Licensing and partnership deals in pharma

“We are a party to license agreements with the BCBSA that entitle us to the exclusive and, in certain areas, non-exclusive use of the BCBS names and marks in our geographic territories. The termination of these license agreements or changes in the terms and conditions of these license agreements could adversely affect our business, cash flows, financial condition and results of operations. Our license agreements with the BCBSA contain certain requirements and restrictions regarding our operations and our use of the BCBS names and marks, and failure to comply with those requirements could result in a termination of the license agreements.”

Annual report 2025A · The company itself

“In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from key business partners. Our existing license agreements have fixed terms and are subject to periodic renewal.”

Annual report 2025A · The company itself

“Vår relasjon til forfattere og forvaltningen av forlagsrettighetene til åndsverket, er dermed helt sentral for vår verdiskapning.”

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

“As announced in company announcement no. 16 of 29 December 2025, the company is in advanced and constructive dialogue with potential industrial partners regarding RNX-051. The discussions include structures that may lead to a licensing or partnership agreement, and the company expects to be able to conclude these negotiations in H1 2026.”

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

“If licenses to such technology for our current or future products become unavailable or the terms on which they are available become commercially unreasonable, and we cannot otherwise acquire or integrate such technology, our products or our customers’ products could become unmarketable or obsolete, we could lose market share, and our business could be adversely affected. In such instances, we could also incur substantial unanticipated costs or scheduling delays to develop or acquire substitute technology to deliver competitive products.”

Annual report 2025A · The company itself

“We sell products in markets that are characterized by rapid technological changes, evolving industry standards, frequent new product introductions, short product life cycles, and increasing levels of integration. Many of our products currently use or incorporate technology licensed or acquired from third parties, and we expect our products in the future to also require technology from third parties. Our ability to keep pace with this market depends on our ability to obtain technology from third parties on commercially reasonable terms to allow our products to remain competitive.”

Annual report 2025A · The company itself

“We also enter into content license agreements, such as those with sports leagues, players associations, copyrighted fictional characters and entertainment brands, car manufacturers, music labels, and musicians.”

Annual report 2026A · The company itself

“We are required to obtain licenses from certain of our competitors, including Sony and Microsoft, to develop and publish titles for their respective hardware platforms. Our existing platform licenses require that we obtain approval for the publication of new titles on a title-by-title basis.”

Annual report 2026A · The company itself

“We have entered into agreements with third parties to acquire the rights to publish and distribute interactive entertainment software as well as to use licensed intellectual properties in our titles. These agreements typically require us to make development payments, pay royalties, and satisfy other conditions.”

Annual report 2026A · The company itself

“Competition for these licenses is intense. If we are unable to maintain and renew these licenses or obtain additional licenses on reasonable economic terms or with significant commercial value, our revenue and profitability could decline significantly. Competition for these licenses may also increase the advances, guarantees and royalties that we must pay to the licensor, which could significantly increase our costs and adversely affect our profitability.”

Annual report 2026A · The company itself

“Redovisning av intäkter Avtal med NeoTX Active Biotech har avtal med samarbetspartnern NeoTX under vilket koncernen har licenserat rättigheterna till Naptumomab. Avtalet ger Active Biotech rätt till engångsbetalningar när NeoTX uppnår vissa kliniska, regulatoriska och kommersiella händelser. Avtalet innehåller också en rätt för Active Biotech att erhålla trappstegsvis ökande tvåsiffrig royalty på framtida försäljning.”

Annual report 2024A · The company itself

“Our inability to license or otherwise obtain such intellectual property rights could have a material adverse effect on our ability to create a competitive advantage and create innovative solutions for our customers, which will adversely affect our net sales and our relationships with our customers. We could face patent infringement claims from our competitors or others alleging that our processes or products infringe on their proprietary technologies.”

Annual report 2025A · The company itself

“In the wider allergy space, innovation targets new therapy areas with significant unmet needs as well as strong scientific and commercial links to ALK’s current portfolio and prescribers.”

Annual report 2025A · The company itself

“The development reflected the expected decline in license income from HP.”

Annual report 2026A · The company itself

“298BLicense partnership expansion We are actively implementing our expanded license partnership approach, building and executing key initiatives with new and existing partners. We continue to evolve our unique brand audio offering by expanding our proprietary technology proposition through selected partnerships. We see a significant market potential in exploring this area and want to do more of what we do today.”

Annual report 2026A · The company itself

“Our success depends in part on our ability to operate without infringing the proprietary rights of others, and to obtain licenses where necessary or appropriate. We have obtained and continue to negotiate licenses to produce a number of products claimed to be owned by others.”

Annual report unknown yearA · The company itself

“BioArctic är i hög grad beroende av partner som är väsentligt större än BioArctic och risken finns att ingångna avtal BIOARCTIC ÅRSREDOVISNING 2024 45 BioArctics antikroppar BrainTransporter-teknologin Hållbarhet BioArctic i framtiden OM BIOARCTIC FORSKNING & STRATEGI FÖRVALTNINGSBERÄTTELSE FINANSIELLA RAPPORTER BOLAGSSTYRNING HÅLLBARHETSRAPPORT ÖVRIGT kan komma att sägas upp. Det kan även uppstå meningsskiljaktigheter och konflikter mellan BioArctic och bolagets samarbetspartner respektive licenstagare avseende villkor i ingångna avtal, såsom tolkningen av kliniska data, rätten till milstolpsersättningar och annan finansiell ersättning samt äganderätten till patent och liknande rättigheter som utvecklats inom ramen för dessa samarbeten.”

Annual report 2024A · The company itself

“BioInvent är beroende av avtal med samarbetspartners, såsom större läkemedelsbolag, för att kunna genomföra tillräckliga kliniska prövningar, särskilt i sena utvecklingsfaser, samt för tillverkning av eventuella framtida läkemedelskandidater. Den optimala tidpunkten för att ingå sådana avtal varierar mellan olika projekt och beror bland annat på resursbehov, risknivå och kommersiell potential.”

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

“Bolaget genererar intäkter från forskningssamarbeten och har licensavtal med flera ledande läkemedelsföretag samt från produktion av antikroppar för tredje part i bolagets helt integrerade anläggning.”

Annual report 2024A · The company itself

“We also generate revenue from licensing royalty payments and from technology claim settlements relating to certain of our IP. Licensing of our IP rights, particularly exclusive licenses, may limit our ability to assert those IP rights against third parties, including the licensee of those rights.”

Annual report 2025A · The company itself

“We may be required to obtain licenses under such patents, and there can be no assurance that we would be able to obtain such licenses, if required, on commercially reasonable terms, or that claims regarding rights to technology will not be asserted that may adversely affect our results of operations.”

Annual report 2026A · The company itself

“In the future, it may be necessary to renew licenses for third party intellectual property or obtain new licenses for other technology. These third party licenses may not be available to us on acceptable terms, if at all.”

Annual report 2025A · 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

“Royalties 3,102 83% 2,517 80”

Annual report 2025A · The company itself

“Milestone revenue 97 3% 145 5”

Annual report 2025A · The company itself

“revenue from the Biotech segment amounted to DKK 2,444 million, mainly due to the AbbVie-deal”

Annual report 2025A · The company itself

“we completed a landmark $2.2bn deal with AbbVie (potential milestones + royalties), including a $350m upfront payment”

Annual report 2025A · The company itself

“A collaboration was initiated in December 2025 to combine Gubra’s PTH analog with Camurus’ FluidCrystal ® technology to develop a long-acting therapy for hypoparathyroidism. GLP-1R antagonist: In our collaboration with Amylyx Pharmaceuticals, Gubra has developed a GLP-1 receptor antagonist for post-bariatric hypoglycemia and other rare diseases, underscoring the versatility of StreaMLine.”

Annual report 2025A · The company itself

“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. This program combines Gubra’s long-acting preclinical PTH analog, discovered using StreaMLine, with Camurus’ FluidCrystal ® drug delivery technology, to enable extended, patient-friendly dosing.”

Annual report 2025A · The company itself

“Vårt arbete är indelat i två delar: 1) vi använder vår egen interna expertis inom läkemedelsupptäckt, utveckling, regulatoriska frågor, medicinska frågor och kommersiell verksamhet och 2) kompletterar våra egna insatser med strategiska partnerskap för att stödja upptäckt, produktutveckling och leverans av höginnovativa och värdefulla nya läkemedel så snabbt som möjligt till de patienter som behöver dem.”

Annual report 2024A · The company itself

“Most of Personal Insurance's sales are associated with its exclusive licensing arrangement with AARP, with the current agreement in place through December 31, 2032, to market automobile, homeowners and personal umbrella coverages to AARP's approximately 38 million members.”

Annual report 2025A · The company itself

“Much of our business and many of our products rely on key technologies developed or licensed by third parties. For example, many of our software offerings are developed using software components or other intellectual property licensed from third parties, including through both proprietary and open source licenses.”

Annual report 2025A · The company itself

“In addition, we license certain of our trademarks to third parties. For example, we have granted HGV the right to use certain of our IP in its timeshare business and we grant our franchisees a right to use certain of our IP in connection with their operation of the licensed hotel property.”

Annual report 2025A · The company itself

“We may not be able to obtain or continue to obtain licenses and technologies from these third parties at all or on reasonable terms, or such third parties may demand cross-licenses to our IP. Third-party components may become obsolete, defective or incompatible with future versions of our products, our relationship with the third party may deteriorate, or our agreements may expire or be terminated.”

Annual report 2025A · The company itself

“We derive a substantial portion of our total revenues from product royalties and milestone payments under our collaboration agreements, with royalties on JAKAVI and OLUMIANT representing most of our product royalty, milestone and contract revenues in each of the three most recently completed fiscal years.”

Annual report 2025A · The company itself

“Product Royalty Revenues Royalty revenues on commercial sales for ruxolitinib (marketed as JAKAVI® outside the United States) by Novartis Pharmaceutical International Ltd. (“Novartis”) are based on net sales of licensed products in licensed territories as provided by Novartis.”

Annual report 2025A · The company itself

“Royalty revenues on commercial sales for baricitinib (marketed as OLUMIANT) by Eli Lilly and Company (“Lilly”) are based on net sales of licensed products in licensed territories as provided by Lilly. Royalty revenues on commercial sales for capmatinib (marketed as TABRECTA®) by Novartis are based on net sales of licensed products in the licensed territories as provided by Novartis.”

Annual report 2025A · The company itself

“We hold exclusive licenses to list various index futures and options contracts. In the future, litigation or regulatory action may limit the right of owners to grant exclusive licenses for index futures and options contracts trading to a single exchange, and our competitors may succeed in providing economically similar products in a manner or jurisdiction not otherwise covered by our exclusive license. MiFID II introduced a harmonized approach to the licensing of benchmarks in Europe and the legislation requires non-discriminatory access to any benchmarks registered in Europe. If unlicensed trading of any index product where we hold an exclusive license were permitted, we could lose trading volume for these products which would adversely affect our revenues associated with the license and the related index products.”

Annual report 2025A · The company itself

“Many of our products and services utilize our own intellectual property, as well as the intellectual property of third parties, which we license under agreements that may need to be renewed or renegotiated from time to time. We may not be able to obtain licenses to these third-party technologies or content on reasonable terms, or at all, in the future.”

Annual report 2026A · The company itself

“Partneravtal IRLAB:s affärsmodell bygger i stor utsträckning på att ingå avtal i form av licenseller samarbetsavtal avseende återstående utveckling och kommersialisering av sina läkemedelskandidater. Det finns risk att förväntade intäkter minskar eller uteblir helt för IRLAB om partneravtal inte kan uppnås eller om partners inte lyckas föra en läkemedelskandidat till marknaden.”

Annual report 2024A · The company itself

“Mål & Strategi Två vägar till aktieägarvärde IRLAB:s affärsmodell har potential att generera intäkter genom utlicensiering av läkemedelskandidater och genom att ingå samarbeten som bygger på ISP-plattformen. Läkemedelskandidater IRLAB:s läkemedelskandidater kan ge aktieägarvärde genom licensiering/partnerskap eller försäljning av projekt.”

Annual report 2024A · The company itself

“IRLAB:s huvudfokus är att utveckla unika läkemedelskandidater till och med Fas IIstudier och uppnådd klinisk proof-of-concept. Därefter är strategin att samarbetsavtal ingås för vidare klinisk utveckling och kommersialisering, främst genom licensavtal med licenstagare som har de resurser som krävs för att slutföra utvecklingen och att marknadsföra det färdiga läkemedlet.”

Annual report 2024A · The company itself

“Det skapar möjligheter till intäkter i form av marknadsmässiga samarbetsavtal samt milstolpsbetalningar och royalties på de produkter som partnern väljer att utveckla. IRLAB:s strategi är för närvarande att utnyttja de interna resurserna för att utveckla de egna läkemedelskandidaterna och därmed maximera värdet i dessa.”

Annual report 2024A · The company itself

“En avgörande faktor har varit vårt samarbete med McQuade Center for Strategic Research and Development (MSRD), en del av Otsuka-koncernen. Detta partnerskap har resulterat i en initial betalning på 3 miljoner USD, 2,5 miljoner USD när vi startade en studie under hösten 2024 och potentiellt ytterligare 3 miljoner USD vid uppnådda utvecklingsmål, vilket ger oss resurser att driva vår verksamhet vidare.”

Annual report 2024A · The company itself

“Dessutom finansierar de hela utvecklingsprogrammet för att föra IRL757 genom kliniska proof-of-concept-studier.”

Annual report 2024A · The company itself

“Därför arbetar vi kontinuerligt med andra finansieringsmöjligheter, där licensavtal med strategiska partners är en central del av vår strategi och där nyemissioner också kan vara ett alternativ.”

Annual report 2024A · The company itself

“Till skillnad från många andra biotechbolag har vi inte genomfört någon nyemission sedan början av 2020, utan istället finansierat verksamheten genom licensaffären med Ipsen och forskningssamarbetet med MSRD.”

Annual report 2024A · The company itself

“En fortsatt framgångsrik utveckling av våra läkemedelskandidater kräver ytterligare finansiering, vilket enligt vår affärsmodell främst ska komma från strategiska partnerskap med större läkemedelsbolag.”

Annual report 2024A · The company itself

“Koncernens intäkter uppgår under perioden till 114 083 (5 720) TSEK.”

Annual report 2024A · The company itself

“Portföljbolagens framgång är till stor del beroende av sin förmåga att skydda metoder och teknologi som de utvecklar med patent och andra immaterialrättigheter för att förhindra konkurrenter från att använda deras uppfinningar och annan skyddad information.”

Annual report 2024A · The company itself

“Our products incorporate and rely on licensed third-party technology, and if licenses of third-party technology do not continue to be available to us or are not available on terms acceptable to us, our revenues and ability to develop and introduce new products could be adversely affected. We integrate licensed third-party technology into certain of our products. From time-to-time, we may be required to license additional technology from third parties to develop new products or product enhancements.”

Annual report 2026A · The company itself

“Our technology licensing business generates license fees and royalties associated with technology licenses for the use of our SuperFlash® embedded flash and other technologies. We also generate fees for engineering services related to these technologies.”

Annual report 2026A · The company itself

“Over the last 2-3 years, and particularly after the acquisitions of Impolin AB and Sensidose AB, Navamedic has moved into a position of increased ownership of products and therefore outlicensing and market expansion has become an additional focus area of the strategy. While 2024 showed slower growth than the previous two years, it was a year of significant investments in future growth initiatives and Navamedic fully expects to reach the growth targets going forward, delivering on its growth strategy through increasing revenues both from the existing portfolio of products, out-licensing existing products, and acquiring new product licenses and companies.”

Annual report 2024A · The company itself

“The Company also strives to build and retain value through further ownership and in-licensing as well as further development of assets, both short- and long-term. Through attaining new licensing rights and acquiring new products, the Company will increase the share of pharmaceuticals it owns the marketing rights and trademarks to.”

Annual report 2024A · The company itself

“Our ability to provide our members with content they can watch depends on studios, content providers and other rights holders licensing rights, including distribution rights, to such content and certain related elements thereof, such as the public performance of music contained within the content we distribute. The license periods and the terms and conditions of such licenses vary.”

Annual report 2025A · The company itself

“We are finalizing an investment and partnership agreement with OpenAI.”

Annual report 2026A · The company itself

“We rely on the availability of licenses to third-party technology that may be difficult to replace or that may cause errors or delay implementation of our platforms and services should we not be able to continue or obtain a commercially reasonable license to such technology. Our technology platforms include software or other intellectual property licensed from third parties.”

Annual report 2025A · The company itself

“Third parties may terminate their licenses with us for a variety of reasons, including actual or perceived failures or breaches of security or privacy, or reputational concerns, or they may choose not to renew their licenses with us. In addition, we may be subject to liability if third-party software that we license is found to infringe, misappropriate, or otherwise violate intellectual property or privacy rights of others.”

Annual report 2025A · The company itself

“Changes in management, reduced sales of licensed products, poor execution, or financial difficulties with respect to any of our licensing partners could adversely affect our revenues, both directly from reduced licensing revenue received and indirectly from reduced sales of our other products.”

Annual report 2026A · The company itself

“Our Licensing Business Through licensing alliances, we combine our consumer insight, design, and marketing skills with the specific product or geographic competencies of our licensing partners to create and build new businesses. We generally seek out licensing partners who are leaders in their respective markets, contribute the majority of product development costs, provide the operational infrastructure required to support the business, and own the inventory.”

Annual report 2026A · The company itself

“We rely on our licensing partners to preserve the value of our licenses. Failure to maintain licensing partners could harm our business.”

Annual report 2026A · The company itself

“We also are substantially dependent on our share of profits from the commercialization of Dupixent under our collaboration with Sanofi (the "Antibody Collaboration"). For the years ended December 31, 2025 and 2024, Sanofi collaboration revenue (most of which is attributable to our share of profits from the commercialization of Dupixent) represented 41% and 32% of our total revenues, respectively.”

Annual report 2025A · The company itself

“We rely on our collaborations with Bayer and Sanofi for commercializing some of our marketed products. While we have established our own sales and marketing organization for EYLEA HD and EYLEA in the United States for its currently approved indications, we have no sales, marketing, commercial, or distribution capabilities for EYLEA HD or EYLEA outside the United States. Under the terms of our license and collaboration agreement with Bayer (which is terminable by Bayer at any time upon six or twelve months' advance notice, depending on the circumstances giving rise to termination), we rely on Bayer (and, in Japan, Santen pursuant to a Co-Promotion and Distribution Agreement with Bayer's Japanese affiliate) for sales, marketing, and distribution of EYLEA HD and EYLEA outside the United States.”

Annual report 2025A · The company itself

“In addition, under the terms of our Antibody Collaboration, we and Sanofi co-commercialize Dupixent in the United States and, as further discussed below, certain jurisdictions outside the United States. As a result, we rely in part on Sanofi's sales and marketing organization for Dupixent.”

Annual report 2025A · The company itself

“Intellectual Property We own numerous United States and foreign patents and have patent applications pending in the United States and abroad. We also license intellectual property rights to and from third parties, some of which bear royalties and are terminable in specified circumstances.”

Annual report 2025A · The company itself

“We have in the past supplemented, and may in the future supplement, our internal growth by acquiring businesses and licensing technologies that complement or augment our existing product lines.”

Annual report 2025A · The company itself

“In some instances, we have augmented our technology base by licensing the proprietary intellectual property of others. Intellectual property obtained from third parties is also subject to challenge, invalidation, misappropriation, or circumvention by third parties. In addition, we may not be able to obtain necessary licenses on commercially reasonable terms.”

Annual report unknown yearA · The company itself

“• Den 12 november kommenterade Saniona Medix senaste regulatoriska inlämning för tesofensin vid fetma. • Den 26 november tillkännagav Saniona att ett transformativt licensavtal ingåtts med Acadia Pharmaceuticals för ACP-711 inom neurologiska sjukdomar. Saniona kan komma att erhålla upp till 610 MUSD (6,5 miljarder SEK), inklusive en betalning vid avtalets ingående på 28 MUSD (300,2 MSEK) och upp till 582 MUSD (6,2 miljarder SEK) i milstolpsbetalningar för utveckling, regulatoriska och kommersiella frågor, tillsammans med stegvis höjd royalty från medelhögensiffrig till låg tvåsiffrig procentandel av den globala nettoförsäljningen av ACP-711.”

Annual report 2024A · The company itself

“Vårt strategiska fokus på partnerskap kulminerade i ett transformativt licensavtal med Acadia Pharmaceuticals i november 2024. Enligt uppgörelsen erhöll Saniona 28 MUSD (300,2 MSEK) i betalning vid avtalets ingående, med upp till 582 MUSD (6,2 miljarder SEK) i potentiella milstolpar och stegvis höjd royalty.”

Annual report 2024A · The company itself

“Partnerskapet stärker vår expertis inom jonkanaler och ger oss den finansiella styrka som krävs för att utveckla tre interna program (SAN2355, SAN2219 och SAN2465) mot fas 2-beredskap.”

Annual report 2024A · The company itself

“Utöver dessa transaktioner har vi fortsatt att utveckla våra forskningssamarbeten med Boehringer Ingelheim och AstronauTx. I oktober gick Boehringers program vidare till lead-optimering, vilket utlöste en milstolpsbetalning till Saniona.”

Annual report 2024A · The company itself

“med samarbetet är att identifiera nya behandlingar för Alzheimers sjukdom och andra neurodegenerativa tillstånd genom att modulera en ny, ej offentliggjord jonkanal. AstronauTx har en möjlighet att erhålla exklusiva världsomspännande rättigheter att forska, utveckla, tillverka och kommersialisera läkemedel som identifieras genom samarbetet.”

Annual report 2024A · The company itself

“Cephagenix grundades 2020 av professor Jes Olesen och Saniona för att utveckla nya migränbehandlingar med inriktning på mekanismer som identifierats genom professor Olesens forskning. Bolagets ledande program är inriktat på att identifiera subtypsselektiva K ATP -kanalhämmare för migränbehandling.”

Annual report 2024A · The company itself

“Cephagenix och Saniona ingick också ett nytt forskningsavtal i januari 2025. Enligt avtalet har Saniona erhållit framgångsbaserade teckningsoptioner för att erhålla ytterligare aktier i Cephagenix och har rätt till kommersiella milstolpsbetalningar för potentiella produkter som kommersialiseras till följd av samarbetet.”

Annual report 2024A · The company itself

“Identifiera Identifiera medicinska behov och banbrytande behandlingar för personer med sällsynta sjukdomar genom licensavtal eller förvärv av innovationer i sen utvecklingsfas.”

Annual report 2024A · The company itself

“Stärkt pipeline genom licens- och royaltyavtal.”

Annual report 2024A · The company itself

“Royalty på Sanofis försäljning av Altuviiio, Alprolix och Eloctate.”

Annual report 2024A · The company itself

“We rely on our licensing partners to preserve the value of our licenses and the failure to maintain such partners could harm our business. Our brands currently have multi-year agreements with licensing partners for certain products. In the future, we may enter additional licensing arrangements. The risks associated with our own products also apply to our licensed products, as do unique risks stemming from problems that our licensing partners may experience, including risks associated with each licensing partner’s ability to obtain capital, manage its labor relations, maintain relationships with its suppliers, manage its credit and 19 bankruptcy risks, and maintain customer relationships.”

Annual report 2026A · The company itself

“Bolaget förvaltar sin portfölj med immateriella rättigheter aktivt liksom behovet av tredjepartslicenser och är, från tid till annan, inom ramen för den löpande verksamheten inblandad i tvister relaterade till detta som kärande, svarande eller på annat sätt.”

Annual report 2024A · The company itself

“Intäktsredovisning för immateriella rättigheter (IPR) Denna typ av kontrakt hänförs till patent- och licensieringsverksamheten. Koncernen har vid utvärdering av karaktären på dess IPR-kontrakt gjort bedömningen att de tillhandahåller kunder en licens med rätt till access till koncernens intellektuella rättigheter över tid och därför ska intäktsföring ske över kontraktets löptid.”

Annual report 2024A · The company itself

“Licensing third-party technology exposes UPM to such risks as the increase of overall licensing costs, loss of negotiation power, the validity of such licensing arrangements and potential infringement claims, which could restrict UPM’s ability to use certain technologies, prevent the delivery of UPM’s products and/or result in costly and timeconsuming litigation.”

Annual report 2025A · The company itself

“Joint Development and Commercialization Agreement with CRISPR In 2017, we entered into a joint development and commercialization agreement (“Original JDCA”) with CRISPR Therapeutics AG (“CRISPR”), pursuant to which we are co-developing and co-commercializing CASGEVY for SCD and TDT.”

Annual report 2025A · The company itself

“In addition to our arrangement with CRISPR described above, we have exercised options to exclusively license treatments for specific targets, including CF, that were subject to the research program under the collaboration agreement we entered into with CRISPR in 2015.”

Annual report 2025A · The company itself

“We are generally required to make an upfront payment upon execution of our license agreements; development, regulatory and commercialization milestones payments upon the achievement of certain F-19 product research, development and commercialization objectives; and royalty payments on future sales, if any, of commercial products resulting from our collaborations.”

Annual report 2025A · The company itself

“The total cash paid to acquire Alpine, allocation of consideration to the assets acquired and liabilities assumed and AIPR&D was as follows: (in millions) Cash consideration to acquire Alpine’s outstanding common stock $4,536.9 Cash consideration for Alpine’s vested and unvested equity awards 420.6 Total cash consideration paid to Alpine 4,957.5 Less: Expense related to unvested equity awards (197.6) Transaction costs 40.7 Total consideration allocated $4,800.6 $31.9 Current marketable securities 209.5 48.5 Deferred tax asset 105.5 Total other assets 19.5 (37.5) Total identifiable assets acquired, net 377.4 Acquired in-process research and development expense 4,423.2 Total consideration allocated $4,800.6 In-license Agreements We have entered into several in-license agreements to advance and obtain access to technologies and services related to our research and early-development activities.”

Annual report 2025A · The company itself

“Certain key value-added and proprietary products and processes are exclusively licensed from Daikyo.”

Annual report 2025A · The company itself

“Revenue in 2025 of DKK 9,215 million is driven by the initial upfront payment under the collaboration and license agreement with Roche for petrelintide.”

Annual report 2025A · The company itself

“Zealand Pharma and Roche will co-develop and co-commercialize petrelintide and petrelintide-based combination products for weight management in the U.S. and Europe”

Annual report 2025A · The company itself

“Kicked off the IP collaboration for the Roche partnership to ensure optimal IP protection for our individual and shared assets.”

Annual report 2025A · The company itself

“Under the Patent and Know-How License Agreement (Pfizer as licensor) Pfizer licenses to us certain of its intellectual property. If we fail to comply with our obligations under this license agreement and Pfizer exercises its right to terminate it, our ability to continue to research, develop and commercialize products incorporating that intellectual property will be limited. In addition, in circumstances where Pfizer has an interest in the licensed intellectual property in connection with its human health development programs, our rights to use the licensed intellectual property are restricted and/or, in limited instances, subject to Pfizer's right to terminate such license at will.”

Annual report 2025A · The company itself

“We are dependent on Pfizer to prosecute, maintain and enforce certain intellectual property. Under the Patent and Know-How License Agreement, Pfizer is responsible for filing, prosecuting and maintaining patents that Pfizer licenses to us. In the animal health field, Pfizer has the first right, and in some cases the sole right, to enforce such licensed patents, and in the human health field, subject to certain exceptions, Pfizer has the sole right to enforce the licensed patents. If Pfizer fails to fulfill its obligations or chooses to not enforce the licensed patents under this agreement, we may not be able to prevent competitors from making, using and selling competitive products, which could have an adverse effect on our business.”

Annual report 2025A · The company itself

“New product R&D leverages discoveries of pharmaceutical and biotechnology R&D. We have and expect to continue to enter into collaboration or licensing arrangements with third parties to provide us with access to molecules, compounds and other technology for purposes of our business. Such agreements are typically complex and require time to negotiate and implement.”

Annual report 2025A · The company itself

“Table of Contents We have entered into software licensing agreements with other companies. We also license certain technologies and intellectual property from third parties for use in our offerings and processes, and license some of our technologies and intellectual property to third parties.”

Annual report 2026A · The company itself

“Merck also incurred royalty expenses amounting to $1.9 billion in 2025 under patent and know-how licenses it holds.”

Annual report 2025A · The company itself