Moberg Pharma AB: Moberg Pharma interim report January - September 2025

FURTHER SUCCESS FOR TERCLARA

NINE-MONTH PERIOD (JAN-SEP 2025)

• Net revenue SEK 11.5 million (8.8)
• EBITDA SEK -18.7 million (-15.7)
• Operating profit (EBIT) SEK -19.9 million (-16.7)
• Profit for the period SEK -14.5 million (-11.8)
• Diluted earnings per share SEK -0.31 (-0.34)
• Cash and cash equivalents amounted to SEK 236.2 million (309.0)

THIRD QUARTER (JUL-SEP 2025)

• Net revenue SEK 4.0 million (3.9)
• EBITDA SEK -5.6 million (-3.0)
• Operating profit (EBIT) SEK -6.0 million (-3.3)
• Profit for the period SEK -4.3 million (-1.3)
• Diluted earnings per share SEK -0.09 (-0.03)
• Cash and cash equivalents amounted to SEK 236.2 million (309.0)

SIGNIFICANT EVENTS DURING THE THIRD QUARTER

• Sales data remain strong with 47% market share in Sweden and 37% in Norway for the third quarter
• Extraordinary General Meeting on September 29 resolved to expand the Board of Directors with two members, Fredrik Blom and Mona Zhang, and to revoke the authorization to issue shares, as the company is well-capitalized and does not foresee a need to utilize the authorization.

SIGNIFICANT EVENTS AFTER THE QUARTER

• Moberg Pharma and Karo Healthcare enter exclusive license agreement for MOB-015/Terclara® in Europe. The agreement comprises 19 European markets, enabling a coordinated launch across all key EU markets under the leading global antifungal brand Lamisil®.
• Norway: Terclara® launch nominated for "Launch of the Year" by the pharmacy chains Apotek 1 and Alliance Healthcare

CEO COMMENTS

Following the successes in the Nordic region, Moberg Pharma is now taking the next step into Europe. The new license agreement with Karo Healthcare provides broad market coverage, strong distribution, and the launch of MOB-015/Terclara® under the globally leading antifungal brand Lamisil®. The agreement represents an important milestone on the path toward European market leadership.

The collaboration with Karo Healthcare provides us with a clear path to market in all countries where approvals have already been granted, enabling a coordinated launch across 19 countries, including all major EU markets and the UK, representing a population of approximately 500 million people. Karo Healthcare will be responsible for and finance marketing, distribution, and sales, while we will receive recurring royalty revenues and compensation for delivered products. This gives us a stable and scalable revenue base without the need to establish local sales organizations in each market. At the same time, the company remains committed to playing an active commercial role in other territories, particularly in the U.S., as part of our long-term value creation strategy.

Launching MOB-015/Terclara® under the leading global antifungal brand Lamisil® provides exceptional conditions for taking a leading position in the major European markets. Lamisil® is the original brand for terbinafine tablets, long established as the gold standard oral treatment for nail fungus. To now be able to introduce our topical terbinafine product under this strong brand is an important success for Moberg Pharma.

Karo Healthcare is a leading European consumer healthcare company with ambitious growth plans, a strong owner in KKR, and established distribution across all major pharmacy chains in Europe. Through this collaboration, MOB-015/Terclara® gains broad market coverage and effective distribution right from the outset, which would take us significant time to build independently.

The next step involves a regulatory process in which the use of the Lamisil® brand for MOB-015/Terclara® must be approved by the relevant national health authorities. Our ambition is to launch as soon as possible thereafter. Together with Karo Healthcare, Moberg Pharma is now taking a decisive step toward establishing MOB-015/Terclara® as the new market leader in nail fungus treatment across Europe.

At home, Terclara® continues to dominate the Swedish market. 1 ½ years into the Swedish launch we are seeing market shares continue to increase despite that we have been market leader from day 1. For us, this demonstrates that Terclara not only was an initial launch success but that patients, pharmacy staff and physicians truly appreciate the product. During the quarter, Terclara® achieved a 47% value share and 40% unit share of pharmacy sales to end-consumers[1], an improvement by 13 and 12 percentage points, respectively, compared with the previous year.

In Norway, consumer sales data is not reported, but based on pharmacy purchasing data the market share was 37% in value and 35% in units during the quarter[2]. The nomination of Terclara® as "Launch of the Year" in Norway by Apotek 1 and Alliance Healthcare is a further recognition of the strong work carried out in collaboration with our partner Allderma. Norway is clear proof that the success is scalable, our launch strategy works, and that demand for effective topical treatments is strong in several markets.

We are now entering a new phase in Moberg Pharma's journey, from Nordic success to European growth. The partnership with Karo Healthcare and the use of the Lamisil® brand provide a unique platform for expansion, while our achievements in Sweden and Norway confirm that our model works. With strong partners, dedicated employees, and a clear vision, I am confident that we are facing a very exciting future.

Anna Ljung, CEO Moberg Pharma.

[1] Source: IQVIA MIDAS, Pharmacy Sell-Out data, Jul-Sep 2025

[2] Source: IQVIA MIDAS, Pharmacy Sell-In data, Jul-Sep 2025

ABOUT THIS INFORMATION
This information is information that Moberg Pharma is Obliged to make public persuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 8.00 a.m. CET on November 11th, 2025.

FOR ADDITIONAL INFORMATION
Anna Ljung, CEO, Phone: [phone], e-mail: [e-mail]
Mark Beveridge, VP Finance, Phone: [phone], e-mail: [e-mail]