Swedish Orphan Biovitrum: REDUCE-2 de-risks pozdeutinurad, with Nov ACR data to define differentiation, and REDUCE-1 needed for filing

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Swedish Orphan Biovitrum: REDUCE-2 de-risks pozdeutinurad, with Nov ACR data to define differentiation, and REDUCE-1 needed for filing

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

22 May 2026

Swedish Orphan Biovitrum

REDUCE-2 de-risks pozdeutinurad,

with Nov ACR data to define

SOBIV.ST/SOBI SS OVERWEIGHTdifferentiation, and REDUCE-1

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesneeded for filing

Price Target SEK 470.00

Price (20-May-26) SEK 436.40REDUCE-2 is a positive for poz, with 75mg achieving 69.2%

sUA <6mg/dL at month 6 vs 8.1% for placebo and IR PotentialSource: Bloomberg,Upside/DownsideBarclays Research +7.7%

suggesting broadly placebo-like safety; the other pivotal P3

study, REDUCE-1, is expected in Q4 2026, with both studies European Pharmaceuticals,

required to support filing expected in 2027. BiotechnologyShirley Chen, PhD& Life Sciences

+44 (0)20 7773 2109

Sobi announced positive topline REDUCE-2 data for pozdeutinurad, its once-daily oral selective shirley.chen@barclays.com

Barclays, UKURAT1 inhibitor in gout, including uncontrolled/progressive gout and patients inadequately

controlled by existing therapies. REDUCE-2 enrolled 811 patients globally, with the majority James Gordon

described as inadequate responders to urate-lowering therapies. Both doses met the +44 (0)20 7116 2784

primary endpoint of achieving serum uric acid, or sUA, <6mg/dL at month 6: 75mg james.gordon@barclays.com

Barclays, UKachieved 69.2% versus 8.1% for placebo, and 50mg achieved 56.6% versus 8.1% for

placebo, both p<0.0001. Safety was consistent with previous studies, and our discussion Yihan Li, PhD

with IR suggested the safety profile looked very clean, with low rates of events and +44 (0)20 3555 3563

broadly in line with placebo.