Risk Factors Update Summary

• Company entered into a collaboration agreement with Takeda for rusfertide, receiving $300 million upfront and up to $330 million in milestone payments.
• Failure to comply with regulations could impact potential royalties from worldwide net sales significantly.
• Global sales for CD therapies increased from $16.2 billion in 2022 to $18.9 billion by 2028.
• Failure to comply with internal control reporting requirements could lead to loss of investor confidence.
• Sales of Entyvio ® by Takeda increased from approximately $5.6 billion to $6.4 billion.
• Volatility in share price could subject us to securities class action litigation, impacting investor confidence.
• Our current and future development and commercialization collaborations may not be successful. This could negatively impact operations, financial condition, and growth prospects.
• Phase 3 VERIFY trial for rusfertide in PV initiated, with enrollment completion expected by Q1 2024.
• Litigation or legal proceedings could severely harm collaborations and our ability to compete.
• We rely on third parties for clinical trials and good manufacturing processes. Delays or issues could impact regulatory approval.
• Positive topline results announced for rusfertide in PV, showing significant reduction in phlebotomy need.
• Tremfya ® sales increased from $2.3 billion in 2021 to $3.1 billion in 2023.
• Failure to maintain significant rights in collaborations may lead to disputes and impact future development.
• JNJ-2113 Phase 2b trial results published, demonstrating efficacy in plaque psoriasis treatment.
• Rusfertide Phase 2 trial results published in New England Journal of Medicine, showing durable hematocrit control.
• Company earned milestone payments totaling $172.5 million from JNJ for JNJ-2113 development progress.
• Initiated THRIVE, a Phase 2 long-term extension trial for rusfertide patients, showing positive long-term tolerability.