Laboratorio Reig Jofre S A : First quarter 2024

FINANCIAL RESULTS FIRST QUARTER 2024

PHARMA SECTOR

STATEMENT

This presentation does not contain confidential material and may include publicly available market information that has not been independently verified by Reig Jofre.

This information is given in summary form and does not purport to be complete. The information contained in this presentation should not be considered advice or recommendations to investors or potential investors in connection with the holding, purchase or sale of Reig Jofre shares and does not take your particular investment objectives, financial situation or needs into consideration.

This presentation may contain statements about the future including statements regarding Reig Jofre's intent, beliefs and expectations with respect to business and operations, market conditions, operating results and financial condition, capital adequacy, specific provisions and risk management practices. Readers should not place undue trust in these forward-looking statements.

Reig Jofre accepts no obligation to publicly disclose the results of the revision of these future statements to reflect unanticipated events. Although due care has been used in the preparation of the forecast information, actual results may vary materially, either positively or negatively. Forecasts and hypothetical examples are subject to uncertainties and contingencies beyond Reig Jofre's control.

Past performance does not ensure future performance.

TABLE OF CONTENTS

Q1 2024 Results

• Income statement and balance sheet
• RJF stock performance
• 2024 OUTLOOK

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Q1 2024 RESULTS

Reig Jofre's revenues grow 10% and its EBITDA 11%

Sed ut perspiciatis

SALES

€86.4 M	10 %

EBITDA

€10.3 M	11%

• Sales figures for the first quarter of 2024 increase by 10% compared to the same period in 2023. The medical products division, Speciality Pharmacare, leads this growth, followed by Pharmaceutical Technologies.
• Revenue from outside Spain accounted for 55%. International business increased by 5%, mainly due to growth in EU countries.
• EBITDA grew 11%, with an increase in profitability, mainly from the Consumer Healthcare unit, which discontinued the distribution of certain brands in the French market to focus on its more profitable own FORTÉ PHARMA brand.
• Consolidated profit amounted to EUR 3.3m compared to EUR 3.8m in Q1 2023. The equity accounted result of the JV Syna Therapeutics in 2023 included the billing of a biosimilar development milestone during the first quarter, which is not repeated in this first quarter of 2024 but is expected throughout this year according to the development calendar.

CONSOLIDATED
RESULT
€3.3 M	Vs. 3.8 M€

• The growth of the consolidated result is +32% in the first quarter, excluding the temporary impact of JV Syna Therapeutics.

• Industrial investments continue, mainly in Toledo and Barcelona, amounting to

€3.3 million, during the first three months of the year.

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Q1 2024 REVENUES BY BUSINESS UNITS

PHARMACEUTICAL	SPECIALTY
TECHNOLOGIES	PHARMACARE
Antibiotics	Osteoarticular
Injectables / Freeze-dried products	Dermatology
€36.5 M 42%	€29.3 M	34%
+6%		+26%
→ Growing demand for antibiotics at pre-Covid	→ Dermatology grew 28% led by Ciclo-tech®

CONSUMER

HEALTHCARE

OTC / Energy / Stress and sleep /

Weight control / Beauty

€20.6 M -1%

24%

→	Distribution of third-party brands was discontinued in

levels coupled with competitors' closure of lines during the covid demand downturn, resulting in a larger market share, drives sales growth to +16%.

• Sales of injectables declined slightly due to the seasonality of the Japanese market.
• International market growth, especially European markets +23%, followed by Asia (+7%).

technology in Spain, with first sales in Portugal expected in 2H 2024.

• Osteoarticular grew 21%, particularly in Spain
  (32%) and internationally in the Czech Republic and Finland, followed by Asia.
• CDMO activity increased due to the manufacture of enteral gels at the Swedish plant and dermatological products.

the French market to focus on own-brand products

with higher international profitability.

→ Forté Pharma's sales reached 17 million euros, +8%, in

the first quarter of the year, and product

diversification continues. Sleep and Energy products

lead sales.

→ Forté Pharma grew 12% in France and 5% in Spain,

where it gained market share and continued to

consolidate the brand.

60% INTERNATIONAL38% INTERNATIONAL

69% INTERNATIONAL

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INTERNATIONAL DEVELOPMENTS

→ Spain leads growth with 17%

versus the previous year, led

by Specialty Pharmacare'

sales.

→ Other European markets,

outside Spain, grew 8% due

to revenues from the EU

capacity reserve.

SPAIN

45%

€39.0 M

+17%

DIRECT SALES

€48.9 M +0%

Rest of

EUROPE

44%

€38.4 M

+8%

Rest of Europe

7%

Rest of

WORLD

10%

€9.0 M

-6%

European Union

38%

→ Sales in the rest of the world

declined -6%, mainly in

Africa due to postponed

deliveries and seasonality.

DISTRIBUTION | LICENSING | CDMO

AGREEMENTS

€37.5 M +24%

€12 M CDMO +29%	Spain
49%

Asia

8%

America

1%

Africa

1%

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INVESTMENT IN BIOTECHNOLOGY

REIG JOFRE

OTHER

10% 24%

REIG JOFRE

50%	50%

• 2018: Syna Therapeutics joint venture Strategic partnership
• • REIG JOFRE and Leanbio have a 50%-50% joint participation.
  • Purpose: development of biosimilar products and innovative molecules.
• In 2023, Syna Therapeutics announced the licensing of its first biosimilar to Accord Healthcare and continues to move forward on schedule.
• In 2024, RJF announces the investment commitment (equity and debt) in LeanBio of 6.8MEur. Moving to a vertical integration in innovative biotech products and biosimilars

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VERTICAL INTEGRATION

STRENGTHENS ITS	CAPITALIZATION OF
PRESENCE IN THE	KNOW-HOW and
BIOTECHNOLOGY	EXISTING
SECTOR	INSTALLATIONS

FILL & FINISH	COMPLETE
PROCESS OF	PRODUCTION OF
FINISHED	INNOVATIVE
PHARMACEUTICAL	BIOTECHS AND
PRODUCT	BIOSIMILARS

RJF's offer to the market expands from the development and production of the biological active ingredient to the

finished pharmaceutical product at REIG

JOFRE's facilities in Barcelona.

• Leanbio's facility located in Sant Quirze del Vallès, province of Barcelona, of 4,000 square meters.
• Production of biotechnology-based active ingredients and mRNA with GMP Certification.
• It is estimated that it will be operational by mid-2025.
• Gradual creation of highly skilled employment, with a team of 100 people when the plant reaches its maximum performance in 2030.
• Flexible production volume → diversified customer: European multinationals and startups.
• Integrated service: offers all phases of production, from development to industrial scale-up for the biopharmaceutical sector:
• • Recombinant Proteins
  • Antibodies in different expression systems
  • Messenger RNA for Advanced Therapies

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INCOME STATEMENT 1Q 2024

thousands of Euros	31/03/2024	31/03/2023	V%
Net turnover	86,437	78,644	10%
Procurement	-36,655	-35,429
Various exist. completed and in progress products	2,264	5,100
Gross margin	52,046	48,315	8%
Work on fixed assets	487	480
Other operating income	242	47
Staff costs	-21,305	-19,481
Other operating expenses	-21,207	-20,117
EBITDA	10,264	9,243	11%
Depreciation of fixed assets	-5,817	-5,972
Allocation of subsidies	56	58
Impairment and results on disposal of fixed assets	0	-7
Operating results	4,504	3,321	36%
Financial results	-383	-202
Results of entities valuation equity method	-282	1,378
Profit before tax from continuing operations	3,839	4,498	-15%
Income tax expense	-576	-675
CONSOLIDATED PROFIT FOR THE YEAR	3,265	3,823	-15%

• Turnover increased by 10% with an associated gross margin of 60%.
• Personnel costs increase by 9% due to the application in Q1 2024 of the clause for adjusting to the Consumer Price Index (CPI) for the 2020-2023 period according to the sector agreement.
• EBITDA exceeded 10 million euros, an 11% increase over the previous year, accounting for 12% of sales, a slightly higher percentage compared to the previous year.
• The result of the 50% share of profit obtained by Syna Therapeutics, SL decreased by 1.7 million euros due to the timing of billing for the fulfilment of the development milestones of the main biosimilar product under development, which continues to progress according to schedule and prevents new revenues during the rest of the 2024 fiscal year.
• Consolidated income amounted to 3.3 million euros, compared to 3.8 million euros the previous year.

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