Cerus (CERS) TD Cowen 46th Annual Health Care Conference summary

Strategic vision and market positioning

• Mission centers on making INTERCEPT Blood System the global standard for transfusion safety, with a focus on pathogen inactivation and blood supply security.

• Achieved 5x sales growth over the past decade, now operating in over 40 countries with $224M–$228M revenue guidance for the year.

• Maintains a first-mover advantage and significant barriers to entry, with INTERCEPT products foundational in many blood centers worldwide.

• Strong financial foundation supports ongoing global expansion and business growth.

U.S. market expansion and BCA agreement

• U.S. accounts for about 60% of revenue, with the platelet franchise as the standard of care and mid-60s% market share.

• Signed a framework agreement with Blood Centers of America (BCA), representing 50% of U.S. market volume, enabling deeper penetration where share is about 30%.

• Early signs show increased interest and adoption from blood centers not previously using INTERCEPT, with strong engagement at industry events.

• BCA agreement leverages supply chain and sales channels, reducing the need for a large SG&A footprint and enabling efficient market access.

International growth and geographic opportunities

• Germany is a key focus, with a phase IV INITIATE trial running through 2026; meaningful growth expected in 2027 and beyond if results are positive.

• Expansion initiatives underway in China, Japan, Brazil, and the Middle East, with China expected to become a growth driver by the end of the decade.

• Diversified portfolio and multiple market development initiatives aim to sustain double-digit growth despite regulatory and policy uncertainties.