Protalix BioTherapeutics, Inc. Common Stock Morgan Stanley 24th Annual Global Healthcare Conference

Sure. Good afternoon, everyone, and thank you Ben and Morgan Stanley team for inviting me. We are a pharmaceutical company focusing in rare disease assets in significant unmet need. We build a profitable commercial company based on two products, Elelyso for the Gaucher disease and Elfabrio for the Fabry. Both are partners with global commercial players. Elelyso is licensed to Pfizer worldwide, except for Brazil, where it's licensed to Fiocruz, an arm of the Ministry of Health in Brazil, which is actually doing a very good job. We have 27% share in Brazil, mainly attributable to the very good service and quality of service that they provide to patients, to the community, to the physicians, and that was $11 million of our revenues in 2025. Elfabrio is licensed to Chiesi globally.

Chiesi, for those who don't know, is a privately-owned company with more than $4 billion sales in 2025, of which more than $1 billion sales in rare assets.

Chiesi invest a lot in this area. They acquired Amryt two years ago in 2023. They acquired Calliditas for $1.9 billion this year. They invest a lot in R&D, and we are very happy with the infrastructure and with the investment they do with regards to Elfabrio. Elfabrio is actually our main growth driver.

In terms of our pipeline, our lead product in the pipeline is PRX-115 to treat uncontrolled gout patients, and I will elaborate a bit more about it later. It's also worth mentioning that we have a very unique platform, ProCellEx platform.

It's the first platform that was approved based on the plant cell. What we do is that we express complex human proteins using plant cells.

in suspension. That has many advantages. First, initial set-up cost is cheaper than using mammalian cells.

We manufacture in room temperature, and it's also relatively to scale up or down the production because it's based on bioreactor strains. To summarize, Protalix is now a commercial profitable business. We have a strong balance sheet, no debt, no warrants. We are well-funded to fund our pipeline, in particular the PRX-115.

to the phase II topline results end of next year.

Most biologics are produced by mammalian cells factories. It's more expensive to make the set up. It requires cold chain bioreactor temperatures for the bioreactors. It is exposed to contamination.

Sometimes it can shut down a factory if there is a contamination. Our platform is based on plant cell, and again, it's easier, it's cheaper to set it up. We are not exposed to any mammalian pathogens, so there is no risk whatsoever of mammalian contamination.

It is easier for us to scale up and down also to add products. PRX-115 is also produced with this platform.

This resilience, by the way, was well demonstrated at the COVID period.