OPERATING REVIEW CONTINUED NEUREN’S ATTRACTIVE ECONOMICS FROM DAYBUE (TROFINETIDE) In the period since launch, Neuren has earned cumulative income from DAYBUE of A$510 million. In 2025, Neuren earned royalty income from DAYBUE of A$65 million. Assuming Acadia’s 2026 net sales guidance for DAYBUE is met and an exchange rate range of 0.70-0.72, Neuren anticipates earning full-year royalties of A$70-77 million. Neuren is eligible to receive ongoing royalties on global net sales of trofinetide, plus one-time milestone payments on achievement of certain events such as first commercial sale in a specific region, and one-time milestone payments on achievement of a series of thresholds of total annual net sales in a specific region. No royalties or similar costs are payable by Neuren to third parties, which means Neuren’s revenue from Acadia flows through to pre-tax profit. The royalty rates and sales milestone payments for a specific region are related to the total amount of annual net sales of trofinetide in all products and indications in that region. Neuren’s economics from DAYBUE in North America and outside North America are set out in the following tables: US$10m upfront in 2018 US$10m in2022 followingacceptanceof NDAfor review US$40m in2023following1st commercialsalein the US US$50m In 2024 one third share of Priority Review Voucher awardedtoAcadia (soldfor US$150m) US$55m Milestone payments related to Fragile X U Tiered Royalty Rates (% of net sales)1 Annual Net Sales Rates ≤US$250m 10% >US$250m, ≤US$500m 12% >US$500m, ≤US$750m 14% >US$750m 15% Sales Milestones1 Net Salesin one calendar year US$m ≥US$250m 50 ≥US$500m 50 ≥US$750m 100 ≥US$1bn 150 U U North America US$100m upfront in 2023 US$35m following 1st commercial sale in Europe US$15m following 1st commercial sale in Japan US$10m following 1st commercial sale of a 2nd indication Europe US$4m following 1st commercial sale of a 2nd indication Japan Sales milestones1 On achievement of escalating annual net sales thresholds: Europe: up to US$170m Japan: up to US$110m RoW :upto US$83m Tiered royalties1 Mid- teens to low- 20s%of net sales Outside North America U U US$10m upfront in 2018 US$10m in2022 followingacceptanceof NDAfor review US$40m in2023following1st commercialsalein the US US$50m In 2024 one third share of Priority Review Voucher awardedtoAcadia (soldfor US$150m) US$55m Milestone payments related to Fragile X U Tiered Royalty Rates (% of net sales)1 Annual Net Sales Rates ≤US$250m 10% >US$250m, ≤US$500m 12% >US$500m, ≤US$750m 14% >US$750m 15% Sales Milestones1 Net Salesin one calendar year US$m ≥US$250m 50 ≥US$500m 50 ≥US$750m 100 ≥US$1bn 150 U U North America US$100m upfront in 2023 US$35m following 1st commercial sale in Europe US$15m following 1st commercial sale in Japan US$10m following 1st commercial sale of a 2nd indication Europe US$4m following 1st commercial sale of a 2nd indication Japan Sales milestones1 On achievement of escalating annual net sales thresholds: Europe: up to US$170m Japan: up to US$110m RoW :upto US$83m Tiered royalties1 Mid- teens to low- 20s%of net sales Outside North America U U 1 Royalty rates payable on the portion of annual net sales that fall within the applicable range. Each sales milestone payment is payable once only A redacted version of the licence agreement between Neuren and Acadia was filed with the US Securities and Exchange Commission as a material contract exhibit to Acadia’s 2023 10-K Annual Report, which is available to view via the SEC Filings section of Acadia’s website. Neuren Pharmaceuticals Limited Annual Report 2025 9
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