Biotech and drug development

“Utvecklingen av nya behandlingar har ökat, men JAK2-hämmare är fortfarande den enda godkända läkemedelsklassen för behandling av myelofibros. Det finns ett stort behov av behandlingar som kan ge en bredare effekt på sjukdomsutvecklingen och användas efter eller i kombination med JAK2-hämmare.”

Annual report 2024A · The company itself

“För patienter vars sjukdom progredierar eller som inte tolererar JAK2-hämmare finns mycket begränsade behandlingsalternativ tillgängliga.”

Annual report 2024A · The company itself

“Återinsänt till FDA i 02/2025, PDUFA-datum är 07/2025 Marknaden för behandling av multipelt myelom genomgår för närvarande snabb tillväxt och nya innovativa läkemedelskombinationer förväntas bli standardbehandling i framtiden. En viktig drivkraft för marknadens tillväxt är att antalet patienter som överlever i fem år eller längre har ökat betydligt som en följd av nya behandlingar som används i de tidigare stadierna av sjukdomen.”

Annual report 2024A · The company itself

“Det finns således ett behov av nya behandlingar med kompletterande effekt till kortikosteroider för att begränsa antalet patienter som inte svarar på behandlingar i första linjen. Dessutom finns det ett behov av säkrare terapier som kan reducera eller ersätta långtidsanvändning av kortikosteroider samt en behandling som kan administreras topikalt och nå ögats baksida för att minimera systemiska biverkningar och injektionsrelaterade risker.”

Annual report 2024A · The company itself

“Kortikosteroider endast effektivt i VD har ordet ~ 258 000 personer Totalt diagnostiserade vanliga fall 60% av fallen Marknad i stark tillväxt Allvarliga kliniska konsekvenser MÅL OCH STRATEGI Stort medicinskt behov Affärsidé Immunterapi är ett av de senaste årens stora genombrott inom cancerbehandling, vilket återspeglas i att checkpointhämmarna Keytruda, Opdivo, Imfinzi och Tecentriq tillsammans uppnådde en global försäljning om 30,7 miljarder USD under 2021. Den starka försäljningsutvecklingen för check-point-hämmare förväntas att fortsätta och försäljningen beräknas till 60,0 miljarder USD 2028.8 ~ 205 000 personer Totalt behandlade fall (Behandlingslinje 1: kortikosteroider) Kliniska milstolpar VERKSAMHET Projekt Patienter som inte svarar på kortikosteroider: behandlingslinje 2+ ~ 80 000 personer Prognos för de 9 största marknaderna 2029 – USD 0,8 miljarder i försäljning Tasquinimod Laquinimod Naptumomab Källa: Presenterad data är baserad på prognos från Global Data Report (Juni 2021), Uveitis: Market Forecast 2019-2029 för 2029 för de 9 största marknaderna (USA, Europa, Japan, Australien).”

Annual report 2024A · The company itself

“VD har ordet Dr Dan Vogl Huvudprövare MÅL OCH STRATEGI Stort medicinskt behov Affärsidé I februari 2022 gick studien vidare till den tidigare planerade kombinationsdelen (B1), där behandling med tasquinimod gavs i kombination med de oralt administrerade terapierna ixazomib, lenalidomid och dexametason (IRd). I maj 2023 tillkännagav Active Biotech att tasquinimod, som monoterapi eller i kombination med IRd, har en gynnsam säkerhetsprofil i kraftigt förbehandlade patienter med en median av 8 tidigare behandlingar.”

Annual report 2024A · The company itself

“VD har ordet MÅL OCH STRATEGI Stort medicinskt behov Affärsidé Pågående klinisk utveckling En innovativ ögondroppsformulering av laquinimod där man tagit hänsyn till laquinimods specifika fysikaliskkemiska egenskaper har utvecklats för att främja att kliniskt relevanta intraokulära koncentrationer kan uppnås. Ett prekliniskt säkerhetsprogram för topikal behandling har slutförts. En fas I-studie av laquinimod-ögondroppar i friska försökspersoner startade i december 2021 (NCT05187403).”

Annual report 2024A · The company itself

“Trots de senaste årens enorma framgångar med Växande marknader Immateriella rättigheter checkpoint-terapier så är det fortfarande en utmaning för kroppens immunförsvar att hitta och känna igen tumörceller, vilket avspeglas i att det är förhållandevis få patienter som svarar på behandling, och därför finns det ett behov av att optimera behandlingseffekten. Naptumomab ökar immunförsvarets förmåga att upptäcka och styra immuncellerna till tumören och det kliniska utvecklingsprogram som NeoTX bedriver är inriktat på att kombinera naptumomab med checkpoint-hämmare.”

Annual report 2024A · The company itself

“VD har ordet MÅL OCH STRATEGI Stort medicinskt behov Affärsidé Konkurrens och kommersiell framgång Active Biotech är verksamt inom attraktiva terapiområden med ett stort medicinskt behov vilket medför att konkurrensen är betydande och konkurrenter kan komma att utveckla, marknadsföra och sälja läkemedel som är effektivare, säkrare och till ett lägre pris än Active Biotech eller dess samarbetspartners.”

Annual report 2024A · The company itself

“MARKNAD Verksamhetsrelaterade risker Växande marknader Immateriella rättigheter Forskning och utveckling HÅLLBARHET Miljöarbete Produktansvar och försäkringar Forskning och läkemedelsutveckling är förknippad med hög risk då stora finansiella resurser investeras i en produkt som kanske aldrig blir ett färdigt läkemedel. Majoriteten av startade projekt kommer aldrig att nå marknadsregistrering.”

Annual report 2024A · The company itself

“VD har ordet MÅL OCH STRATEGI Stort medicinskt behov Affärsidé Kliniska milstolpar Helén Tuvesson, VD Mål och Strategi VD har ordet ARBETET MOT VÅRA MÅL Vi utvecklar läkemedel som behövs VD har ordet Active Biotechs affärsmodell syftar till att främja projekt inom indikationer med stort medicinskt behov och kommersiell värdepotential i cancer och inflammatoriska ögonsjukdomar.”

Annual report 2024A · The company itself

“Active Biotechs läkemedelkandidat tasquinimod representerar en ny klass av läkemedel med en verkningsmekanism som skiljer sig från befintliga terapier och har därmed potential att övervinna problemet med läkemedelsresistens. Detta kan förändra behandlingslandskapet för patienter med multipelt myelom.”

Annual report 2024A · The company itself

“Tumor Targeting Superantigen) (TTS), är ett fusionsprotein och innehåller Fab-fragmentet från en antikropp som binder till tumörantigenet 5T4 som uttrycks på många olika typer av Direkt avdödning via cytotoxiska T-celler NAPTUMOMAB VD har ordet MÅL OCH STRATEGI Stort medicinskt behov Affärsidé T-cell Tumörcell 5T4 Kliniska milstolpar TCR VERKSAMHET Projekt Tasquinimod Laquinimod Naptumomab Indirekt avdödning via TNF-α och IFN-γ MARKNAD Växande marknader Immateriella rättigheter Naptumomab i solida tumörer Partnerskap med NeoTX 300 patienter. Den tidigare kliniska utvecklingen av HÅLLBARHET Miljöarbete Naptumomab ökar immunsystemets förmåga att upptäcka och angripa tumörer och prekliniska data från olika experimentella modeller visar synergistisk antitumöreffekt och förlängd total överlevnad när naptumomab kombineras med kemoterapi med checkpoint-hämmare eller chimär antigenreceptor (CAR) T-cellterapi.”

Annual report 2024A · The company itself

“Projektportföljen omfattar små, oralt aktiva immunmodulerande molekyler samt antikroppsbaserad immunterapi som utvecklas för behandling av cancer och inflammatoriska sjukdomar.”

Annual report 2024A · The company itself

“Tasquinimod-projektet, utvecklas för behandling av hematologiska cancerformer.”

Annual report 2024A · The company itself

“Resultat förväntas under första halvåret 2025 Kliniska milstolpar två proof-of-concept-studier med tasquinimod för behandling av patienter med myelofibros startades under 2024 och båda studierna rekryterar patienter VERKSAMHET Projekt Tasquinimod Laquinimod Naptumomab KOMMENTARER TILL KASSAFLÖDESANALYSEN laquinimod som utvecklas som en ny produktklass för behandling av inflammatoriska ögonsjukdomar.”

Annual report 2024A · The company itself

“En fas Ib/II-studie pågår med naptumomab i kombination med checkpointhämmaren durvalumab, i patienter med utvalda solida tumörer. All utveckling av naptumomab finansieras av NeoTX.”

Annual report 2024A · The company itself

“•Possible future sales of shares of our common stock could adversely affect its market price. •We are dependent on the health of the life science industry, and changes within this industry, increased competition, or the inability of our tenants and non-real estate equity investments within this industry to obtain funding for research, development, and other operations may adversely impact their ability to make rental payments to us or adversely impact their value. •Market disruption and volatility, poor economic conditions in the capital markets and global economy, including in connection with a widespread pandemic or outbreak of a highly infectious or contagious disease, and tight labor markets could adversely affect the value of the companies in which we hold equity investments or the ability of tenants and the companies in which we invest to continue operations, raise additional capital, or access capital from venture capital investors or financial institutions on favorable terms or at all.”

Annual report 2025A · The company itself

“Our life science industry tenants and venture investment portfolio companies are subject to a number of risks unique to their industry, including (i) changes in technology, patent expiration, and intellectual property rights and protection, (ii) high levels of regulation, (iii) failures in the safety and efficacy of their products, and (iv) significant funding requirements for product research and development. These risks may adversely affect our tenants’ ability to make rental payments or satisfy their other lease obligations to us or may impact our venture investment portfolio companies’ value and consequently may materially adversely affect our business, results of operations, financial condition, and stock price.”

Annual report 2025A · The company itself

“Domestic and international policy shifts may introduce considerable uncertainty to the macroeconomic and regulatory landscape in which we, our tenants, and our venture investment portfolio companies operate. Our tenants and our venture investment portfolio companies include entities in the pharmaceutical, biotechnology, medical device, life science, and related industries, academic and private institutions, and government institutions that determine their R&D budgets based on several factors, including the availability of government and other funding and the reliability and operational efficiency of public regulatory institutions. Since January 2025, the U.S. administration has implemented and proposed substantial policy changes that affect federal health agencies, research funding, public health priorities, and international trade. Several of these actions were later modified, paused, or limited by courts or subsequent agreements, but they continue to create material uncertainty for planning, capital allocation, and tenant demand across the life science ecosystem.”

Annual report 2025A · The company itself

“For our tenants and venture investment portfolio companies operating in the vaccine research, development, and manufacturing sectors, diminished CDC engagement could lead to uncertainty in regulatory expectations, lower vaccine uptake rates, and delay the adoption of new immunization technologies.”

Annual report 2025A · The company itself

“Any such disruptions could undermine the commercial viability of vaccine-related products, reduce R&D investment in the field, and in turn negatively impact demand for our specialized life science facilities and the value of our venture investment portfolio.”

Annual report 2025A · The company itself

“NIH grant cuts and impact on research institutions The U.S. administration has implemented significant policy changes affecting the NIH, leading to substantial disruptions in biomedical research across the U.S. These actions have included staff layoffs and funding cuts as described below and have resulted in the suspension of numerous research projects, posing risks to scientific advancement and introducing uncertainty for some of our tenants and venture investment portfolio companies. •NIH budget freeze and workforce cuts.”

Annual report 2025A · The company itself

“On January 27, 2025, the U.S. administration issued a memorandum to suspend NIH grant funding, freezing much of the NIH’s nearly $48 billion budget for 2025. Though the suspension was eventually blocked and reversed, during the first half of 2025, the NIH laid off approximately 5,000 employees and contractors across its approximately 20,000-person workforce.”

Annual report 2025A · The company itself

“In May 2025, the White House introduced a budget proposal for fiscal year 2026 that would reduce the NIH budget by approximately 40%, from $48 billion to $27.5 billion. Congress has not enacted this proposal, and, because no fiscal year 2026 appropriations bill has been passed to date, NIH funding currently remains at 2024 levels under a continuing resolution.”

Annual report 2025A · The company itself

“In addition, on January 5, 2026, the U.S. Court of Appeals for the First Circuit affirmed a nationwide injunction blocking the administration’s attempt to impose a 15% cap on indirect cost reimbursements for NIH grants, preventing a significant reduction in research funding from taking immediate effect. Nevertheless, if Congress ultimately adopts material reductions to the NIH budget or similar funding restrictions are pursued through future legislative or administrative actions, federal support for early‑stage scientific research could decline.”

Annual report 2025A · The company itself

“Such reductions could slow the formation and growth of life science companies, diminish U.S. competitiveness in biomedical innovation, and negatively impact long‑term demand for our specialized life science real estate.”

Annual report 2025A · The company itself

“•Termination of NIH grants and funding commitments to major research institutions. On January 20, 2025, President Trump issued an executive order directing every U.S. agency, including the NIH, to “terminate, to the maximum extent allowed by law” all grants relating to diversity, equity, and inclusion.”

Annual report 2025A · The company itself

“As a result of one or both executive orders, the NIH, the world’s largest funder of biomedical research, has withheld funding from certain U.S. research institutions. •15% cap on indirect cost reimbursements of all NIH grants. On February 7, 2025, the NIH introduced a policy limiting indirect cost reimbursements to 15% for all NIH grants, representing a significant reduction from historic levels, which were approximately double that rate on average, and in some cases significantly higher.”

Annual report 2025A · The company itself

“Court of Appeals for the First Circuit affirmed that NIH’s 15% cap violates federal law and U.S. Department of Health and Human Services (“HHS”) regulations, leaving negotiated Facilities & Administrative (“F&A”) rates in place.”

Annual report 2025A · The company itself

“This threatens to substantially impact the ability of U.S. research institutions to support their infrastructure and administrative costs, including their ability to lease life science facilities. A coalition of 22 state attorneys general, along with organizations including the Association of American Medical Colleges, filed lawsuits challenging the NIH’s policy changes, particularly the 15% cap on indirect costs.”

Annual report 2025A · The company itself

“If implemented, any such funding cap could negatively impact tenants that depend on grant funding for their operations. It could also reduce the financial resources available to such tenants, forcing them to scale back operations, reduce leased space, or delay their plans for lease expansion.”

Annual report 2025A · The company itself

“If widely adopted, MFN pricing could materially compress margins, reduce investment in R&D, and suppress expansions by our life science tenants, adversely impacting demand for laboratory and related technical office space and manufacturing space and thereby posing downside risk to property income and investment valuations.”

Annual report 2025A · The company itself

“Life science industry dynamics The life science industry is undergoing a prolonged period of structural and cyclical challenges that may materially and adversely affect our business, financial condition, and results of operations. The venture capital ecosystem that supports early-stage platform development has experienced several years of contraction as investors look to more de-risked later-stage assets that may not require significant R&D laboratory requirements. Additionally, historical performance data increasingly shows that life science venture capital returns have underperformed relative to technology-focused funds and broader public market indices. While a small number of firms have consistently outperformed, the majority of life science-focused funds have delivered uneven results, leading institutional investors, including endowments, foundations, and pension funds, to reassess their long-term allocations to the sector.”

Annual report 2025A · The company itself

“This reassessment may result in a long-term reduction in capital available to private biotechnology companies, which represent a meaningful portion of our tenant base. The high failure rate of private biotechnology companies, coupled with the increasing cost and complexity of drug development, has led many investors to shift their focus toward more de-risked clinical-stage assets, often sourced internationally. As a result, fewer early-stage private biotechnology companies may be formed and funded in the U.S., which may reduce demand for the specialized laboratory space we provide across our portfolio.”

Annual report 2025A · The company itself

“In addition, the private life science market has become increasingly selective, with available capital chasing a limited number of high-quality opportunities. This dynamic has compressed potential returns, on average, and altered the risk-reward profile for investors.”

Annual report 2025A · The company itself

“While this does not necessarily indicate a permanent shift, it does reflect a more cautious and selective investment environment that may persist for the foreseeable future. These conditions may lead to reduced biotechnology company formation in the U.S., diminished tenant demand, slower leasing velocity, and increased turnover among higher-risk early-stage biotechnology tenants, particularly in markets where our portfolio is heavily concentrated in emerging biotechnology.”

Annual report 2025A · The company itself

“The NIH may pause peer-review meetings, issuance of new grants, and many program activities, and its Clinical Center will be unable to launch new trials during the funding lapse. The FDA’s operations may become limited to work deemed “safety-critical” and activities supported by carryover user fees, and the agency has stated it will be unable to accept certain new submissions requiring fees until funding resumes. These outcomes could impede R&D progress, postpone commercialization milestones, and delay anticipated financing.”

Annual report 2025A · The company itself

“We cannot predict the ultimate impact of this legislation or the content and outcome of future potential reforms and changes to the government’s ability to regulate and negotiate drug pricing. Changes in policy that limit prices may reduce the financial incentives for the research and development efforts that lead to discovery and production of new therapies and solutions to lifethreatening conditions. Negative impacts of new policies could adversely affect our tenants’ and venture investment portfolio companies’ businesses, including life science companies, which may reduce the demand for life science/laboratory space and negatively impact our operating results and our business.”

Annual report 2025A · The company itself

“Due to macroeconomic conditions in South San Francisco, including significant new supply, lower life science tenant demand, and ongoing challenges leasing both laboratory and office space, we reassessed the project’s financial outlook and the substantial capital required to lease vacant space and to complete the redevelopment of 651 Gateway Boulevard and future development opportunities.”

Annual report 2025A · The company itself

“Non-real estate investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. We invest primarily in highly innovative entities whose focus on the development of therapies and products that advance human health and transform patients’ lives is aligned with Alexandria’s purpose of making a positive and meaningful impact on the health, safety, and wellbeing of the global community.”

Annual report 2025A · The company itself

“In general, our business strategy is to invest primarily in properties used by tenants in the life science industry. Through our venture investment portfolio, we also hold investments in companies that, similar to our tenant base, are concentrated in the life science industry.”

Annual report 2025A · The company itself

“We use the extensive personal and business relationships that members of our management have developed over time with owners of life science properties and with major tenants and venture investment portfolio companies in the life science industry.”

Annual report 2025A · The company itself

“We hold equity investments in certain publicly traded companies, limited partnerships, and privately held entities primarily involved in the life science and technology industries. The valuation of these investments is affected by many external factors beyond our control, including, but not limited to, market prices, market conditions, healthcare legislation, prospects for favorable or unfavorable clinical trial results, new product initiatives, the manufacturing and distribution of new products, product safety and efficacy issues, and new collaborative agreements.”

Annual report 2025A · The company itself

“The exteriors of our properties typically resemble traditional office properties, but the interior infrastructures are designed to accommodate the needs of life science tenants. These improvements typically are generic rather than specific to a particular tenant. As a result, we believe that the improvements have long-term value and utility and are usable by a wide range of tenants.”

Annual report 2025A · The company itself

“Stable Cash Flows From Our High-Quality and Diverse Mix of Tenants Investment-Grade or Publicly Traded Large Cap Tenants 84% of ARE’s Top 20 Tenant Annual Rental Revenue 53% of ARE’s Total Annual Rental Revenue Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology - Approved or Marketed Product Other(1) Advanced Technologies(2) Public Biotechnology - Preclinical or Clinical Stage Government Institutions Biomedical Institutions(3) Private Biotechnology Percentage of ARE’s Annual Rental Revenue As of December 31, 2025.”

Annual report 2025A · The company itself

“Samtliga av Alligators läkemedelskandidater måste genomgå omfattande prekliniska och kliniska studier i syfte att påvisa säkerhet och effekt i människor innan de kan ges regulatoriskt tillstånd för att lanseras på marknaden som färdiga produkter. Kliniska studier är dyra att genomföra, tidskrävande och deras utfall är osäkra, vilket kan påverka möjligheten att kommersialisera Alligators läkemedelskandidater.”

Annual report 2024A · The company itself

“Utveckling och kommersialisering av nya läkemedelskandidater är mycket konkurrensutsatt och kännetecknas av snabb teknologiutveckling. Alligator är utsatt för konkurrens avseende dess nuvarande läkemedelskandidater, och kommer att utsättas för konkurrens avseende alla läkemedelskandidater som Alligator kan försöka utveckla eller kommersialisera i framtiden, från stora läkemedelsföretag, specialistläkemedelsföretag och bioteknikföretag från hela världen.”

Annual report 2024A · The company itself

“Alligator har investerat betydande belopp i utvecklingen av dess läkemedelskandidater och ytterligare betydande investeringar kommer att krävas för den pågående och fortsatta utvecklingen av Alligators läkemedelskandidater.”

Annual report 2024A · The company itself

“Alligator och dess verksamhet är således till stor del beroende av samarbeten, utlicensiering och kommersialisering av Alligators utvecklingsprojekt för att kunna generera intäkter i framtiden. På kort till medellång sikt förväntas potentiella intäkter främst utgöras av milstolpsbetalningar och licensintäkter kopplade till utvecklingsprojekt i klinisk fas.”

Annual report 2024A · The company itself

“Alligators nuvarande affärsstrategi innefattar en potentiell försäljning eller utlicensiering av Alligators läkemedelskandidater och kliniska utvecklingsprojekt. Det finns en risk att Alligator inte lyckas attrahera köpare eller licenstagare av Alligators läkemedelskandidater, vilket kan resultera i att framtida intäkter av denna anledning fördröjs alternativt, helt eller delvis, uteblir.”

Annual report 2024A · The company itself

“För att maximera värdet av projektportföljen är Alligators avsikt att ta molekyler från läkemedelsupptäckt och prekliniska studier till proof-of-concept i kliniska fas 2-studier och vidare. För att generera intäkter, begränsa portföljrisken och maximera långsiktigt värde kommer Alligator att söka strategiska globala och regionala partnerskap för produktportföljen.”

Annual report 2024A · The company itself

“• I januari 2024 meddelade Alligator topline-resultat samt att det primära effektmåttet uppnåtts i fas 2-studien OPTIMIZE-1, som utvärderar mitazalimab i kombination med mFOLFIRINOX för första linjens behandling av spridd bukspottkörtelcancer.”

Annual report 2024A · The company itself

“Därutöver har Alligator det vilande prekliniska programmet ATOR-4066. Alligator har ännu inte lanserat några av sina läkemedelskandidater på marknaden, varken enskilt eller via samarbetspartners, och har därför ännu inte bedrivit någon försäljning eller genererat några försäljningsintäkter från försäljning av kommersialiserade läkemedelskandidater, varför det kan vara svårt att utvärdera Alligators försäljningspotential.”

Annual report 2024A · The company itself

“Beroende av samarbetspartners för utveckling och kommersialisering Enligt Alligators nuvarande affärsstrategi förväntas en del av Alligators potentiella framtida intäkter att utgöras av så kallade milstolpsbetalningar, det vill säga delmåls- och optionsbetalningar som erhålls från samarbetspartners förutsatt att vissa på förhand bestämda mål relaterade till Alligators utvecklingsprojekt uppnås, samt licensintäkter från utlicensiering och royalties från försäljning vid eventuell kommersialisering av läkemedelskandidater.”

Annual report 2024A · The company itself

“Alligator har bland annat ingått samarbetsavtal med det amerikanska bioteknikbolaget Aptevo Therapeutics Inc. om samutveckling av ALG.APV-527 genom klinisk fas I. Därutöver har Alligator ingått licensavtal med kinesiska Biotheus Inc. I det med AbClon Inc gemensamt ägda projektet AC101, har Alligator via dotterföretaget Atlas Therapeutics AB ingått avtal om utlicensiering av HLX22/AC101, till det kinesiska bolaget Shanghai Henlius Biotech Inc.”

Annual report 2024A · The company itself

“Det kliniska programmet består av nio studier – åtta fas 1 och 2-studier och en registreringsgrundande fas 3-studie (SPARKLE). Den kliniska utvecklingen av Orviglance är nu avslutad med konsistent positiv effektoch säkerhetsdata från nio kliniska studier med 286 patienter och friska frivilliga.”

Annual report 2024A · The company itself

“ASCELIA PHARMAS VERKSAMHET Ascelia Pharma är ett bioteknikbolag fokuserat på särläkemedel inom onkologi. Vi utvecklar och kommersialiserar nyskapande läkemedel som tillgodoser ett medicinskt behov där det idag saknas alternativ och har en tydlig väg framåt rörande utveckling och marknadslansering.”

Annual report 2024A · The company itself

“transformerande 2025 Orviglance® NDA-inlämning förväntas ske i mitten av 2025 efter framgångsrikt slutförande av klinisk utveckling verksamhet Om Ascelia Pharma Ascelia Pharma är ett bioteknikbolag fokuserat på särläkemedel inom onkologi. Bolaget utvecklar och kommersialiserar nya läkemedel som tillgodoser medicinska behov och har en tydlig väg framåt rörande utveckling och marknadsföring. Bolaget har två produktkandidater – Orviglance och Oncoral – under utveckling.”

Annual report 2024A · The company itself

“Om Oncoral Oncoral är en ny oral irinotecan-baserad tablettformulering för cellgiftsbehandling av magcancer. Oncoral har potentialen att erbjuda en mer patientvänlig behandlingsform, inklusive en bättre säkerhetsprofil med en daglig oral dosering i hemmet jämfört med intravenösa högdosinfusioner på sjukhuset.”

Annual report 2024A · The company itself

“Section / Sub section Oncoral Cellgift i tablettform för daglig dosering redo för Fas 2 22 Patenterad daglig tablettformulering av cellgift Potential att uppnå bättre effekt och patientsäkerhet Fas 2 i magcancer; möjlighet att utvidga till andra solida cancerformer stort behov inom Magcancer Magcancer är en allvarlig sjukdom.”

Annual report 2024A · The company itself

“(A) Negativt utfall i projektportföljen Forskning och utveckling av läkemedel är förknippad med hög risk i den betydelsen att stora finansiella resurser investeras i ett projekt som kanske aldrig kommer att leda till ett godkänt och marknadsfört läkemedel. En stor andel av det totala antalet forskningsprojekt som drivs inom fältet läggs ned under processen då de läkemedelskandidater som tas fram antingen inte påvisar avsedd effekt eller visar sig ha oacceptabla biverkningar, eller bedöms som kommersiellt olönsamma.”

Annual report 2024A · The company itself

“Alzheimerforskningen på BioArctic fortsätter med hög intensitet I dag lever drygt 30 miljoner människor världen över med olika stadier av Alzheimers sjukdom. Trots intensiv forskning har få nya behandlingar nått marknaden under de senaste decennierna, och fram till godkännandet av lecanemab i USA 2023 har det inte funnits någon behandling som visat sig kunna bromsa eller stoppa sjukdomsförloppet.”

Annual report 2024A · The company itself

“Tidpunkt och storlek för ytterligare finansieringsbehov är beroende av hur milstolpsersättningar faller ut, men även av huruvida koncernen lyckas ingå nya samarbetsavtal samt marknadens mottagande av framtida potentiella produkter. Det är av stor vikt att koncernens samarbetspartner fortsätter att samarbeta med BioArctic då de framtida intäkterna i dagsläget är beroende av samarbeten.”

Annual report 2024A · The company itself

“2024 bestod i huvudsak av royaltyintäkter baserade på försäljningen av Leqembi och forskningsbidrag kopplade till samarbetet med Eisai.”

Annual report 2024A · The company itself

“Företaget har under senare år successivt investerat mer inom Forskning & Utveckling, dels som en konsekvens av en utökad projektportfölj, men även av att projekten befinner sig i en senare utvecklingsfas.”

Annual report 2024A · The company itself

“(A 1) Övergripande portföljstrategi BioArctic är verksamt inom ett komplext forskningsområde, sjukdomar i det centrala nervsystemet. Bolagets framgång påverkas av strategiska beslut avseende framtida projektprioritering, positionering och marknadsstrategi.”

Annual report 2024A · The company itself

“BioArctics affärsmodell innebär att bolaget driver forskning och projektutveckling i tidig fas i egen regi för att vid lämplig tidpunkt utlicensiera kommersiella rättigheter och utveckling i sen fas till globala läkemedelsbolag. Inom behandlingsområdet Alzheimers sjukdom samarbetar BioArctic sedan 2005 med Eisai som har tecknat forskningssamarbetsavtal och licensavtal avseende antikropparna lecanemab och lecanemab back-up samt ett co-promotionavtal avseende lecanemab.”

Annual report 2024A · The company itself

“BioArctic tecknar forsknings-, licens- och co-promotionavtal med samarbetsparter och erhåller då ersättning för forskning samt milstolps- och royaltyintäkter, vilka bolaget använder för att finansiera befintliga och nya projekt. Milstolpsersättningar erhålls normalt då projektet når vissa förutbestämda utvecklingsmål, till exempel start av klinisk prövning, eller att en klinisk prövning går från en fas till en senare fas.”

Annual report 2024A · The company itself

“Det är Eisai som driver och i huvudsak bekostar de kliniska studierna vilket innebär att BioArctic inte har någon kostnad för dessa och därigenom har en lägre finansiell risk.”

Annual report 2024A · The company itself

“BioArctic på 3 minuter BioArctic är ett innovativt svenskt biofarmabolag med fokus på forskning inom neurodegenerativa sjukdomar På samma sätt som BioArctics läkemedel Leqembi (lecanemab) visat sig fördröja sjukdomsförloppet vid Alzheimers sjukdom har bolagets övriga antikroppar mot felveckade proteiner potential att bli banbrytande behandlingar mot andra neurodegenerativa sjukdomar som Parkinsons sjukdom och ALS.”

Annual report 2024A · The company itself

“Leqembi (lecanemab) är världens första fullt godkända läkemedel mot tidig Alzheimers sjukdom som bromsar sjukdomsutvecklingen och minskar den kognitiva försämringen. Lecanemab uppfanns av BioArctic och är sedan 2007 utlicensierat till det japanska läkemedelsföretaget Eisai. Leqembi lanserades på marknaden 2023 och BioArctic är berättigat till royaltyintäkter baserat på den globala försäljningen, milstolpsersättningar samt co-promotionintäkter i Norden.”

Annual report 2024A · The company itself

“Lecanemab tillgängligt på ett flertal marknader Sedan juli 2023, då lecanemab (Leqembi är varumärkesnamnet i de länder där läkemedlet lanserats) fick fullt godkännande i USA, har läkemedlet godkänts i 42 länder såsom Japan, Kina, Storbritannien och länderna i EU för behandling av mild kognitiv svikt (MCI) eller mild demens till följd av Alzheimers sjukdom – gemensamt benämnt tidig Alzheimers sjukdom.”

Annual report 2024A · The company itself

“I slutet av 2024 inleddes en klinisk fas 2a-studie med den längst framskridna antikroppen exidavnemab med förhoppningen att kunna bromsa sjukdomsutvecklingen.”

Annual report 2024A · The company itself

“Förutom exidavnemab utvecklar BioArctic även läkemedelskandidaten PD-BT2238 som är en kombination av en mycket selektiv alfa-synuklein-antikropp och BioArctics BrainTransporter-teknologi. Även den utvecklas mot Parkinsons sjukdom och tack vare BrainTransporter-teknologin uppnås en högre exponering av antikroppen i hjärnan.”

Annual report 2024A · The company itself

“Antikroppen Lecanemab som utvecklats av BioArctic har sitt ursprung i antikroppen mAb158 som togs fram 2005 av professor Lars Lannfelt och hans forskargrupp vid Uppsala universitet.”

Annual report 2024A · The company itself

“BioArctic tecknade i december 2024 ett avtal om en global exklusiv licens för BioArctics antikroppsprogram riktat mot en avkortad (trunkerad) form av amyloid beta (pyroglutamat, PyroGlu- Aβ) med det amerikanska läkemedelsbolaget Bristol Myers Squibb (BMS). Programmet inkluderar BAN1503 och BAN2803, av vilka den senare använder BioArctics BrainTransporter-teknologi.”

Annual report 2024A · The company itself

“Av de tio mest sålda läkemedlen på den globala läkemedelsmarknaden 2024 är fyra antikroppsbaserade1. Onkologi är det segment som domineras mest av klassen antikroppsbaserade läkemedel.”

Annual report 2024A · The company itself

“Fram till 2023 har amerikanska FDA godkänt 79 terapeutiska monoklonala antikroppar, varav minst 48 används för cancerbehandling2. Den amerikanska läkemedelsmyndigheten Food and Drug Administration (FDA) utfärdade 11 nya läkemedelsgodkännanden för onkologiska indikationer under 20243.”

Annual report 2024A · The company itself

“Den totala marknaden för immunterapiläkemedel förväntas växa snabbt i framtiden. FoU inom immunonkologi har expanderat kraftigt under de senaste åren med 6 000 läkemedel i klinisk utveckling och 10 000 läkemedel i preklinisk utveckling 20204.”

Annual report 2024A · The company itself

“Den globala marknaden för immunonkologi förväntas uppgå till 153 miljarder USD år 20295.”

Annual report 2024A · The company itself

“Under 2024 uppgick enbart den globala försäljningen av Keytruda (anti-PD-1) till 29,5 miljarder USD6.”

Annual report 2024A · The company itself

“Merparten av BioInvents omsättning kommer från milstolpsbetalningar i utlicensieringsavtal. Dessa intäkter är oregelbundna till sin karaktär.”

Annual report 2024A · The company itself

“Tidiga data från BI-1808 i linje med den bästsäljande immuncheckpointbehandlingen att BI-1808 inducerar CD8+ tumörinfiltration, vilket är associerat med tumörminskning, med en bibehållen utmärkt säkerhets- och tolerabilitetsprofil.”

Annual report 2024A · The company itself

“ORPHAN DRUG DESIGNATION I FL OCH MCL BI-1206 har erhållit särläkemedelsklassificering (Orphan Drug Designation, ODD) av FDA för behandling av follikulärt lymfom (FL), den vanligaste formen av långsamväxande non-Hodgkins lymfom, samt för den mer svårbehandlade formen mantelcellslymfom (MCL).”

Annual report 2024A · The company itself

“FRAMGÅNGSRIKA SAMARBETEN BYGGER FRAMTIDEN BioInvent är ett mycket samarbetsinriktat företag med en lång historia av fruktbara samarbeten med akademi och industri. Vi är öppna för att samarbeta med vetenskapliga organisationer med kompletterande resurser och expertis.”

Annual report 2024A · The company itself

“Vi strävar också efter att utforska hur våra antikroppar kan kombineras med innovativa teknologier för att ytterligare öka deras potential och skapa helt unika produkter.”

Annual report 2024A · The company itself

“ETT FULLT INTEGRERAT FÖRETAG En av BioInvents många styrkor är hur bolaget har integrerat forskning och upptäckt, tillverkning och klinisk utveckling under ett och samma tak. Detta upplägg ger oss en tydlig konkurrensfördel.”

Annual report 2024A · The company itself

“En annan viktig egenskap är vår unika teknologiplattform, som har genererat en riskdiversifierad portfölj med first-in-class läkemedelskandidater och som är en utmärkt utgångspunkt för fortsatt framgångsrik utveckling.”

Annual report 2024A · The company itself

“För det tredje är BioInvent en ledande internationell aktör inom antikroppsbiologi och produktion. Sammantaget gör dessa tre egenskaper det möjligt för BioInvent att effektivt identifiera och utveckla nya läkemedelskandidater och därmed bidra till immunonkologins globala utveckling.”

Annual report 2024A · The company itself

“Bolagets övergripande målsättningar är att bygga en portfölj med kliniska utvecklingsprojekt inom cancer och som kan ge betydande intäkter till bolaget genom licensiering eller försäljning, samt att bistå läkemedelsföretag i deras läkemedelsutveckling och därigenom skapa intäkter som bidrar till att finansiera bolagets kostnader.”

Annual report 2024A · The company itself

“Antal program i egen klinisk utveckling Omsättning, MSEK BioInvent hade ett framgångsrikt 2024 med publicering av flera kliniska data, strategiskt tillskott till ledningsgruppen och etableringen av betydande kliniska samarbeten. Dessa milstolpar har På PAGE 2024 i juni visade BioInvent upp den modellbaserade utvecklingen av anti-TNFR2-antikroppen BI-1808.”

Annual report 2024A · The company itself

“Antalet program i klinisk fas har ökat från två till sex under de senaste fem åren. Merparten av BioInvents omsättning kommer från milstolpsbetalningar i utlicensieringsavtal.”

Annual report 2024A · The company itself

“Våra två huvudprogram, BI-1808 (TNFR2-plattformen) och BI- 1206 (FcyRIIB-plattformen), är baserade på noggrant utvalda målmolekyler som har potential att förstärka effekten av allmänt använda immunterapier, inklusive checkpointhämmare och andra riktade antikroppsläkemedel, för att förbättra de kliniska resultaten vid cancerbehandling.”

Annual report 2024A · The company itself

“BI-1808: BioInvents anti-TNFR2-antikropp BI-1808 är en first-inclass läkemedelskandidat i klinisk utveckling för behandling av solida tumörer och för en typ av blodcancer. Under 2024 uppvisade BI-1808 aktivitet som monoterapi och utmärkt tolerabilitet i en pågående fas 1/2a-studie samt lovande signaler på effekt och säkerhet i kombination med MSD:s (Merck & Co., Inc., Rahway, NJ, USA) anti-PD-1-behandling, KEYTRUDA (pembrolizumab).”

Annual report 2024A · The company itself

“BI-1910: BI-1910 är en agonistisk antikropp som angriper cancern på ett annat sätt än BI-1808, BioInvents first-in-class anti-TNFR2- antikropp i fas 1/2a klinisk utveckling.”

Annual report 2024A · The company itself

“BI-1206 är en av BioInvents ledande läkemedelskandidater och utvecklas för att återupprätta den kliniska effekten av befintliga cancerbehandlingar. Läkemedelskandidaten utvärderas i två separata kliniska program, ett för behandling av non-Hodgkins lymfom (NHL, en typ av blodcancer) och ett för behandling av solida tumörer.”

Annual report 2024A · The company itself

“En BI-1607: BI-1607 är en modifierad antikropp som kan ses som en plattform för att förbättra effekten och övervinna resistens mot befintliga cancerbehandlingar, såsom riktade monoklonala antikroppar och immuncheckpointhämmare.”

Annual report 2024A · The company itself

“BT-001: BT-001 är ett onkolytiskt virus som genererats med hjälp av Transgenes plattform Invir.IO® och dess patenterade VVcopTK- RR-onkolytiska virus med stor kapacitet, vilket har utformats för att uttrycka både en Treg-nedbrytande human rekombinant anti-CTLA-4-antikropp, genererad av BioInvents egenutvecklade plattformar n-CoDeR®/F.I.R.S.T™, och det humana cytokinet GM-CSF. Genom att selektivt rikta in sig på tumörens mikromiljö förväntas BT-001 ge ett mycket starkare och mer effektivt antitumörsvar.”

Annual report 2024A · The company itself

“I våra sex kliniska program driver vi nu två fas 2-studier och fyra fas 1-studier som är baserade på de mycket lovande TNFR2- och FcyRIIB-plattformarna.”

Annual report 2024A · The company itself

“Avsikten är att dessa antikroppar ska förbättra effekten av checkpointhämmare (de mekanismer som påverkar immunsystemets förmåga att angripa tumörceller), och/eller Intäkter från licenser Intäkter från utlicensierade kliniska program Teknologiplattform Discovery Preklinisk utveckling Klinisk fas 1&2 Partnering n-CoDeR® antikroppsbibliotek Egen antikroppstillverkning Affärsutveckling Function first-filosofi Intäkter från kontraktstillverkning VÅR VETENSKAP Vi arbetar för att frigöra kraften i immunsystemet BioInvents ambition är att frigöra immunsystemets kraft för att bekämpa cancer. Våra antikroppar är utformade för att framkalla celldöd hos primära cancerceller eller för att förbättra immunsystemets förmåga att eliminera tumörceller, antingen i kombination med för närvarande tillgängliga checkpointhämmare eller som monoterapi.”

Annual report 2024A · The company itself

“VÅR VETENSKAP – EGENUTVECKLAD TEKNOLOGI ANTIKROPPSBIBLIOTEKET n-CoDeR® SCREENINGPLATTFORMEN F.I.R.S.T™ Vårt antikroppsbibliotek innehåller mer än 30 miljarder naturligt förekommande humana antikroppsgener lagrade i bakterier i provrör. Bakterierna fungerar som produktionsenheter för olika antikroppar, vilket gör det möjligt att skanna biblioteket med fagdisplayteknik för att exakt identifiera de antikroppar som binder till ett specifikt målprotein.”

Annual report 2024A · The company itself

“En översikt över BioInvents mål och kliniska program BioInvent maximerar chanserna till fram- BioInvents nuvarande kliniska portfölj är positionerad för att undersöka potentialen hos tre lovande målmolekyler: TNFR2, FcyRIIB och CTLA-4. cellulär cytotoxicitet (ADCC) och/eller antikroppsberoende cellulär fagocytos (ADCP), antigenpresentation och frisättning av kemokiner och cytokiner. gång genom att välja två läkemedelskandidater med olika verkningsmekanismer riktade mot en ny målmolekyl MÅLMOLEKYL TNFR2 MÅLMOLEKYL CTLA-4 Tumörnekrosfaktorreceptor-2 (TNFR2) påverkar tumörutveckling och metastasering och har visat sig vara viktig för tumörexpansion och överlevnad och utgör ett nytt och lovande mål för cancerimmunterapi.”

Annual report 2024A · The company itself

“BioInvent International AB (Nasdaq Stockholm: BINV) är ett bioteknikföretag i klinisk fas, inriktat på att identifiera och utveckla nya immunmodulerande, first-in-class-antikroppar för cancerterapi.”

Annual report 2024A · The company itself

“Bolaget har för närvarande fem läkemedelskandidater i sex pågående kliniska fas 1/2-studier för behandling av hematologiska cancerformer respektive solida tumörer.”

Annual report 2024A · The company itself

“I våra pågående kliniska prövningar riktar vi in oss på både blodcancer som non- Hodgkins lymfom (NHL) och solida tumörer.”

Annual report 2024A · The company itself

“BioInvent har sedan oktober 2020 ett licensavtal med CASI Pharmaceuticals för Kina, Hongkong, Macau och Taiwan. Avtalet innebär att BioInvent och CASI utvecklar BI-1206 för behandling av både hematologiska och solida tumörer, med CASI som ansvarigt för kommersialiseringen i Kina och närliggande marknader.”

Annual report 2024A · The company itself

“Som en del av utvecklingsprogrammet i Kina och närliggande marknader genomför CASI kliniska fas 1-studier, dels med BI-1206 som monoterapi för att utvärdera den farmakokinetiska (PK) profilen, dels med BI-1206 i kombination med rituximab i NHL (mantelcellslymfom, marginalzonlymfom och follikulärt lymfom) för att utvärdera säkerhet och tolerabilitet, utvald dos för fas 2 och tidiga signaler på effekt. I februari 2024 tecknades ett kliniskt samarbets- och leveransavtal med AstraZeneca för att utvärdera BI-1206 i kombination med rituximab och Calquence (acalabrutinib).”

Annual report 2024A · The company itself

“I februari 2024 tecknade BioInvent ett kliniskt leveransavtal med AstraZeneca. Enligt leveransavtalet kommer AstraZeneca att tillhandahålla Calquence, en selektiv hämmare av Brutons tyrosinkinas (BTK), för användning i kombination med BI-1206 och rituximab i den pågående kliniska fas 1/2a-studien för behandling av patienter med NHL som har försämrats i sin sjukdom eller är resistenta mot rituximab.”

Annual report 2024A · The company itself

“BioInvent har fem leveransavtal med MSD under vilka de tillhandahåller pembrolizumab för användning i kombination med BioInvents läkemedelskandidater BI-1206, BI-1808, BI-1910, BI-1607 och BT-001.”

Annual report 2024A · The company itself

“KLINISKT LEVERANSAVTAL MED ASTRAZENECA FOR CALQUENCE UTVALD SOM PARTNER TILL LLS TAP Under 2023 valdes BioInvent ut som partner i The Leukemia & Lymphoma Society’s Therapy Acceleration Program® (LLS TAP) och erhöll en strategisk kapitalinvestering om 3 miljoner USD. Samarbetet syftar till att stödja BioInvents arbete med utvecklingen av dess ledande anti-FcyRIIB-antikropp BI-1206 i non-Hodgkins lymfom (NHL) och anti-TNFR2-antikroppen BI-1808 i kutant T-cellslymfom (CTCL).”

Annual report 2024A · The company itself

“Drug development is time consuming, expensive and risky. The R&D process (i.e., target identification to major market approval) typically takes about fifteen years. Drug candidates can fail at any stage of the process, and even late-stage product candidates sometimes fail to receive regulatory approval.”

Annual report 2025A · The company itself

“According to the KMR Group, based on industry success rates from 2020-2024, approximately 93% of small molecules that enter Phase I development fail to achieve regulatory approval. Small molecules that enter Phase II development have a failure rate of approximately 81% while approximately 32% of Phase III small molecules fail to achieve approval. For biologics, the failure rate is approximately 91% from Phase I development, approximately 75% from Phase II development and approximately 30% from Phase III.”

Annual report 2025A · The company itself

“There is a high rate of failure inherent in the research and development process for new drugs. As a result, there is a high risk that our investments in research programs will not generate financial returns.”

Annual report 2025A · The company itself

“Our R&D expenses were $10.0 billion in 2025, $11.2 billion in 2024 and $9.3 billion in 2023. Acquired IPRD expenses were $3.7 billion in 2025, $13.4 billion in 2024 and $913 million in 2023.”

Annual report 2025A · The company itself

“Our focus as a biopharmaceutical company is on discovering, developing and delivering transformational medicines for patients facing serious diseases in areas where we believe that we have an opportunity to make a meaningful difference: oncology, hematology, immunology, cardiovascular, neuroscience and other areas where we can also create long-term value.”

Annual report 2025A · The company itself

“Research and Development R&D is critical to our long-term competitiveness.”

Annual report 2025A · The company itself

“We concentrate our R&D efforts in the following disease areas with significant unmet medical needs: oncology and hematology with novel modalities in cell therapies, protein degraders, ADCs and radiopharmaceuticals; immunology with a focus on establishing new standards of care in pulmonology, rapidly advancing cell therapy into immunology diseases and transformational programs to control inflammation, reset immune memory and promote homeostasis in rheumatology disorders; cardiovascular diseases by leveraging deep expertise across thrombotic diseases, heart failures and cardiomyopathies; neuroscience with a focus on developing new treatments in neuropsychiatry and neurodegeneration; and other areas where we can also create long-term value.”

Annual report 2025A · The company itself

“Our drug discovery and development work takes place across a network of state-of-the-art facilities worldwide. We have continued our investment in our existing sites and the expansion of our manufacturing capabilities. For example, we (i) opened R&D facilities in Cambridge, Massachusetts in 2023 and Hyderabad, India in 2024, (ii) opened a radiopharmaceutical manufacturing facility in Indianapolis, Indiana in 2025, and (iii) are planning to open a new state of the art R&D facility in San Diego, California during 2026.”

Annual report 2025A · The company itself

“In addition, in support of a continued investment in our cell therapy portfolio, we continue expanding our manufacturing capabilities through the construction of new state-of-the-art cell therapy manufacturing facilities in Devens, Massachusetts, which was completed in 2023 and in Leiden, Netherlands, which was completed in 2025.”

Annual report 2025A · The company itself

“We have a broad pipeline with over 45 unique assets in development. Our pipeline was built by coupling internal research and development programs with a distributed research and development model, which focused on identifying and supporting the development of disruptive and innovative therapies outside the company through a broad network of external partnerships.”

Annual report 2025A · The company itself

“Our strategy is focused on delivering innovative, transformational medicines to patients in a focused set of disease areas.”

Annual report 2025A · The company itself

“We operate in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases.”

Annual report 2025A · The company itself

“Our platforms are comprised of chemically-synthesized or small molecule drugs including protein degraders, drugs produced from biological processes, called “biologics”, ADCs, CAR-T cell therapies, and radiopharmaceutical therapeutics.”

Annual report 2025A · The company itself

“Growth Portfolio Opdivo® Opdivo (nivolumab) is a biologic and a fully human monoclonal antibody that binds to the PD-1 on T and NKT cells. It has been approved for several anti-cancer indications including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer.”

Annual report 2025A · The company itself

“Orencia® Orencia (abatacept) is a biologic and a fusion protein indicated for (i) the treatment of adult patients with moderately to severely active RA, (ii) the treatment of patients 2 years of age and older with moderately to severely active polyarticular JIA, (iii) the treatment of patients 2 years of age and older with active PsA and (iv) the prophylaxis of aGVHD, in combination with a calcineurin inhibitor and methotrexate in certain adult and pediatric patients.”

Annual report 2025A · The company itself

“Camzyos® Camzyos (mavacamten) is an oral cardiac myosin inhibitor indicated for the treatment of adults with symptomatic oHCM to improve functional capacity and symptoms.”

Annual report 2025A · The company itself

“Zeposia® Zeposia (ozanimod) is an oral immunomodulatory drug used to treat relapsing forms of MS, to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults and to treat moderately to severely active UC in adults.”

Annual report 2025A · The company itself

“Abecma® Abecma (idecabtagene vicleucel) is a BCMA genetically modified autologous CAR-T cell therapy indicated for the treatment of adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-cyclic ADP ribose hydrolase monoclonal antibody.”

Annual report 2025A · The company itself

“Sprycel® Sprycel (dasatinib) is an oral inhibitor of multiple tyrosine kinase indicated for the first-line treatment of patients with Philadelphia chromosome-positive CML in chronic phase and the treatment of adults with chronic, accelerated, or myeloid or lymphoid blast phase CML with resistance or intolerance to prior therapy, including Gleevec* (imatinib mesylate) and the treatment of children and adolescents aged 1 year to 18 years with chronic phase Philadelphia chromosome-positive CML. Abraxane® Abraxane (paclitaxel albumin-bound particles for injectable suspension) is a solvent-free protein-bound chemotherapy product that combines paclitaxel with albumin using our proprietary Nab® technology platform, and is used to treat breast cancer, NSCLC and pancreatic cancer, among others.”

Annual report 2025A · The company itself

“Increases in our pharmaceutical costs could have a material adverse effect on the level of our medical costs and our results of operations. Introduction of new high-cost specialty drugs and sudden cost spikes for existing drugs increase the risk that the pharmacy cost assumptions used to develop our capitation rates are not adequate to cover the actual pharmacy costs, which jeopardizes the overall actuarial soundness of our rates.”

Annual report 2025A · The company itself

“Our pharmaceutical and biotechnology clients are increasingly seeking full service, “one-stop” global partners to whom they can outsource more of their drug discovery and development efforts. It is estimated that the market for regulated safety assessment services is 60% outsourced or more, while emerging growth areas such as discovery and certain research model services are currently believed to be less outsourced.”

Annual report 2025A · The company itself

“Our clients’ R&D needs continue to evolve. These clients are increasingly emphasizing studies that have greater translation to the clinic so that they can make appropriate decisions regarding the progression of potential therapeutic entities earlier in the development process. As a result, these clients are choosing to outsource additional discovery and safety assessment services globally to increase the efficiency and effectiveness of their drug selection processes and also enhance access to innovative solutions.”

Annual report 2025A · The company itself

“The biopharmaceutical industry continues to evolve and become more sophisticated, with research yielding new types of treatments with increasing complexity, and more targeted and individualized therapies. While the biopharmaceutical demand environment has been less robust in recent years, we believe that our portfolio provides flexible solutions and scientific expertise that meet the customized needs for virtual and small biotechnology companies, which have limited or no infrastructure.”

Annual report 2025A · The company itself

“Our Biologics Solutions business, financial condition and results of operations may be adversely affected if the products we manufacture and/or test for our customers do not gain market acceptance. If the products we manufacture for our customers do not gain market acceptance or production volumes of key products that we manufacture for our customers decline, the financial condition and results of our operations may be adversely affected.”

Annual report 2025A · The company itself

“We focus on major therapeutic areas, with a strategic emphasis on neuroscience, oncology, and immunology.”

Annual report 2025A · The company itself

“Our Strategy Our objective is to be the scientific partner of choice to accelerate biomedical research and therapeutic innovation. Our strategy is to deliver a comprehensive and integrated portfolio of drug research and development products, services and solutions to support our clients’ basic research and early-stage drug development, analytical testing, manufacturing and product release efforts, and enable them to bring new and improved therapies to market faster and more cost effectively.”

Annual report 2025A · The company itself

“Over the past decade, we have expanded our capabilities by adding high-science services with the goal to deliver fast and high quality end-to-end integrated, non-clinical solutions to accelerate drug development. We intend to continue to broaden the scope of the products and services that we provide across the research and development continuum primarily through internal development, and also, through focused acquisitions within our core markets and our strategic partnerships strategy, all of which are intended to enable us with the flexibility to adapt and innovate to meet our client’s changing needs.”

Annual report 2025A · The company itself

“Recent Acquisitions We make strategic acquisitions designed to expand our portfolio of products and services to support the drug discovery and development continuum. We maintain an acquisition strategy that focuses on augmenting internal growth of existing businesses with complementary acquisitions.”

Annual report 2025A · The company itself

“Overview We are a leading, full service, non-clinical global drug development partner with a mission to create healthier lives. We have built upon our original core competency of laboratory animal medicine and science (research model technologies) to develop a diverse portfolio of discovery and safety assessment services, both Good Laboratory Practice (GLP) and non-GLP, that supports our clients from target identification through non-clinical development. We also provide a suite of products and services to support our clients’ manufacturing activities.”

Annual report 2025A · The company itself

“Through our RMS segment, we have provided foundational tools for the discovery of new molecules by supplying research models to the drug development industry since 1947. We continue to maintain our position as a global leader in the production and sale of the most widely used research models, including over 140 different stocks and strains of purpose-bred rodents.”

Annual report 2025A · The company itself

“We are the largest provider of outsourced drug discovery, non-clinical development and regulated safety testing services worldwide.”

Annual report 2025A · The company itself

“Within our Manufacturing segment, we work with our clients and the biopharmaceutical industry to ensure the quality and safe production and release of commercial therapies and products manufactured both by our clients and internally for our clients. Our Manufacturing Segment is comprised of two businesses: Microbial Solutions and Biologics Solutions.”

Annual report 2025A · The company itself

“Our Research Models business is principally comprised of the production and sale of the most widely used small research models, primarily rodents. A significant portion of our Research Models business involves the commercial production and sale of small research models, typically purpose-bred rats and mice for use by researchers in fundamental biology through to drug discovery and development.”

Annual report 2025A · The company itself

“We are also a premier provider of high quality, purpose bred, large research models to the biomedical research community.”

Annual report 2025A · The company itself

“While we provide some non-human primates directly to clients who utilize them primarily for safety testing of new therapies, most of the non-human primates associated with our business are utilized in connection with our clients’ studies conducted by our Safety Assessment services in our DSA business. In both cases - non-human primates we provide directly to clients and non-human primates which are utilized through our Safety Assessment services – these large research models are sourced from Charles River internally or from Charles River audited and approved suppliers.”

Annual report 2025A · The company itself

“RMS offers a variety of flexible solutions designed to support our clients' use of research models in basic research and screening pre-clinical drug candidates. These services address the need among pharmaceutical and biotechnology companies to outsource the non-core aspects of their drug discovery activities.”

Annual report 2025A · The company itself

“We offer a single source of services for discovering and characterizing novel drug candidates for preclinical development by providing a full spectrum of discovery services — from identification and validation of novel targets, low molecular weight small molecule compounds, oligonucleotides, and biotherapeutics with actual or potential intellectual property value, through to delivery of preclinical drug and therapeutic candidates ready for safety assessment and progression toward the clinic. Discovery services can streamline and enhance drug discovery programs for our clients, providing expertise and capabilities in all stages of discovery and all major modalities including small molecules, biologics, oligonucleotides, and cell and gene therapies.”

Annual report 2025A · The company itself

“We are a leader in integrated drug discovery services.”

Annual report 2025A · The company itself

“We are a global leader in both non-regulated and regulated GLP outsourced safety assessment services and provide expertise in a variety of therapeutic areas and modalities.”

Annual report 2025A · The company itself

“In addition to offering standard toxicology services, we also provide a broad range of specialty toxicology offering from inhalation and infusion to developmental and reproductive toxicology.”

Annual report 2025A · The company itself

“Our services include an extensive offering of capabilities and study types designed to identify possible safety risks as well as a comprehensive offering of in vitro and in vivo studies in support of general toxicology (acute, sub-acute and chronic studies), genetic toxicology, safety pharmacology, off-target screening, receptor identification profiling, reproductive and developmental toxicology, juvenile toxicology, and carcinogenicity bioassays that are required for regulatory submissions supporting “first-in-human” to “first-to-the-market” strategies for potential human therapeutics.”

Annual report 2025A · The company itself

“Microbial Solutions. Our Microbial Solutions business operates as a rapid, efficient testing platform for microbial detection and identification of sterile and non-sterile applications.”

Annual report 2025A · The company itself

“One of the primary growth drivers in our Microbial Solutions business is our FDA-approved line of next-generation endotoxin testing products. This line is based on the Endosafe Portable Testing System (Endosafe® -PTS™) technology, which allows rapid endotoxin testing in the central laboratory or manufacturing environment.”

Annual report 2025A · The company itself

“The Celsis® reagents and instrument systems are used for in-process and product-release testing to help ensure the safe and efficient manufacture of pharmaceutical and consumer products. Celsis® products utilize adenosine triphosphate bioluminescence technology for the rapid detection of microbial contamination delivering definitive results for some applications as fast as 24 hours.”

Annual report 2025A · The company itself

“Our Accugenix® global lab network is the premier provider of ISO17025-accredited contract microbial identification services. Accugenix® is an industry leader in species-level identification and strain typing of bacteria and fungi that are recovered from manufacturing facilities.”

Annual report 2025A · The company itself

“Our Biologics Solutions (Biologics) business is comprised of our Biologics Testing Services business and CDMO business. Biologics Testing Services Our Biologics Testing Services business provides clients with analytical testing and related capabilities to support the safe manufacture of their biologic drugs, as well as a suite of manufacturing services to produce our clients’ advanced therapeutics.”

Annual report 2025A · The company itself

“We also offer a portfolio of products, services and solutions that supports the process development, scale up, and quality control efforts of the biopharmaceutical industry. We provide products and services that support the development and release of clinical stage and commercialized biologics products. In particular, we are an industry leader in the areas of microbial detection and microbial identification to support clinical development and ongoing commercial production.”

Annual report 2025A · The company itself

“Our comprehensive portfolio of essential capabilities is supported by the breadth and depth of our scientific expertise, including for specialty toxicology, pathology, analytical testing for early and late-stage products, immunology, biomarker assessment, biologics process development testing, microbial detection and identification and other specialty service areas.”

Annual report 2025A · The company itself

“Our strategy is to deliver a comprehensive and integrated portfolio of drug discovery and non-clinical development products, services and solutions to support our clients’ discovery, preclinical, early clinical and early stage scale up and early stage manufacturing efforts, and enable them to bring new and improved therapies to market faster and more cost effectively.”

Annual report 2025A · The company itself

“Our Manufacturing reportable segment includes Microbial Solutions, which provides in vitro lot-release testing products, microbial detection products, and species identification services and Biologics Solutions (Biologics), which performs specialized testing of biologics (Biologics Testing) as well as contract development and manufacturing products and services (CDMO).”

Annual report 2025A · The company itself

“The demand for these services is driven by the needs of large global pharmaceutical companies where outsourcing may complement internal activities, in addition to mid-size and emerging biotechnology/biopharma pharmaceutical companies, hospitals, academic institutions, contract research organizations, and industrial and agrochemical companies and non-governmental organizations that rely more heavily on outsourcing partners.”

Annual report 2025A · The company itself

“We provide our research models to numerous clients around the world, including most pharmaceutical companies, a broad range of biotechnology companies, contract research organizations and many government agencies, hospitals, and academic institutions.”

Annual report 2025A · The company itself

“We provide these services to clients around the world, including pharmaceutical and biotechnology companies, hospitals, universities, and government agencies.”

Annual report 2025A · The company itself

“The business supplies controlled, consistent, customized primary cells and blood components derived from normal and mobilized peripheral blood and bone marrow, as well as cells from disease state donors. Our Cell Solutions business supports biotechnology and pharmaceutical companies, academic institutions and other research organizations who rely on high-quality, viable and functional human primary cells and blood components for biomedical and drug discovery research and cell therapy development, including clinical trials.”

Annual report 2025A · The company itself

“We perform specialized testing of biologics frequently outsourced by pharmaceutical and biotechnology companies globally and are a partner in navigating the complex pathway to biologic effectiveness. Our laboratories in the U.S., Germany, Ireland and France provide timely and regulatory-compliant services in the areas of analytical, molecular biology, virology, cell-based bioassays, bioanalysis, immunochemistry, microbiology, cell biology, in vivo and in vitro studies and related services.”

Annual report 2025A · The company itself

“Clients Our clients consist primarily of major biopharmaceutical companies; many small, emerging, and established biotechnology, agricultural and industrial chemical, life science, veterinary medicine, medical device, diagnostic and consumer product companies; contract research and contract manufacturing organizations; and other commercial entities, as well as leading hospitals, academic institutions, government agencies, and non-governmental organizations.”

Annual report 2025A · The company itself

“Our ability to continue to grow and win new business is dependent in large part upon the ability and willingness of the pharmaceutical and biotechnology industries to continue to invest in discovery in the non-clinical phases of R&D (and in particular discovery and safety assessment) and to outsource the products and services we provide. Furthermore, our clients (particularly larger biopharmaceutical companies) continue to search for ways to maximize the return on their investments with a focus on lowering R&D costs per drug candidate.”

Annual report 2025A · The company itself

“Our DSA segment is comprised of Discovery Services and Safety Assessment services. We provide regulated and non-regulated DSA services to support the discovery, development, and regulatory-required safety testing of potential new drugs, including in vitro (non-animal) and in vivo (in research models) studies, laboratory support services, including bioanalytical and strategic non-clinical consulting and program management to support product development.”

Annual report 2025A · The company itself

“Revenue for DSA declined in fiscal year 2025 as demand trends resulted in lower study volumes in both discovery and safety assessment services, driven by both large biopharmaceutical and small and mid-sized biotechnology clients. Despite the revenue declines, DSA demand trends, including net bookings, for large biopharmaceutical clients meaningfully improved in fiscal year 2025 as clients worked through a period of restructuring and pipeline reprioritization.”

Annual report 2025A · The company itself

“Biologics Testing was impacted by lower sample volumes from both biopharmaceutical and CDMO clients, particularly several large clients facing project delays or regulatory challenges. The CDMO business was challenged due to lower commercial revenue in fiscal year 2025, including a relationship with one commercial cell therapy client that ended during the year.”

Annual report 2025A · The company itself

“Markedet for bioprocessing er et stort og voksende marked, som indtil nu har haft en begrænset betydning for ChemoMetec”

Annual report 2025A · The company itself

“Det er et stort og attraktivt marked med stabil vækst”

Annual report 2025B · From the report

“Farma- og biotekvirksomheder ... Celle- og genterapi ... Bioprocessing”

Annual report 2025B · From the report

“Forskning og Udvikling (privat og offentlig) ... Celle- og genterapi, Stamcelleforskning, Cancerforskning, Bioprocessing”

Annual report 2025B · From the report

“Den positive udvikling i det forløbne år afspejler, at der i løbet af regnskabsåret har været et stigende antal forsøg inden for celle- og genterapi. Samtidig godkendes der fortsat nye terapier, ligesom stadig flere terapier sættes i produktion. Det er fortsat de såkaldte CAR-T behandlinger, der er de mest udbredte.”

Annual report 2025A · The company itself

“I de seneste år har ChemoMetec løbende vundet betydelige markedsandele og vurderes at være blandt de to største globale aktører inden for celletælling. Fremover forventes ChemoMetec fortsat at være godt positioneret til at få del i den forventede vækst inden for sine markedsområder – både som følge af den attraktive markedsposition for de eksisterende produkter samt de igangværende og kommende lanceringer af nye produkter.”

Annual report 2025A · The company itself

“Xcyto 5 adresserer både markedet for celle- og genterapi og bioprocessing.”

Annual report 2025A · The company itself

“XM40 er udviklet til at indgå i et semiautomatisk produktionsflow, primært på bioprocessing-markedet, hvor der er tradition for anvendelsen af karruselbaserede instrumenter. Med XM40 kan kunden på ca. 15 minutter foretage en hurtig og præcis celletælling på 24 prøver, som kan have et celletal op til 100 mio. celler pr. ml.”

Annual report 2025A · The company itself

“NC-202 er en videreudvikling af NC-250 er et konkurrencedygtigt instrument, der tilbyder hurtig og omkostningseffektiv celletælling med høj præcision. Udover celletælling kan NC-250 også anvendes til at udføre cellecyklusanalyse. NC-3000 er en meget brugervenlig og fleksibel analyseplatform, som kan anvendes både til celletælling og forskellige typer celleanalyse, som fx analyse af cellecyklus og programmeret celledød.”

Annual report 2025A · The company itself

“Her vil vi yderligere intensivere markedsførin- Læs mere om automatisering på side 32 Ledelsens beretningꢀ|ꢀChemoMetec kort fortalt Årsrapport 2024/25ꢀ|ꢀChemoMetec 6 ChemoMetec kort fortalt ChemoMetec er specialiseret inden for udvikling, produktion og salg af højkvalitets analyseudstyr, der optimerer workflows hos vores kunder og sikrer præcise, konsistente og hurtige målinger inden for tælling og analyse af celler. Analyseudstyret anvendes inden for en lang række områder – blandt andet celle- og genterapi, cancer- og stamcelleforskning, udvikling og produktion af lægemidler samt produktions- og kvalitetskontrol af dyresæd, øl og mælk.”

Annual report 2025A · The company itself

“ChemoMetec har et attraktivt udgangspunkt for lanceringen af de nye produkter, da vi over mange år har opbygget gode, langvarige relationer til de største farmaselskaber – det betyder, at vi har gode muligheder for at præsentere produkterne for de rette kunder og for relevante personer. Alene i ledelsen har vi sammen med relevante specialister haft flere end hundrede kundebesøg i det seneste år, og hertil kommer alle de øvrige besøg fra vores medarbejdere. Vi har modtaget meget positiv feedback fra kunder og potentielle nye kunder, og det er vores opfattelse, at stort set alle kunder inden for celle- og genterapi har fokus på automatisering.”

Annual report 2025A · The company itself

“Vi prioriterer kundeservice og support meget højt, og ste forretningsområde LCB (Life science research, Celleog genterapi og Bioprocessing) er blandt vores kunder. Ikke mindst er vi lykkedes med at opbygge en unik position inden for celle- og genterapi og at etablere en stærk position på det amerikanske marked.”

Annual report 2025A · The company itself

“Udviklingen inden for de enkelte forretningsområder De to vigtigste forretningsområder/ markedsområder for ChemoMetec Forretningsområde 1 Forretningsområde 2 LCB-markedet: Life science research, Celleog genterapi og Bioprocessing Produktions- og kvalitetskontrol af dyresæd, øl og mælk Instrumenter: NC-200, NC-202, NC-203, NC-250, NC-3000, NC-100, XM30/XM40/XM50 og Xcyto 5 Instrumenter: SP-100, NC-202 og SCC-100 ChemoMetecs vigtigste forretningsområde er salg af celletællings- og analyseudstyr til tre delområder A) Life science research, B) Celle- og genterapi og C) Bioprocessing.”

Annual report 2025A · The company itself

“Omsætning fordelt på produktgrupper DKK mio. Vi definerer bioprocessing som al produktion og produktionskontrol, hvor der anvendes biologiske organismer til fremstilling af lægemidler og medicinske behandlinger. Procesudvikling, selektion/screening af cellekulturer samt opskalering af produktion betragtes også som bioprocessing. Bioprocessing omfatter således alle upstream og downstream processer i forhold til produktion af lægemidler ved hjælp af biologiske organismer.”

Annual report 2025A · The company itself

“•Our Imaging & Identification segment leverages its unique product offering containing equipment, consumables, software and services to address market needs and requirements, including increased regulation for supply chain transparency in fast moving consumer goods, adoption of more stringent food safety regulations in emerging economies, and growing demand for product traceability and brand protection. •Our Pumps & Process Solutions segment is focused on capturing growth in its installed base, in biological drug production and the shift toward single-use manufacturing processes. The segment's offerings address the increased demand for liquid cooling requirements for certain electronics (including in data center infrastructure), and investment in midstream energy, power generation and grid infrastructure (including growing sophistication of fluid transfer and rotating machinery components, measurement, inspection, instrumentation, and digital controls).”

Annual report 2025A · The company itself

“The organic revenue growth was primarily driven by single-use biopharma components, thermal connectors used in liquid cooling of data centers, as well as precision components and digital controls for midstream natural gas compression and power generation, partially offset by expected declines in our polymer processing equipment business as customers shift focus to optimizing the significant capacity investments made over the last several years.”

Annual report 2025A · The company itself

“external clinical trial costs including contract research organizations (CROs), investigator fees, clinical site fees”

Annual report 2025A · The company itself

“Net Product Sales 398 11% 253 8”

Annual report 2025A · The company itself

“Net product sales of Tivdak by Genmab were $19 million in 2025”

Annual report 2025A · The company itself

“Looking ahead, our priorities are clear: • Integrate Merus to preserve momentum on the petosemtamab program and prepare for potential launch in 2027. • Accelerate the development of our late-stage pipeline, delivering key clinical readouts across our late-stage portfolio, especially for epcoritamab and Rina-S, while preparing for potential label expansions and launches. • Continue to deliver on our capital allocation priorities, maintaining financial discipline while focusing our investments on the highest-growth opportunities.”

Annual report 2025A · The company itself

“The increase from 2024 to 2025 of $192 million , or 14% , was driven by the addition of ProfoundBio related research and development expenses, primarily Rina-S, and the increase in team members to support the continued expansion of our product portfolio. The acquisition of ProfoundBio occurred in the second quarter of 2024 and therefore there were minimal Rina-S related research and development expenses during 2024 compared to 2025.”

Annual report 2025A · The company itself

“To address the impact of DARZALEX Genmab patents expiration, Genmab intends to mitigate this risk through its strong foundation in science and investments in its late-stage assets EPKINLY, Rina-S and petosemtamab.”

Annual report 2025A · The company itself

“Commitment to Quality Health and safety of patients; quality information Reflects our commitment to developing, manufacturing, and delivering antibody therapies that meet applicable regulatory requirements and patient needs. The objective is to ensure the consistent delivery of safe, effective, and compliant products through a robust quality management system, adherence to global regulatory standards, protection of patient safety, and continuous improvement across the product lifecycle. Genmab maintains comprehensive quality and safety processes to identify and mitigate product-related risks and works with relevant authorities and stakeholders to support product safety and efficacy.”

Annual report 2025A · The company itself

“Genmab has safety measures in place for products, patients, and healthcare providers. Genmab believes that patient safety plays a critical role in our business operations. Genmab has a Comprehensive Safety Program that is designed to identify and mitigate potential risks associated with our products, and to ensure that our products are safe and effective for their intended use.”

Annual report 2025A · The company itself

“Genmab remains committed to its purpose: to improve the lives of patients with cancer and other serious diseases through innovative and differentiated antibody therapeutics.”

Annual report 2025A · The company itself

“S4 - Consumers and End-Users Social inclusion of consumers and/or end-users Consumers and End-Users - Social inclusion of consumers and/or end-users Innovation for patients with unmet needs Actual Positive Impact From discovery through commercialization, Genmab’s antibody-based medicines have a meaningful positive impact on patients’ lives. As we expand our innovative capabilities to address cancer and other serious diseases, our continued investment in scientific excellence creates new opportunities to deliver breakthrough therapies that improve health outcomes and quality of life.”

Annual report 2025A · The company itself

“We screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx. • Turnover - We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY and Tivdak qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). • CapEx - Our assessment focused on investments that align with Taxonomy-eligible activities.”

Annual report 2025A · The company itself

“we focus on scaling our neuro-specialty position and building a neuro-rare franchise, expanding from our strong legacy within psychiatry and neurology”

Annual report 2025A · The company itself

“Rexulti® revenue reached DKK 6,205 million representing growth of +23% CER (+19% DKK)”

Annual report 2025B · From the report

“Brintellix ® /Trintellix ® (vortioxetine) revenue reached DKK 4,554 million”

Annual report 2025A · The company itself

“Vyepti® delivered strong growth in 2025, with revenue reaching DKK 4,476 million”

Annual report 2025B · From the report

“Abilify LAI franchise revenue reached DKK 3,776 million”

Annual report 2025A · The company itself

“Cipralex ® /Lexapro ® (escitalopram) revenue reached DKK 1,955 million”

Annual report 2025A · The company itself

“Revenue from Other pharmaceuticals, which comprises the remainder of Lundbeck’s products, reached DKK 2,998 million”

Annual report 2025A · The company itself

“Exposure to delays in regulatory approval or failure in the development of new and innovative medicines.”

Annual report 2025A · The company itself

“Additionally, Lundbeck collaborates with Logica, integrating Valo Health’s AI-powered Opal Computational Platform™ and Charles River’s drug discovery expertise to complement in-house molecule discovery, applying AI to both small- and large-molecule discovery projects.”

Annual report 2025A · The company itself

“Lundbeck has a continued ambition to systematically harness AI across R&D to lead the way in AI-enabled clinical assets, cut late-stage development timelines through real-time adaptive trials, and automate core R&D workflows. This transformation will be fueled by bold partnerships in research and development and targeted investments in internal AI talent, redefining what is possible in neuroscience innovation.”

Annual report 2025A · The company itself

“The S&D ratio development reflects the successful execution of the Focused Innovator Strategy in 2025 including the Trintellix ® transition in the U.S., alongside disciplined resource allocation and capital reallocation. The resulting savings enabled continued investments in strategic brands, particularly Rexulti ® and Vyepti ® in the U.S., supporting sales force expansion and the global roll-out of Vyepti ® .”

Annual report 2025A · The company itself

“Following the significant increase in R&D investments in 2025, Lundbeck expects R&D spending to increase further in 2026 to the range of DKK 5.5 to 5.9 billion, reflecting continued progression of late-stage development programs, including bexicaserin and amlenetug, as well as sustained investment in early- and mid-stage pipeline assets.”

Annual report 2025A · The company itself

“These policy changes include, but are not limited to, workforce reductions at federal agencies; executive actions impacting National Institutes of Health (“NIH”) grant funding; changes to visa policies affecting the scientific workforce; efforts to cap NIH indirect cost reimbursements; tariffs and potential tariff actions; and changes to drug pricing policies. For example, recent policy shifts and administration priorities affecting research funding, drug pricing, drug review and approval processes, and tariffs, among other policies, have created uncertainty in the life science ecosystem in which our lab tenants operate. This uncertainty has adversely impacted, and in the future may adversely impact, the ability of life science companies obtain investor funding, which could lead to setbacks in research and development timelines, advancement of drug pipelines, or achievement of commercial viability.”

Annual report 2025A · The company itself

“If economic, financial, regulatory, or industry conditions adversely affect the life science industry, we may be unable to lease or re-lease our lab properties in a timely manner or at profitable rates or with favorable terms. In addition, because lab property infrastructure improvements are typically significantly more costly than improvements to other property types due to their highly specialized nature, and lab tenants typically require greater lease square footage relative to outpatient medical tenants, repositioning efforts would have a disproportionate adverse effect on our lab segment performance.”

Annual report 2025A · The company itself

“If venture capital firms, private investors, the public markets, companies in the life science industry, the government, or other sources of funding are difficult to obtain or unavailable to support our tenants’ activities, including as a result of changes to regulatory policies and actions by the U.S. political administration (including those described earlier), general economic conditions, adverse market conditions, or uncertainty that negatively impact our tenants’ ability to raise capital, our tenants’ business would be adversely affected or could fail. In addition, several of our lab tenants build upon the earlier successful research conducted at research institutions and funded by NIH grants; sustained funding cuts to NIH grants could have long-lasting impacts to the industry and impede our tenants’ ability to build on such earlier successful research.”

Annual report 2025A · The company itself

“Despite investing significant resources, we may not be successful in discovering, developing, or commercializing additional drug products or our existing drug products in new indications. Discovery and development of drug candidates are expensive, uncertain and time-consuming, and we do not know if our efforts will lead to discovery of any drug candidates that can be successfully developed and marketed.”

Annual report 2025A · The company itself

“If we make or incur contractual obligations to make significant upfront payments in connection with licenses for late-stage drug candidates, and if any of those drug candidates do not receive marketing approval or commercial sales as anticipated or we have to fund additional clinical trials before marketing approval can be obtained, we will have expended significant funds that might have been applied for other uses or we may have to expend funds that were not otherwise budgeted or anticipated in connection with the collaboration, and such developments could have a material adverse effect on our stock price and our ability to pursue other transactions.”

Annual report 2025A · The company itself

“We derive a substantial portion of our revenues from royalties, milestone payments and other payments under our collaboration agreements. If we are unable to achieve milestones, develop product candidates to license or renew or enter into new collaborations, our revenues may decrease, and future milestone and royalty payments may not contribute significantly to revenues for several years, and may never result in revenues.”

Annual report 2025A · The company itself

“If we are unable to successfully achieve milestones or our collaborators fail to develop successful products, we will not earn the future revenues contemplated under our collaborative agreements.”

Annual report 2025A · The company itself

“Our long-term success, revenue growth and diversification of revenues depends on our ability to obtain regulatory approval for new drug products and additional indications for our existing drug products.”

Annual report 2025A · The company itself

“In addition to establishing collaborative or license arrangements under which other parties license our drug candidates for development and commercialization or under which we study our drug candidates in combination with such parties’ compounds or biologics, we may explore opportunities to develop our clinical pipeline by in-licensing drug candidates or therapeutic targets that fit within our focus, such as our collaborations with MacroGenics, Inc.”

Annual report 2025A · The company itself

“Our Market Opportunity We compete in a market of approximately $335 billion consisting of outsourced research and development, real-world evidence and connected health and technology enabled clinical and commercial operations markets for life sciences companies and the broader healthcare industry.”

Annual report 2025A · The company itself

“The following sets forth our estimates for the size of our principal markets: •Outsourced research and development: Biopharmaceutical spending on drug development totaled approximately $199 billion in 2025. Of that amount, we estimate that our addressable opportunity (clinical development spending excluding preclinical spending) was approximately $159 billion. The portion of this addressable opportunity that was outsourced in 2025, based on our estimates, was approximately $75 billion. •Real-World Evidence and connected health: Total addressable market of approximately $90 billion in 2025 that consists of tightly coupled life sciences and healthcare markets.”

Annual report 2025A · The company itself

“We believe there are six key trends affecting our end markets that will create increasing demand for research and development services, technology & analytics solutions and contract sales and medical solutions: Growth and innovation in the life sciences industry. The life sciences industry is a large and critical part of the global healthcare system and, according to the latest information available from the IQVIA Market Prognosis service, is estimated to have generated approximately $1.94 trillion in revenues in 2025. According to the IQVIA Institute, it is estimated that spending on pharmaceuticals in emerging markets will expand at a 5% to 8% compound annual growth rate (“CAGR”) through 2030.”

Annual report 2025A · The company itself

“Growth in Research and Development. Spending trends in research and development are impacted as a result of several factors, including major biopharmaceutical companies’ efforts to replenish revenues lost from the so-called “patent cliff,” increased access to capital by the small and midcap biotechnology industry, and recent increases in pharmaceutical approvals by regulatory authorities. The IQVIA Institute also estimates that approximately 375 new molecular entities (“NMEs”) are expected to be approved between 2026 and 2030, or 75 per year compared to 68 per year on average during the past decade.”

Annual report 2025A · The company itself

“Business Our Company IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries.”

Annual report 2025A · The company itself

“We contract with biopharmaceutical companies to perform a wide range of services to assist them in bringing new drugs to market. Our services include monitoring clinical trials, data and laboratory analysis, electronic data capture, patient recruitment and other related services, and we perform these services in a number of ways, including through physical and technology-enabled efforts.”

Annual report 2025A · The company itself

“Our Research & Development Solutions business involves the testing of new drugs on patients in clinical trials and, if marketing approval is granted, the availability of these drugs to be prescribed to patients.”

Annual report 2025A · The company itself

“Our insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures.”

Annual report 2025A · The company itself

“Our Clients Sales to companies in life sciences, including pharmaceutical companies, biotechnology companies, device and diagnostic companies, and consumer health companies, account for the majority of our revenues.”

Annual report 2025A · The company itself

“Dagens behandlingsalternativ är få och de kvarstående medicinska behoven är mycket stora.”

Annual report 2024A · The company itself

“Man vet inte exakt vad som orsakar sjukdomen och det finns idag inget sätt att hindra uppkomsten eller bromsa utvecklingen av den.”

Annual report 2024A · The company itself

“Dagens tillgängliga behandlingar är otillräckliga och behovet av nya, effektiva läkemedel som kan förbättra livskvaliteten för personer med Parkinson är stort och brådskande.”

Annual report 2024A · The company itself

“Mer än 30 procent av patienterna med Parkinson utvecklar sådana dyskinesier inom fem år och cirka 60 procent inom 10 år från start av behandling med levodopa.”

Annual report 2024A · The company itself

“Det uppskattas att 20–40 procent av alla personer med Parkinson riskerar att över tid utveckla psykotiska symtom.”

Annual report 2024A · The company itself

“Risker relaterade till de kliniska projekten Säkerhet och tolerabilitet samt effekt Utveckling av läkemedel är förknippat med risk att läkemedelskandidaterna inte uppnår acceptabel profil avseende säkerhet och tolerabilitet samt effekt. Resultat från tidiga prekliniska och kliniska studier överensstämmer inte alltid med resultat i mer omfattande studier, vilket t ex kan leda till krav på ytterligare studier eller i värsta fall en bedömning att projektet inte ska drivas vidare.”

Annual report 2024A · The company itself

“Detta resulterar i ”first in class” kandidater som har hög innovationshöjd, starkt IP och högre sannolikhet att lyckas i förhållande till industristandard. – CL: Den största skillnaden är just vår portfölj - att vi har flera, mycket intressanta läkemedelskandidater i olika skeden, och inte bara en kandidat som annars är ganska vanligt i vår bransch.”

Annual report 2024A · The company itself

“IRLAB:s styrka är att upptäcka nya unika läkemedelskandidater med hjälp av forskningsplattformen ISP och utveckla dem fram till så kallad klinisk proof-of-concept då tydliga indikationer på effekt, tolerabilitet och säkerhet är uppnådda. IRLAB:s affärsmodell, kompetens och erfarenhet är anpassad till att nyttja denna styrka.”

Annual report 2024A · The company itself

“Läkemedelskandidater genererade med ISP-plattformen har en högre sannolikhet att uppnå positiva kliniska “proof of concept” resultat i jämförelse med industristandard.”

Annual report 2024A · The company itself

“Hur skulle du beskriva er ISP-plattform jämfört med traditionella läkemedelsplattformar? – Den utgör enligt min mening en sund och effektiv metod för att hitta nya läkemedelskandidater mot hjärnans sjukdomar. Nu har vi på IRLAB ett starkt fokus på Parkinsons sjukdom men plattformen kan användas (och har tidigare framgångsrikt använts) för andra typer av neurologiska och psykiatriska sjukdomar.”

Annual report 2024A · The company itself

“IRLAB har möjlighet att förutspå behandlingseffekter hos människa på basen av resultat genererade ur forskningsplattformen ISP, samtidigt ger denna information bättre förutsättningar att generera starka IP skydd som varar under lång tid. Detta ger möjligheter att undvika långa utvecklingstider och möjligheter att ha långa patenttider kvar vid marknadsintroduktion.”

Annual report 2024A · The company itself

“IRLAB Therapeutics AB 1 IRLAB Therapeutics årsredovisning 2024 IRLAB Therapeutics AB (publ) Att förändra livet för personer med Parkinsons sjukdom och andra hjärnsjukdomar Överblick 3 IRLAB i korthet 3 Verksamheten 4 Höjdpunkter under året som gått 6 Samtal mellan VD, forskningschef och styrelseordförande 8 Mål & strategi 10 Finansiering 12 Forskning & utveckling 14 Parkinsons sjukdom 16 Forskningsplattformen ISP 21 Projektportfölj 27 Kliniska läkemedelskandidaten mesdopetam 29 Kliniska läkemedelskandidaten pirepemat 33 Kliniska läkemedelskandidaten IRL757 35 Preklinisk fas 36 Omvärld & marknad 39 Hållbarhet 45 Organisation & kvalitetsarbete 46 Aktien 51 förklaringar 54 Finansiell rapport 2024 59 Revisionsberättelse 110 Bolagsstyrningsrapport 116 Innehåll IRLAB i korthet IRLAB upptäcker och utvecklar nya behandlingar för att förändra livet för personer som lever med Parkinsons sjukdom och andra CNS-sjukdomar.”

Annual report 2024A · The company itself

“Organisation positionerad för framgång Irlab A Bred & gedigen portfölj IRLAB:s portfölj består av fem unika läkemedelskandidater, var och en med potential att bli ett storsäljande läkemedel, samtliga genererade av den världsunika forskningsplattformen ISP. Validerad proof-of-concept IRLAB har validerat strategin för FoU och affärsverksamheten genom: Upptäckt och utveckling av läkemedelskandidater från discovery till positiva kliniska Fas II data.”

Annual report 2024A · The company itself

“Fas IIb Verksamheten IRLAB är ett svenskt forskningsoch utvecklingsbolag som utvecklar nya läkemedel för behandling av Parkinsons sjukdom och andra CNS sjukdomar (sjukdomar i det centrala nervsystemet) med målet att förbättra livet för de som lever med sjukdomen och för deras närstående. Med grunden i nobelprisvinnande forskning är IRLAB numera erkänt och respekterat som en världsledande organisation när det gäller att förstå den komplexa neurofarmakologin bakom CNS-sjukdomar, särskilt Parkinson, och att upptäcka och utveckla nya behandlingar av sjukdomen.”

Annual report 2024A · The company itself

“Dessa läkemedelskandidater är avsedda att behandla patienter med några av de svåraste symtomen till följd av Parkinson – mesdopetam för besvärande dyskinesier (PD- LIDs), psykoser (PD-P) samt pirepemat för symtom kopplade till kognitiv försämring, såsom försämrad balans och ökad risk för falloch fallskador (PD-Fall).”

Annual report 2024A · The company itself

“Därtill utvecklar IRLAB läkemedelskandidaten IRL757 för behandling av apati vid neurologisk sjukdom. Under 2024 påbörjades den kliniska utvecklingen i Fas I och IRL757 utvecklas vidare igenom ”proof of concept” för behandling av apati vid neurologisk sjukdom tillsammans med McQuade Center for Strategic Research and Development (MSRD), en del av det globala läkemedelsföretaget Otsuka.”

Annual report 2024A · The company itself

“De två prekliniska läkemedelskandidaterna IRL942, som utvecklas för att behandla kognitiv nedsättning vid neurologisk sjukdom, och IRL1117 som utgör en ny banbrytande behandling och teknologi av grundsymtom vid Parkinson, utan att orsaka de besvärliga komplikationer som dagens standardbehandling med levodopa leder till.”

Annual report 2024A · The company itself

“Fox Foundation och utvecklas i partnerskap MSRD. irlab :s R&D-portfölj IRLAB:s projektportfölj är inriktad på att upptäcka och utveckla ”first in class” läkemedelskandidater för att behandla Parkinson genom patientens hela sjukdomsresa.”

Annual report 2024A · The company itself

“Projektportfölj Klinisk fas Mesdopetam Mesdopetam (IRL790) är under utveckling för behandling av levodopa-inducerade dyskinesier vid Parkinsons sjukdom (PD-LIDs). Målet är att förbättra livskvalitet hos personer som lever med Parkinson genom att minska PD-LIDs. PD-LIDs är en allvarlig typ av besvärande och ofrivilliga rörelser som ofta uppkommer hos personer med Parkinson med kronisk levodopabehandling.”

Annual report 2024A · The company itself

“Pirepemat Pirepemat (IRL752) utvecklas för att förbättra balans, minska falloch fallskador hos personer som lever med Parkinson. Fall är ett av de största obehandlade problemen vid Parkinson som ofta medför svåra komplikationer, till exempel frakturer, som leder till sjukhusvård, minskad rörlighet och sämre livskvalitet.”

Annual report 2024A · The company itself

“IRL757 IRL757 utvecklas för att behandla apati vid Parkinson och andra neurologiska sjukdomar. Apati är ett funktionsnedsättande tillstånd som drabbar en stor andel av personer med Parkinsons, Alzheimers sjukdom och andra CNS-sjukdomar.”

Annual report 2024A · The company itself

“Preklinisk fas IRL942 IRL942 är i preklinisk utveckling inriktat mot utveckling av oral behandling mot kognitiv nedsättning vid neurologisk sjukdom. Ungefär 12 procent av vuxna över 65 år upplever kognitiv försämring, vilket i hög grad påverkar livskvaliteten och det är vanligare hos personer som lever med neurologiska sjukdomar.”

Annual report 2024A · The company itself

“Läkemedelskandidaten IRL1117 utvecklas till en effektiv och lättdoserad oral behandling av grundsymtomen vid Parkinson utan att orsaka de besvärliga fluktuationer i effekt och de komplikationer som dagens standardbehandling med levodopa ger upphov till.”

Annual report 2024A · The company itself

“Karolinska Development investerar ofta i bolag med projekt som befinner sig i tidiga stadier, innan positiva effekter har påvisats, i djurförsök eller på människor, så kallade ”proof-of-principle” respektive ”proof-of-concept. Majoriteten av portföljbolagens projekt befinner sig därmed i klinisk utvecklingsfas och det krävs ytterligare forsknings- och utvecklingsarbete innan bolagens innovationer och teknologier kan kommersialiseras.”

Annual report 2024A · The company itself

“Identifiering av projekt som kan innebära stora medicinska genombrott Karolinska Development är ett investmentbolag som fokuserar på att identifiera och investera i lovande medicinska innovationer genom att handplocka forskningsbolag och utvecklingsprojekt från Karolinska Institutet och andra välrenommerade universitet och forskningsinstitutioner i Norden. Bolaget investerar i läkemedelsprojekt och medicintekniska produkter med potential att revolutionera behandlingen av sjukdomar där behovet av nya terapier är stort.”

Annual report 2024A · The company itself

“Optimera utvecklingsprogrammen för minskad risknivå Ett sätt att minska riskerna för att ett projekt stupar på vägen till följd av negativa kliniska studieresultat är genom att implementera breda utvecklingsprogram med flera potentiella användningsområden för en och samma läkemedelskandidat eller medicintekniska produkt. All forskning och utveckling sker just för att utfallet inte är känt på förhand och en läkemedelskandidat som visar sig overksam i en viss medicinsk indikation kan mycket väl bli framgångsrik inom en annan.”

Annual report 2024A · The company itself

“Bolag som är verksamma inom läkemedelsutveckling följs i normalfallet åtminstone till dess att ”proof-of-concept” demonstrerats i fas 2-studier. Anledningen är att detta är en attraktiv tidpunkt för att göra affärer, till exempel i form av intäktsbringande samarbetsavtal med globala läkemedelsföretag, eftersom positiva fas 2-resultat visar att en läkemedelskandidat har den förväntade biologiska effekten. Det minskar den fortsatta utvecklingsrisken påtagligt och därmed ökar projektets värde markant.”

Annual report 2024A · The company itself

“För en framtida kommersialisering planerar BOOST Pharma att samarbeta med en kommersialiseringspartner.”

Annual report 2024A · The company itself

“Eftersom behandlingen är riktad mot en sällsynt sjukdom, så kallad rare disease, behöver bolaget inte ingå partnerskap med de absolut största läkemedelsbolagen utan även mindre läkemedelsbolag som är specialiserade på särläkemedel kan hantera en sådan lansering.”

Annual report 2024A · The company itself

“Flera resultatavläsningar i närtid kan skapa attraktiva affärsmöjligheter Vår nuvarande portfölj – potential till värdegenerering KAROLINSKA DEVELOPMENTS investeringar i läkemedelsbolag sker genom syndikering med andra professionella life science-investerare, normalt till dess att proof-of-concept demonstrerats i fas 2-studier, då olika exit-alternativ utvärderas.”

Annual report 2024A · The company itself

“Teamet stödjer portföljbolagen aktivt under hela utvecklingsprocessen och fattar välgrundade beslut om både tilläggsinvesteringar och avyttringar.”

Annual report 2024A · The company itself

“Under innehavsperioden tas beslut om eventuella tilläggsinvesteringar. Innehaven avyttras stegvis eller i sin helhet vid de tidpunkter som bedöms resultera i den bästa avkastningen för aktieägarna.”

Annual report 2024A · The company itself

“Kontinuerlig övervakning och strategisk förvaltning Karolinska Developments erfarna investeringsteam övervakar kontinuerligt portföljbolagens utveckling och tar beslut om eventuella tilläggsinvesteringar.”

Annual report 2024A · The company itself

“Karolinska Development bidrar till samhällets utveckling genom att vara en del av innovationssystemet som driver fram nya läkemedel och medicintekniska produkter. I det fall de läkemedel våra portföljbolag utvecklar kommer ut på marknaden, har det potential att påverka miljontals människors hälsa positivt.”

Annual report 2024A · The company itself

“Karolinska Development (Nasdaq Stockholm:KDEV) är ett investmentbolag som erbjuder en unik möjlighet att ta del av värdeutvecklingen i ett antal nordiska life science-bolag med betydande kommersiell potential.”

Annual report 2024A · The company itself

“Samtliga portföljbolag utvecklar potentiellt banbrytande behandlingar mot medicinska tillstånd där behovet är stort av förbättrade terapier, bland annat långdragna förlossningar, medfödd benskörhet, leversjukdomar, Parkinsons sjukdom, hjärtsvikt, sepsis, anemi vid kronisk njursjukdom, malaria, nervsmärta, allvarliga virusinfektioner, systemiska svampinfektioner och smärta i ländryggen.”

Annual report 2024A · The company itself

“Bolaget har gjort betydande framsteg i sin kliniska pipeline med projekt inom kronisk njursjukdom med anemi, sepsis och svår malaria. I slutet av året initierade bolaget en klinisk fas 2-studie inom kronisk njursjukdom med anemi som syftar till att visa proof-of-concept för sin läkemedelskandidat.”

Annual report 2024A · The company itself

“BSG005 – en potentiell ny behandling av invasiva svampinfektioner. Fick under året IND-godkännande från den amerikanska läkemedelsmyndigheten FDA och säkrade finansiering om USD 34 miljoner.”

Annual report 2024A · The company itself

“Under året presenterades positiva interimdata från den kliniska fas 1b/2astudien med läke medelskandi daten golexanolon i patienter med primär biliär kolangit.”

Annual report 2024A · The company itself

“Bolaget har dessutom visat ytterligare lovande prekliniska data för samma läkemedels substans inom Parkinsons sjukdom.”

Annual report 2024A · The company itself

“Utvecklar läkemedelskandidaten tafoxiparin som uppvisat positiv effekt på livmoderhalsens mognad i fas 2-studier. Förbereder kliniska fas 3-studier i USA och EU efter positiv respons från regulatoriska myndigheter.”

Annual report 2024A · The company itself

“Har framgångsrikt slutfört den första delen av bolagets kliniska fas 1b/2a-studie med läkemedelskandidaten AC01 – en potentiell ny behandling av hjärtsvikt.”

Annual report 2024A · The company itself

“Förbereder starten av en klinisk fas 2a-studie av läkemedelskandidaten PN6047, en helt ny typ av behandling av nervsmärta, och erhöll EUR 17,5 miljoner av EU:s finansieringsinitiativ EIC.”

Annual report 2024A · The company itself

“Presenterade positiva top line-resultat från en klinisk fas 1/2-studie med en helt ny typ av behandling av den ovanliga bensjukdomen osteogenesis imperfecta och har genomfört ett framgångsrikt pre-INDmöte med amerikanska läke medelsmyndigheten FDA om utvecklingsplanen.”

Annual report 2024A · The company itself

“Diversifierad och balanserad portfölj Investeringsportföljen består i dag av elva bolag med delvis olika profil och mognadsgrad – där flera läkemedelsprojekt befinner sig i sen klinisk utvecklingsfas och våra medicintekniska bolag redan befinner sig i kommersialiseringsfas.”

Annual report 2024A · The company itself

“Nyinvesteringen BOOST Pharma är redo för klinisk utvecklingsfas 3 I slutet av maj 2024 investerade Karolinska Development i BOOST Pharma – ett danskt bolag som utvecklar en potentiellt banbrytande och helt ny typ av cellbaserad behandling av den sällsynta ben sjukdomen osteogenesis imperfecta, även känd som medfödd benskörhet.”

Annual report 2024A · The company itself

“I studien visades att behandlingen signifikant reducerade antalet frakturer hos barn med osteogenesis imperfecta vilket har en viktig klinisk relevans eftersom att barn som drabbas av många frakturer under sina första levnadsår får en försämrad tillväxt och livskvalitet.”

Annual report 2024A · The company itself

“Cellterapin är utvecklad för att administreras direkt vid diagnos för att ge behandlingsfördelar under de tidiga levnadsåren då de flesta frakturer uppstår.”

Annual report 2024A · The company itself

“Dilafor (Solna, Sverige) utvecklar tafoxiparin, en heparinanalog, som syftar till att effektivt förbereda för en spontan start av förlossning vilket minskar risken för förlossningskomplikationer, både hos mor och barn.”

Annual report 2024A · The company itself

“Marknadsanalyser visar att ett läkemedel med god effekt på igångsättning av förlossning har potential att nå en årlig försäljning överstigande USD 1 miljard enbart på den amerikanska marknaden. • I februari 2023 meddelade Dilafor att den förlängda kliniska fas 2b-studien av tafoxiparin resulterat i ytterligare positiva data.”

Annual report 2024A · The company itself

“BLS supported approximately 85% of new drugs and therapeutic products approved by the FDA in 2025, including 81% of oncology‑related approvals, 86% of approvals submitted by biotechnology companies, and 84% of approvals submitted by leading and large pharmaceutical companies.”

Annual report 2025A · The company itself

“Patients are the individuals who receive the clinical laboratory testing and related services offered by the Company. •Pharmaceutical, Biotechnology, Medical Device, Diagnostic Companies, and CROs. The Company provides services to hundreds of pharmaceutical, biotechnology, medical device, diagnostics companies, and CROs ranging from the world’s largest multi-nationals to emerging, small, and mid-market companies.”

Annual report 2025A · The company itself

“Drug development services businesses like BLS typically derive most of their revenue from R&D expenditures, as well as marketing expenditures, of the pharmaceutical and biotechnology industries.”

Annual report 2025A · The company itself

“The BLS global sales and customer service organizations provide customer coverage primarily to pharmaceutical and biotechnology companies, supporting services that span lead optimization, preclinical safety assessment, analytical services, clinical trial enablement through data insights, central laboratory services, biomarker testing, CDx, and technology-enabled solutions.”

Annual report 2025A · The company itself

“BLS’s revenues depend on R&D spending by companies in the pharmaceutical, biotechnology and medical device industries.”

Annual report 2025A · The company itself

“Revenue growth was also favorably impacted by growth in our Oncology & Multispecialty segment primarily due to higher specialty pharmaceutical sales.”

Annual report 2026A · The company itself

“Oncology & Multispecialty Oncology & Multispecialty revenues for the year ended March 31, 2026 increased $11.6 billion or 31% compared to the prior year primarily driven by growth in provider solutions due to the addition of providers within practice management and higher specialty pharmaceutical sales.”

Annual report 2026A · The company itself

“Det finns dock en risk för att pågående eller framtida kliniska prövningar inte kan påvisa tillräcklig effekt och säkerhet för att nödvändiga myndighetsgodkännanden ska erhållas eller att dessa inte leder till produkter som kan säljas på marknaden. Preklinisk och klinisk utveckling är tidskrävande och kostsamma aktiviteter som påverkas av en mängd faktorer, däribland sådana som ligger utanför Moberg Pharmas kontroll, exempelvis resultat av stabilitetsstudier eller långsammare patientrekrytering än förväntat.”

Annual report 2024A · The company itself

“Oförutsedda misslyckanden kan inträffa även i de fall där tidigare studier har visat positiva resultat som var tillfredsställande såväl för bolaget som regulatoriska myndigheter. EMA, FDA, en IRB (Institutional Review Board) eller annan regulatorisk myndighet kan när som helst besluta att kliniska studier ska upphöra av ett flertal orsaker. Sådana orsaker kan vara en övertygelse om att patienterna som deltar i studien utsätts för oacceptabla hälsorisker eller skadliga biverkningar.”

Annual report 2024A · The company itself

“Eftersom bolagets huvudsakliga verksamhetsområde ligger inom försäljning och utveckling av läkemedel och andra medicinska produkter föreligger det en risk att patienter som använder bolagets produkter, deltar i kliniska studier med bolagets produkter eller på annat sätt kommer i kontakt med bolagets produkter drabbas av biverkningar, även om Bolaget arbetar med utvärtes preparat baserade på beprövade substanser med väldokumenterade biverkningsprofiler. Skulle biverkningar påvisas i framtida studier eller vid försäljning av Bolagets produkter finns det en risk att Bolaget skulle lida konsekvenser. Sådana konsekvenser kan omfatta skadade patienter, förseningar eller avbrott i den fortsatta produktutvecklingen samt begränsning eller förhindrande av produktens kommersiella användning.”

Annual report 2024A · The company itself

“Läkemedelsindustrin är en bransch med hård konkurrens. Inom de flesta indikationer konkurrerar ett antal bolag om att utveckla nya förbättrade produkter för att nå en hög marknadsandel och fördelaktigt pris. Det finns en risk för att Moberg Pharmas produkter inte kommer att föredras på marknaden framför existerande eller andra nya produkter, vilket kan inverka negativt på Moberg Pharmas verksamhet och finansiella ställning.”

Annual report 2024A · The company itself

“Det är förenat med svårigheter att uppskatta den kommersiella potentialen för produktkandidater på grund av flera viktiga faktorer, såsom säkerhet och effektivitet jämfört med andra tillgängliga behandlingsmetoder (inklusive generiska alternativ), förändrade behandlingsstandarder, förändringar i tredje parters ersättningsstandarder för medicinska produkter,preferenser hos patienter och läkare samt förändringar i klassificeringen av läkemedlet. Även tillgängligheten av konkurrenskraftiga alternativ som uppkommer antingen under den tid det tar att utveckla bolagets produktkandidat eller efter att produktkandidaten har lanserats kommersiellt och tillgängligheten på generiska versioner av bolagets produktkandidater eller konkurrerande produkter, påverkar den kommersiella potentialen.”

Annual report 2024A · The company itself

“Klinisk utveckling – Samarbetspartners bidrar med genomförandet av kliniska studier, vår spjutspetskompetens inom regulatoriska processer kombineras med externa experter.”

Annual report 2024A · The company itself

“Beroende av tredje parter Moberg Pharma använder konsulter och kontraktsforskningsorganisationer (”CRO:s”) vid utvecklingen av läkemedel och andra medicinska produkter. Det finns en risk att sådana tredje parter inte uppfyller sina åtaganden gentemot Moberg Pharma eller att Moberg Pharma inte i tillräcklig utsträckning kan övervaka deras arbete, vilket kan ge upphov till förseningar, högre kostnader, kvalitetsproblem eller andra brister i utvecklingsarbetet.”

Annual report 2024A · The company itself

“Moberg Pharmas strategi innebär att bolaget fortsatt kommer att satsa betydande resurser på forskning och utveckling såväl som affärsutveckling.”

Annual report 2024A · The company itself

“Moberg Pharma driver en lätt och flexibel organisationsstruktur, där vi kombinerar en effektiv kärnorganisation med ett omfattande nätverk av externa leverantörer, samarbetspartners och konsulter.”

Annual report 2024A · The company itself

“Peptidbaserade läkemedel finns i mer än 400 kliniska prövningar och i dagsläget finns det mer än 200 godkända peptidläkemedel världen över. En stor del av peptidläkemedel under utveckling är relaterade till obesitas.”

Annual report 2024A · The company itself

“SVEA® är Nanologicas färdigpackade kolonner för analytisk kromatografi och används för analys inom läkemedels- och livsmedelsindustrin.”

Annual report 2024A · The company itself

“Koncernens nettoomsättning för helåret ökade till 14 538 TSEK (1 443). Intäkterna hänförs främst till försäljning av silika för preparativ kromatografi, men även till icke silikabaserad reningsmedia, samt till viss del tjänster inom applikationsutveckling liksom försäljning av analytiska kolonner.”

Annual report 2024A · The company itself

“Nanologica levererar insatsvaror till läkemedelstillverkare på en global och växande marknad för rening av protein- och peptidläkemedel, såsom insulin och GLP-1-analoger.”

Annual report 2024A · The company itself

“Nanologica riktar sig främst till kunder som har behov av en högkvalitativ silika med hög mekanisk och kemisk stabilitet. Dessa utgörs av läkemedelsföretag eller kontraktstillverkare av insulin och insulinanaloger, GLP-1-analoger, biosimilarer till insulin och GLP-1-analoger, samt vissa andra peptidläkemedel.”

Annual report 2024A · The company itself

“Att inkludera material för preparativ kromatografi i industriproduktion är en komplex process inom läkemedelsindustrin och potentiella kunder som tillverkar läkemedel ställer höga krav på bland annat produktkvalitet, leveranskapacitet, kompetens och långsiktiga perspektiv hos sina leverantörer.”

Annual report 2024A · The company itself

“This guidance reflects the inherent uncertainty associated primarily with the timing of a potential licensing agreement and the initiation of RNX-051. The expected financial performance remains consistent with the Group’s strategy of progressing assets towards value-inflection points and pursuing value realisation through partnership and licensing structures.”

Annual report 2025A · The company itself

“In 2024, Reponex received preliminary results from the funded Phase 2 study conducted in collaboration with the Center for Surgical Science at Zealand University Hospital, which evaluated RNX-051’s effectiveness in eliminating protective biofilm around adenomas and cancer polyps. The initial results are promising.”

Annual report 2025A · The company itself

“On 1 September 2025, the company announced in company announcement no. 10 that Reponex has received regulatory approval to initiate a pivotal Phase 2 study with RNX-011. The approval is a key milestone for the company and a validation of the scientific strategy for RNX-011.”

Annual report 2025A · The company itself

“The approved study protocol is undergoing targeted adjustments to sharpen the study design in line with expectations and requirements from potential licensing and collaboration partners, with a particular focus on ensuring that the clinical endpoints clearly reflect the observed treatment response and thereby support the project’s differentiation and licensing attractiveness. RNX-011 has shown promising results within the peritonitis indication.”

Annual report 2025A · The company itself

“Reponex has a broad patent portfolio protecting the company’s drug candidates in the most important geographic markets. Patent protection is a crucial prerequisite for the company’s commercial strategy and licensing negotiations.”

Annual report 2025A · The company itself

“In 2026, the Group will focus on initiating key clinical studies and strengthening its investment platform In 2026, the Group will continue executing its strategy as a focused life sciences investment company with Reponex Pharmaceuticals A/S (“Reponex”) as a dedicated drug development portfolio company.”

Annual report 2025A · The company itself

“The Board of Directors and Executive Management consider the chosen strategy—prioritising long-term value creation through disciplined development, partnerships and selective portfolio expansion—to be the most responsible and value-creating approach for shareholders.”

Annual report 2025A · The company itself

“The Group’s objectives for 2026 are centred on three priorities: • Continue to develop Reponex’ key programs towards valueinflection points that support future licensing and partnership agreements • Identify and assess additional acquisition opportunities aligned with PEG’s updated investment strategy across Pharma and Medical Devices (including MedTech) • Strengthen the Group’s capital preparedness to ensure robust execution of the strategy and support portfolio development In executing these priorities, the Group will continue to maintain a lean cost base and a high degree of cost flexibility, supporting capital efficiency while ensuring continued progression of the portfolio and development activities.”

Annual report 2025A · The company itself

“The Group’s preferred commercialisation pathway remains to progress assets to relevant clinical milestones and pursue value realisation through partnership and licensing structures.”

Annual report 2025A · The company itself

“Reponex’ ambition is to create value by advancing its clinical programs to a stage with relevant clinical data that can form the basis for licensing agreements with global pharmaceutical companies.”

Annual report 2025A · The company itself

“The company operates with a lean organizational structure and an aggressive outsourcing strategy that ensures flexibility and cost efficiency.”

Annual report 2025A · The company itself

“In line with the strategic prioritization of the pipeline announced in December 2024, the company has chosen to focus its clinical and financial resources on the three highest-priority programs.”

Annual report 2025A · The company itself

“The woundhealing candidates are still considered to be of significant clinical and commercial interest and will be pursued through strategic clinical and industrial collaborations.”

Annual report 2025A · The company itself

“For 2026, the Group expects revenue in the range of DKK 3.0–8.6 million and EBIT to be negative in the range of DKK 5.8–11.4 million.”

Annual report 2025A · The company itself

“Reponex Pharmaceuticals A/S is a clinical Phase 2 biopharmaceutical company developing new, effective treatments for diseases with significant patient and societal impact, where current treatment is insufficient or absent. The company uses repositioning of known drug substances, meaning the active compounds already have a well-documented toxicity and side-effect profile. This approach reduces risk and can potentially shorten development timelines compared with traditional drug development.”

Annual report 2025A · The company itself

“As announced in company announcement no. 32 of 13 December 2024, Reponex Pharmaceuticals A/S has based on an ongoing evaluation of the clinical pipeline and a range of fundamental commercial criteria, including medical need, patient recruitment, regulatory requirements, probability of success, and requirements for both human and financial resources—decided to give highest priority to the following three development programs: • RNX-051 for the treatment of colorectal adenomas and colorectal cancer • RNX-011 for the treatment of secondary bacterial peritonitis • RNX-041 for the treatment of IBD (pouchitis) All three development programs have demonstrated relevant, informative, and strong clinical data and have obtained patent protection in the company’s primary geographic areas.”

Annual report 2025A · The company itself

“RNX-051 is a novel formulation combining metronidazole and fosfomycin, forming an in situ gel upon direct application to the intestinal wall, for example during a colonoscopy procedure. The formulation is aimed at eliminating bacterial biofilms that are believed to play a central role in chronic inflammation and progression of colorectal neoplasia. Research into the role of biofilms in colorectal cancer development is growing rapidly, and the presence of bacteria such as Fusobacterium nucleatum in colorectal tumors is associated with increased cancer risk and poorer clinical outcomes.”

Annual report 2025A · The company itself

“RNX-011 is an innovative formulation combining granulocytemacrophage colony-stimulating factor (GM-CSF) with the broadspectrum antibiotics fosfomycin and metronidazole. The formulation is specifically designed for direct intraperitoneal administration during surgical procedures. In an exploratory study funded by Reponex, patients treated with RNX-011 showed markedly improved outcomes compared with those receiving standard treatment with intravenous antibiotics, including significantly shorter hospital stays and no infectious complications.”

Annual report 2025A · The company itself

“The study is a randomized, placebo-controlled trial investigating a unique triple-action therapy combination administered directly into the abdominal cavity during surgery. The purpose of the study is to document that RNX-011 can reduce the number of severe postoperative complications, such as abscesses and the need for reoperation, which is the primary value-creating endpoint for potential licensing partners. The study will also measure the treatment’s effect on local inflammation (IL-6) as well as patients’ overall recovery (QoR-15). The study is expected to include 32 patients.”

Annual report 2025A · The company itself

“Pouchitis represents one of the most common long-term complications after IPAA and can in some cases lead to pouch failure and permanent ileostomy. RNX-041 is an innovative formulation combining GM-CSF with the broad-spectrum antibiotics fosfomycin and metronidazole, designed for direct administration into the pouch via catheter and/or enema. The formulation aims to restore the balance between immune cell activity and bacterial growth.”

Annual report 2025A · The company itself

“As stated in the annual report for 2024, RNX-041 is actively included in part 2 of the ongoing clinical Phase 2 proof-of-concept study regarding treatment of pouchitis. The study aims to establish a safety profile and investigate the therapeutic effect of both single-dose and multi-dose treatment regimens.”

Annual report 2025A · The company itself

“The global wound care market was estimated at USD 24.1 billion in 2025, with expected continued growth at a compound annual growth rate of 4.3% from 2026 to 2033, according to Grand View Research RNX-021, RNX-022 and RNX-023 are formulations of GM-CSF alone or in combination with various antimicrobial agents, aimed at restoring immunological balance in the wound environment, removing bacteria and dead tissue, and stimulating the formation of new epithelium. The company has obtained granted patents for RNX-022 in the EU and the USA and for RNX-023 in the EU. The patents are valid until 2035, with the possibility of extension to 2040 upon obtaining a Supplementary Protection Certificate (SPC).”

Annual report 2025A · The company itself

“Preclinical and clinical studies required for our product candidates and new indications of our marketed products are expensive and time-consuming, and their outcome is highly uncertain. If any such studies are delayed or yield unfavorable results, regulatory approval for our product candidates or new indications of our marketed products may be delayed or become unobtainable.”

Annual report 2025A · The company itself

“Conducting such studies is a lengthy, time-consuming, and expensive process. These tests and trials may not achieve favorable results for many reasons, including, among others, failure of the product candidate to demonstrate safety or efficacy; the development of serious or life-threatening adverse events (or side effects) caused by or connected with exposure to the product candidate (or prior or concurrent exposure to other products or product candidates); difficulty in enrolling and maintaining subjects in a clinical trial; clinical trial design that may not make it possible to enroll or retain a sufficient number of patients to achieve a statistically significant result or the desired level of statistical significance for the endpoint in question; lack of sufficient supplies of the product candidate or comparator drug; and the failure of clinical investigators, trial monitors, contractors, consultants, or trial subjects to comply with the trial plan, protocol, or applicable regulations related to GLPs or GCPs.”

Annual report 2025A · The company itself

“The failure of clinical trials to demonstrate the safety and effectiveness of our clinical candidates for the desired indication(s) would preclude the successful development of those candidates for such indication(s), in which event our business, prospects, operating results, and financial condition may be materially harmed.”

Annual report 2025A · The company itself

“Only a small minority of all research and development programs ultimately result in commercially successful drugs. Clinical trials may not demonstrate statistically sufficient effectiveness and safety to obtain the requisite regulatory approvals for these product candidates in these indications.”

Annual report 2025A · The company itself

“These product candidates may not demonstrate the requisite efficacy and/or safety profile to support continued development for some or all of the indications that are being, or are planned to be, studied, which would diminish our clinical "pipeline" and could negatively affect our future prospects and the value of our Company.”

Annual report 2025A · The company itself

“It is possible that as we test our drug candidates or new indications in larger, longer, and more extensive or complex clinical programs (including those evaluating combination therapies), or as use of these drugs becomes more widespread if they receive regulatory approval, illnesses, injuries, and discomforts that were observed in earlier trials, as well as conditions that did not occur or went undetected in previous trials, will be reported by patients. Many times, side effects are only detectable after investigational drugs are tested in large-scale, Phase 3 clinical trials or, in some cases, after they are made available to patients after approval.”

Annual report 2025A · The company itself

“While the safety of EYLEA HD was similar to EYLEA in clinical trials, it is possible that the use of EYLEA HD outside the clinical trial setting in a broader patient group (i.e., real-world use) may yield different outcomes or patient experiences.”

Annual report 2025A · The company itself

“We may be unable to formulate or manufacture our product candidates in a way that is suitable for clinical or commercial use, which would delay or prevent continued development of such candidates and/or receipt of regulatory approval or commercial sale, which could materially harm our business, prospects, operating results, and financial condition. If we are unable to continue to develop suitable product formulations or manufacturing processes to support large-scale clinical testing of our product candidates, we may be unable to supply necessary materials for our clinical trials, which would delay or prevent the development of our product candidates.”

Annual report 2025A · The company itself

“Our core business strategy is to maintain a strong foundation in scientific research and drug development using our proprietary technologies, and to build on that foundation with our clinical development, manufacturing, and commercial capabilities. Our objective is to continue to advance as an integrated, multi-product biotechnology company that provides patients and medical professionals with important medicines for preventing and treating human diseases.”

Annual report 2025A · The company itself

“With respect to the products and product candidates that we are co-developing with Sanofi under our Antibody Collaboration (currently consisting of Dupixent, Kevzara, and itepekimab), Sanofi initially funds a significant portion of development expenses incurred in connection with the development of these products and product candidates.”

Annual report 2025A · The company itself

“Risker relaterade till genomförandet och resultatet av kliniska studier Sedana Medical genomför kliniska studier med Sedaconda (isofluran) för inhalationssedering inom intensivvården. Genomförandet av studier är avgörande för att kunna marknadsföra bolagets medicintekniska produkt Sedaconda ACD tillsammans med Sedaconda (isofluran) som terapi för inhalationssedering inom intensivvården på de marknader som bolaget planerar att inrikta sig mot.”

Annual report 2024A · The company itself

“Att utveckla ett nytt läkemedel är en komplicerad, kapitalintensiv och riskfylld process som kräver betydande resurser. Utvecklingen av ett läkemedel kan av olika anledningar, närhelst under processens gång, misslyckas eller försenas, vilket kan påverka tillväxt, intäkter eller vinst.”

Annual report 2024A · The company itself

“Vi har identifierat tre strategiska fokusområden för att väsentligt förbättra behandlingsresultaten för patienter med sällsynta sjukdomar: För det första ska vi leverera på vår pipeline i sen fas och på våra regulatoriska ansökningar.”

Annual report 2024A · The company itself

“För det andra planerar vi att utvärdera och utveckla spännande projekt för konceptvalidering inom nya indikationer för våra befintliga läkemedel. Vi undersöker till exempel fas 2-möjligheter inom VEXAS för Vonjo och inom CAR-T-profylax för Gamifant.”

Annual report 2024A · The company itself

“Vår affärsmodell går ut på att identifiera nya substanser i de senare utvecklingsfaserna, vilket kräver en flexibel och skalbar organisation.”

Annual report 2024A · The company itself

“Innan en läkemedelskandidat kan lanseras på marknaden måste bolaget eller dess samarbetspartners genomföra prekliniska och kliniska studier för att dokumentera och påvisa att läkemedelskandidaten har en betydande behandlingseffekt och en acceptabel säkerhetsprofil. De kliniska processerna är vanligtvis omfattande, kostsamma och tidskrävande, och utfallet är till sin natur osäkert. Det är inte ovanligt att kliniska processer drabbas av förseningar och kostnadsöverskridanden, vilket kan ha en negativ inverkan på bolagets läkemedels utveckling och finansiella ställning.”

Annual report 2024A · The company itself

“Det finns därför en risk att bolagets studier inte kommer att indikera tillräcklig säkerhet och/eller effekt för att bolagets läkemedelskandidater, särskilt bolagets huvudsakliga läkemedelskandidat resomelagon, ska kunna lanseras på marknaden, vilket kan leda till att framtida intäkter fördröjs alternativt, helt eller delvis, uteblir. Det finns vidare en risk att bolaget tvingas avbryta sina studier eller behöver genomföra mer omfattande studier än vad som i dagsläget bedöms vara behövligt, vilket kan fördröja utvecklingsprocessen samt föranleda bland annat ökade kostnader, försenad kommersialisering och i förlängningen reducerat eller uteblivet kassaflöde. I ljuset av att resomelagon utgör bolagets enda läkemedelskandidat i klinisk fas är bolaget särskilt exponerad för dessa risker.”

Annual report 2024A · The company itself

“Bolaget förväntas inte generera några intäkter förrän tidigast efter avslut av det planerade fas 2-programmet avseende läkemedelskandidaten resomelagon, eller tidigast 2026.”

Annual report 2024A · The company itself

“Tidpunkt för aktivering av immateriella tillgångar Koncernens ledande läkemedelsprojekt, AP1189, befinner sig i det utvecklingsskede som benämns fas 2. Det innebär att det har passerat det första steget i klinisk utveckling, fas 1, där läkemedelskandidatens säkerhet utvärderas.”

Annual report 2024A · The company itself

“Risken i AP1189-projektet är sammantaget hög. Risken består bland annat av säkerhets- och effektrelaterade risker som kan uppstå i kliniska studier, regulatoriska risker relaterade till ansökningar om godkännande av kliniska studier samt marknadsgodkännande, samt IP-risker relaterade till godkännande av patentansökningar och upprätthållande av patent.”

Annual report 2024A · The company itself

“utvecklingsportfölj består primärt av läkemedelskandidaten resomelagon och TXP-portföljen.”

Annual report 2024A · The company itself

“Bolaget är således till stor del beroende av framtida kommersialisering för att generera intäkter.”

Annual report 2024A · The company itself

“The radiotherapeutics market is expected to grow significantly towards USD 27bn by 2032, driven by radiotherapeutics, requiring large volumes of radioisotopes such as alpha emitters.”

Annual report 2023A · The company itself

“This makes radiotherapy one of the fastest growing treatment options for a broad range of different cancers. These new radiotherapies also represent a large commercial market, with each of the new products reaching sales in the hundreds of millions of dollars.”

Annual report 2023A · The company itself

“The expected high sales volumes for new radiotherapeutics will create a significant demand for radioisotopes, and we have already signed LOIs with three different companies for volumes that will exhaust the planned capacity of 70Gbq at our first industrial-scale plant. Dialogues with other potential customers have indicated a demand of 4-5 times this level, leaving us very upbeat about the commercial and financial opportunity ahead of us.”

Annual report 2023A · The company itself

“The global radiopharmaceutical market is expected to grow from USD 7 billion in 2022 to USD 39 billion in 2032, of which USD 27 million from radiotherapeutics.”

Annual report 2023A · The company itself

“There are several hundred radiopharmaceuticals in development, which is expected to create strong future demand for radioactive compounds.”

Annual report 2023A · The company itself

“Pb-212 derived from Thorium-228 is regarded as one of the most promising alpha-emitting radioisotopes. As of the fourth quarter 2023, the Company knows of nine cancer therapy candidates in clinical development with Pb-212 or Ra-224, with the three most advanced already in phase IIa.”

Annual report 2023A · The company itself

“Radiotherapeutics using alpha-emitting radioisotopes have several advantages compared to beta-emitting isotopes, such as a higher linear energy transfer and short path ranges. This means that the alpha-particles kills the cancer cells more effectively but also that they make little or no harm to the surrounding healthy tissue. The alpha-emitters we work with also have a short half-life and will hence not leave any long-lived radioactivity in the patients.”

Annual report 2023A · The company itself

“Thor Medical’s strategy is to supply alpha-emitters to radiopharmaceutical companies for use in novel cancer therapies. Alpha-emitters make it possible to eradicate cancer cells while minimizing damage to nearby healthy cells.”

Annual report 2023A · The company itself

“The company made significant progress towards this end during the second half of 2023: • Signed three LOIs with radiopharmaceutical companies for future supply of alpha emitters, to be replaced by commercial agreements upon product qualification.”

Annual report 2023A · The company itself

“The Company is in dialogue with several potential customers and had by the end of 2023 signed three LOIs with radiopharmaceutical companies for future supply of alpha emitters.”

Annual report 2023A · The company itself

“The data from our product development activities may not support advancement or regulatory approval of our product candidates, or label expansions for our marketed products, or provide sufficient data to support the successful commercialization of our approved products. Extensive testing is required for our product candidates and for new indications of our marketed products. The outcomes of such clinical and non-clinical testing are highly uncertain, may not generate sufficient safety, efficacy, or other data, and may not support regulatory approval of our product candidates.”

Annual report 2025A · The company itself

“We invest in research and development to discover and develop transformative medicines for people with serious diseases, with a focus on specialty markets.”

Annual report 2025A · The company itself

“We aim to serially innovate in our disease areas of interest and follow our first-in-class therapies with potential best-in-class candidates.”

Annual report 2025A · The company itself

“We focus on validated targets that address causal human biology, predictive lab assays and clinical biomarkers, rapid paths to registration and approval, and product candidates that hold the potential for transformative patient benefit.”

Annual report 2025A · The company itself

“We believe our long-term competitive success depends on discovering and developing or acquiring transformative medicines for people with serious diseases and continuously improving the productivity of our operations in a highly competitive environment.”

Annual report 2025A · The company itself

“Our success depends, in significant part, on our ability to obtain, maintain, and enforce patents and intellectual property rights such as trademarks and copyrights that protect our products, product candidates, and technologies.”

Annual report 2025A · The company itself

“(in millions, except percentages) $827.9 3% $804.5 14% $705.6 3,081.6 9% 2,825.8 15% 2,457.3 Total research and development expenses $3,909.5 8% $3,630.3 15% $3,162.9 Over the past three years, we have incurred approximately $10.7 billion in research and development expenses associated with product discovery and development.”

Annual report 2025A · The company itself

“Alpine Immune Sciences, Inc. - povetacicept On May 20, 2024, we acquired all of the issued and outstanding shares of common stock of Alpine, a publicly traded biotechnology company focused on discovering and developing innovative, protein-based immunotherapies for approximately $5.0 billion.”

Annual report 2025A · The company itself

“As a result, $4.4 billion of fair value attributed to povetacicept was expensed to AIPR&D in 2024.”

Annual report 2025A · The company itself

“CRISPR-Cas9 Gene-editing Therapies Agreements In 2015, we entered into a strategic collaboration, option and license agreement (the “CRISPR Agreement”) with CRISPR and its affiliates to collaborate on the discovery and development of potential new treatments aimed at the underlying genetic causes of human diseases using CRISPR-Cas9 gene-editing technology.”

Annual report 2025A · The company itself

“We are a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases, with a focus on specialty markets.”

Annual report 2025A · The company itself

“Our mid- and late-stage clinical pipeline includes programs across a range of modalities in additional serious diseases, including IgA nephropathy, APOL1-mediated kidney disease, neuropathic pain, type 1 diabetes, primary membranous nephropathy, autosomal dominant polycystic kidney disease, and myotonic dystrophy type 1.”

Annual report 2025A · The company itself

“The manufacturing processes for biologics and cell and genetic therapies are more complex than those required for small molecule drugs and require different systems, equipment, facilities, and expertise. Additionally, we are unable to utilize a single process for all of our biologics and cell and genetic therapies; they must be customized for each program and therapy. We are investing and plan to continue to invest significant resources in expanding and strengthening our manufacturing infrastructure and capabilities, such as current Good Manufacturing Practices (“cGMP”) clinical manufacturing, both independently and through third-party networks, in an effort to develop and commercialize our biologics and cell and genetic therapies.”

Annual report 2025A · The company itself

“Financial Information and Significant Customers We operate in one segment, pharmaceuticals.”

Annual report 2025A · The company itself

“If we are unable to successfully develop and commercialize medicines for acute and neuropathic pain, our business could be materially harmed. A portion of the value attributed to our company by investors is based on the expected commercial success of JOURNAVX for acute pain and on our development programs for both acute and peripheral neuropathic pain.”

Annual report 2025A · The company itself

“We have approved medicines for cystic fibrosis (“CF”), sickle cell disease (“SCD”), transfusion dependent beta thalassemia (“TDT”), and acute pain, and we continue to serially innovate and advance next-generation clinical and research programs in these areas.”

Annual report 2025A · The company itself

“•We are developing povetacicept, a dual inhibitor of B cell activating factor (“BAFF”) and a proliferation-inducing ligand (“APRIL”) cytokines, for multiple diseases. Povetacicept represents a potentially best-in-class approach to control B cell activity in immunoglobulin A nephropathy (“IgAN”). •We completed enrollment in the Phase 3 clinical trial evaluating povetacicept for IgAN and, in the fourth quarter of 2025, we initiated the rolling Biologics Licensing Application (“BLA”) filing for U.S. accelerated approval with submission of the first module.”

Annual report 2025A · The company itself

“•Inaxaplin is our small molecule for the treatment of APOL1-mediated kidney disease (“AMKD”). We completed enrollment in the interim analysis cohort of the global Phase 2/3 pivotal clinical trial evaluating inaxaplin in people with primary AMKD (“AMPLITUDE”).”

Annual report 2025A · The company itself

“Recent investments in external innovation include: •An exclusive global license agreement with WuXi Biologics to develop and commercialize a trispecific T cell engager for B cell-mediated autoimmune diseases, which is currently in preclinical development.”

Annual report 2025A · The company itself

“Innovative and patent protected assets are difficult, costly and time-consuming to develop, receive regulatory approval for and bring to market. There can be no assurance that we will be able to achieve all of our intended goals or outlooks with respect to such strategies and priorities within the anticipated timeframes or at all, fully realize the expected benefits of any such transactions or arrangements, or successfully manage base business erosion or grow in future periods.”

Annual report 2025A · The company itself

“Clinical testing, particularly with respect to new and/or complex or innovative drugs, is expensive and can take many years to complete, and its outcome is inherently uncertain. Failure can occur at any time during the clinical trial process, including after significant investments have been made.”

Annual report 2025A · The company itself

“Proteinkinashämmare (PKI:er) är synnerligen effektiva vid behandling av olika cancerformer, men dessvärre får många patienter allvarliga biverkningar av dem, läs mer i avsnittet Marknad. Xspray Pharmas teknologiplattform HyNap har potential att reducera vissa av dessa biverkningar tack vare den förbättrade farmakokinetiska profil som ger stabilare pH-oberoende absorption i kroppen.”

Annual report 2024A · The company itself

“I en så kallad ”boxed warning” varnas patienter för att intag av mat i nära anslutning till intag av Tasigna ® kan öka risken för plötslig död på grund av allvarliga arytmier orsakade av förlängt QT intervall. Till följd av den varningen förväntas patienter att fasta sex timmar per dag när de behandlas med Tasigna ® .”

Annual report 2024A · The company itself

“I studier har XS003 visat matchande biotillgänglighet med Tasigna ® vid mer än 50% lägre dos.”

Annual report 2024A · The company itself

“Xspray Pharmas vision är att genom sin patenterade Hy- Nap-teknologi etablera sig som en ledande aktör för förbättrade versioner av marknadsförda proteinkinashämmare (PKI) för behandling av cancer och att därigenom öka patienternas livskvalitet och chans till överlevnad. Genom en bekräftad förbättringsprofil och en aktiv patentstrategi ska Xspray ta marknadsandelar och skapa en långsiktig lönsamhet för Bolaget och dess ägare.”

Annual report 2024A · The company itself

“Bolaget bedömer att produktkandidaterna kommer kunna ha en fördelaktig konkurrensposition som kan resultera i en stor marknadspotential.”

Annual report 2024A · The company itself

“Dessa är stabila amorfa och icke-kristallina versioner av de fyra storsäljande originalläkemedlen Sprycel ® (dasatinib), Tasigna ® (nilotinib), Inlyta ® (axitinib) och Cabometyx ® (cabozantinib).”

Annual report 2024A · The company itself

“är en förbättrad version av Sprycel ® för behandling av kronisk myeloisk leukemi (KML) och akut lymfoblastisk leukemi (ALL) och har av FDA beviljats särläkemedelsstatus i USA för både KML och ALL.”

Annual report 2024A · The company itself

“Xspray Pharmas produktkandidat XS003 är en amorf icke-kristallin nilotinib för behandling av kronisk myeloisk leukemi (KML). Den amerikanska läkemedelsmyndigheten FDA har beviljat särläkemedelsstatus för XS003 för behandling av KML.”

Annual report 2024A · The company itself

“Xspray Pharmas produktkandidat XS008 är en amorf icke-kristallin axitinib som används i behandling av njurcancer. Den för närvarande marknadsförda produkten som bygger på axitinib är Inlyta®, vars patentutgångar skapar ett attraktivt lanseringsfönster som löper mellan april 2025 och december 2030 i USA.”

Annual report 2024A · The company itself

“Xspray Pharmas produktkandidat XS025 är en amorf icke-kristallin cabozantinib som används vid njurcellscancer och andra cancerformer. Den för närvarande marknadsförda produkten som bygger på cabozantinib är Cabometyx®, vars substanspatent går ut i augusti 2026 och sekundärpatenten går ut i juli 2033.”

Annual report 2024A · The company itself

“Risks and uncertainties Risks identified in relation to the Business Combination with Zelluna Immunotherapy AS As part of the work of preparing the Business Combination with Zelluna Immunotherapy AS ("ZI"), the following main risk factors have been identified: Material risk factors related to Zelluna Immunotherapy AS ZI is in an early stage of development and its preclinical and/or clinical studies may not prove to be successful.”

Annual report 2024A · The company itself

“Zelluna’s TCR-NK products are in preclinical development, with the goal of advancing into Phase I/II trials to evaluate the safety and efficacy of its treatments for advanced solid tumours.”

Annual report 2024A · The company itself

“Due to negative outcomes in three of the phase II trials, the UV1 cancer vaccine programme will be wrapped up.”

Annual report 2024A · The company itself

“Reportable Segments Manufacturing Sites Medical Devices 33 Diagnostic Products 21 Established Pharmaceutical Products 22 Nutritional Products 13 Worldwide Total 89 Abbott’s research and development facilities in the United States are primarily located in California, Illinois, Minnesota, New Jersey, and Ohio.”

Annual report 2025A · The company itself

“AbbVie depends on alliances and joint ventures with pharmaceutical and biotechnology companies for a portion of the products in its near-term pharmaceutical pipeline. Failures by these parties to meet their contractual, regulatory, or other obligations to AbbVie, or any disruption in the relationships between AbbVie and these third parties, could have an adverse effect on AbbVie's pharmaceutical pipeline and business.”

Annual report 2025A · The company itself

“AbbVie intends to execute its strategy and advance its mission in a number of ways, including: (i) maximizing the benefits of a diversified revenue base with multiple long-term growth drivers; (ii) leveraging AbbVie's commercial strength and international infrastructure across therapeutic areas, ensuring strong commercial execution of new product launches as well as continued investment in key on-market products; (iii) continuing to invest in and expand its pipeline in support of opportunities across our core areas of immunology, neuroscience, oncology and aesthetics as well as new sources of growth such as obesity; (iv) generating substantial operating cash flows to support investments in innovative research and development and returning cash to shareholders via a strong and growing dividend while maintaining a strong investment grade credit rating.”

Annual report 2025A · The company itself

“EXECUTIVE OVERVIEW Company Overview AbbVie is a global, diversified research-based biopharmaceutical company positioned for success with a comprehensive product portfolio that has leadership positions across immunology, neuroscience, oncology and aesthetics.”

Annual report 2025A · The company itself

“AbbVie generates revenue primarily from product sales.”

Annual report 2025A · The company itself

“Den ökande tillväxten inom läkemedelsutveckling har lett till en större efterfrågan på outsourcing, särskilt bland mindre, innovativa biotechbolag som anlitar externa tjänster och analysfunktioner. Detta har resulterat i en expansion av existerande och nya tjänsteerbjudanden inom området.”

Annual report 2023A · The company itself

“LABTECH NETTOOMSÄTTNING OCH EBITA Nettoomsättning EBITA Den organiska tillväxten understryker en strategisk inriktning på nytänkande och expansion inom områden som fortsätter att visa stark efterfrågan på avancerad teknologi och lösningar, såsom exempelvis Next Generation Sequencing (NGS).”

Annual report 2023A · The company itself

“("we", "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.”

Annual report 2025A · The company itself

“Our Life Sciences and Diagnostics Markets segment is comprised of seven areas of activity. We provide specialty contract development and manufacturing services for pharmaceutical customers as well as solutions that include reagents, instruments, software and consumables which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level.”

Annual report 2025A · The company itself

“We provide active pharmaceutical ingredients for oligo-based therapeutics as well as solutions that include reagents, instruments, software and consumables, which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level.”

Annual report 2025A · The company itself

“First, our liquid chromatography and liquid chromatography mass spectrometry businesses enable customers in the clinical and life sciences research areas to interrogate samples at the molecular and cellular level.”

Annual report 2025A · The company itself

“Second, our cell analysis business includes instruments, reagents, software, and labware associated with unique live-cell analysis platforms in addition to mainstream flow cytometers, plate-readers, and plate washers/dispensers which are used across a broad range of applications.”

Annual report 2025A · The company itself

“Third, our specialty contract development and manufacturing organization ("CDMO") business provides services related to and the production of synthesized oligonucleotides under pharmaceutical good manufacturing practices conditions for use as active pharmaceutical ingredients in a class of drugs that utilize nucleic acid molecules for disease therapy. BIOVECTRA capabilities include microbial fermentation, bioreagents, highly potent active pharmaceutical ingredients, peptide purification and biomanufacturing capabilities in several nucleic acid modalities. Together, our BIOVECTRA and nucleic acid solutions businesses comprise our specialty CDMO offerings to our customers providing clinical-to-commercial scale production capabilities.”

Annual report 2025A · The company itself

“Fourth, our pathology solutions business is focused on product offerings for cancer diagnostics and anatomic pathology workflows. The broad portfolio of offerings includes immunohistochemistry, in situ hybridization, hematoxylin and eosin staining and special staining. This business further provides clinical flow cytometry reagents for routine cancer diagnostics. This business also provides bulk antibodies as raw materials and associated assay development services to in vitro diagnostics manufacturers, biotechnology and pharmaceutical companies.”

Annual report 2025A · The company itself

“Fifth, we also collaborate with several major pharmaceutical companies to develop new potential tissue pharmacodiagnostics, also known as companion diagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy.”

Annual report 2025A · The company itself

“Liquid Chromatography A liquid chromatograph, high-performance liquid chromatograph or ultra-high performance liquid chromatograph is used to separate molecules of a liquid mixture to determine the quantity and identity of the molecules present. The Agilent liquid chromatography portfolio is largely modular in construction and can be configured as analytical and preparative systems. These systems can be stepwise upgraded to highly sophisticated, automated workflow solutions such as method development, multi‑method/walk-up, high-capacity/high-throughput or multi‑dimensional liquid chromatography and can be extended to application‑based analyzers (e.g., for bio-molecular separations, chiral analysis or size exclusion chromatography).”

Annual report 2025A · The company itself

“Liquid Chromatography Mass Spectrometry A mass spectrometer identifies and quantifies compounds based on their molecular mass and characteristic patterns of fragment ion masses that result when a molecule is broken apart. A mass spectrometer is an important tool in analyzing a broad spectrum of analytes, from small molecules, such as pesticides, to large molecules, such as intact proteins and other biological entities. Liquid chromatography is commonly used to separate compounds and introduce them to the mass spectrometer system. Our liquid chromatography mass spectrometry portfolio includes instruments built around four main analyzer types - single quadrupole, triple quadrupole, time-of-flight and quadrupole time-of-flight.”

Annual report 2025A · The company itself

“Our bulk antibodies business partners with in vitro diagnostics manufacturers, biotechnology and pharmaceutical companies by offering antibodies as raw materials and a range of associated assay development services and solutions.”

Annual report 2025A · The company itself

“Cell Analysis Our cell analysis tools are used to study cell signaling pathways, general cell function and behavior through metabolic profile analysis, real-time cellular impedance measurements, and traditional cytometry techniques. Characterizing cellular behavior and function is an increasingly critical step in understanding normal behavior versus diseased states, advancements of those diseases, and response to therapies, providing researchers with a more targeted approach for drug discovery and ultimately more effective therapeutics.”

Annual report 2025A · The company itself

“Our cell analysis portfolio includes cell analysis plate-based assays, flow cytometer, real-time cell analyzer, microplate reader, cell imaging system and related consumables.”

Annual report 2025A · The company itself

“Biomolecular Analysis Automated electrophoresis is a separation technique for biomolecules such as proteins, peptides and nucleic acids (RNA and DNA) and is used to determine the identity of a molecule by either size or charge. It is widely used as a quality control tool to check sample integrity prior to subsequent analysis. Prominent examples are nucleic acid preparation products in front of polymerase chain reaction, next-generation sequencing and microarrays. More recently, quality control based on automated electrophoresis products has become essential throughout in-vitro transcription mRNA workflows, including vaccine development and therapeutics.”

Annual report 2025A · The company itself

“Life Sciences and Diagnostics Markets - Key End Markets Our Life Sciences and Diagnostics Markets segment sells primarily into the pharmaceutical and biopharmaceutical, diagnostics and clinical and academic and government markets. We also sell in the applied markets: chemicals and advanced materials, food and environmental and forensics.”

Annual report 2025A · The company itself

“This market consists of "for-profit" companies which participate across the pharmaceutical value chain in the areas of therapeutic research and discovery, preclinical efficacy, pharmacokinetic, safety testing, clinical trials, therapeutic manufacturing, quality assurance and quality control.”

Annual report 2025A · The company itself

“Another sub-segment of the market is our biopharmaceutical customers, who are focused on biologic entities or biosimilar drugs for human or animal use. This biopharmaceutical classification also includes customers that manufacture biological components and/or biological active ingredients.”

Annual report 2025A · The company itself

“Our primary focus is on biopharmaceutical companies working with advanced therapeutic modalities (e.g., cell and gene therapies) where we provide a suite of research tools and companion diagnostic development services. Additionally, we provide active pharmaceutical ingredient contract development and manufacturing services for oligonucleotide-based therapeutic modalities.”

Annual report 2025A · The company itself

“BioMar is committed to being a strong partner for all its stakeholders and is strongly focused on delivering on the company’s sustainability ambitions. On 1 April 2025, BioMar acquired full ownership of LetSea AS, Norway’s leading experimental and research centre for aquaculture, by taking over the remaining 66% shares. The acquisition reinforces BioMar’s position as a global leader in research and development within fish feed and strengthens its innovation capacity within aquaculture feed solutions.”

Annual report 2025A · The company itself

“Pre-clinical development programmes include a SLIT tablet for tree nut allergy and the biological treatment concept ALK014”

Annual report 2025A · The company itself

“Tablets 3,335 mDKK, SCIT/SLIT drops 2,145 mDKK af total 6,312 mDKK revenue”

Annual report 2025B · From the report

“Strengthening innovation and pipeline In line with ALK’s revenue growth, we continue to increase investments in R&D and activities to develop a balanced pipeline and drive innovations in existing and adjacent disease areas to expand ALK’s addressable markets. The ambition within each therapy area is to push the frontiers of innovation and build product portfolios with the potential to establish ALK as market leader and help more patients.”

Annual report 2025A · The company itself

“Ongoing phase 2 clinical trials The phase 2 trial for dose finding and efficacy of the peanut SLIT tablet enrolled 150 North American patients and is on track to deliver topline data in the second quarter of 2026. Subject to these results, ALK plans to progress into phase 3, and preparations are ongoing, including selection of Contract Research Organisations and manufacturing of source material.”

Annual report 2025A · The company itself

“It is not possible to predict the results of ongoing scientific research or the types of future scientific research into the health risks of tobacco exposure and the impact of such research on legislation and regulation.”

Annual report 2025A · The company itself

“Risks Related to Research and Development •We may not be able to develop commercial products despite significant investments in R&D. •We must conduct clinical trials in humans before we commercialize and sell any of our product candidates or existing products for new indications. •Our current products and products in development cannot be sold without regulatory approval. •Some of our products are used with drug delivery or companion diagnostic devices that have their own regulatory, manufacturing and other risks. •Some of our pharmaceutical pipeline and our commercial product sales rely on collaborations with third parties, which may adversely affect the development and sales of our products.”

Annual report 2025A · The company itself

“We must conduct clinical trials in humans before we commercialize and sell any of our product candidates or existing products for new indications. Before a product may be sold, we must conduct clinical trials to demonstrate that our product candidates are safe and effective for use in humans.”

Annual report 2025A · The company itself

“The length of time, number of trial sites and number of patients required for clinical trials vary substantially, and we may spend several years and incur substantial expense in completing certain clinical trials. In addition, we may have difficulty finding a sufficient number of clinical trial sites and/or patients to participate in our clinical trials, particularly if competitors are conducting clinical trials in similar patient populations and/or in rare disease therapy clinical trials due to the inherently small patient population potentially served by such therapies.”

Annual report 2025A · The company itself

“However, in certain diseases, such as cancer, the standard of care is evolving rapidly. In some cases, we may design a clinical trial based on the standard of care we anticipate will exist at the time our study is completed.”

Annual report 2025A · The company itself

“Even after a product is on the market, safety concerns may require additional or more extensive clinical trials as part of a risk management plan for our product or for approval of a new indication. Additional clinical trials we initiate, including those required by the FDA, could result in substantial additional expense, and the outcomes could result in further label restrictions or the loss of regulatory approval for an approved indication, each of which could have a material adverse effect on our product sales, business and results of operations.”

Annual report 2025A · The company itself

“Regulatory authorities have questioned, and may in the future question, the sufficiency for approval of the endpoints we select for our clinical trials. A number of our products and product candidates have been evaluated in clinical trials using surrogate endpoints that measure an effect that is known to correlate with an ultimate clinical benefit.”

Annual report 2025A · The company itself

“Amgen invests heavily in R&D. Successful product development in the biotechnology industry is highly uncertain, and very few R&D projects yield approved and commercially viable products.”

Annual report 2025A · The company itself

“We depend on alliances with other companies, including pharmaceutical and biotechnology companies, vendors and service providers, for the development of a portion of the products in our pharmaceutical pipeline and for the commercialization and sales of certain of our commercial products. For example, we have collaborations with third parties under which we share development rights, obligations and costs and/or commercial rights and obligations.”

Annual report 2025A · The company itself

“Molecular Research and MDx represent highly attractive and growing markets with estimated end-user market values of USD 23.2—30.4 billion (CAGR 5.4%).”

Annual report 2024A · The company itself

“At the forefront of the industry are fast-paced innovations around Next Generation Sequencing (NGS) technologies with the prospect of wider adoption, accessibility, and clinical utility. All ArcticZymes´ existing enzymes, as well as its pipeline innovations, are available for this application and represent integral key components for adoption into NGS technologies by leading international companies. Furthermore, ArcticZymes’ ability to customize and tailor enzymes is becoming a more important value driver for NGS platform developers.”

Annual report 2024A · The company itself

“ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing.”

Annual report 2024A · The company itself

“ArcticZymes is supplying SAN products directly to more than 223 customers. In addition, ArcticZymes supplies SAN products to further customers via distributors. Most customers are gene therapy-related and represent a mix of small/medium biotech companies, contract development manufacturing organizations (CDMOs), and large Pharma.”

Annual report 2024A · The company itself

“Board of Directors’ Report 2024 9 A notable trend in the CGT (Cell and Gene Therapy) space is a growing focus on the Contract Development and Manufacturing Organization (CDMO) model. This shift contrasts sharply with the landscape 5–10 years ago, when many biotech companies were heavily focused on building in- house manufacturing capabilities. Consequently, for ArcticZymes, integrating our nuclease products into CDMO platforms has become increasingly vital for short term revenue and also long-term growth and market presence.”

Annual report 2024A · The company itself

“Our continued investment in the pipeline yielded several significant approvals and milestones in the year, notably for Saphnelo , Beyonttra , Datroway and Enhertu .”

Annual report 2025A · The company itself

“2025 saw an unprecedented proportion of programmes in the pipeline delivering positive news, including 16 Phase III positive clinical readouts. Results to highlight include the delivery of strong clinical data on surovatamig (which has the potential to become a backbone standard of care across six haematologic malignancies) and the acceleration of baxdrostat from Phase II acquisition to delivery of Phase III data and regulatory filing in two years.”

Annual report 2025A · The company itself

“Such processes include semiconductor, flat panel display, LED and solar, glass and optical coating, scientific instruments used in life science, research institutes focused on renewable energy, high-energy lasers, nano technology, pharma ceuticals, heat treatment, lithium-ion batteries, and food processing and packaging.”

Annual report 2024A · The company itself

“Samtidigt utvecklade vi en pipeline av projekt i tidig fas för potentiella licenspartner, med förstudier pågående inom flera applikationsområden.”

Annual report 2024A · The company itself

“Research and development We are progressing studies and projects through the R&D pipeline, including life-cycle management activities for the current portfolio of products. Any research and development activities can be delayed or even abandoned. The product approval phase can be delayed or even fail. All clinical material and production facilities require regulatory approval; such approvals can be delayed or even fail.”

Annual report 2025A · The company itself

“BD Life Sciences BD Life Sciences provides products for the safe collection and transport of diagnostics specimens, and instruments and reagent systems to detect a broad range of infectious diseases, healthcare-associated infections and cancers. In addition, BD Life Sciences produces research and clinical tools that facilitate the study of cells, and the components of cells, to gain a better understanding of normal and disease processes.”

Annual report 2025A · The company itself

“Biosciences Fluorescence-activated cell sorters and analyzers; antibodies and kits for performing cell analysis; reagents for life science research; solutions for high-throughput single-cell gene and protein expression analysis; and clinical oncology, immunological (HIV) and transplantation diagnostic/monitoring reagents, analyzers and informatics.”

Annual report 2025A · The company itself

“BD is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. We provide customer solutions that are focused on improving medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology care; enhancing the diagnosis of infectious diseases and cancers; and advancing cellular research and applications.”

Annual report 2025A · The company itself

“We are committed to providing the life sciences community with innovative, high-quality scientific tools that allow our customers to make extraordinary discoveries and treat and diagnose diseases.”

Annual report unknown yearA · The company itself

“Bio-Techne is engaged in continuous research and development in all of our major product lines. We also carry out research to develop new products that build upon and expand the technologies we acquire through our acquisition strategy.”

Annual report unknown yearA · The company itself

“In fiscal 2026, we introduced over 1,900 new products.”

Annual report unknown yearA · The company itself

“Our Protein Sciences segment is a leading developer and manufacturer of high-quality biological reagents used in all aspects of life science research, diagnostics and cell and gene therapy.”

Annual report unknown yearA · The company itself

“This segment also includes proteomic analytical tools, both manual and automated, that offer researchers and pharmaceutical manufacturers efficient and streamlined options for protein analysis, automated western blot, and multiplexed ELISA workflows.”

Annual report unknown yearA · The company itself

“The Reagent Solutions division consists of specialized proteins, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera and cell selection technologies traditionally used by researchers to further their life science experimental activities and by companies developing next generation diagnostics and therapeutics, including cell- and gene-based therapeutics.”

Annual report unknown yearA · The company itself

“Key product brands include R&D Systems, Tocris Biosciences and Novus Biologicals.”

Annual report unknown yearA · The company itself

“In recent years, we have made several acquisitions and investments that have expanded our product offerings for the cell and gene therapy market. These include a significant investment in state-of-the art facilities for production of both proteins and small molecules in large quantities manufactured in accordance with cGMP, as well as a 19.9% investment in, and eventual acquisition of, Wilson Wolf, a leading provider of cell culture devices for cell-based therapies.”

Annual report unknown yearA · The company itself

“A number of our products have been demonstrated to have the potential to serve as predictive biomarkers and therapeutic targets for a variety of human diseases and conditions including cancer, autoimmunity, diabetes, hypertension, obesity, inflammation, neurological disorders, and kidney failure.”

Annual report unknown yearA · The company itself

“We also sell products for genetic carrier screening, oncology diagnostics, molecular controls, and research under the Asuragen brand.”

Annual report unknown yearA · The company itself

“Protein Sciences Segment Customers and Distribution Methods Our customers for this segment include researchers in academia and industry (chiefly pharmaceutical and biotech companies as well as contract research organizations).”

Annual report unknown yearA · The company itself

“This segment also sells to diagnostic/companion diagnostic and therapeutic customers, including those engaged in the development of cell- and gene-based therapies.”

Annual report unknown yearA · The company itself

“Our biologics line of products in the Analytical Solutions division is used chiefly by production and quality control departments at biotech 5 Table of Contents and pharmaceutical companies.”

Annual report unknown yearA · The company itself

“Diagnostics and Spatial Biology Segment Customers and Distribution Methods The customers for the Spatial Biology division include researchers in academia as well as investigators in pharmaceutical and biotech companies.”

Annual report unknown yearA · The company itself

“Our long-term success depends upon the successful development of new products from our research and development activities or our licenses or acquisitions from third parties, as well as the development of additional indications for our existing products.”

Annual report 2025A · The company itself

“Conducting clinical trials is a complex, time-consuming and expensive process. Our ability to complete clinical trials in a timely fashion depends on a number of key factors, including protocol design, regulatory and institutional review board approval, patient enrollment rates and compliance with current Good Clinical Practices.”

Annual report 2025A · The company itself

“Risks Related to Our Business We are substantially dependent on revenue from our products. Our revenue depends upon continued sales of our products as well as the financial rights we have in our anti-CD20 therapeutic programs.”

Annual report 2025A · The company itself

“Our success in commercializing biosimilars is subject to risks and uncertainties inherent in the development, manufacture and commercialization of biosimilars. If we are unsuccessful, our business may be adversely affected.”

Annual report 2025A · The company itself

“Segment Information We operate and are managed as one operating segment, and derive revenue from activities related to the discovery, development and delivery of innovative therapies for people living with serious and complex diseases.”

Annual report 2025A · The company itself

“Corporate Governance Statement 2025 11 Information for Shareholders 17 Board of Directors 18 Group Management Team 20 Financial Statements 21 Biohit in Brief Biohit Oyj is a globally operating Finnish biotechnology company that develops diagnostic and other health products.”

Annual report 2025A · The company itself

“BioPorto sells NGAL ELISA kits (Enzyme-Linked Immunosorbent Assay) for research use in humans and in five animal species, from mouse to monkey. BioPorto also provides in-house scaled-up production of antibodies in bulk volumes to meet specific customer needs, i.e., for diagnostic kit manufacturers.”

Annual report 2025A · The company itself

“These research tools are commonly used to study kidney damage associated to nephrotoxicity kidney damage and to assess the effectiveness of new pharmaceutical compounds during development. BioPorto antibodies are frequently used to develop diagnostic immunoassays within several disease areas, including immunodeficiency, allergy, coagulation, diabetes, kidney, and cardiovascular disease.”

Annual report 2025A · The company itself

“BXLS invests across the life cycle of companies and products within the life sciences sector.”

Annual report 2025A · The company itself

“For example, • BXLS’s strategies include, among others, investments that are referred to as “corporate partnership” transactions. Corporate partnership transactions are risk-sharing collaborations with biopharmaceutical and medical device partners on drug and medical device development programs and investments in royalty streams of pre-commercial biopharmaceutical products.”

Annual report 2025A · The company itself

“Some of the factors that could affect the success of our acquisitions include, among others, the effectiveness of our due diligence process, our ability to execute our business plan for the acquired companies, the strength of the acquired technology, results of clinical trials, regulatory approvals and reimbursement levels of the acquired products and related procedures, the continued performance of critical transition services, our ability to adequately fund acquired in-process research and development projects and retain key employees and our ability to achieve synergies with our acquired companies, such as increasing sales of our products, achieving cost savings and effectively combining technologies to develop new products.”

Annual report 2025A · The company itself

“It is necessary for us to devote continued efforts and financial resources to the development or acquisition of scientifically advanced technologies and products.”

Annual report 2025A · The company itself

“The third, Life Sciences AI, applies AI and computational science to biology, enabling breakthroughs in medical and life sciences industries.”

Annual report 2025A · The company itself

“Beyond traditional electronics, we have expanded into new verticals such as life sciences, leveraging our expertise in simulation and algorithmic design to unlock transformative growth opportunities.”

Annual report 2025A · The company itself

“These solutions and services are used by a wide range of organizations in the pharmaceutical and biotechnology sectors to accelerate the drug discovery process and make more informed decisions in developing new therapeutics.”

Annual report 2025A · The company itself

“The customers for these services primarily consist of semiconductor and systems companies developing products for the consumer, hyperscale computing, 5G communications, mobile, automotive, aerospace and defense, industrial and life science vertical sectors.”

Annual report 2025A · The company itself

“Vi använder vår omfattande, tvärfunktionella utvecklingsexpertis och unika, patenterade FluidCrystal-teknologiplattform för att utveckla och marknadsföra nya innovativa, långtidsverkande läkemedel.”

Annual report 2024A · The company itself

“Godkännandena av Buvidal vecko- och månadsdepå har validerat Effektiv utveckling av innovativa läkemedelsprodukter FluidCrystal är Camurus unika patentskyddade teknologiplattform som, i kombination med nya eller redan etablerade aktiva substanser, skapar nya innovativa läkemedel med förbättrade egenskaper och behandlingseffekter. Målet är att hjälpa patienter med allvarliga och kroniska sjukdomar att uppnå bättre behandlingsresultat och förbättrad livskvalitet, samt att förbättra resursanvändningen inom sjukvården.”

Annual report 2024A · The company itself

“Forskning och utveckling (FoU) fortsätter att vara en viktig strategisk prioritering, vilket omfattar att stärka FoU-portföljen med innovativa, egenutvecklade produkter samt nya potentiella externa projekt. Camurus FoU-organisation inkluderar samtliga kritiska utvecklingsområden, inklusive farmaceutiska, analytiska, prekliniska, kliniska och regulatoriska funktioner, vilket gör det möjligt för företaget att driva projekt i alla utvecklingsfaser – från tidig preklinisk utvecklingsfas till sen klinisk och registreringsfas.”

Annual report 2024A · The company itself

“Camurus är ett internationellt forskningsbaserat läkemedelsföretag med fokus på utveckling och marknadsföring av innovativa, långtidsverkande läkemedel som kan förbättra livet för patienter med svåra och kroniska sjukdomar.”

Annual report 2024A · The company itself

“totalresultat förändringar i eget kapital förändringar i eget kapital över kassaflöden bolagsstyrningsrapporten Camurus verksamhet Camurus är ett internationellt forskningsbaserat läkemedelsföretag med fokus på utveckling och marknadsföring av differentierade och innovativa läkemedel för att förbättra livet för patienter med svåra och kroniska sjukdomar. Produkterna baseras på den unika formuleringsteknologin FluidCrystal® samt en omfattande expertis inom alla faser av läkemedelsutveckling. Utvecklingsportföljen innehåller produkter för behandling av beroende, smärta, cancer och endokrina sjukdomar.”

Annual report 2024A · The company itself

“Introduction of New Pharmaceuticals. Traditional research and development, as well as the advent of new research, production, and delivery methods, such as biotechnology and gene therapy, continue to generate new pharmaceuticals and delivery methods that are more effective in treating diseases. We believe ongoing research and development expenditures by the leading pharmaceutical manufacturers will contribute to continued growth of the industry.”

Annual report 2025A · The company itself

“In particular, we believe ongoing research and development of biotechnology and other specialty pharmaceutical drugs will provide opportunities for the continued growth of our specialty pharmaceuticals business.”

Annual report 2025A · The company itself

“Strategy Our business strategy is focused on the global pharmaceutical supply chain where we provide distribution and value-added services to healthcare providers (primarily pharmacies, health systems, medical and dialysis clinics, physicians, and veterinarians) and pharmaceutical manufacturers to improve channel efficiencies and support positive patient outcomes. Our strategy is one of driving executional excellence in our core distribution solutions business in the U.S. and internationally, while also investing in higher-margin, high-growth adjacencies where we provide solutions to pharmaceutical manufacturers to support the clinical development and commercialization of their therapies and support providers in driving efficiency and effectiveness of their operations.”

Annual report 2025A · The company itself

“Our manufacturer customers include branded, generic, and biotechnology manufacturers of prescription pharmaceuticals, as well as over-the-counter product and health and beauty aid manufacturers.”

Annual report 2025A · The company itself

“Danmarks BNP växte med 2,7% under 2024, drivet av den starka utvecklingen inom läkemedelssektorn, som har varit en central tillväxtmotor för den danska ekonomin de senaste åren. Enligt det danska ekonomi departementet stod läkemedelsindustrin återigen för mer än hälften av BNP-tillväxten under 2024.”

Annual report 2024A · The company itself

“Applications within the biotechnology segment include research and diagnostic tools such as flow cytometry, genome sequencing, and PCR, to name a few.”

Annual report 2026A · The company itself

“Kerecis (2023) marked our entry into biologics wound care. Its differentiated fish-skin technology offers unique clinical value and a strong US platform, creating opportunities to transform wound care through attractive growth and profitability expansion.”

Annual report 2025A · The company itself

“Life Sciences Segment As a leading developer, manufacturer and global supplier of laboratory products for over 110 years, the Life Sciences segment works with researchers and drug manufacturers seeking to drive innovation, increase efficiencies, reduce costs and compress timelines. Using unique expertise in the fields of materials science, polymer surface science, cell culture and cell biology, the segment provides innovative solutions that improve productivity and enable breakthrough research for traditional small molecule, or chemical, drugs, biologics, vaccines and emerging cell and gene therapies.”

Annual report 2025A · The company itself

“Our products can be subject to human clinical trials, the results of which may be unexpected, or perceived as unfavorable by the market, and could adversely affect our business and financial statements. As a part of the regulatory process of obtaining marketing clearance for certain new products and new indications for certain existing products, we conduct and participate in clinical trials with a variety of study designs, patient populations and trial endpoints. Unexpected or inconsistent clinical data from existing or future clinical trials, a regulator’s or market perception of these clinical data and policy changes in a government’s or regulator’s receptiveness to approving particular technologies and products, can adversely impact our ability to obtain product approvals, our position in, and share of, the markets in which we participate and our business and financial statements.”

Annual report 2025A · The company itself

“BUSINESS General Danaher is a global science and technology innovator committed to accelerating the power of science and technology to improve human health. Danaher is comprised of more than 15 operating companies with leadership positions in the biotechnology, life sciences and diagnostics sectors, organized under three segments (Biotechnology, Life Sciences and Diagnostics).”

Annual report 2025A · The company itself

“BIOTECHNOLOGY The Biotechnology segment offers a broad range of equipment, consumables, software and services that are primarily used by customers to advance and accelerate the research, development, manufacture and delivery of biological medicines. The Company’s solutions support a broad range of biotherapeutics including monoclonal antibodies, recombinant proteins, replacement therapies such as insulin and vaccines, as well as novel cell, gene, mRNA and other nucleic acid therapies.”

Annual report 2025A · The company itself

“The bioprocessing business is a leading provider of technologies, consumables, services and solutions that advance, accelerate and integrate the development and manufacture of therapeutics. These therapeutics include protein-based and other biological therapies as well as a new emerging class of highly-targeted therapies such as cell and gene therapies and nucleic acid-based therapies.”

Annual report 2025A · The company itself

“The discovery and medical business is a leading provider of solutions to accelerate biotherapeutic research and discovery through high quality sample preparation and reliable diagnostic assays in addition to ensuring sterility and safety in medical liquids and gases. The business provides solutions and technologies for: lab filtration, separation and purification; lab-scale protein purification and analytical tools to support bio-molecular analysis, identification and characterization; reagents, membranes and services for diagnostic and assay development; and healthcare filtration solutions for drug delivery and patient care.”

Annual report 2025A · The company itself

“LIFE SCIENCES The Life Sciences segment offers a broad range of instruments, consumables, services and software that are primarily used by customers to study the basic building blocks of life, including DNA and RNA, nucleic acid, proteins, metabolites and cells, in order to understand the causes of disease, identify new therapies, and test and manufacture new drugs, vaccines and gene editing technologies. Additionally, the segment provides products and consumables used to filter and remove contaminants from a variety of liquids and gases in many end-market applications.”

Annual report 2025A · The company itself

“The life sciences instruments business enables the discovery, development and manufacture of new therapies. Key product areas include validated centrifugation, automated liquid handling systems, advanced cell culture and analytical technologies for selection, process optimization and development of drugs.”

Annual report 2025A · The company itself

“The life sciences consumables business bridges the gap between research and practical application, enabling the discovery, development, and manufacture of new therapies. The business provides consumables and services including antibodies and assays to accelerate scientific research, plasmid DNA, RNA, critical nucleic acids and proteins used to develop and manufacture gene and cell therapies, and analytical tools and services to accelerate discovery, clinical applications and manufacturing for therapies across pharmaceutical, biopharmaceutical, diagnostic and emerging biotechnology companies, research institutions and universities.”

Annual report 2025A · The company itself

“En nordisk verksamhet skapades och Anna-Lena Mann, med gedigen erfarenhet av kompetensförsörjning inom life science, utsågs till vd för Dedicare Life Science. Dedicares life science-verksamhet, som har funnits sedan 2022, är inriktad på rekrytering och interimslösningar för privata företag inom läkemedels-, bioteknik- och medicinteknikindustrin.”

Annual report 2024A · The company itself

“Vi fortsätter också vår satsning på life science-området.”

Annual report 2024A · The company itself

“Dedicare erbjuder rekrytering och interimlösningar inom life science, till läkemedels-, bioteknik- och, medicinteknikindustrin och andra relaterade verksamheter. Vi erbjuder kompetens inom allt från forskning till kommersiella roller, såväl seniora ledare som specialister.”

Annual report 2024A · The company itself

“Life science-marknaden omfattar rekrytering och interimslösningar inom privat sektor som läkemedels-, bioteknik- och medicinteknikindustri. Det är en marknad som växer, i grunden drivet av ökande vårdbehov, teknologisk innovation och regulatoriska krav. Kunderna är huvudsakligen internationella företag i Norden, särskilt i Sverige och Danmark, i behov av specialiserad kompetens och experter inom allt från compliance till kvalitetskontroll.”

Annual report 2024A · The company itself

“In order to address the anticipated needs of our customers, pursue new markets for our existing products and any new products, and to remain competitive, we focus our research and development efforts and strategic third-party collaboration activities on the enhancement of our current CGM products, the development of next-generation products and the development of novel technologies and services. The development of new products, or novel technologies and services and the enhancement of our current CGM products (including seeking and potentially obtaining new indications for use), is difficult, expensive and time-consuming and requires significant investment in research and development, intellectual property protection, clinical trials, regulatory approvals and in obtaining third party reimbursement.”

Annual report 2025A · The company itself

“We expect our research and development expenses to increase in connection with our clinical trials and other development activities related to our products, including our next-generation sensors, transmitters and receivers, as well as other collaborations.”

Annual report 2025A · The company itself

“In addition, some of our customers, particularly those in the biotechnology and life sciences industry and those in the technology manufacturing industry, routinely handle hazardous substances and wastes as part of their operations at our properties. Environmental laws and regulations subject our customers, and potentially us, to liability resulting from these activities or from previous industrial or retail uses of those properties.”

Annual report 2025A · The company itself

“Life Sciences is comprised of customers and accounts related to manufacturing in the following industries: pharmaceutical, animal health and medicine, blood purification and dialysis, biologic products, cosmetics and medical devices.”

Annual report 2025A · The company itself

“Organic sales for Global Life Sciences increased 5% in 2025 as compared to 2024 driven by new business wins and progressively improving industry trends.”

Annual report 2025A · The company itself

“Riskerna förblir emellertid avsevärda ända fram till och med resultat från klinisk fas III, samtidigt som kostnaderna ökar i snabbare takt när projekt genomgår de senare kliniska faserna.”

Annual report 2024A · The company itself

“Endast ett litet antal av de läkemedelskandidater som är föremål för preklinisk och klinisk utveckling blir en godkänd Kommersialisering, konkurrens och marknadsacceptans Kommersialisering av Bolagets läkemedelskandidater kan exempelvis ske genom en egen liten och fokuserad kommersiell organisation inom särläkemedelssegmentet (Emcitate och Aladote) för USA och Europa alternativt via samarbeten eller genom utlicensiering av rättigheterna till en tredje part eller genom försäljning av samtliga rättigheter kopplade till läkemedelskandidaten.”

Annual report 2024A · The company itself

“Bolaget kan besluta att lägga ned utvecklingen av en läkemedelskandidat till följd av att det inte kan påvisas att läkemedelskandidaten har avsedd effekt eller att den inte har en acceptabel säkerhetsprofil.”

Annual report 2024A · The company itself

“Bolagets värde är kopplat till potentialen i Bolagets läkemedelsutvecklingsprojekt och Bolagets framtida värdeutveckling är i hög grad beroende av att de läkemedelskandidater som är under utveckling erhåller marknadsgodkännande och kan kommersialiseras på ett framgångsrikt sätt.”

Annual report 2024A · The company itself

“Episurf Medicals produktutveckling sker efter en beprövad modell som testats och bevisats i bolaget sedan den första kommersiella produkten, Episealer® Condyle Solo. Ledande ortopeder och forskare engageras i ett tidigt utvecklingsskede för att identifiera kliniska behov och patientnytta.”

Annual report 2024A · The company itself

“Sheri McCoy, industriell rådgivare till EQT, tillsammans med Michael Bauer, Global Co-Head of Healthcare, Private Capital, och Per Franzén, Deputy Managing Partner och Head of Private Capital Europe & North America.”

Annual report 2024A · The company itself

“#01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information Hälsovård — MedTech — Life Science-verktyg och diagnostik — Läkemedel och relaterade tjänster — Hälsovårds-IT Tjänster — Outsourcing av kritiska tjänster — Nätverkstjänster — Tekniktjänster Teknologi — Mjukvara — Konsumentinriktade internettjänster — Digitala medier och underhållning Industriell teknologi — Automatisering och Internet of Things — Hållbarhetsteknik — Livsmedelsteknik 41% 31% 5% 23% 2% 27% 16% 15% 8% 32% Klimat & Natur Hälsa & Välmående Tillgång & Jämlikhet Motståndskraft & Transparens Vår uppkopplade värld Modularisering av teknologi Distribuerat ägande & Decentralisering Hälsovård Teknologi Tjänster Industriell teknologi Tjänster Tekniska tjänster Teknologi Hälsovård Industriell teknologi Annat – EQT Private Capital EQT:s affärssegment Private Capital investerar utifrån en tematisk investeringsstrategi kombinerad med djup sektorexpertis, med fokus på ledande icke-cykliska bolag.”

Annual report 2024A · The company itself

“En diversifierad portfölj minimerar risk Framgångsrik läkemedelsutveckling som adresserar områden med stort medicinskt behov har potential att generera betydande intäkter. Även om banbrytande vetenskapliga projekt är förenade med risk – och flera biotechbolag och utvecklingsprojekt oundvikligen kommer ha motgångar – är Flerie motståndskraftigt med sin diversifierade portfölj.”

Annual report 2024A · The company itself

“Probiotika, mikrobiella näringstillskott och mikrobiombaserade terapier utgör ett snabbt växande affärsområde. Nyckeln inom detta affärsområde är att försäkra att slutprodukten är steril och enbart innehåller de önskade bakteriestammarna.”

Annual report 2024A · The company itself

“portföljbolag av innehavet är i privata bolag mkr, substansvärde kr, substansvärde/ aktie Grundades 2011 En diversifierad portfölj Flerie grundades av Thomas Eldered, medgrundare till Recipharm, ett av världens fem största CDMO-bolag. Flerie investerar över olika utvecklingsfaser och i ett brett spektrum av terapeutiska områden, vilket både balanserar risken och maximerar exponeringen för banbrytande innovationer.”

Annual report 2024A · The company itself

“Investeringsportföljen består av 29 life science-bolag inom en rad olika terapeutiska områden. Dessa innefattar 6 bolag i preklinisk fas, 15 i klinisk fas samt 8 i kommersiell fas.”

Annual report 2024A · The company itself

“Mendus utvecklar allogena immunterapier som gör det möjligt för immunsystemet att skapa en aktiv och långvarig immunitet mot tumörceller. Genom att stimulera dendritiska celler, en viktig celltyp i immunsystemet, har Mendus immunterapier potential att förbättra långtidsöverlevnaden för cancerpatienter. Bolagets huvudkandidat vididencel utvärderas för närvarande i tre separata kliniska studier inriktade på akut myeloisk leukemi och äggstockscancer.”

Annual report 2024A · The company itself

“Prove clinical relevance of GCAL ® and bring NT-proBNP to market.”

Annual report 2024A · The company itself

“Bring a steady stream of new high-impact diagnostic tests to market.”

Annual report 2024A · The company itself

“Biofarmaceutisk innovation gör snabba framsteg mot individanpassade läkemedel, vilket kräver specialiserade tillverkningsprocesser som kan anpassas eer patienters unika behov.”

Annual report 2024A · The company itself

“Neoomsäning och justerad EBITA-marginal Den adresserbara marknaden uppgår till miljarder kronor med en förväntad underliggande tillväxt om 9-11 % per år.”

Annual report 2024A · The company itself

“Vi bidrar till denna utveckling genom lösningar som säkrar biofarmaceutiska processer och förhindrar kontaminering. Med vår avancerade teknologi inom bioprocesser och cell- och genterapi stöar vi läkemedelsproducenter i a uppfylla strikta regelverk och optimera produktionen.”

Annual report 2024A · The company itself

“Möjliggöra 25 % snabbare utveckling av avancerade läkemedel Våra kunder utvecklar, tillverkar och distribuerar läkemedel. Bland dessa kunder finns några av de största företagen globalt, samt många yngre och snabbt växande företag som är aktiva inom biopharma.”

Annual report 2024A · The company itself

“Our product development efforts are focused primarily on virology, oncology and inflammation.”

Annual report 2025A · The company itself

“Our success depends on developing and commercializing new products or expanding the indications for existing products. If we are unable to launch commercially successful new products or new indications for existing products, including approval for earlier lines of therapy, our business will be adversely impacted.”

Annual report 2025A · The company itself

“In such case, we may need to scale back our operations, including our future drug development and spending on research and development (“R&D”) efforts.”

Annual report 2025A · The company itself

“Our success depends to a significant degree on our ability to obtain and defend our patents and other intellectual property rights both domestically and internationally, and to operate without infringing upon the patents or other proprietary rights of third parties. Patents and other proprietary rights are very important to our business.”

Annual report 2025A · The company itself

“(including its consolidated subsidiaries, referred to as “Gilead,” the “company,” “we,” “our” or “us”) is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19 and cancer.”

Annual report 2025A · The company itself

“Expand our therapeutic footprint beyond obesity”

Annual report 2025A · The company itself

“delivering highly specialized preclinical services to pharma and biotech customers worldwide”

Annual report 2025A · The company itself

“delivering highly specialized preclinical services to pharma and biotech customers worldwide”

Annual report 2025A · The company itself

“macroeconomic headwinds and constrained funding environments for small biotech companies, resulting in longer decision cycles”

Annual report 2025A · The company itself

“Management and the Board are fully aligned behind an ambitious agenda to accelerate growth, scale our capabilities, and realize the company’s longterm potential. Our priorities are clear: Strengthen our internal pipeline and clinical development capabilities Expand our therapeutic footprint beyond obesity Continue to deliver world-class, specialized preclinical CRO services Drive innovation across our technology platforms Establish Gubra Ventures to amplify value creation Uphold sustainability as a fundamental part of who we are To our colleagues, partners, and shareholders: thank you for your trust, collaboration, and continued belief in Gubra’s mission.”

Annual report 2025A · The company itself

“Preparations are well underway to initiate a first-in-human Phase 1 study in H1 2026, aligned with our ambition of building multiple fully owned clinical programs. Partnered Programs — Expansion and Momentum At the end of 2025, Gubra and Camurus initiated a research collaboration to develop an extended-release therapy for hypoparathyroidism.”

Annual report 2025A · The company itself

“Beyond Obesity — Building the Next Flagship Areas We strengthened our position in therapeutic areas beyond obesity, including continued progress in women’s health, where we are developing advanced translational models to support future programs. Our broader ambition is to expand the clinical pipeline and establish one to two additional flagship therapeutic areas by 2030, while advancing leadership in non-classical peptides, tissue targeting, and dosing flexibility.”

Annual report 2025A · The company itself

“The partnerships demonstrate the breadth of our peptide innovation capabilities and the confidence partners place in Gubra’s ability to develop differentiated molecules. Gubra’s partnering strategy focuses on advancing differentiated peptide assets to key value inflecting milestones after which we partner our assets for further development and commercialization.”

Annual report 2025A · The company itself

“Moving forward, we will apply the deep peptide expertise we’ve built across a much broader spectrum of diseases to expand and diversify our pipeline.””

Annual report 2025A · The company itself

“Some opportunities are best advanced in Gubra Biotech, while others benefit from the focus, speed, and optionality that dedicated venture structures provide. A venture could encompass: Novel modalities in therapeutic areas where Gubra has deep expertise High value therapeutic areas leveraging modalities aligned with Gubra’s strengths, i.e. peptides High-potential science with clear translational hypotheses How will Ventures accelerate value?”

Annual report 2025A · The company itself

“About Gubra Gubra Biotech 1 Peptide-based drug discovery to clinical PoC Disease-agnostic AI-driven drug discovery platform positioning us to expand into new indications Gubra CRO World-class preclinical services Deep scientific expertise combined with AI and automation Gubra Ventures 2 Lean, asset-centric spin-outs Controlled entitities with operational autonomy Gubra’s shares have been listed on NASDAQ Copenhagen since 2023 with ticker code GUBRA. Gubra Biotech Our value driver Gubra Ventures Our value accelerator Gubra CRO Our value enabler Gubra Green At our core lies Gubra’s commitment to society.”

Annual report 2025A · The company itself

“Gubra Biotech — our value driver Gubra Biotech (formerly named D&P) is the cornerstone of our growth strategy, focused on advancing our own investigational drugs through key development milestones. Gubra is a global leader in peptide therapeutics with a proven, AI-enabled peptide discovery engine - StreaMLine - which enables rapid progress from hit to development candidate in under 1.5 years.”

Annual report 2025A · The company itself

“We employ a combination of unique techniques to profile drug candidates in a wide array of clinically translatable research models. A true differentiator in preclinical research Gubra’s proprietary 3D imaging pipeline integrates robotics and AI to process hundreds of organs in parallel, offering unmatched throughput and analytical depth. Our technology combines in vivo pharmacology, whole-organ clearing, and high-resolution imaging in an automated workflow and is perfectly suited for preclinical research within a diverse range of disease areas, including women’s health, neurodegeneration, and obesity.”

Annual report 2025A · The company itself

“Preclinical models We can handle complex animal models on a large scale and have established in vivo models for PCOS and POI. Advanced imaging & analytics We provide key endpoints for PCOS and POI, including 3D ovary imaging, estrous cycle evaluation, and detailed follicle staging.”

Annual report 2025A · The company itself

“Gubra is the ideal partner for pharma and biotech companies seeking reliable, data-driven solutions.”

Annual report 2025A · The company itself

“Hansa grundades 2007 i Lund och vi har ägnat nästan 20 år åt klinisk forskning för att bättre förstå de underliggande orsakerna till sällsynta immunmedierade sjukdomar och identifiera hur vår unika, patentskyddade teknikplattform för IgG-klyvning kan tillgodose ouppfyllda medicinska behov.”

Annual report 2024A · The company itself

“Coverage decisions and rates of reimbursement increasingly require clinical evidence showing an improvement in user outcomes. Generating this clinical evidence requires substantial time and investment and there is no guarantee of a desired outcome.”

Annual report 2025A · The company itself

“We rely on third parties, such as contract research organizations, medical institutions, clinical investigators, and contract laboratories to conduct some of our clinical trials and pre-clinical investigations. If these third parties do not successfully carry out their contractual duties or regulatory obligations or meet expected deadlines, or if the quality or accuracy of the data they obtain is compromised due to failure to adhere to our clinical protocols or regulatory requirements or for other reasons, our pre-clinical development activities or clinical trials may be extended, delayed, suspended, or terminated, and we may not be able to obtain regulatory approval for, or successfully commercialize, our products on a timely basis, or at all, and our business and operating results may be adversely affected.”

Annual report 2025A · The company itself

“(scope 1 och 2) Arbetsrelaterade olyckor, TCIR 0,22 1,06 Upplevd grad av inkludering bland medarbetare, skala 1-10 Leverantörer med signerad uppförandekod, % FoU-intensitet (FoU/ Nettoomsättning), % En leverantör av avancerade rehablösningar inom mobilitet, inklusive eldrivna och manuella rullstolar, dynor och drivaggregat. www.permobil.com • Permobils ambition att öka livskvaliteten för sina användare via innovation har gjort företaget till en världsledande leverantör av avancerade mobilitetslösningar, med attraktiva möjligheter till lönsam tillväxt. • Huvudfokus kommande år är att driva organisk tillväxt genom innovation och kommersialisering, kompletterat med strategiska tilläggsförvärv för att stärka produktportföljen och försäljningskapaciteten på befintliga och nyamarknader. *Total exponering: 98% BEDÖMT VÄRDE, RAPPORTERAD EBITATILLVÄXT CO LEDNINGSGRUPP, KVINNOR mdr    –  Advanced Instruments • Den organiska omsättningstillväxten uppgick till 7 procent i konstant valuta, negativt påverkad av svag försäljning av instrument till biofarmakunder.”

Annual report 2022A · The company itself

“• AstraZeneca har flera snabbväxande produkter inom onkologi och sällsynta sjukdomar, områden med stora ouppfyllda behov, och en ledande position på tillväxtmarknaderna. • Under 2022 ökade omsättningen och resultatet från kärnverksamheten avsevärt, främst drivet av onkologiportföljen och ökad exponering mot sällsynta sjukdomar tillföljd av förvärvet av Alexion under 2021. • Fokus för framtida värdeskapande: Hög FoU-produktivitet, framgångsrik kommersialisering av nya behandlingar och bibehållet ledarskap på tillväxtmarknaderna. www.astrazeneca.com SEB www.sebgroup.com En ledande nordeuropeisk finanskoncern med starka företagsoch privatkundsrelationer.”

Annual report 2022A · The company itself

“Detta mot verkades delvis av fortsatt stark tillväxt inomservice och en stark utveckling för nyligen lanseradeprodukter.”

Annual report 2022A · The company itself

“En leverantör av forskningsrelaterade och analytiska instrument till kunder inom bioteknologi, klinik samt livsmedelsindustrin. www.aicompanies.com • I närtid ligger fokus på att integrera de nyligen genomförda förvärvet av Artel, att ytterligare stärka företagets humankapital, expandera den direkta kommersiella förmågan globalt och accellerera investeringarna i produktutveckling. • Det finns ett flertal organiska och icke-organiska möjligheter för långsiktigt lönsam tillväxt drivet av stark och uthållig underliggande tillväxt på samtliga huvudmarknader, samt ett brett utbud av strategiska förvärvskandidater på varje huvudmarknad. *Total exponering: 98% BEDÖMT VÄRDE, RAPPORTERAD EBITATILLVÄXT CO LEDNINGSGRUPP, KVINNOR mdr    –  Piab • Den organiska omsättningstillväxten uppgick till 11 procent i konstant valuta.”

Annual report 2022A · The company itself

“• EBITA-marginalen sjönk jämfört med 2021, negativt påverkad av fortsatta investeringar i produktion och i den kommersiella organisationen. • Divisionerna evitria och Atlas Antibodies inledde ett gemensamt projekt för att erbjuda tillverkning och rening av specifika rekombinanta antikroppar. • Atlas Antibodies expanderade sin produktportfölj med monoklonala antikroppar för forskning på äggstockscancer. • evitria ingick ett licensavtal med mAbsolve, vilket stärker dess förmåga inom antikroppsteknologi för minskad immunrespons. • Atlas Antibodies kommunicerade att företaget kommer att flytta in i ett nytt huvudkontor i Forskaren, ett life sciencekluster under utveckling i Hagastaden i Stockholm.”

Annual report 2022A · The company itself

“En leverantör av avancerade reagenser för basoch biomedicinsk forskning. www.atlasantibodies.com • Atlas Antibodies är en unik proteindetektions- och analysplattform som erbjuder attraktiva tillväxtmöjligheter divet av gynnsamma marknadstrender inom exempelvis medicinsk forskning och biofarmaceutisk utveckling. • Huvudfokus under kommande år är att driva tillväxt genom innovation, geografisk expansion, etablering inomnya marknadssegment och strategiska tilläggsförvärv. *Total exponering: 93% BEDÖMT VÄRDE, RAPPORTERAD EBITATILLVÄXT CO LEDNINGSGRUPP, KVINNOR mdr <     Tre Skandinavien • Abonnemangsbasen uppgick till 4 004 000, en ökning med 171 000. • Serviceintäkterna ökade med 9 procent. • Rapporterad EBITDA ökade med 5 procent. • 200 Mkr distribuerades till ägarna, varav80Mkr till Patricia Industries.”

Annual report 2022A · The company itself

“We have prioritised four global segments... Financial services Professional services Technology Life sciences”

Annual report 2025B · From the report

“Therapeutic area Products Certain Indications Oncology products Cyramza For use as monotherapy or in combination with another agent as a second-line treatment of advanced or metastatic gastric cancer or gastro-esophageal junction adenocarcinoma; in combination with another agent as a second-line treatment of metastatic non-small cell lung cancer (NSCLC); in combination with another agent as a second-line treatment of metastatic colorectal cancer; as a monotherapy as a second-line treatment of hepatocellular carcinoma; and in combination with another agent as a first-line treatment of adult patients with metastatic NSCLC with activating epidermal growth factor receptor (EGFR) mutations. Erbitux Indicated both as monotherapy and in combination with another agent for the treatment of certain types of colorectal cancers; and as monotherapy, in combination with chemotherapy, or in combination with radiation therapy for the treatment of certain types of head and neck cancers.”

Annual report 2025A · The company itself

“Many experts and analysts, both within the industry and outside, have predicted that the law will harm innovation in the pharmaceutical industry and result in fewer new treatments being developed and approved over time. Merck is working to mitigate the potentially harmful effects that the law could have, which could include a detrimental impact on innovation.”

Annual report 2025A · The company itself

“•Increased “brand” competition in therapeutic areas important to the Company’s long-term business performance. •The difficulties and uncertainties inherent in development of new product candidates or uses. The outcome of the lengthy and complex process of development of new product candidates and uses is inherently uncertain. A drug candidate can fail at any stage of the process and one or more late-stage product candidates could fail to receive regulatory approval.”

Annual report 2025A · The company itself

“Research and Development The Company’s business is characterized by the introduction of new products or new uses for existing products through a strong research and development program. At December 31, 2025, approximately 24,700 people were employed in the Company’s research activities. The Company prioritizes its research and development efforts and focuses on candidates that it believes represent breakthrough science for unmet medical needs that will make a difference for patients and payers.”

Annual report 2025A · The company itself

“In order to remain competitive, the Company, like other major pharmaceutical companies, must continue to launch new products. Expected declines in sales of products after the loss of market exclusivity mean that the Company’s future success is dependent on its pipeline of new products, including new products that it may develop 29 Table of Contents through collaborations and joint ventures and products that it is able to obtain through license or acquisition.”

Annual report 2025A · The company itself

“(2) Human health-related research and development expenses incurred by Merck Research Laboratories are not allocated to segment profits as noted below.”

Annual report 2025A · The company itself

“In addition, the Company recognizes alliance revenue related to sales of Lynparza (olaparib), an oral poly (ADP-ribose) polymerase (PARP) inhibitor, for certain types of advanced or recurrent ovarian, early or metastatic breast, metastatic pancreatic, and metastatic castration-resistant prostate cancers; alliance revenue related to sales of Lenvima, an oral receptor TKI, for certain types of thyroid cancer, RCC, HCC, in combination with everolimus for certain patients with advanced RCC, and in combination with Keytruda for certain patients with advanced endometrial carcinoma or advanced RCC; and alliance revenue related to Reblozyl (luspatercept-aamt) for the treatment of certain types of anemia.”

Annual report 2025A · The company itself

“(Hengrui Pharma) closed an exclusive license agreement for MK-7262 (HRS-5346), an investigational oral small molecule Lipoprotein(a) inhibitor. Under the agreement, Hengrui Pharma granted Merck exclusive rights to develop, manufacture and commercialize MK-7262 (HRS-5346) worldwide, excluding the Greater China region.”

Annual report 2025A · The company itself

“In September 2024, Merck acquired MK-1045 (formerly CN201), a novel investigational clinical-stage bispecific antibody for the treatment of B-cell associated diseases, from Curon Biopharmaceutical (Curon) for an upfront payment of $700 million.”

Annual report 2025A · The company itself

“Table of Contents AstraZeneca PLC In 2017, Merck and AstraZeneca PLC (AstraZeneca) entered into a global strategic oncology collaboration to co-develop and co-commercialize AstraZeneca’s Lynparza (olaparib) for multiple cancer types. Independently, Merck and AstraZeneca are developing and commercializing Lynparza in combinations with their respective PD-1 and PD-L1 medicines, Keytruda (pembrolizumab) and Imfinzi.”

Annual report 2025A · The company itself

“The intangible asset balances related to Lynparza and Koselugo (which reflect the capitalized sales-based and regulatory milestone payments attributed to each product) were $844 million and $38 million, respectively, at December 31, 2025 and are included in Other Intangibles, Net.”

Annual report 2025A · The company itself

“Bayer AG In 2014, the Company entered into a worldwide clinical development collaboration with Bayer AG (Bayer) to market and develop soluble guanylate cyclase (sGC) modulators including Bayer’s Adempas (riociguat) and Verquvo (vericiguat).”

Annual report 2025A · The company itself

“Ridgeback Biotherapeutics LP In 2020, Merck and Ridgeback Biotherapeutics LP (Ridgeback), a closely held biotechnology company, entered into a collaboration agreement to develop Lagevrio (molnupiravir), an investigational orally available antiviral candidate for the treatment of patients with COVID-19. Merck gained exclusive worldwide rights to develop and commercialize Lagevrio and related molecules.”

Annual report 2025A · The company itself

“Daiichi Sankyo In 2023, Merck and Daiichi Sankyo entered into a global development and commercialization agreement for three of Daiichi Sankyo’s DXd ADC candidates: patritumab deruxtecan (HER3-DXd) (MK-1022), ifinatamab deruxtecan (I-DXd) (MK-2400) and raludotatug deruxtecan (R-DXd) (MK-5909). All three potentially first-in-class DXd ADCs are in various stages of clinical development for the treatment of multiple solid tumors both as monotherapy and/or in combination with other treatments.”

Annual report 2025A · The company itself

“Laboratory Instruments We make a wide variety of precision laboratory instruments for sample preparation, synthesis, analytical bench top, material characterization, and in-line measurement. Our portfolio includes laboratory balances, liquid pipetting solutions, automated laboratory reactors including real-time analytics, titrators, pH meters, process analytics sensors and analyzer technology, physical value analyzers including density and refractometry instruments, thermal analysis systems, and other analytical instruments such as UV/VIS spectrophotometers, moisture analyzers, and cell counters. Our laboratory instruments have leading-edge embedded software and we also offer LabX, our laboratory software platform to manage and analyze data generated by our instruments and automate workflows.”

Annual report 2025A · The company itself

“Pipettes Pipettes are used in life science research laboratories for dispensing small volumes of liquids. We develop, manufacture, and distribute advanced pipettes, including single- and multi-channel manual and electronic pipettes. We also develop and produce high-value consumables such as pipette tips.”

Annual report 2025A · The company itself

“Automated Chemistry Solutions Our automated chemistry solutions focus on select applications in the chemical and drug discovery process. Our automated lab reactors and in situ analysis systems are considered integral to the process development and scale-up activities of our customers. Our on-line measurement technologies, based on infrared and laser light scattering, enable customers to monitor chemical reactions and crystallization processes in real time in the lab and plant.”

Annual report 2025A · The company itself

“We work continuously with academic and commercial partners, and relevant suppliers, to discover and research new approaches and alternative treatments for the management of bacterial infections, including research on probiotics, phage-therapies, genomic selection and novel vaccine technologies.”

Annual report 2024A · The company itself

“Internationally, we are dedicated to the life sciences industry, where we support customers in digitalizing and optimizing key elements of their value chain”

Annual report 2025A · The company itself

“2025 saw NNIT move into strategy execution mode, moving on from two years of major transformation, as a highly focused IT consultancy specializing in life sciences internationally and in the public and private sectors in Denmark.”

Annual report 2025A · The company itself

“NNIT will continue to grow its lower tier-segments, expand existing customer engagements and commence the project delivery on already signed larger contracts, mainly within the Public segment.”

Annual report 2025A · The company itself

“The focused strategy targets key markets that require a combination of NNIT’s advanced IT solutions expertise and domain knowledge. This is implemented internationally through a regional approach, leveraging specific market strongholds in highly regulated industries.”

Annual report 2025A · The company itself

“NNIT is globally recognized by customers and external advisors for its deep industry expertise combined with strong technical capabilities.”

Annual report 2025A · The company itself

“In 2025, we were honoured to be recognized by Everest Group as a Leader in the 2025 Veeva Services PEAK Matrix Assessment - a distinction highlighting NNIT’s life sciences expertise, strong regulatory and clinical capabilities, and ability to deliver complex digital solutions for global and mid-sized customers.”

Annual report 2025A · The company itself

“NNIT focuses on two core industry segments: Life sciences globally and the public sector in Denmark.”

Annual report 2025A · The company itself

“Affärsområdet Medical Solutions är verksamt på marknaden för medicinteknisk utrustning, läkemedelsindustri samt diagnostik med utveckling och tillverkning av komplexa produktsystem och komponenter med bas i avancerad polymerteknologi och automation.”

Annual report 2024A · The company itself

“In 2025, we invested 11% of sales in R&D and launched 33 new products, contributing significantly to future sales growth.”

Annual report 2025A · The company itself

“Novonesis continued to reinvest significantly in research and development in both the 12-month period and Q4 to cater for future growth opportunities.”

Annual report 2025A · The company itself

“Performance in Tech was driven by bioprocessing, including solutions for biopharma production.”

Annual report 2025A · The company itself

“The Group’s lead product candidate, bemcentinib, is currently in a Ph1b/2a Investigator Led clinical trial.”

Annual report 2024A · The company itself

“Our vision is to improve and save lives and thereby generate a positive impact for patients, society and shareholders through our work in discovering and developing novel medicines to treat aggressive diseases, including advanced, treatment-resistant cancers.”

Annual report 2024A · The company itself

“Oncopeptides är ett svenskt biotechbolag med fokus på forskning, utveckling och kommersialisering av riktade terapier mot svårbehandlade cancersjukdomar.”

Annual report 2024A · The company itself

“Bolaget utvecklar nya läkemedelskandidater baserade på sina två egenutvecklade plattformar: PDC och SPiKE. Medan PDC-plattformen fortsätter att visa effekt i riktade onkologiapplikationer, erbjuder SPiKE-plattformen ett nytt tillvägagångssätt för immunsystemets engagemang vid cancerbehandling.”

Annual report 2024A · The company itself

“Under 2024 tillkännagav vi valet av OPSP1, vår första kliniska kandidat från SPiKEplattformen, vilket markerar en viktig milstolpe i våra forskningsinsatser.”

Annual report 2024A · The company itself

“Dessutom presenterades lovande prekliniska data för PDC-plattformen inom AML vid ASH 2024, vilket belyser dess potential bortom multipelt myelom.”

Annual report 2024A · The company itself

“Produktutveckling Utvecklingen av nya produkter är en komplicerad och kapitalintensiv process som pågår under lång tid och som är relaterad till flera osäkerhets faktorer såsom: • ogynnsamma resultat i kliniska prövningar • förändringar i regulatoriska krav från myndigheter • misslyckande att erhålla myndighetsgodkännande.”

Annual report 2024A · The company itself

“OREXO ÖVERSIKT / TEKNOLOGI OCH INNOVATION OREXO ÖVERSIKT Om oss VD-ord Mål och strategier Investeringsteman Marknad och produkter Teknologi och innovation Pipeline FÖRVALTNINGSBERÄTTELSE FINANSIELLA RAPPORTER OCH NOTER BOLAGSSTYRNING AmorphOX skyndar på utvecklingen av nya läkemedel AmorphOX-teknologin kan tillämpas på ett brett spektrum av aktiva ingredienser, inklusive små och stora molekyler. Teknologin används redan i flera utvecklingsprojekt, såsom räddningsläkemedel i klinisk fas och i tidig utvecklingsfas.”

Annual report 2024A · The company itself

“Affärsmodell Orexos affärsmodell är cirkulär och spänner över samtliga faser, från utvecklingsfas, tillgång till läkemedel och slutligen kommersialisering. Tvärfunktionella team samlar kompetenser som utvärderar nya utvecklingsprojekt som finansieras av intäkter från försäljning eller utlicensierng av produkter och utvecklingsprojekt.”

Annual report 2024A · The company itself

“Produkter under utveckling AmorphOX-plattformen främjar innovation inom livräddande läkemedel Under året fortsatte AmorphOX-plattformen vara en hörnsten i den tidiga utvecklingen av nya potentiella läkemedel.”

Annual report 2024A · The company itself

“Samarbeten för att dra nytta av AmorphOX-teknologin AmorphOX-teknologins egenskaper, i synnerhet dess förmåga att förbättra den kemiska och fysikaliska stabiliteten hos aktiva substanser, från små till stora molekyler, erbjuder en betydande potential för skalbarhet. En viktig strategi för att dra nytta av teknologin är att testa den i kombination med molekyler från andra företag, både stora läkemedelsföretag och mindre, forskningsinriktade bolag.”

Annual report 2024A · The company itself

“Alla utvecklingsprojekt måste möta stora medicinska behov och bör dra nytta av synergierna i Orexos nästa generations formuleringsplattform AmorphOX ® , som har visat på framgångsrika data i flera kliniska studier. I utvecklingsprocessen av nya läkemedel kombinerar Orexo kända substanser med egenutvecklade formuleringsteknologier, vilket bidrar till lägre kostnader, kortare utvecklingstid och generellt lägre risk.”

Annual report 2024A · The company itself

“Hållbarhetsstrategi Tillgång till hälso- och sjukvård Öka tillgången till vård för patienter med OUD samt utveckla nya innovativa läkemedel som möter stora medicinska behov.”

Annual report 2024A · The company itself

“Baserat på AmorphOX-teknologin utveckla nya läkemedel som minskar behovet av kylförvaring och därmed förbättrar tillgång till läkemedel i områden där det är brist på kontrollerade lagringsmöjligheter.”

Annual report 2024A · The company itself

“Mål 2030 Minst ett läkemedel baserat på AmorphOX-teknologin, som uppfyller behovet av förbättrad hållbarhet och inte kräver kylförvaring, har nått globala marknader genom partnerskap.”

Annual report 2024A · The company itself

“The broodstock development program focuses on refining breeding strategies to improve disease resistance, enhance survival rates, and optimise growth efficiency. Through extensive research, Bakkafrost aims to develop robust salmon strains with improved resilience against common health challenges.”

Annual report 2024A · The company itself

“In September 2024, Pfizer announced a voluntary withdrawal of all lots of Oxbryta (voxelotor) for the treatment of SCD in all markets where it was approved. Pfizer also discontinued all active voxelotor clinical trials and expanded access programs worldwide.”

Annual report 2025A · The company itself

“Our purpose fuels everything we do and reflects both our passion for science and our commitment to patients. As a science-driven global biopharmaceutical company, we remain focused on advancing our product pipeline, supporting our marketed brands and deploying capital responsibly, with a focus on initiatives that can help contribute to our long-term revenue and future growth.”

Annual report 2025A · The company itself

“RESEARCH AND DEVELOPMENT R&D is at the heart of fulfilling our purpose to deliver breakthroughs that change patients’ lives as we work to translate advanced science and technologies into the medicines and vaccines that may be the most impactful for patients. In addition to discovering and developing new products, our R&D efforts seek to add value to our existing products by improving their safety, efficacy and ease of dosing and by discovering potential new indications.”

Annual report 2025A · The company itself

“While a significant portion of our R&D is internal, we also seek promising chemical and biological lead molecules and innovative technologies developed by others to incorporate into our discovery and development processes or projects, as well as our portfolio. We do so by entering into collaboration, alliance and license agreements with universities, biotechnology companies and other firms as well as through acquisitions and investments, including co-funding agreements with third-parties.”

Annual report 2025A · The company itself

“In 2025, we continued to enhance our global R&D operations and pursued strategies to improve R&D productivity and advance a sustainable and value-creating pipeline.”

Annual report 2025A · The company itself

“To help address competitive trends we continually emphasize innovation, which is underscored by our multi-billion-dollar investment in R&D, as well as our business development transactions, both designed to result in a strong and differentiated product pipeline. Our investment in research continues even after drug or vaccine approval as we seek to further demonstrate the value of our products for the conditions they treat or prevent, as well as investigating potential new applications. We educate patients, physicians, payors and global health authorities on the benefits and risks of our medicines and vaccines, and seek to continually enhance the organizational effectiveness of our biopharmaceutical functions, including our efforts to effectively launch and market our products to our customers.”

Annual report 2025A · The company itself

“RESEARCH AND DEVELOPMENT The discovery and development of new products, as well as the development of additional uses for existing products, are necessary for the continued strength of our business. Our product lines must be replenished over time to offset revenue losses when products lose exclusivity or market share or to respond to healthcare and innovation trends, as well as to provide for earnings growth, primarily through internal R&D or through collaborations, acquisitions, JVs, licensing or other arrangements, including co-funding agreements with third-parties.”

Annual report 2025A · The company itself

“R&D: We believe we have a strong pipeline and are well-positioned for future growth. R&D is at the heart of fulfilling our purpose to deliver breakthroughs that change patients’ lives as we work to translate advanced science and technologies into the medicines and vaccines that may be the most impactful for patients.”

Annual report 2025A · The company itself

“PRODUCT DEVELOPMENTS A comprehensive update of Pfizer’s development pipeline was published as of February 3, 2026 and is available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of our research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.”

Annual report 2025A · The company itself

“COVID-19––In response to COVID-19, we developed Paxlovid and collaborated with BioNTech to jointly develop Comirnaty.”

Annual report 2025A · The company itself

“In 2023, we principally sold Paxlovid globally to government agencies. On October 13, 2023, we announced an amended agreement with the U.S. government, which facilitated the transition of Paxlovid to traditional commercial markets in the U.S.”

Annual report 2025A · The company itself

“This investment includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies.”

Annual report 2025A · The company itself

“Avgörande för Q-lineas framtid är förmågan att ta fram nya produkter, ingå partnerskap och framgångsrikt utveckla egna projekt till marknadslansering och försäljning. Forskning och utveckling är tids- och kapitalkrävande och i likhet med många andra forsknings- och utvecklingsbolag kan även Q-linea vara beroende av extern finansiering av sina projekt inom kärnområdet in vitro-diagnostik.”

Annual report 2024A · The company itself

“Q-lineas framtida tillväxt är beroende av förmågan att få fram nya produkter och vidareutveckla och kommersialisera existerande produkter. Forskning och utveckling av diagnostikinstrument fram till godkännande är i hög grad en både riskfylld, komplicerad, tidskrävande och kapitalkrävande process.”

Annual report 2024A · The company itself

“Continuing advances in genomics and proteomics are expected to give rise to new, more sophisticated and specialized diagnostic tests. These advances also are spurring interest in and demand for precision medicine, which relies on diagnostic and prognostic testing and in which data information services and strategies are used to deliver the most effective healthcare to the right populations and individuals.”

Annual report 2025A · The company itself

“In 2023, we acquired Haystack Oncology, Inc. ("Haystack Oncology") a cancer testing company that has developed a highly sensitive testing technology for detecting minimal-residual disease (“MRD”) by circulating tumor DNA due to residual or recurring cancer.”

Annual report 2025A · The company itself

“The value creation side of our business includes product and commercial marketing and is organized by clinical franchise and focuses on customer solutions for the marketplace, including new test development and diagnostic insights. Our clinical franchises – Cardiometabolic, Endocrine, and Wellness, Drug Monitoring and Toxicology, Infectious Diseases and Immunology, Molecular Genomics and Oncology, Neurology, and Women’s and Reproductive Health – enable us to operate like a boutique laboratory while maintaining our scale advantages, and work with our research and development and commercial organizations to identify and deliver new and improved solutions.”

Annual report 2025A · The company itself

“We develop and introduce new tests through our research and development operations. Our capabilities include discovery, technology development and clinical validation of diagnostic tests.”

Annual report 2025A · The company itself

“Our innovation strategy focuses on new services and solutions for unmet clinical needs that will improve patient care and outcomes as well as economic value for patients, health plans and other payers.”

Annual report 2025A · The company itself

“We are also well positioned to take advantage of advances in next generation sequencing to grow our business in cancer and other disease state testing. This includes inherited genetics, newborn screening, rare disease diagnosis, and solid tumor sequencing, such as to aid treatment selection and monitoring.”

Annual report 2025A · The company itself

“In 2023, we acquired Haystack Oncology, a cancer testing company that has developed a highly sensitive testing technology for detecting MRD due to residual or recurring cancer. We believe this acquisition strengthens our comprehensive oncology portfolio by positioning us well to compete in the higher-growth clinical area of ctDNA solid-tumor MRD testing.”

Annual report 2025A · The company itself

“Table of Contents We are a leading provider of Advanced Diagnostics™ and provide an array of offerings, including certain procedures in the areas of molecular diagnostics (including next-generation sequencing), oncology, neurology, companion diagnostics and non-invasive pre-natal and other germline genetic testing. In 2025, certain Advanced Diagnostics™ test offerings within five clinical areas – oncology, cardiometabolic and endocrine, brain health, autoimmune, women’s health and genetics – generated over $1 billion in revenues on double-digit revenue growth.”

Annual report 2025A · The company itself

“In 2023, we launched our QUEST AD-Detect® test portfolio for assessing Alzheimer's disease risk using blood specimens, as opposed to testing by more costly or invasive methods, such as testing of cerebral spinal fluid by lumbar puncture. We continue to publish evidence on our AD-Detect test, including a study in a publication of the American Academy of Neurology that found two of our innovative panels provide confirmatory accuracy for aiding Alzheimer's diagnosis.”

Annual report 2025A · The company itself

“We also have a portfolio of oncology tests that includes traditional oncology screening and anatomic pathology, such as cervical cancer and skin cancer screening and diagnosis.”

Annual report 2025A · The company itself

“Our services. We primarily provide information and insights based on an industry-leading menu of routine, non-routine and advanced clinical testing and anatomic pathology testing, and other diagnostic information services.”

Annual report 2025A · The company itself

“We have strong testing capabilities, including services for the predisposition, diagnosis, treatment and monitoring of cancers and other diseases, and offer advanced tests in many fields, including endocrinology, immunology, neurology and oncology.”

Annual report 2025A · The company itself

“Table of Contents We are a leading provider of diagnostic information services, developing and delivering comprehensive offerings to help physicians manage patients across disease stages, from screening for early risk to treatment selection and monitoring to post-treatment evaluation. We have comprehensive test offerings in cardiometabolic and endocrine; cancer; clinical drug monitoring and toxicology; infectious disease, including autoimmune; neurology diagnostics, including Alzheimer’s disease; and women’s health, including prenatal genetics.”

Annual report 2025A · The company itself

“We offer services to pharmaceutical companies, including clinical trials laboratory testing, population analytics and patient engagement services. We also develop in vitro diagnostic tests for FDA submissions as companion diagnostics, laboratory developed testing services (“LDTs”) for complementary diagnostics, and offer an array of assets and services to support the development of diagnostic insights, including our robust data set and patient services network.”

Annual report 2025A · The company itself

“Pharmaceutical companies We offer clinical trials testing and have expertise for companion and complementary diagnostics, and offer an array of assets and services to support the development of companion diagnostics, including our robust data set and patient services network. We also offer data services solutions, leveraging our data, analytics and expertise, to help therapy developers understand markets and patient and disease journeys, and plan commercial activity.”

Annual report 2025A · The company itself

“Industrys tjänstebolag, segmentet Industrial Services minskade sin försäljning med 4 procent på grund av en svag CRO-marknad för TFS HealthScience.”

Annual report 2024A · The company itself

“Table of Contents A Valuable Source of Conversational Data and Knowledge Over time, Reddit has evolved to become one of the internet’s largest corpuses of information, with over two billion posts and over 22 billion comments through December 31, 2025. Platforms like Reddit, where people discuss every aspect of life—from the trivial to the transformative—are the backbone of building AI and training large language models (“LLMs”). That's why Reddit is often cited as one of the most sourced and cited domains in AI across all models.”

Annual report 2025A · The company itself

“During fiscal year 2026, we invested $378 million on research and development activities, which represents 6.7% of net revenues with a continued focus on the development and commercialization of new, innovative products and solutions that improve patient outcomes, create efficiencies for our customers and help physicians and providers better manage chronic disease and lower healthcare costs.”

Annual report 2026A · The company itself

“Our Strategy Our strategy is to develop and deliver innovative products, services and solutions in high-growth markets that utilize our knowledge and expertise to address customers’ critical needs and drive scientific breakthroughs.”

Annual report 2025A · The company itself

“Life Sciences Segment Our comprehensive portfolio of technologies helps life sciences researchers better understand diseases and develop treatments. We provide a broad suite of products, solutions, software and services that facilitate optimized workflows, increase productivity, and accelerate every stage of the drug discovery and development pipeline. Our offerings span the areas of cell, gene, and protein research, enabling scientists to work smarter, make research breakthroughs, and transform those breakthroughs into real-world outcomes. We partner with global pharmaceutical, biotech and contract research organizations, as well as academic and government institutions, to enable them to discover and develop better treatments and therapeutics to fight disease faster and more efficiently.”

Annual report 2025A · The company itself

“Our customers include pharmaceutical and biotechnology companies, laboratories, academic and research institutions, public health authorities, private healthcare organizations, doctors and government agencies.”

Annual report 2025A · The company itself

“Saniona erhöll en milstolpsbetalning från Boehringer Ingelheim som en del av sitt pågående forskningssamarbete inom schizofreni.”

Annual report 2024A · The company itself

“Saniona och Acadia förbereder ACP-711 för kliniska fas 2-studier i essentiell tremor, med planerad start under 2026. Studiestarten kommer att resultera en ytterligare milstolpsbetalning på 10 MUSD (106 MSEK) till Saniona.”

Annual report 2024A · The company itself

“Under 2024 fortsatte Saniona att fokusera på två huvudprioriteringar: att utveckla sin interna pipeline av jonkanalsmodulatorer och att säkra strategiska partnerskap för att stödja utvecklingsinsatser. Genom dessa initiativ fortsatte Saniona att etablera sig som en ledare för läkemedelsupptäckt inom jonkanaler för neurologiska och psykiatriska sjukdomar.”

Annual report 2024A · The company itself

“Ett år av transformation: Vi möjliggör utvecklingen av vår pipeline för att erbjuda innovativa neurologiska och psykiatriska behandlingar till patienter som behöver dem.”

Annual report 2024A · The company itself

“I början av 2024 tog vi in 88,9 MSEK för att utveckla våra epilepsiprogram, i synnerhet SAN2355, vår nästa generations Kv7.2/Kv7.3-aktivator, samt SAN711 (numera ACP-711 efter utlicensieringen till Acadia Pharmaceuticals).”

Annual report 2024A · The company itself

“SAN2465 utvecklas för behandling av svår depression (major depressive disorder, MDD), vilket stärker vårt åtagande att ta fram innovativa behandlingar för neurologiska och psykiatriska tillstånd.”

Annual report 2024A · The company itself

“Sanionas internt utvecklade pipeline (gulmarkerad i pipelineöversikten) omfattar två prekliniska kandidater för epilepsi, SAN2219 och SAN2355, och en preklinisk kandidat för svår depression (MDD), SAN2465.”

Annual report 2024A · The company itself

“SAN2219 är en subtypsselektiv positiv allosterisk modulator (PAM) av GABA A α2- , α3- och α5 med receptorer utformade för att ge bred kramphämmande effekt genom att dämpa överdriven neuronaktivering i olika områden av hjärnan. SAN2219 befinner sig i preklinisk utveckling och Saniona förväntar sig att slutföra det CTA/IND-möjliggörande paketet för start av kliniska fas 1-studier under första halvåret 2026.”

Annual report 2024A · The company itself

“SAN2355 är en mycket differentierad subtypsselektiv Kv7.2/Kv7.3-aktivator avsedd för behandlingsresistenta fokala anfall, med potential att vara bäst i sitt slag. SAN2355 befinner sig i preklinisk utveckling och Saniona förväntar sig att slutföra det CTA/IND-möjliggörande paketet för start av kliniska fas 1-studier i slutet av 2025.”

Annual report 2024A · The company itself

“SAN2465 är en mycket potent och selektiv negativ allosterisk modulator (NAM) av GABA A α5-receptorer, som erbjuder en ny metod för behandling av svår depression, som skiljer sig från konventionella antidepressiva medel, NMDA-antagonister samt psykedeliska prövningsläkemedel. Den uppvisar en oöverträffad affinitet för GABA A α5-målet och har potential att bli en ledande behandling för snabb lindring av depression. SAN2465 befinner sig i preklinisk utveckling och Saniona förväntar sig att slutföra det CTA/IND-möjliggörande paketet för start av kliniska fas 1-studier under andra halvåret 2026.”

Annual report 2024A · The company itself

“SAN903 har framgångsrikt genomgått preklinisk utveckling under 2022, vilket möjliggör kliniska fas 1- studier, antingen i egen regi eller med en partner. SAN903 är en ny, potentiellt ledande behandling av inflammatoriska tarmsjukdomar (IBD), som inriktar sig på både tarminflammation och fibros genom hämning av den kalciumaktiverade kaliumjonkanalen KCa3.1.”

Annual report 2024A · The company itself

“Risker relaterade till läkemedelsutveckling Bolagets längst framskridna produktkandidat, tesofensin, har avancerat mot regulatoriskt godkännande för fetma av Sanionas partner Productos Medix, S.A de S.V (”Medix”).”

Annual report 2024A · The company itself

“Saniona nådde viktiga milstolpar i sin pipeline. SAN2465 valdes ut som klinisk kandidat i början av 2024 för svår depression, med prekliniska studier inriktade på att identifiera biomarkörer för framtida patienturval.”

Annual report 2024A · The company itself

“SAN2355 gjorde framsteg i den prekliniska utvecklingen, med slutförd syntesoptimering och produktion av toxikologibatchen.”

Annual report 2024A · The company itself

“ACP-711 slutförde framgångsrikt de planerade kohorterna i sin fas 1-studie av biomarkörer med upprepad dosering med doseskalering (MAD).”

Annual report 2024A · The company itself

“Utöver att säkra den optimala utvecklingen av ACP-711 stärkte detta avtal Sanionas finansiella ställning och gav resurser för att utveckla tre interna program: epilepsiprodukterna SAN2219 och SAN2355, samt SAN2465 för svår depression.”

Annual report 2024A · The company itself

“Klinisk studie publiceras i den ledande vetenskapliga tidskriften Anesthesiology som bekräftar den ledande noggrannheten och precisionen hos Senzimes EMG-baserade TetraGraph-system.”

Annual report 2024A · The company itself

“Manager at Froedtert & the Medical College of Wisconsin Produktöversikt Senzime erbjuder en portfölj av innovativa patientövervakningssystem som används under och efter operation. Produkterna drivs av klinisk innovation och bygger på unika algoritmer från faktisk klinisk användning och mångårig forskning vid ledande sjukhus.”

Annual report 2024A · The company itself

“Flera nya studier bekräftar TetraGraphs marknadsledande precision och prestanda Oktober 2024 Studien ”Train-of-Four Ratio, Counts and Post Tetanic Counts with the TetraGraph Electromyograph in Comparison to Mechanomyography” utfördes vid Medical College of Wisconsin, USA, under ledning av Thomas Ebert, professor inom anestesi. Studien bekräftar TetraGraphs kliniska precision.”

Annual report 2024A · The company itself

“At the same time, client demand showed resilience in certain segments such as the pharma segment and certain industrial segments with links to prefabricated elements.”

Annual report 2025A · The company itself

“Sivers Semiconductors koncernen har ett stort fokus på forskning och utvecklingsverksamheten. Det finns en etablerad process för projektledning och uppföljning för att möjliggöra framtida lönsamhet.”

Annual report 2024A · The company itself

“Our AST segment supports medical device and pharmaceutical manufacturers through a global network of contract sterilization and laboratory testing facilities, and integrated sterilization equipment and control systems. Our technology-neutral offering supports Customers every step of the way, from testing through sterilization.”

Annual report 2026A · The company itself

“Our Life Sciences segment provides a comprehensive offering of products and services designed to support biopharmaceutical and medical device manufacturing facilities, in particular those focused on aseptic manufacturing.”

Annual report 2026A · The company itself

“Life Sciences Solutions Segment Through our Life Sciences Solutions segment, we provide an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.”

Annual report 2025A · The company itself

“Our biosciences business includes reagents, instruments and consumables that help our customers conduct biological and medical research in areas such as molecular biology and protein biology, discover new drugs and vaccines, and enable the diagnosis of disease.”

Annual report 2025A · The company itself

“The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing. We serve the pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory market through four key businesses: laboratory products, research and safety market channel, pharma services and clinical research.”

Annual report 2025A · The company itself

“Our pharma services business provides the entire spectrum of development, manufacturing and clinical trials services for both small-molecule and large-molecule pharmaceuticals.”

Annual report 2025A · The company itself

“Overview Thermo Fisher Scientific Inc. enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.”

Annual report 2025A · The company itself

“Notable Recent Acquisitions On July 10, 2024, the company acquired, within the Life Sciences Solutions segment, Olink Holding AB (publ), a Swedish-based provider of next-generation proteomics solutions. The acquisition enhances the segment’s capabilities in the high-growth proteomics market with the addition of highly differentiated solutions.”

Annual report 2025A · The company itself

“On September 1, 2025, the company acquired, within the Life Sciences Solutions segment, our filtration and separation business, a leading provider of purification and filtration technologies used in the production of biologics as well as in medical technologies and industrial applications, from Solventum Corporation. The business strengthens the segment’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows.”

Annual report 2025A · The company itself

“Pending Acquisition The company has entered into an agreement to acquire Clario Holdings, Inc. for approximately $8.875 billion in cash at the closing of the transaction, with an additional $125 million in deferred consideration and up to $400 million in contingent consideration to be payable following the closing. Clario is a leading provider of endpoint data solutions for clinical trials.”

Annual report 2025A · The company itself

“Adjusted earnings per share (non-GAAP measure) $ 22.87 $ 21.86 5 % Organic Revenue Growth Revenue growth 4 % Impact of acquisitions 1 % Impact of currency translation 1 % Organic revenue growth (non-GAAP measure) 2 % During 2025, revenues grew in the pharma and biotech market due to increased demand from customers, partially offset by reduced demand for COVID-19 vaccine and therapy related products and services.”

Annual report 2025A · The company itself

“pt The increase in organic revenues in 2025 was driven by the bioproduction business. On a reported basis, the bioproduction business grew $548 million, driven by higher demand from pharma and biotech customers, as well as the impact from the 2025 acquisition of the filtration and separation business.”

Annual report 2025A · The company itself

“united bankersin vuosi vastuullisuus united bankersilla konsernitilinpäätös hallinnointi sijoittajille UB Corporate Finance toimi tilikauden aikana taloudellisena neuvonantajana Endomines Finlandin pitkäaikaisessa rahoituskokonaisuudessa ja Åhlénsin taloudellisena neuvonantajana sen solmiessa hankintayhteistyösopimuksen SOK:n kanssa. Lisäksi yhtiö toimi taloudellisena neuvonantajana Herantis Pharman, Optomedin ja Aspocompin suunnatuissa osakeanneissa.”

Annual report 2025A · The company itself

“Intellectual property rights of third parties Molecular bioproducts form one of UPM’s three strategic focus areas for growth. Initiatives within this strategic focus area are technology-intensive and require increasing investments in such technologies either through internal development or through third-party licenses or technological partnerships.”

Annual report 2025A · The company itself

“Overview Veeva is the leading provider of industry cloud solutions for the global life sciences industry. Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (“R&D”) through commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations.”

Annual report 2026A · The company itself

“We deliver solutions to companies throughout the life sciences industry, including pharmaceutical, biotechnology, and medical device companies, contract sales organizations, and contract research organizations. Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., and Novartis Pharma AG, to emerging growth pharmaceutical and biotechnology companies, including Alkermes Inc., Alnylam Pharmaceuticals, Inc., bluebird bio, Inc., and Idorsia Pharmaceuticals Ltd.”

Annual report 2026A · The company itself

“Risks Related to the Principal Industry We Serve Nearly all of our revenues are generated by sales to customers in the life sciences industry, and factors that adversely affect this industry, including mergers within the life sciences industry or regulatory changes, could also adversely affect us. Nearly all of our sales are to customers in the life sciences industry.”

Annual report 2026A · The company itself

“Our research tenants develop and sell products and services in an industry that is characterized by rapid and significant changes, evolving industry standards, significant research and development risk, in some cases, and uncertainty over the implementation of new healthcare reform or medical device legislation. These tenants, particularly those involved in developing and marketing pharmaceutical or other life science products, require significant outlays of funds for the research and development, clinical testing, manufacture and commercialization of their products and technologies, as well as to fund their other obligations, including rent 25 Table of Contents payments to us.”

Annual report 2025A · The company itself

“MS technology, principally in conjunction with chromatography, is employed in drug discovery and development, including clinical trial testing, the analysis of proteins in disease processes (known as “proteomics”), nutritional safety analysis and environmental testing. LC-MS instruments combine a liquid phase sample introduction and separation system with mass spectrometric compound identification and quantification.”

Annual report 2025A · The company itself

“In 2025, the Company introduced the BioResolve™ Protein A Affinity Columns with MaxPeak™ Premier Technology, providing precise titer measurements. This launch marks the first set of affinity chromatography columns that Waters has brought to market, in a groundbreaking move as the Company continues to release new products that solve unmet needs in large molecule separations. The new columns enable earlier access to results in upstream bioprocessing, faster method optimization in downstream development for biologics, and a new level of agility in the discovery, optimization, and manufacturing of antibody-based drug products.”

Annual report 2025A · The company itself

“The new instrument combines the Waters DESI XS source with the Xevo TQ Absolute System and is five times more sensitive and five times faster than discovery-based imaging systems at precisely determining whether a particular small molecule drug product, and how much of it, reaches its intended target, such as a brain, liver or lung, in a test subject. Further, the Company announced new updates to its SELECT SERIES MRT System that increases its specificity and utility for UPLC-MS/MS metabolomics and drug discovery applications and for mass spectrometry imaging experiments. The MRT System now offers 50% higher resolution, making it capable of 300,000 FWHM resolution, a 3X faster scan rate and parts-per-billion mass accuracy.”

Annual report 2025A · The company itself

“The most significant end-use markets for HPLC are those served by the pharmaceutical and life science industries. In these markets, HPLC is used extensively to understand diseases, identify new drugs, develop manufacturing methods and assure the potency and purity of new pharmaceuticals.”

Annual report 2025A · The company itself

“These instrument systems are used in drug discovery and development, as well as for environmental, clinical and nutritional safety testing.”

Annual report 2025A · The company itself

“The pharmaceutical segment represents the Company’s largest sector and includes multinational pharmaceutical companies, generic drug manufacturers, contract research organizations (“CROs”) and biotechnology companies.”

Annual report 2025A · The company itself

“Reductions in customers’ research budgets or government funding may adversely affect the Company’s business. The Company supplies products to researchers at pharmaceutical and biotechnology companies, academic institutions, government laboratories and private foundations. Research and development spending of such customers can fluctuate based on spending priorities and general economic conditions.”

Annual report 2025A · The company itself

“Life science är redan idag en mycket stark sektor i Danmark. I Danmarks life science-strategi, som presenterades i november, finns ett mål om att exporten av life science-produkter ska fördubblas till 350 miljarder danska kronor till 2030.”

Annual report 2024A · The company itself

“Wärtsilä on sitoutunut pitämään T&K-investointinsa noin 4 prosentissa liikevaihdosta.”

Annual report 2024A · The company itself

“Investoinnit tutkimukseen ja kehitykseen ovat keskeisiä Wärtsilän tulevaisuuden aseman turvaamiseksi ja jatkuvat markkinoilla vallitsevasta epävarmuudesta huolimatta.”

Annual report 2024A · The company itself

“Xbrane Biopharma är ett bioteknikbolag som utvecklar biosimilarer. Målet är att tillgängliggöra svårtillverkade läkemedel till världens befolkning, baserat på unika teknologiplattformar som möjliggör kostnadseffektiv produktion. Xbrane har en patenterad proteinproduktions plattform med upp till tolv gånger högre produktivitet än standardsystem för produktion av proteiner i värdceller av formen E.coli.”

Annual report 2024A · The company itself

“Metabolic Frontier 2030 strategy targets five launches, 10+ clinical pipeline programs, and industry-leading cycle times from idea to clinic by 2030.”

Annual report 2025A · The company itself

“We have more than 25 years of expertise in the discovery, design, and development of peptide-based medicines. We engineer peptides to enhance biological activity, extend duration of action, and increase stability to provide innovative and better treatments for a broad range of diseases.”

Annual report 2025A · The company itself

“Advancing clinical development to expand patient access Ensuring patient access depends on advancing investigational candidates through clinical trials toward regulatory approval. Currently, four candidates are under evaluation, with an addi-tional two entering development.”

Annual report 2025A · The company itself

“In addition, new materials, product designs, product enhancements and surgical techniques that we develop may not be accepted quickly or at all, or in some or all markets, because of, among other factors, the need for regulatory clearance, entrenched patterns of clinical practice, competitive factors and uncertainty with respect to third-party reimbursement. Moreover, innovations generally require a substantial investment in research and development before we can determine their commercial viability, and we may not have the financial resources necessary to fund the research, development and production. In addition, even if we are able to successfully develop enhancements or new generations of our products, these enhancements or new generations of products may not produce revenue in excess of the costs of development and they may be quickly rendered obsolete by changing customer preferences or the introduction by our competitors of products embodying new technologies or features.”

Annual report 2025A · The company itself

“Our results of operations are dependent upon the success of our top-selling products. There are many difficulties and uncertainties inherent in animal health research and development, the introduction of new products and indications, business development activities to enhance or refine our product pipeline and the commercialization of our products. There is a high rate of failure inherent in medicine and vaccine discovery and development.”

Annual report 2025A · The company itself

“Our future success depends on both our existing product portfolio and our pipeline of new products, including new products that we may develop through joint ventures and products that we are able to obtain through license or acquisition. We commit substantial effort, funds and other resources to R&D, both through our own dedicated resources and through collaborations with third parties. We may be unable to determine with accuracy when or whether any of our products now under development will be approved or launched, or we may be unable to develop, license or otherwise acquire product candidates or products.”

Annual report 2025A · The company itself

“In addition, we cannot predict whether any products, once launched, will be commercially successful or will achieve sales and revenue that are consistent with our expectations. The animal health industry is subject to regional and local trends and regulations and, as a result, products that are successful in some of our markets may not achieve similar success when introduced into new markets.”

Annual report 2025A · The company itself

“We may experience difficulties or delays in the development and commercialization of new products. New products may appear promising in development but fail to reach the market within the expected or optimal timeframe, or at all. In addition, product extensions or additional indications may not be approved by government regulators.”

Annual report 2025A · The company itself

“Once necessary regulatory approvals are obtained, the commercial success of any new product depends upon, among other things, its acceptance by veterinarians and end customers, and on our ability to successfully manufacture, market, 21 | Table of Contents and distribute products in sufficient quantities to meet actual demand. The inability to successfully bring a product to market could negatively impact our revenues and earnings.”

Annual report 2025A · The company itself

“Research and development expenses Year Ended December 31, % Change (MILLIONS OF DOLLARS) 2025 2024 2023 25/24 24/23 Research and development expenses $ 698 $ 686 $ 614 2 12 % of revenue 7 % 7 % 7 % R&D expenses increased by $12 million, or 2%, in 2025 compared with 2024, primarily as a result of: •higher depreciation expense; •an increase in certain compensation-related costs to support innovation and portfolio progression; and •unfavorable impact from foreign exchange, partially offset by: •lower professional and consulting services.”

Annual report 2025A · The company itself