© 2026 Surrozen, Inc. March 2026 Restoring Vision Through the Science of Renewal Legal Disclaimers This presentation contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as "will," "plan," "intend," "potential," "expect," "could," or the negative of these words and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-look ...

Core Viewpoint - Alvotech is focused on addressing FDA feedback and plans to resubmit its biologics license applications in the second quarter of 2026, aiming for FDA decisions by year-end 2026 [1][2]. Regulatory and Compliance - Alvotech has four active U.S. biologics license applications for biosimilars, which received complete response letters due to issues identified in a July 2025 FDA inspection [2]. - The Reykjavik facility remains FDA-approved, and Alvotech continues to manufacture on-market products while preparing a comprehensive response to avoid further inspections [5]. Commercial Execution and Product Launches - The company launched its second U.S. biosimilar, Selarsdi, in partnership with Teva, and has seen significant market share growth for its products [7]. - Alvotech's biosimilar to Humira (AVT-02/SIMLANDI) captured approximately 9% of the U.S. market, with the originator's share declining from 70% to 45% [7]. - The company has signed partnership agreements with Advanz Pharma and Dr. Reddy's, expanding its commercial footprint [7]. Pipeline Development - Alvotech has 30 biosimilars in development, representing over $185 billion in global sales potential, with a new program initiated approximately every two months [9]. - The company anticipates being among the first to launch a biosimilar to Entyvio, with regulatory submissions planned for later in 2026 [10]. Financial Performance - In Q4 2025, Alvotech reported total revenue of $173 million, a 13% increase year-over-year, with licensing revenues making up 75% of the total [12]. - For the full year 2025, total revenue reached $593 million, up 21%, with a gross margin of 61% and adjusted EBITDA of $137 million [13]. - The company ended 2025 with $172 million in cash, supported by financing activities, and expects to improve its leverage ratio in 2026 [14]. 2026 Outlook - Alvotech has reaffirmed its 2026 revenue guidance of $650 million to $700 million, with adjusted EBITDA expected to be between $180 million and $220 million [15]. - The company is targeting growth in supply revenues and anticipates quarterly fluctuations due to milestone timing and shipment patterns [15].

Financial Data and Key Metrics Changes - Total revenues for 2025 increased by 21% year-on-year to $593 million, with adjusted EBITDA rising by 27% to $137 million, representing a margin of 23% [36][37] - In Q4 2025, total revenues were up 13% year-on-year at $173 million, with licensing revenues accounting for 75% of the total [34][36] - Gross margin for the year finished at 61%, while Q4 gross margin was 66% [34][36] Business Line Data and Key Metrics Changes - Product revenues were driven by commercial momentum for the Humira biosimilar AVT02 and the Stelara biosimilar AVT04, which launched in the U.S. in Q1 2025 [36] - Product sales in Q4 were softer at $43 million, with a negative product margin of 37% due to timing of orders and planned facility upgrades [34][35] - The company has 30 biosimilars in development, representing over $185 billion in global sales potential [9][27] Market Data and Key Metrics Changes - In the U.S. market, Humira's originator share declined from approximately 70% at the beginning of 2025 to around 45% by year-end, indicating a shift towards biosimilars [18] - SIMLANDI holds about 9% of the U.S. market, making it the second-largest and one of the fastest-growing biosimilars in its segment [19] - In Europe, Uzpruvo has established a leading position with over 20% share of the biosimilar segment [19] Company Strategy and Development Direction - The company aims to strengthen its operational platform and expand its manufacturing footprint, including dual sourcing initiatives to enhance supply resilience [15][16] - Alvotech is focused on advancing its biosimilar portfolio towards approval and commercialization, particularly in the U.S. market [45][46] - The company anticipates continued growth in the biosimilar market, driven by the expected loss of patent protection for over 100 biologics in the next decade [7][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to address regulatory observations and expects to resubmit applications to the FDA in the second quarter of 2026 [4][26] - The company is positioned to benefit from recent FDA guidance that reduces the need for large efficacy trials, thereby lowering development costs and timelines [8][30] - The outlook for 2026 is reaffirmed with expected revenues in the range of $650-$700 million, reflecting continued double-digit sales growth [42][44] Other Important Information - The company raised close to $300 million from capital markets to support ongoing investments in development programs and manufacturing [17] - Alvotech's shares were listed on Nasdaq Stockholm, enhancing access to Nordic and European investors [17] Q&A Session Summary Question: U.S. approvals and pending items - Management confirmed completion of remediation efforts and is compiling information to support the upcoming submission, aiming for the first half of 2026 [49] Question: Guidance for 2026 - The lower end of the guidance does not include revenues from U.S. launches, while the upper end reflects potential growth from existing approvals [50][56] Question: Incremental commercial approvals needed - The guidance is based on momentum from existing approvals, with no new approvals factored in [56] Question: Manufacturing platform expansion - The company is evolving its dual sourcing strategy, with expected developments in the first half of the year [57] Question: Competitive landscape and risk mitigation - Management emphasized the importance of being first to market and strategic IP positioning to mitigate competitive exposure [68][69]

Financial Data and Key Metrics Changes - In 2025, total revenues increased by 20% to $591 million, while adjusted EBITDA rose by 27% to $137 million, reflecting strong financial performance [9][36] - For Q4 2025, total revenues were up 13% year-on-year at $173 million, with licensing revenues constituting 75% of the total [34][36] - The gross margin for the year was 61%, driven by the mix of licensing revenues [36] Business Line Data and Key Metrics Changes - The company has 30 biosimilars in development, representing over $185 billion in global sales potential [9][27] - Product revenues were $43 million in Q4 2025, with a negative product margin of 37% due to timing of orders and planned facility upgrades [34] - The commercial momentum for biosimilars like AVT02 and AVT04 is expected to continue into 2026, with AVT02 holding a 9% market share in the U.S. [75] Market Data and Key Metrics Changes - In the U.S. market, the originator of Humira held approximately 70% at the beginning of 2025, which declined to around 45% by year-end, indicating a shift towards biosimilars [18] - SIMLANDI has captured about 9% of the U.S. market, making it one of the fastest-growing biosimilars [19] - In Europe, Uzpruvo has established a leading position with over 20% share of the biosimilar segment [19] Company Strategy and Development Direction - The company aims to strengthen its operational platform and expand its manufacturing capabilities, including dual sourcing initiatives [5][15] - Alvotech is focused on advancing its biosimilar portfolio towards approval and commercialization, particularly in the U.S. market [45] - The company anticipates significant opportunities in the biosimilar market due to over 100 biologics expected to lose patent protection in the next decade [7][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in addressing regulatory observations from the FDA and expects to resubmit applications in Q2 2026 [4][26] - The company is well-positioned to benefit from recent FDA guidance that reduces the need for large efficacy trials, thus lowering development costs [8][30] - The outlook for 2026 is reaffirmed with expected revenues between $650 million and $700 million, reflecting continued double-digit growth [42] Other Important Information - The company raised close to $300 million from capital markets to support ongoing investments in development and manufacturing [17] - Alvotech's shares were listed on Nasdaq Stockholm, enhancing its presence in the Nordic and European markets [17] Q&A Session Summary Question: U.S. approvals and pending items - Management confirmed completion of remediation efforts and is compiling information to support the upcoming submission, aiming for the end of Q1 or early Q2 2026 [49] Question: Guidance for 2026 - The lower end of the revenue guidance does not include U.S. launch revenues, while the upper end reflects aspirations including potential U.S. launches [50][56] Question: Incremental commercial approvals needed - The guidance is based on momentum from existing approvals, with no new approvals factored in for the lower end of the range [56] Question: Manufacturing platform expansion - The expansion is expected to occur in the first half of 2026, with costs aligned with anticipated R&D expenditures [57] Question: Competitive landscape and risk mitigation - Management emphasized the importance of being first to market and strategic IP positioning to mitigate competitive exposure [68]

Core Insights - The company Zydus Lifesciences has achieved a positive regulatory outcome with a USFDA inspection that concluded with zero observations, reinforcing its compliance standards in regulated markets [1][8] - Zydus Lifesciences launched ANYRA, India's first indigenous biosimilar of Aflibercept 2 mg, marking a significant milestone in its product portfolio [2][9] Regulatory Developments - The USFDA conducted a Pre-Approval Inspection (PAI) at Zydus's Ahmedabad injectables facility, which resulted in no observations, indicating strong compliance [1][8] - This regulatory clearance is expected to enhance investor confidence and attention towards the company's stock [6][9] Product Launch and Market Opportunity - ANYRA is indicated for the treatment of serious retinal disorders, including neovascular age-related macular degeneration (AMD), diabetic macular oedema (DME), and diabetic retinopathy (DR) [4][9] - The launch of ANYRA strengthens Zydus's presence in the ophthalmology segment and aims to improve access to affordable biologic therapies in India [4][9] - The market opportunity is substantial, with over 100 million people living with diabetes in India, and an estimated 7 to 8 million individuals affected by diabetic retinopathy [5][9] Stock Performance and Technical Analysis - On the stock market, shares of Zydus Lifesciences settled 0.85% lower at Rs 902.40, but the recent developments may lead to increased investor interest [6][9] - The technical analysis indicates a 14-day Relative Strength Index (RSI) of 50.1, suggesting neutral momentum, while the stock is trading below six out of its eight simple moving averages (SMAs), indicating a bearish trend [7][9]

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]