AEON Biopharma (AEON) Corporate presentation summary

Market opportunity and competitive landscape

• Targeting a $3.5B+ U.S. neurotoxin market, historically dominated by a single brand with >90% share despite branded competition and patent expirations.

• Market is highly concentrated: ~3,000 neurologists treat 90% of patients, and ~75 payers cover most treated lives.

• Market growth is robust, with a projected 7.7% CAGR and expansion to $5.1B by 2031, driven by chronic indications and rising diagnosis rates.

• Existing competitors are limited by restricted labels, operational complexity, and lack of full-label parity, preventing large-scale switching.

Product strategy and differentiation

• ABP-450 is being developed as the first clinically substitutable biosimilar to BOTOX®, aiming for identical label, dosing, workflow, and outcomes.

• Full-label parity is central, targeting all 12 FDA-approved BOTOX® indications to enable direct substitution and broad adoption.

• Biosimilarity strategy leverages proven manufacturing (Daewoong), identical composition to Jeuveau® (cosmetic indication), and robust analytical/clinical data.

• Operational simplicity and economic alignment are designed to minimize switching friction for providers and payers.

Economic and payer/provider impact

• Buy-and-bill reimbursement and ASP dynamics structurally incentivize biosimilar adoption, restoring provider margins and enabling payer cost control.

• ABP-450 is expected to be priced below BOTOX®, unlocking new payer levers and meaningful cost savings.

• Payers and providers are motivated to switch if clinical equivalence and economic benefits are demonstrated.