Fresenius Biopharma Conference Call Summary Company Overview - **Company**: Fresenius (OTCPK:FSNU.F) - **Industry**: Biopharma - **Date of Call**: December 15, 2025 Key Points Industry Dynamics - The global healthcare sector is experiencing significant growth and transformation due to technological advancements, demographic shifts, and evolving patient needs [3][4] - U.S. healthcare spending is projected to exceed $5 trillion by 2024, with an expected growth rate of over 8% [4] - Generic and biosimilar prescriptions account for 90% of prescriptions but only 17.5% of spending, indicating a market dominated by costly brand-name products [4] Company Strategy and Positioning - Fresenius aims to capitalize on the growing biopharma market, focusing on four core businesses: IV generics, fluids, biopharma, nutrition, and medtech [5] - The company has initiated a "Rejuvenate" phase to upgrade its core operations and scale platforms for better performance [6][7] - Fresenius is committed to expanding its biosimilars business, which is expected to generate annual savings of EUR 100 billion by 2030 in the EU and U.S. [8] Financial Performance - In the first three quarters of 2025, the biopharma business contributed over EUR 600 million in sales, with a growth rate exceeding 30% [9] - The EBIT margin for the biopharma segment improved from 8.5% in 2022 to over 15% in the first nine months of 2025 [16] - Fresenius aims to double its revenue and achieve a net margin of around 20% by 2030 [20] Pipeline and Product Development - Fresenius has a robust pipeline with 15 potential new medicines and aims to launch new products through in-licensing and internal R&D [17][22] - The company has 11 marketed products across nine molecules, with a focus on immunology, oncology, and endocrinology [26] - The biosimilar market is expected to grow sixfold by 2035, driven by loss of exclusivity for numerous molecules [34] Competitive Advantages - Fresenius operates a fully integrated biosimilars model, managing R&D, manufacturing, and commercialization across more than 35 countries [25] - The company has achieved significant cost reductions through vertical integration and insourcing of manufacturing processes [45][51] - Fresenius has established a strong commercial presence in Europe, LATAM, and the U.S., with a focus on direct sales to enhance margins [52][54] Market Trends and Future Outlook - The U.S. biosimilars market is expected to grow significantly due to an increase in molecules losing exclusivity and favorable policy changes [59] - Fresenius is positioned to benefit from the ongoing shift towards biosimilars, with a strong focus on regulatory compliance and market access strategies [30][43] - The company plans to invest over EUR 300 million by 2030 to expand manufacturing capacity and drive long-term growth [46] Conclusion - Fresenius is well-positioned to leverage its strengths in the biopharma market, focusing on innovation, cost leadership, and commercial excellence to drive sustainable growth and shareholder value [11][31]

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]