Xbrane Biopharma (XBRANE) Company Presentation summary

Strategic transformation and business model

• Divested XB003 and part of R&D to Alvotech for SEK 275m, reducing annual fixed costs by SEK 120m and settling SEK 150m in convertible debt.

• Restructuring positions Xbrane as a lean biosimilar asset company focused on two late-stage/commercial assets with low cost base and high optionality.

• Post-restructuring, annual fixed costs are expected to be SEK 40m, with a lean team of 25 employees.

• Anticipates positive operational cash flow from 2026 onwards, driven by profit-sharing and royalties.

Product portfolio and partnerships

• Ximluci® (Lucentis biosimilar, ex-US) is commercialized in Europe and MENA by STADA, with a 50/50 profit split and SEK 57m profit-sharing in 2024.

• Lucamzi™ (Lucentis biosimilar, US) is under FDA review, with Valorum as commercialization partner; launch expected in 2026 and SEK 150-250m annual royalty potential.

• Xdivane™ (Opdivo biosimilar) is in pivotal Phase 3 with Intas/Accord, targeting launch upon Opdivo’s US patent expiry in 2029 and addressing a SEK 140bn market.

• Intas partnership covers global clinical, regulatory, and commercial activities for Xdivane™, with Xbrane responsible for CMC development.

Market landscape and growth opportunities

• Global biosimilar market projected to reach USD 74bn by 2030, growing at 17% annually as major biologics lose exclusivity.

• Anti-VEGF therapeutics market (including Lucentis) is expected to grow, with biosimilars gaining significant share in both US and Europe.

• Opdivo’s global net sales forecasted at $14bn in 2028, with biosimilars expected to capture substantial market share post-LOE.