Moberg Pharma (MOB) investor relations material

Product innovation and clinical results

• Developed a topical terbinafine-based treatment for nail fungus, achieving up to 40x higher concentration in the nail bed and 1,000x lower systemic exposure compared to oral tablets, delivering the gold standard antifungal directly to the nail.

• Achieved a 76% mycological cure rate in clinical studies with over 800 patients, matching oral treatments and outperforming other topical and OTC options globally, which typically have cure rates around 20%.

• Product offers a favorable safety profile, rapid visible improvement, ease of application, and supports patient adherence, as confirmed by patient surveys.

• 75% of patients reported improvement after 12 weeks, supporting premium pricing at SEK 399 in Sweden.

• Nail fungus is chronic, with a 50% reinfection risk within two years and a prevalence of 10% in the population, affecting over 70 million Europeans.

Market performance and expansion

• Achieved market leadership in Sweden and Norway within two years, with 42% value share in Sweden and 34% in Norway, driving category growth and significant value and volume shares.

• Approved in 13 European countries with ongoing rollout and additional approvals in the pipeline.

• Product recognized as launch of the year by major pharmacy chains in Sweden and nominated in Norway, indicating strong market acceptance and revitalization of the category.

• Four commercial partners secured, including Karo Healthcare, enabling broad European distribution under the Lamisil brand and partnerships for Europe, Canada, Scandinavia, and Israel.

• U.S., China, Japan, and Southeast Asia identified as key future markets, with the U.S. prioritized for direct brand control.

Market opportunity and growth drivers

• Global onychomycosis market estimated at $2 billion, with growth driven by high prevalence, aging population, lifestyle factors, and rising awareness.

• Many doctors avoid prescribing oral terbinafine due to side effects, increasing demand for effective topical alternatives.

• The product expands the market by converting non-treaters and dissatisfied users, unlocking further growth potential.