HLS Therapeutics (HLS) investor relations material

Business model and portfolio

• North American specialty pharma business focused on neuropsychiatric and cardiovascular medicines; ~80% of revenue generated in Canada, with a profitable U.S. business.

• Asset-light model acquires or in-licenses clinically and regulatorily de-risked products; no R&D activity, with Clozaril rights in Canada and the U.S.

• Strategy shifted from passive royalty income toward growing and marketing owned product portfolio; first half of 2026 revenue and EBITDA mainly product-based.

Financial progress and outlook

• Product-portfolio revenue grew 6% over the past couple of years; cardiovascular portfolio revenue rose 39% over the same period.

• Product-based adjusted EBITDA increased 73% and net debt declined 57% over the past couple of years.

• Rolling 12-month adjusted EBITDA, excluding royalties and interest, rose from ~$2.3M to ~$15M; interest expense fell from ~$8M in early 2024 to $3.2M in the latest 12 months.

• 2026 outlook: modest revenue growth and relatively flat EBITDA as investment continues in growth products; cardiovascular catalysts expected to support significant, sustainable growth in 2027 and beyond.

Cardiovascular portfolio

• Portfolio combines Vascepa, NILEMDO and NEXLIZET around reducing cardiovascular risk; shared sales, marketing and medical-affairs capabilities are expected to support margin expansion as revenue grows.

• Vascepa’s REDUCE-IT trial showed 25% lower composite cardiovascular risk and 20% lower cardiovascular death; in 2026, units and net sales were growing at mid-teens rates, with Canadian patent protection through the late 2030s.

• NILEMDO, launched around April 2026, is an oral non-statin for LDL reduction and cardiovascular event prevention; more than 80% of privately insured Canadians had unrestricted access after payer contracting.

• NEXLIZET combines bempedoic acid and ezetimibe; the single pill is described as increasing lipid lowering from about 19% to 38% versus bempedoic acid alone.

• Estimated Canadian opportunity for the LDL franchise is CAD $50M–$100M at peak; the estimate assumes conservative market penetration and a range of eventual net prices.