Swedish Orphan Biovitrum AB (publ) to Acquire Arthrosi Therapeutics Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christopher Uhde - Seb Enskilda (London) - Analyst : Thank you so much for taking my questions. I hope you can hear me. If not, please say so. So my first question is on CMC. What can you tell us about the status? I mean, obviously, a lot of start-ups cut corners on that, and then that's up to the acquirer to resolve. Could you tell us what remains to be done there? And then in terms of the ex US opportunity, so what -- you don't have head-to-head data against febuxostat, but obviously, the numbers look clearly better. But what do you need in terms of data to secure reimbursement in Europe? And what can you say about then the kind of pricing you think you might -- or what indications could you give us around pricing for the drug in the US and Europe? Thank you.

Question: Christopher Uhde - Seb Enskilda (London) - Analyst : Thanks so much.

Question: Gonzalo Artiach Castanon - Danske Markets Equities - Analyst : Hi, guys, good morning. I hope you can hear me. Could you give us some color on the potential operational synergies between NASP and POZ? Will you guys use the same sales force and commercial infrastructure, I guess, yes. But how much do you have to add on top of the NASP investment there? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 7:00AM, SOBIV.ST - Swedish Orphan Biovitrum AB (publ) to Acquire Arthrosi Therapeutics Call And my second question is on this second-line space. I mean, do you think that POZ should be used before or it's going in practical terms to be used before febuxostat? And yes, based on just pricing opportunities here. And how do you see the Crystalys asset that has data in late 2027 also as URAT1 asset? Thank you very much.

Question: Gonzalo Artiach Castanon - Danske Markets Equities - Analyst : Thank you very much.

Question: Mattias Haggblom - Handelsbanken Capital Markets - Analyst : Thank you so much, Mattias Haggblom from Handelsbanken. Two questions, please. So with the 2 two Phase 2 trials fully enrolled, was there any data that you, during due diligence, was able to evaluate from the ongoing trials, including adverse event rates on a pooled blinded basis? And secondly, data from this asset started to emerge November '23 at the ACR meeting and then have seen updates on July '24 and '25, as Lydia alluded to. So can you share with us how long the Sobi team has been studying the asset? And if there was one particular data set or update that accelerated your interest? Thanks so much.

Question: Mattias Haggblom - Handelsbanken Capital Markets - Analyst : Thank you so much.

Question: Kirsty Ross-Stewart - Exane SA - Analyst : Good Morning and thanks for taking my questions. Just a bit on the profile of the deal. So how soon following launch of the asset do you expect this deal could be accretive? I'm just wondering if you can add a little more detail on what you mean by kind of maintaining a highly competitive margin into 2026. Are you able to decrease the investment in NASP that you were going to be making in the first half of next year through some synergies that you acquired through Arthrosi? And then just longer term, this seems kind of a little bit of move away from a kind of true rare disease indication. So just wondering from a strategic perspective in the company, is this kind of a sign of a direction you're looking to move into? Or are there kind of other assets -- sorry, other aspects that you're kind of trying to maximize by going through this deal? Thank you.

Question: Kirsty Ross-Stewart - Exane SA - Analyst : Yes, of course. Sorry, my line is bad. So just asking kind of how soon following launch do you expect the deal to be accretive and some more details on what you mean by a highly competitive margin into 2026 and whether there are kind of synergies and a wind down in the investment in NASP that you're able to make as a result of this deal? Thank you.

Question: Kirsty Ross-Stewart - Exane SA - Analyst : Thank you.

Question: Lucy Codrington - Jefferies LLC - Analyst : Hi there, thank you for taking my question. Just a couple left. I just noticed in the Phase 3, you're evaluating two doses. It seemed like from the Phase 2, the 75 milligram was the key dose. So is that just to have flexibility? Or was that a requirement to evaluate a lower dose? And then secondly, just in terms of the safety, in terms of the renal profile, would this allow you to expand use into patients with chronic kidney disease who perhaps are currently not allowed to be treated with URAT inhibitors? Thank you.

Question: Lucy Codrington - Jefferies LLC - Analyst : Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 7:00AM, SOBIV.ST - Swedish Orphan Biovitrum AB (publ) to Acquire Arthrosi Therapeutics Call

Question: Viktor Sundberg - Nordea Markets - Analyst : Yes, hi, good morning. Thanks for taking my questions. So maybe this has been covered, but just anything you can share on maybe the impact on financials short term when you consolidate the numbers from Arthrosi into Sobi's P&L? Secondly, I also guess some investors might remember the CTI acquisition and make a negative read across into this acquisition even if that is unfair. So any comment from Sobi that this time it's different? And any learnings from your previous acquisitions that you have implemented here that would also be interesting to hear? And just finally, I guess you waited for the longer-term follow-up presented this summer on this drug. So what was the catalyst for deciding to go ahead? And anything in particular that triggered you to make the deal now? Thanks.

Question: Viktor Sundberg - Nordea Markets - Analyst : Okay, thank you very much.