inferior to Aflibercept at most time points through 36 weeks, but did not meet non-inferiority at the average of weeks 20 and 24 in the primary analysis[5] Market Opportunity and Unmet Needs in DME - The global Diabetic Macular Edema (DME) market is projected to reach $9.6 billion by 2031, with the US market reaching $5.5 billion[43] - Over 50% of patients discontinue anti-VEGF treatment by 6 months[43] - 58% of patients with DME exhibit suboptimal response to anti-VEGF therapies[43] - 28% of patients require frequent dosing (every 4 weeks) with current anti-VEGF treatments[43]