Apontis Pharma AG

Investor Presentation • Mar 3, 2022

APONTIS PHARMA

The Single Pill Company

FY21 Preliminary Results

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APONTIS PHARMA Executive Team

Karlheinz Gast

Chief Executive Officer

• Strategy
• Marketing & Sales
• Human Resources
• Investor Relations

Thomas Milz

Chief Product Officer

• Business Development
• Market Access
• Medical & Regulatory Affairs
• Product Development

Thomas Zimmermann

Chief Finance Officer

• Finance
• Supply Chain
• IT
• Compliance

"Drug non-compliance is a stealth epidemic exacting a heavy toll on the healthcare system – our broad portfolio of Single Pills is designed to help tackle this epidemic"

IPO at Frankfurt Stock Exchange in May 2021

APONTIS: A Specialty Pharma Company with Strong Single Pill Focus

§ German heritage business of SCHWARZ PHARMA

• § Formed in 2018
• § Acquisition by PARAGON PARTNERS from publicly listed UCB

§ 190 employees § Thereof 130 Sales reps § Unique salesforce approach beyond Single Pills

• § Lean business model (no production or storage)
• § All functions of pharma business (R&D, regulatory, quality, medical, market access, sales and beyond)

§ Headquarter: Monheim (GER)

§ Single Pill leader in the German market with a focus on cardiovascular diseases ("CVD")

§ Co-marketing activities

FY21

• § EURm 5.9 EBITDA before IPO costs (+490%)
• § 270k Single Pill patients (+55%)

"No More Grandma's Muesli" – Single Pill Therapy on the Rise

Single Pills' High Effectiveness and Increased Health Benefits Confirmed

Notes: (1) Reduction is understood as a change up to the respective percentage figure indicated and compared to event rate of conventional treatment with multi pill therapy (2) Cost reduction is reflecting total costs (hospital costs, office-based costs, medication costs and costs for curative means and aids) per patient per year in Germany Source: START Study, IPAM / INGRESS Institute

APONTIS PHARMA´s ambition: Single Pills to become the first choice for long-term treatment

APONTIS Has a Unique and Powerful Position in the Single Pill Market

Sales Force with Excellent Access to Physicians Driven by Holistic Approach

Sales force position : Entry barrier and key strength

• Strongest sales force in Germany with 130 reps leveraging unique multi channel approach
• Experience and good relationship to 23,000 physicians in Germany

Value-adding services "beyond the pill" for patients and physicians

• Optimization of patient management
• Optimization of doctors' office processes
• Consulting on hygiene certification
• Cardio-pulmonary reanimation training

Strong Share of Voice Position in Single Pill Market*

APONTIS PHARMA with successful financial year 2021

• Single Pill revenues grow significantly by 65% to EUR 31.5 million
• Single Pill revenues share increases to 62% (2020: 49%)
• 270 thousand patients treated with Single Pills from APONTIS PHARMA (2020: 174 thousand)

• Total revenues grow strongly by 31% to EUR 51.2 million according to preliminary calculations
• EBITDA increases to EUR 5.9 million before IPO costs (2020: EUR 1.0 million)
• EBITDA margin before IPO costs improves to 11.5 % (2020: 2.6 %)

Single Pills as growth driver

Single Pill Portfolio 2021 in Detail

1 Field of application
Revenue 2021	EUR 6.0m	EUR 5.4m	EUR 1.7m	EUR 1.5m
vs. PY	+11%	+60%	+1%	+16%
Gross Profit	89%	67%	71%	72%
1 Field of application
Revenue 2021	EUR 0.8m	EUR 1.5m	EUR 14.4m
vs. PY	+82%	+74%	+153%
Gross Profit	62%	74%	75%

Notes: (1) Main application essential hypertension Source: Patient INSIGHTS Analytics (PIA). A web-based pharma tool from INSIGHT Health GmbH & Co. KG

Co-Marketing Leverage: Big Pharma Utilizes APONTIS Salesforce to Maximize Reach

FY21 Group Revenue

• Big Pharma continue to request APONTIS' ability to co-market other pharma products
• Proof of APONTIS Salesforce leadership and barriers to entry
• Single Pill and Co-Marketing are synergistic as combined marketing deepens sales relationships
• Additional ongoing stable high-margin revenue stream
• Example co-marketed products include
  • Ulunar
  • Jalra
  • Icandra

Co-Marketing Activity Co-Marketing Revenue Target

Target gross margin ≈45%

APONTIS PHARMA Outlook

• Forecast 2022: Revenue growth to EUR 55.3 million and EBITDA of EUR 5.5 million

€

• Medium-term target of EUR 100 million in revenues and 30% EBITDA margin by 2026 reaffirmed

Portfolio target of 20 Single Pills in 2026

FY21 Forecast Exceeded and Well on Way to Medium-Term Target of around 30%

Notes: * 2020 y-o-y Other decline following expiry of DAFIRO co-marketing; no impact in current financial year / ** EURk 500 stock in trade increase at wholesaler Group figures for FY21 are unaudited and preliminary. Rounding differences may occur. Source: Company information, unaudited financials

BUSINESS RATIONALE – DEEP DIVE

APONTIS PHARMA Single Pill Portfolio – Moving forward

Patient potential of Single Pill products and pipeline

Potential Single Pills penetration rate

APONTIS PHARMA Single Pill Portfolio – Moving forward

APONTIS PHARMA: The Single Pill Strategy – Repeating Success

Many more commonly used combinations are only available as loose combinations – APONTIS can leverage existing know-how and market access to new Single Pills

Source: Company information

The Development of a Single Pill: Many Steps – One Goal

Short-term Pipeline: Accelerating the Development of Single Pills

1 Field of application	AmloAtor	RosuASS	Tonotec Lipid	Rosazimib	Caramlo HCT	Caramlo Lipid
Planned market launch	Q2 2022	Q2 2022	Q2 2022	Q1 2023	Q3 2023	Q4 2023
Status	§ Marketing Authorisation transferred; production process in preparation § Trademark = ownership APONTIS	§ Marketing Authorisation transferred; production process in preparation § Trademark = ownership APONTIS	§ Registration submission process already started	§ Negotiations with supplier, already developed in Europe	§ Dosages split across two suppliers, development ongoing	§ Supplier contract signed, development ongoing
Competitive environment	§ No other Single Pill provider with this combination	§ No other Single Pill provider with this combination	§ No other Single Pill provider with this combination	§ Other Single Pill provider with this combination	§ No other Single Pill provider with this combination	§ No other Single Pill provider with this combination
Patient potential²	437k	100k	661k	151k	330k	486k
Total development cost	EURm 0.3 (exclusive licensing agreement)	EURm 0.4 (semi-exclusive licensing agreement)	EURm 1.9	EURm 0.0 (exclusive licensing agreement)	EURm 1.3	EURm 2.5
Mid-term annual revenue potential	EURm 3.2	EURm 2.5	EURm 5	EURm 3	EURm 9	EURm 3

Notes: (1) Main application essential hypertension; (2) Patient potential: Number of patients with same substance class combination in loose form Source: Patient INSIGHTS Analytics (PIA). A web-based pharma tool from INSIGHT Health GmbH & Co. KG; Company information

Mid-term Development Pipeline: Continuous Market Opportunities Development candidates

Product	Patient potential (in k, substance level)	Project status	Revenue potential (in EURm, peak sales)
AP - T 03	360	in development	8.0 – 10.0
AP - T 04	100	to be discussed	3.5 – 4.5
AP - T 05	50	to be discussed	2.5 – 3.5
AP - T 06	15	to be discussed	1.5 – 2.5
AP - T 07	35	in negotiations	2.5 – 3-5
AP - D 05	780	in close negotiation	8.0 – 10.0
AP - D 06	740	in close negotiation	7.5 – 9.5
AP - D 07	610	in negotiation	6.0 – 8.0
AP - D 08	200	in negotiations	6.0 – 8.0
AP - D 09	160	to be discussed	2.0 – 3.0
AP - D 10	510	in negotiation	6.0 – 8.0
AP - T 08	165	in negotiation	5.0 – 6.0
AP - T 09	165	in negotiation	4.5 – 5.5
AP - D 11	640	in negotiation	8.0 – 10.0

Mid-term Development Pipeline: Continuous Market Opportunities Exclusive licensing agreements

Product	Patient potential (in k, substance level)	Project status	Revenue potential (in EURm, peak sales)
AP - D 02	50	in negotiation	1.0
AP - D 03	500	in negotiation	8.0 – 10.0
AP - D 04	100	in negotiation	2.0 – 3.0
AP - T 08	90	in negotiation	7.5 – 8.5
AP - D 12	1,100	in negotiation	5.0 – 6.0
AP - D 13	100	to be discussed	1.0
AP - D 14	65	in negotiation	4.0 – 5.0
AP - T 10	40	in negotiation	4.0 – 5.0
AP - D 15	90	in negotiation	4.0 – 5.0
AP - T 11	30	in negotiation	3.0 – 4.0

APONTIS PHARMA: 3fold Acquisition Strategy

APONTIS PHARMA cash position of around EUR 30m

Source: Company information

Single Pills Revenues: Great Demand for New Developments

Note: Group figures for FY21 are unaudited and preliminary. Rounding differences may occur.

High-margin Single Pills Drive Operating Profitability Disproportionately

Increased outlook FY2021 exceeded: EURm 0.5 pull-forward effect from inventory build-up by wholesalers in response to capacity bottlenecks experienced by competitors

Source: Company information

Note: Group figures for FY21 are unaudited and preliminary. Rounding differences may occur.

Solid Financial Position: Well-Funded for Planned Activities

Next Steps Towards Mid-Term Growth Targets 2026

APONTIS PHARMA on the Capital Market

Share price performance (IPO to date)

Share price information (IPO to date)

	Issue Price		EUR 19.00
27,00 27.00 26,00 26.00 25.00 25,00	Low	24 February 2022	EUR 15.00
24,00 24.00 23.00 23,00	High	28 September 2021	EUR 27.80
22,00 22.00 21.00 21,00	Close	02 March 2022	EUR 15.40
20,00 19,00	Performance		-18.9%
19.00 18,00 18.00 17.00 17,00	Market Cap		EUR 130.9 Mio.

Investment Highlights

• First mover and category leader in Germany for Single Pills with a focus on cardiovascular diseases ("CVD")
  • Most comprehensive Single Pill portfolio in the market protected by high entry barriers due to intellectual property, long lead times with development cycles of 3.5 - 5 years and best in class sales team
  • Attractive growth prospects resulting from aging population, hypertension as a major chronic health issue and the high Single Pill adoption rates
• High visibility on growth driven by significant potential to increase market share with existing products and a full product pipeline with new Single Pill products to be launched short term as well as medium-term €
• Scalable business model with highly attractive unit economics to support 30% EBITDA margins in the medium-term
• Strong strategic push to accelerate the commercialization and development of the product pipeline with attractive payback times per Single Pill product of 2 years on average

%

€

1st

32

ESG criteria as integral part of APONTIS PHARMA'S DNA – EXTENSION EXISTING MISSION FOR SOCIETY

• Less packaging: Single Pills save up to 66% of packaging; in addition, APONTIS PHARMA discontinuation of smaller package sizes
• Waste recycling and reduction in offices
• Corporate fleet: CO2 emission cap with binding limit according to Euro 6D emission standard
• Reduction of paper consumption in offices

• Production exclusively in Europe enables reduction of transports

• Employee health and safety protection: burn-out risk analysis, health promotion initiatives, ergonomic workstations, corporate physicians

• Help/contact point for problems counseling center
• Strictly ensuring compliance with central labor rights
• Diversity in the workplace
• Hygiene seminars and CPR trainings in doctors' offices

Our Future Goals Our Future Goals Our Future Goals

• Expansion of corporate fleet to include e-cars Promotion of community development and cultural customs (e.g., NGO orphanages, Christmas fairs)
  • Expansion of (medical training programs for employees
  • APONTIS PHARMA foundation to promote scientific research through awards

Environment Social Governance

• Compliance Officer appointed; Code of Conduct established
• Adherence to pharmaceutical industry association code of conduct
• Strictly ensuring anti-corruption law for employees dealing with physicians
• Acting in accordance with the German Corporate Governance Code

• Regular visits of suppliers to ensure quality of products and sustainable manufacturing conditions

• Continuous development of IT security

• Introduction of code of conduct for employees
• Implementation of ESG reporting

"At APONTIS PHARMA, our mission is not only to save lives, but we strive "together for a better life".