44th Annual J.P. Morgan Healthcare Conference Andrew Hider President & Chief Executive Officer January 12, 2026 1 Safe Harbor Statement This presentation includes forward-looking statements concerning the company's financial results (including the company's net leverage target and estimated timing considerations) and operational, business development and regulatory activities. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause a ...

J.P. Morgan 44th Annual Healthcare Conference Udit Batra, Ph.D. President & CEO January 12, 2026 Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements: This presentation includes "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction among Waters Corporation ("Waters" or the "Com ...

WRITING THE FUTURE JANUARY 2026 LEGAL DISCLAIMER This presentation contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding future growth and expansion, estimated turnaround times, revenue and gross margin growth, market si ...

2026 J.P. Morgan Healthcare Conference Rand Sutherland, MD, Chief Executive Officer January 2026 © 2026 Upstream Bio, Inc. No Image Disclaimer This presentation contains forward-looking statements of Upstream Bio, Inc. ("Upstream," "the Company," "we," "us," or "our") that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding our future financial condition, results of operations, business strategy ...

Business Overview and Financial Strategy - Regeneron is leveraging genetics, proteomics, and big data to accelerate innovation and R&D productivity, with approximately 45 clinical programs across six core therapeutic areas[7] - The company is deploying capital to maximize long-term value creation through internal investment in R&D, business development, and returning capital to shareholders, with ~$6 billion committed to U S manufacturing and R&D infrastructure expansion[15, 16] - Regeneron returned ~$3.8 billion to shareholders in 2025, including ~$3.4 billion in share repurchases and ~$0.4 billion in dividends[16] - Non-GAAP R&D spend is expected to be $7 billion+ in 2026[16] Product Portfolio and Pipeline Highlights - Dupixent global net sales are growing, with Q3 2025 sales reaching $3.619 billion[10] - EYLEA HD physician demand grew 10% from Q3 to Q4 2025, and Q4 2025 U S net sales reached $1.1 billion[10] - Libtayo achieved Q3 2025 global net sales of $365 million, with a 27% worldwide year-over-year growth[14] - The company has a pipeline targeting large market opportunities, including $15B+ in ophthalmology, $55B+ in oncology, $60B+ in hematology, $15B+ in cardiovascular & metabolic diseases, $50B+ in immunology & inflammation, and $10B+ in neurology & rare diseases[23] Upcoming Milestones and Clinical Data - Phase 3 data for Olatorepatide in obesity in China is expected in 1H 2026[42] - Fianlimab + cemiplimab is expected to report results in 1L metastatic melanoma from a Phase 3 trial in 1H 2026[78] - Cemdisiran monotherapy is planned for FDA submission in Q1 2026, with a decision expected by Q4 2026/Q1 2027 for gMG[52, 77]

Kodiak®, Kodiak Sciences®, ABC®, ABC Platform , and the Kodiak logo are registered trademarks or trademarks of Kodiak Sciences Inc. in various global jurisdictions. THE OPHTHALMOLOGY MEDICINES COMPANY 44th Annual J.P. Morgan Healthcare Conference January 12, 2026 1 Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding Kodiak's plans, commi ...

Financial Targets (2025-2028) - The company projects a constant currency (CC) revenue compound annual growth rate (CAGR) of 5-7% from 2025 to 2028[15, 42] - The company anticipates an adjusted EBITDA margin (excluding Acquired IPR&D) of approximately 23% in 2028[15, 42] - The company aims for an adjusted cash flow from operations to adjusted EBITDA conversion of approximately 50% in 2028[37, 42] - The company targets a net leverage ratio of approximately 3.5x by the end of 2028[37, 42] - The company expects double-digit adjusted EPS growth from 2026 to 2028[37, 42] Pipeline and Product Launches - The company's pipeline products have potential peak sales of approximately $7 billion[15] - The company anticipates franchise peak sales of approximately $300 million for an advanced preservative-free lipid-based formulation launching in the first half of 2026[23] - The company anticipates franchise peak sales of approximately $600 million for products expanding the market by addressing all stages of AMD, launching in the first half of 2026[23] - The company anticipates franchise peak sales of approximately $450 million for enhanced comfort contact lens with the addition of hyaluronic acid, launching in 1H27[23] Consumer Brands - The company is the 1 global OTC eye health company with +7% last twelve months (LTM) constant currency revenue growth[22]

This presentation includes "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are based on Madrigal's beliefs and assumptions and on information currently available to it but are subject to factors beyond its control. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Forward-looking statements include all statements that are not h ...

Financial Performance & Growth - United Therapeutics expects to continue double-digit compound growth into the next decade[9] - The company has experienced a 23% Compound Annual Growth Rate (CAGR) since Remodulin's approval in 2002[10, 11] Product Pipeline & Innovation - Tyvaso DPI is positioned as the best inhaled prostacyclin due to tolerability, particle deposition, ease of use, and dosing[16, 17, 18, 19, 20] - TETON-2 study showed overwhelmingly positive Phase 3 results for Idiopathic Pulmonary Fibrosis (IPF)[24] - Hodges-Lehmann estimate from TETON-2 is 95.6mL (95% CI, 52.2, 139.0) with P<0.0001[25] - Ralinepag showed a mean 6-minute walk distance (6MWD) increase of 36.3 meters (p=0.004) from OLE Baseline[27] Organ Manufacturing - United Therapeutics is developing three platforms for creating an unlimited supply of transplantable organs: Allogeneic Regenerative Medicine, Xenotransplantation and Autologous[31, 34, 36]

Company Overview - Tempus aims to unlock precision medicine through AI-enabled diagnostics[6] - The company's platform connects to over 5,000 providers across the US[10] - Tempus leverages a large proprietary healthcare dataset of over 45 million patient records[13] Diagnostics Business - The Diagnostics business delivered approximately 800,000 clinical tests in 2025[30] - The Diagnostics business experienced a unit growth rate of approximately 28% in Q4 2025[30] - Oncology ASP is expected to rise by over $500 in the next several years due to reimbursement tailwinds[31] Data & Applications Business - Data and Applications revenue reached approximately $316 million in 2025, representing approximately 31% growth[38] - The Data & Applications business has signed over $2 billion in contracts to date[38] - The Total Remaining Contract Value (TCV) for Data & Applications is over $1.1 billion as of year-end 2025[39] - The Data Licensing Retention rate is approximately 126% as of year-end 2025[39] Financial Outlook - The company anticipates revenue of approximately $1.27 billion for 2025, reflecting approximately 83% year-over-year growth[63] - The company projects revenue growth of approximately 25% year-over-year in 2026, reaching approximately $1.59 billion[65]