SOBI: DB R&D call series feedback

Research evidence excerpt

SOBI: DB R&D call series feedback

Deutsche Bank

Research

Rating Company Date

Buy SOBI 15 May 2026

Company Update

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (SEK) 438.60

SOBIV.ST SOBI SS STO SOBIV

Price Target (SEK) 490.00

Pharmaceuticals

Pharmaceuticals ADR ISIN 52-week range (SEK) 444.20264.40-

SWTUY US8703211065

DB R&D call series feedback

Valuation & Risks

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

We hosted SOBI’s CEO and head of R&D this week as part of our DB R&D call series +44-20-754-18522

and provide feedback (as usual all comments bear our interpretation) with a replay

Niall Alexander

available on request. Key takes from our perspective: Research Analyst

+44-20-754-12185

n On top-down topics: R&D spend looks likely to trend toward the upper

end of the 11-14% range provided at the recent CMD (SOBI: CMD takes: Shashindra Seresinhe

making the case for a DD revenue CAGR (18/02/26)), with inorganic Research Associate

continuing to feature heavily but at least a commitment that SOBI will avoid

further forays into hem-onc until Vonjo is better proven, with the focus on Supun Ukwatta

the core non-malignant heme and immunology/rare disease TAs. Research Associate

n On the pending pozdeutinurad P3s (Global REDUCE-2 due Q2’26 and US

REDUCE-1 due H2’26; see SOBI: Takes on Arthrosi, VALIANT and Henrietta Boeg

Beyfortus (+AZN/SAN): stays Buy (16/12/25)) we got a reassuring Research Associate

message on replicating the high P2 efficacy bar (c80% pts achieving +44-20-754-10119

serum urate <6mg/dL with an assumption that pbo should be close to zero)

Kate Farrelly

and the tophus resolution rates of 40-50%. Our concern over control arm

Research Associate

behaviour given uncertain treatment of background therapy appeared to be