Ophthalmic Therapeutics Sector Outlook — September 2026

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HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › OPHTHALMIC THERAPEUTICS

Ophthalmic Therapeutics: The Premium Sits with Programmes

Where forward revenue multiples sit across the ophthalmic names on this screen, and what buyers agreed to pay across the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2026E)

Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › OPHTHALMIC THERAPEUTICS

   This is the cover page for the Ophthalmic Therapeutics sector outlook dated September 28, 2026.

   We're opening our September 2026 look at ophthalmic therapeutics, built on EV/Revenue on CY2026E as the primary lens. The pages that follow show where this screen splits and where the premium actually sits.

   Everything on this page

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › OPHTHALMIC THERAPEUTICS Ophthalmic Therapeutics: The Premium Sits with Programmes Where forward revenue multiples sit across the ophthalmic names on this screen, and what buyers agreed to pay across the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2026E) Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the five sections plus appendix that make up the report.

   We've structured this deck so section one carries the whole story — the bottom line comes first, so a reader who stops there still gets the full argument. From there we walk through the market map, valuation, precedent deals and strategic implications in order.

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   CONTENTS What This Report Covers 01 The Bottom Line Two Businesses Sit Under the Ophthalmic Therapeutics Label 02 The Landscape Almost All of the Screen Is Clinical-Stage Programme Owners 03 Valuation & Situations The Range Is Wide, and the Top of It Holds Programme Owners 04 Precedent Transactions The Transaction Record Prices Commercial Portfolios and Clinical Programmes Differently 05 Strategic Implications Durability, Delivery and Revenue Mix Are What the Higher End Is Associated With 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Ophthalmic Therapeutics Splits in Two: Clinical-Stage Programme Owners and a Sterile Ophthalmic Supply Business

   This slide summarizes that the sector splits into clinical-stage programme owners and one sterile ophthalmic supply business.

   We see this screen split cleanly: 93% of the 14 names are clinical-stage ocular drug developers, and one name, Harrow Health, already books revenue from sterile ophthalmic supply. Among the six rated names, the top of the range holds at 18.5x EV/Revenue and the bottom at 3.9x, with the sector median at 4.2x. Growth is spread wide — Tarsus Pharmaceuticals sits at 58% — while only two names carry a meaningful EBITDA margin. In the transaction record, whole-company deals like Astellas' acquisition of IVERIC bio at 7.8x and Alcon's deal for Aerie Pharmaceuticals at 4.4x price differently from the Alimera YUTIQ carve-out at 2.7x. So the multiple an asset earns depends on whether the market is paying for a programme or a product.

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   01 · THE BOTTOM LINE Ophthalmic Therapeutics Splits in Two: Clinical-Stage Programme Owners and a Sterile Ophthalmic Supply Business The full story on one page · figures on EV / Revenue (CY2026E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2026E consensus (6 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Map Is Programme Owners, with One Supply Business Beside Them 13 of the 14 names on this screen are clinical-stage ocular drug developers, 93% of the set. One name, Harrow Health, Inc. (HROW), sits in sterile ophthalmic and compounded eye-drug supply, with revenue already in the P&L. 2 The Top of the Range Sits with Programme Owners, and Not with the Larger Revenue Bases Across the 6 names with a forward revenue multiple, the top of the range holds at 18.5x and the bottom at 3.9x, with the middle of the set at 4.2x. We read this sector on revenue because too few names carry a meaningful forward profit figure to form a middle on earnings. 3 Growth Is Spread Wide; Reported Profit Sits with Two Names On the 5 names carrying a forward growth estimate, Tarsus Pharmaceuticals, Inc. (TARS) is marked at 58% at one end. Only 2 of the 14 names carry an EBITDA margin at all, so for most of the set profitability is still ahead — ordinary for pre-commercial and early-launch ophthalmic assets. 4 Whole-Company Deals and Product Carve-Outs Price on Different Terms Of the 9 transactions recorded in total, Astellas Pharma Inc.'s announced acquisition of IVERIC bio, Inc. is recorded at 7.8x revenue and Alcon Inc.'s announced deal for Aerie Pharmaceuticals at 4.4x. The announced carve-out of the YUTIQ franchise by Alimera Sciences is recorded at 2.7x, closer to product economics. 4.2x Sector median EV/Revenue CY2026E consensus · EV/Revenue is the lens because only 2 of 14 names carry a meaningful forward EBITDA 18.5x Premium end EV/Revenue vs 3.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/Revenue — the spread the report explains 9 Transactions with disclosed terms 20 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

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   This is the divider introducing the market-map section.

   We're moving into the market map: thirteen clinical-stage developers sit alongside one sterile supply business. This section shows how the screen groups before we turn to valuation.

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   SECTION 02 02 THE LANDSCAPE Almost All of the Screen Is Clinical-Stage Programme Owners Thirteen developers and one sterile ophthalmic supply business. 02 of 06 Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Sterile Supply Business Sits Alongside Thirteen Programme Owners

   This slide groups the 14 approved companies by business segment with median EV/Revenue by group.

   We group the screen into its business segments and show the median EV/Revenue for each. One name carries a revenue-generating supply business, while the other thirteen are programme owners still building toward approval or launch. The segment split is what explains most of the pricing gap we see later in the deck. So which segment a name sits in tells a client most of what they need to know about its multiple before any single-company diligence begins.

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   02 · MARKET MAP One Sterile Supply Business Sits Alongside Thirteen Programme Owners 14 approved companies grouped by business segment · median EV / Revenue (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CLINICAL-STAGE OCULAR DRUG DEVELOPERS 13 cos median 4.3x Regeneron (REGN) Belite Bio (BLTE) Kodiak Sciences (KOD) Tarsus (TARS) Viridian (VRDN) Ocular Therapeutix (OCUL) Oculis Holding (OCS) Surrozen (SRZN) EyePoint (EYPT) Molecular Partners (MOLN) OKYO Pharma (OKYO) Aldeyra The (ALDX) LENZ Therapeutics (LENZ) Value here is built asset by asset — probability of success, launch trajectory and exclusivity runway — rather than off a current earnings line. STERILE OPHTHALMIC AND COMPOUNDED EYE-DRUG SUPPLY 1 cos 3.9x · 1 rated Harrow Health (HROW) Inspection-sensitive sterile manufacturing and supply is a value driver in its own right, and it comes with revenue a buyer can read today.

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   02 · LANDSCAPE

   The Screen Is Programme Owners, with One Revenue-Generating Supply Business

   This slide gives a segment-level view of the approved universe using EV/Revenue medians on rated names.

   We lay out the segment view again, this time paired with what each group does and why it matters commercially. Programme owners dominate the count, while the one supply business is the only name with an operating revenue base already in place. Full company-level detail sits in the appendix for any name a client wants to check. So the segment lens is the fastest way to place a new name on this screen before running its own numbers.

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   02 · LANDSCAPE The Screen Is Programme Owners, with One Revenue-Generating Supply Business Segment view of the approved universe · EV / Revenue (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Clinical-stage ocular drug developers 13 93% 4.3x Regeneron Pharmaceuticals, Inc. (REGN) · Belite Bio, Inc (BLTE) · +11 more Thirteen of the fourteen names. This group is 93% of the screen, and on the 5 of its names carrying a forward revenue multiple the middle sits at 4.3x. It spans pre-commercial programmes and early-launch assets, so treatment burden, dosing interval and replicated pivotal data carry more of the story than any reported revenue line does. Sterile ophthalmic and compounded eye-drug supply 1 7% 3.9x n=1 Harrow Health, Inc. (HROW) One name, revenue already reported. Harrow Health, Inc. (HROW) is the one name in this screen classified in sterile ophthalmic and compounded eye-drug supply, 7% of the set. Control of sterile ophthalmic manufacturing is a value driver in this sector, and compounded or repackaged alternatives sit underneath branded pricing in several categories.

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   This is the divider introducing the valuation section.

   We're turning to valuation next: all 14 names appear on the page, and six carry a forward revenue multiple. This section shows where the range sits and what's driving it.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Is Wide, and the Top of It Holds Programme Owners All 14 names appear on the page; 6 carry a forward revenue multiple on CY2026E. 03 of 06 Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Where This Screen Prices: Programme Owners at the Top, Revenue Businesses at the Bottom

   This slide ranks the six rated companies by EV/Revenue (CY2026E) against a sector median.

   We rank the six rated names on EV/Revenue (CY2026E), and the sector median sits at 4.2x. Programme owners sit at the top of this range while the revenue-generating supply business anchors the bottom. We use EV/Revenue as the lens because only two of the fourteen names carry a meaningful forward EBITDA figure. So a client benchmarking a name against this screen should expect the multiple to track pipeline stage more than in-market revenue.

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   03 · PUBLIC MARKET VALUATION Where This Screen Prices: Programme Owners at the Top, Revenue Businesses at the Bottom EV / Revenue (CY2026E) · all 6 rated companies, sorted descending · sector median 4.2x · EV/Revenue is the lens because only 2 of 14 names carry a meaningful forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2026E consensus (6 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2026E) basis. Panel commentary is a NeuraCap view. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.5x CORE · median 4.2x DISCOUNT · median 3.9x Sector median 4.2x WHAT SEPARATES THE TWO ENDS The top holds two names. The premium end of this screen sits at 18.5x forward revenue, held by Ocular Therapeutix, Inc. (OCUL) and Aldeyra The (ALDX). Both are clinical-stage ocular drug developers, so the price attaches to programme progress rather than to an installed revenue base. The bottom holds revenue businesses. The discount end sits at 3.9x, held by Harrow Health, Inc. (HROW) and Molecular Partners AG (MOLN). Revenue already sitting in the P&L is being valued at a fraction of what the top of the range carries on this page. A forward lens already credits growth. The multiple is set on CY2026E revenue, so forecast growth is already inside the number, and a premium that survives that lens points to durability rather than to one strong year. Ocular Therapeutix, Inc. (OCUL) sits at the top of the range while marked at 2% forward growth, so the premium is not travelling with near-term revenue pace across the 6 names with a forward revenue multiple.

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   03 · VALUATION DRIVERS

   Growth Runs Far Apart Across the Set, and Profitability Has Barely Formed

   This slide splits EV/Revenue medians by revenue-growth cohort and by EBITDA-margin cohort.

   We cut the rated set by growth and by margin to see what's associated with the higher multiples. Growth is spread wide across the covered names, and profitability has barely formed across the group. This is association we're showing, not a claim that one drives the other. So the open question for any name on this screen is which side of the growth split it will land on as estimates roll forward.

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   03 · VALUATION DRIVERS Growth Runs Far Apart Across the Set, and Profitability Has Barely Formed Median EV / Revenue (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Forward Growth Runs from -11% to 58% on the Names with an Estimate Tarsus Pharmaceuticals, Inc. (TARS) sits at the fast end and LENZ Therapeutics, Inc. (LENZ) at the negative end. On the 5 names carrying a forward growth estimate, two sit above the 24% split and three below, so the set divides rather than clustering around one rate. Only 2 of the 14 Names Carry a Reported EBITDA Margin Regeneron Pharmaceuticals, Inc. (REGN) and Harrow Health, Inc. (HROW) are the two names in this screen with a margin figure. That is the reason the lens here is revenue: for most of the set the P&L is still carrying launch-stage field force and pipeline spend, so an earnings multiple has nothing stable to price. Dosing Interval and Durability Are the Axis Buyers Watch in Retina Fewer injections for the same or better anatomic control, and sustained-release inserts, depots and implants that turn an existing molecule into a lower-burden product, are the value drivers practitioners price. None of that shows in a current revenue line, which is consistent with forward revenue multiples across this set sitting so far apart. Sterile Supply and Compounded Alternatives Shape the Front of the Eye Compounded and repackaged alternatives anchor physician economics below branded pricing in several categories, and sterile ophthalmic manufacturing is an inspection-sensitive constraint rather than a commodity input. Harrow Health, Inc. (HROW) is the one name in this screen carrying that model, and it sits in the bottom tier on the forward revenue lens.

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    03 · SITUATION MAP

    On the Two Names That Place on Both Axes, Price and Margin Sit at Opposite Corners

    This slide maps rated names on EV/Revenue versus the sector median and EBITDA margin versus the covered median.

    We place the two names that carry both measures on a grid cut at the sector's own medians — 4.2x on revenue and 27% on margin. Price and margin sit at opposite corners for these two names, which is a data point, not a recommendation. Four rated names without the second measure aren't mapped here. So this page is meant to characterise where a name sits today, not to call a trade.

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    03 · SITUATION MAP On the Two Names That Place on Both Axes, Price and Margin Sit at Opposite Corners Cut on EV / Revenue vs the sector median (4.2x) (rows) and EBITDA margin vs the covered median (27%) (columns) · 4 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up, Profit Reported Above-median multiple · above-median EBITDA margin 1 names Regeneron Pharmaceuticals, Inc. (REGN) Regeneron Pharmaceuticals, Inc. (REGN) is the one name placing here, carrying a 36% EBITDA margin alongside a multiple above the middle of the screen. This is the profile a buyer of commercial eye-care economics recognises: revenue and profit that can be read today, with a retinal franchise behind them. Priced up, Margin Not yet Formed Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Profit Reported, Priced Below the Middle Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names Harrow Health, Inc. (HROW) Harrow Health, Inc. (HROW) places below the middle on both, with an 18% EBITDA margin. For a sterile ophthalmic and compounded supply business, the re-rating conversation runs through mix, pricing against compounded alternatives and supply reliability rather than through pipeline news.

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    03 · THE AGENDA

    Revenue Mix, Pricing and Retention Are Where the Next Year of Value Is Earned

    This slide lays out the questions on revenue mix, pricing and retention that the data raises for owners.

    We turn the cohort data into a short list of questions: where does revenue mix sit today, what does pricing power look like, and how sticky is retention. These are NeuraCap's framing of what the numbers put on the table, not investment advice. So the value of this page is less the conclusion and more the checklist an owner or acquirer should work through next.

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    03 · THE AGENDA Revenue Mix, Pricing and Retention Are Where the Next Year of Value Is Earned NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Decide Which Programme Carries the Equity Single-asset, single-indication concentration with one binary readout is the detractor buyers weigh hardest in ophthalmics. The question for an owner is whether the portfolio has a second shot on goal, or whether one readout carries the whole value. What changes the answer: A replicated pivotal result on a regulator-accepted ocular endpoint, or a second indication entering the clinic. Settle Whether Your Asset Lowers Treatment Burden In retina, dosing interval and durability separate an asset that changes clinic practice from one that matches existing efficacy. Be clear which side of that line the data sits on before the commercial plan is built around it. What changes the answer: Extension or comparative data showing a longer dosing interval at equal anatomic control. Choose Where Revenue Quality Comes From In the transaction record, commercial portfolios were marked closer to product economics and pre-commercial assets on programme probability. An owner running both should know which line the business is read on, and which mix of products and indications earns the higher multiple. What changes the answer: A launch reaching a permanent reimbursement code, and refill persistence that holds through the second year. Pick the Buyer Group You Are Building For The buyer groups visible in this record include large pharmaceutical companies with eye-care franchises, specialty consolidators with an installed field force, and territorial licensors taking regional rights. Prescriber depth in retina and cornea is what makes a small, targeted field force sufficient for one of those paths. What changes the answer: A territorial licence covering Greater China, Japan or Europe, which changes the shape of the rights that remain.

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    This is the divider introducing the precedent-transactions section.

    We move next to the transaction record: nine deals with disclosed terms, ranging from product carve-outs to whole-company acquisitions. This section shows how those two kinds of deals price differently.

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    SECTION 04 04 PRECEDENT TRANSACTIONS The Transaction Record Prices Commercial Portfolios and Clinical Programmes Differently Nine transactions recorded in total, from product carve-outs to whole-company deals. 04 of 06 Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Two Pricing Conversations in One Transaction Record: Products and Programmes

    This slide walks through three of the nine disclosed transactions as case studies on LTM multiples.

    We walk through three of the nine disclosed transactions in detail: Astellas' acquisition of IVERIC bio at 7.8x, Alcon's deal for Aerie Pharmaceuticals at 4.4x, and the Alimera YUTIQ carve-out at 2.7x. These multiples are LTM at announcement and sit on a different basis from the CY2026E public multiples we showed earlier, so we're not claiming a spread between them. The complete transaction list, including records with data-quality flags, sits in the appendix. So the read here is that whole-company and programme deals cluster at different multiples, and knowing which conversation an asset belongs in changes the number a buyer will pay.

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    04 · DEAL CASE STUDIES Two Pricing Conversations in One Transaction Record: Products and Programmes 3 of 9 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jun-2024 $357M ANI Pharmaceuticals, Inc. ANI Pharmaceuticals, Inc. completes its move into commercial ophthalmics with Alimera Sciences, Inc. EV / LTM revenue 3.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED ANI Pharmaceuticals, Inc. is a diversified specialty pharmaceutical consolidator and Alimera Sciences, Inc. brought approved ophthalmic products with an established prescriber base. The transaction suggests a buyer adding branded eye-care products it can push through existing commercial infrastructure rather than funding a readout. HOW THE TARGET WAS VALUED The deal is recorded at $357M, equal to 3.1x revenue, and it is marked completed. That sits in the low single-digit revenue range that the commercial-stage entries in this record occupy, well below the top of the range on the listed screen. Feb-2019 $17M Bausch Health Ireland Limited Bausch Health Ireland Limited takes a small announced position alongside Eton Pharmaceuticals, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Bausch Health Ireland Limited sits among the established eye-care franchises, and Eton Pharmaceuticals, Inc. was an early-stage specialty developer at the time of the announcement. The size suggests a product- or formulation-level arrangement rather than a whole-company purchase. HOW THE TARGET WAS VALUED The transaction is recorded at $17M with no revenue or profit multiple disclosed, and it is marked announced. At that size the relevant benchmark is what a single product or formulation is worth to a buyer with distribution, rather than the multiples on the listed screen. Nov-2023 $11M Graphite Bio, Inc. Graphite Bio, Inc. and Lenz Therapeutics, Inc. bring a clinical ophthalmic programme onto a listed vehicle. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Graphite Bio, Inc. was a listed biotechnology company and Lenz Therapeutics, Inc. a clinical-stage ophthalmic developer. The announced combination reflects the pattern by which listed vehicles and capital are recycled back into ocular programmes. HOW THE TARGET WAS VALUED The transaction is recorded at $11M, with no revenue or profit multiple attached, and it is marked announced. For a pre-commercial programme the negotiation runs on probability-weighted peak sales for the lead ocular indication and on cash runway to the next readout, rather than on a current revenue line.

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    This is the divider introducing the strategic-implications section.

    We close the analysis with what durability, delivery and revenue mix are associated with at the higher end of this range. This section turns the data into questions for owners, corporate development and boards.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durability, Delivery and Revenue Mix Are What the Higher End Is Associated With Operating moves that speak to how this sector is being priced. 05 of 06 Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Growth That Holds up Is What the Top of This Range Has in Common

    This slide states that growth durability is the common feature at the top of the valuation range.

    We find that growth durability is what the top of this range has in common, based on the cohorts shown earlier in the deck. This is a NeuraCap view drawn from the data, framed as questions rather than calls. The panels that follow speak to owners, corporate development and boards separately. So each audience gets a version of the same question: what is driving durability, and does an asset have it?

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    05 · STRATEGIC IMPLICATIONS Growth That Holds up Is What the Top of This Range Has in Common NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Durability and Delivery Sit with the Top of the Range On this screen the top of the range is held by clinical-stage programme owners and the bottom by a revenue-generating supply business. Longer dosing intervals, sustained-release delivery and label breadth across retinal or ocular surface indications are the operating investments that sit alongside the higher end here. FOR CORPORATE DEVELOPMENT Know Which Pricing Conversation a Target Belongs In In the recorded transactions, approved and near-approved branded products moved in the low single-digit revenue range, while a late-stage retinal asset moved at the top of the recorded revenue multiples. Settling which conversation an asset belongs in is worth doing before terms are framed. FOR BOARDS Structure Carries the Disagreement over a Readout Milestones, tiered royalties and contingent value rights tied to approval or first commercial sale are how this sector bridges a disputed result. Where cash runway to the next catalyst is short, that runway is part of negotiating leverage alongside the headline multiple.

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    This is the divider introducing the appendix, methodology and comparables detail.

    We close with the full universe, the methodology, and where each figure in the body comes from. This section is the reference layer behind everything shown earlier.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2026E), Grouped by Valuation Tier

    This slide lists all rated and unrated public comparables grouped by EV/Revenue valuation tier.

    We list all six rated companies here, shaded against the 4.2x sector median, alongside the eight names that don't carry an eligible multiple. Every rated row in this appendix also sits in the companion workbook with the complete field set. So this page is the full backup for every multiple quoted earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (4.2x); amber marks below · 6 rated companies; 8 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.4x · median 18.5x · 2 companies Ocular Therapeutix, Inc. OCUL Clinical-stage ocular drug developers $1.1B 20.6x 2% n/a n/a Aldeyra The ALDX Clinical-stage ocular drug developers $20M 16.4x n/a n/a n/a CORE — 4.0x–13.4x · median 4.2x · 2 companies Regeneron Pharmaceuticals, Inc. REGN Clinical-stage ocular drug developers $72.8B 4.3x 19% 36% 47 Tarsus Pharmaceuticals, Inc. TARS Clinical-stage ocular drug developers $3.0B 4.2x 58% n/a n/a DISCOUNT — <4.0x · median 3.9x · 2 companies Harrow Health, Inc. HROW Sterile ophthalmic and compounded eye-drug supply $1.4B 3.9x 29% 18% 92 Molecular Partners AG MOLN Clinical-stage ocular drug developers $51M 3.8x n/a n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists all nine disclosed-terms precedent transactions, newest first.

    We list the nine transactions with disclosed terms here, newest first, on the same LTM-at-announcement basis used in the case studies. Eleven recorded transactions with neither a disclosed value nor a multiple sit in the companion workbook instead. So this page is the complete, checkable record behind the deal commentary earlier in the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 9 transactions with disclosed terms in this tier (20 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2024 ANI Pharmaceuticals, Inc. → Alimera Sciences, Inc. $357M 3.1x n/a ANI Pharmaceuticals, Inc. completed its purchase of Alimera Sciences, Inc. at $357M, recorded at 3.1x revenue. That is a commercial-stage branded ophthalmic portfolio priced on product economics, the kind of asset a buyer runs through an installed ophthalmology field… Jan-2024 HIG Capital LLC → Visiox Pharmaceuticals Inc. n/a n/a 10.0x HIG Capital LLC's announced acquisition of Visiox Pharmaceuticals Inc. is recorded at 10.0x EBITDA, with no enterprise value disclosed. It is recorded on a profit multiple rather than a revenue multiple, which suits an asset with formed earnings rather than a… Nov-2023 Graphite Bio, Inc. → Lenz Therapeutics, Inc. $11M n/a n/a Graphite Bio, Inc.'s announced combination with Lenz Therapeutics, Inc. is recorded at $11M. Entries of this shape are how listed vehicles and clinical-stage ophthalmic programmes come together when the value sits in the programme rather than in reported revenue. May-2023 Alimera Sciences → YUTIQ franchise n/a 2.7x n/a Alimera Sciences' announced purchase of the YUTIQ franchise is recorded at 2.7x revenue. Carve-outs of approved products travel with transitional supply and distribution arrangements, and they price closer to product economics than the top of the listed range. Apr-2023 Astellas Pharma Inc. → IVERIC bio, Inc. n/a 7.8x n/a Astellas Pharma Inc.'s announced acquisition of IVERIC bio, Inc. is recorded at 7.8x revenue, the top of the recorded revenue multiples in this set of transactions. It sits alongside a late-stage retinal asset in a category where dosing interval and durability govern… Nov-2022 Alcon Inc. → Aerie Pharmaceuticals n/a 4.4x n/a Alcon Inc.'s announced acquisition of Aerie Pharmaceuticals is recorded at 4.4x revenue, toward the upper end of the recorded revenue multiples. A buyer with established eye-care commercial infrastructure was paying for an asset it could drop onto that infrastructure. Mar-2019 Biogen → Nightstar n/a 1.4x n/a Biogen's announced acquisition of Nightstar is recorded at 1.4x revenue, the bottom of the recorded revenue multiples here. Where the revenue base is small next to the programme, a revenue multiple carries little of the story and the negotiation runs on… Feb-2019 Bausch Health Ireland Limited → Eton Pharmaceuticals, Inc. $17M n/a n/a Bausch Health Ireland Limited's announced transaction with Eton Pharmaceuticals, Inc. is recorded at $17M, with no multiple attached. Entries of this size in the record read as product- or formulation-level arrangements rather than whole-company purchases. Mar-2012 Bausch and Lomb → ISTA (ISTA Pharmaceuticals) n/a 3.0x n/a Bausch and Lomb's announced acquisition of ISTA (ISTA Pharmaceuticals) is recorded at 3.0x revenue. Commercial ophthalmic portfolios sit in the low single-digit revenue range across this record, which frames what a revenue-generating eye-care business benchmarks against.

19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the sources, assumptions and data-quality treatment behind the report.

    We set out here how this report was built and what was excluded. Every figure in the body links back to the record it was taken from wherever a link exists. So a client can trace any number in this deck back to its source.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2026E consensus (6 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2026E is the lead convention: it is the sector-appropriate prior for Ophthalmic Therapeutics and it clears the coverage gate with 11 of 14 companies (79%). EV / EBITDA is carried as a cross-check. A revenue lens is used rather than a profit multiple because only 2 of 14 companies carry a meaningful forward EBITDA, too few to form a median. DATA QUALITY & EXCLUSIONS 75 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 313 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (312) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    Higher Multiples Sat with Programme Owners, and Not with the Larger Revenue Bases.

    This is the closing slide restating that higher multiples sat with programme owners, not larger revenue bases.

    We close where we started: higher multiples sat with programme owners, not with the larger revenue bases. The companion tables carry the full universe and source index for any figure a client wants to verify.

    Everything on this page

    Higher Multiples Sat with Programme Owners, and Not with the Larger Revenue Bases. NeuraCap AI — Ophthalmic Therapeutics Coverage September 2026 · Prepared by NeuraCap AI · Confidential Ophthalmic Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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