In case you missed our latest news release and webinar: https://shieldtherapeutics.com/webinars/eY2Gqr-shield-therapeutics-webinar. Below is a summary of the questions addressed during the webinar, together with additional questions submitted by investors that were not addressed live during the session.

Questions addressed during the webinar

Commercial and operational

Will the business have signed more GPO contracts by the end of this year?

Shield continues to evaluate GPO opportunities following our recent contract with one of the larger GPOs in the US, which opens access to over 400 additional clinics. Early indications from that channel are positive and if this continues to perform as expected, the Company will look at and evaluate further GPOs where they warrant ACCRUFeR inclusion.

Viatris and Shield both maintained separate sales teams. What synergies are anticipated from a single structure?

This is not a merger of two equal organisations. Shield has owned the launch strategy, marketing, commercial operations, trade and distribution, data management, manufacturing, regulatory, medical affairs, sales training and pricing strategy since launch. The two sales forces operated a mirrored structure across 80 unique territories, 40 on each side, with no geographic overlap, so there is no duplicate overhead to remove. What changes is that Shield now fully owns the sales infrastructure and takes on market access strategy and payor engagement, for which a team is currently being recruited. For prescribers and patients the transition is designed to be seamless.

Has Shield demonstrated enough operational success with ACCRUFeR to justify adding a new product to the portfolio?

Year on year performance with ACCRUFeR demonstrates the skills and capability to launch and grow a product, and the commercial infrastructure has been built so that it can be scaled quickly to support a second product. Full control of the US commercial organisation makes adding a further product easier, and Shield continues to look actively for those opportunities.

When do you anticipate ACCRUFeR suspension coming to market?

Stability testing is currently under way. In parallel, Shield is assessing the US market opportunity in children under 10, the age group the suspension would serve, where several iron deficiency treatment options already exist. Children of around 10 and above in the US, and 12 and above in Europe, can take the current capsule formulation.

Would the suspension require a separate US sales force?

No. The team already calls on paediatricians for ACCRUFeR in older children, so no anticipated additional sales headcount would be needed to promote a suspension.

Financial

Does taking full control mean more funds will need to be raised?

The transaction requires no upfront payment and is expected to be immediately accretive through improved margin and cash generation, and does not of itself create any additional financing need. Separately, ACCRUFeR is a promotionally sensitive brand and increased investment, particularly in marketing, is known to drive prescriptions. If Shield concludes that further investment would drive materially more revenue, raising capital for that purpose is something the company could potentially consider, and we would communicate that via the appropriate channels.

How much additional annual operating cost will the deal add?

Operating expenses are expected to increase by approximately 30% year-on-year as a result of bringing on the new sales force.

What gross margin do you expect on US ACCRUFeR sales after the deal completes?

Between 75% and 80% post deal close.

Does the deal increase Shield's financial sensitivity to sales performance?

Shield takes on an increased cost base but pays a lower royalty rate. On balance the new structure is more beneficial for Shield in terms of sales retention, cash generation and profitability.

Is Shield still targeting operating profitability for FY2026?

Yes. H1 2026 was EBIT profitable and the target remains EBIT profitability for the full year 2026. Shield does not publish revenue forecasts, but H2 is typically stronger than H1, and the transaction is accretive in its own right, which helps the company move towards that goal.

The transaction

Why did Viatris agree to these terms?

Shield is not in a position to comment on Viatris' rationale or internal decision making. From Shield's perspective the economics are attractive: the lower royalty rate more than offsets the increased cost base, making this a positive transaction for the company.

Would you consider a similar deal with Norgine?

No. The situations are not comparable. Shield has no commercial infrastructure outside the US, and Norgine owns the European registration, so the product is theirs to commercialise in that territory whilst Shield retains the IP and manufacturing.

Questions submitted during or after the session

The questions below were submitted before or during the webinar but were not covered live. Where several investors raised the same point, questions have been consolidated.

What is the annual cost of the transferred Viatris sales force, and at what ACCRUFeR revenue level does the new structure become more profitable than the old arrangement?

Shield does not disclose the standalone cost of the transferred sales force or a specific revenue break-even point for the new structure. What the Company has shared is that operating expenses are expected to increase by approximately 30% year-on-year, that gross margin on US sales is expected to be 75% to 80%, and that the transaction is expected to be accretive from 1 October 2026.

With $8.3m cash at 30 June and a sales force transition closing 30 September, what is the current cash position and is additional facility capacity being drawn?

Shield does not comment on its cash position between scheduled reporting dates with the exception of any reportable material change to the group's financing arrangements. The next scheduled update will be the Q3 2026 trading update which will be released via RNS.

Will you be able to draw down the extra $10m loan, and will the lender agree to the extra $10m drawdown?

Shield does not comment on financing discussions ahead of any outcome, and any material change to the group's financing arrangements would be announced via RNS.

Could you please state what the sliding scale is for the royalties over the five-year period? What level does it start at and how long does it stay at each level?

Shield is not commenting on the exact royalty rate to Viatris during the five-year term. Shield has shared that it starts at high single digits and goes to a mid teen royalty rate during the five-year term.

The deal is described as immediately accretive and closes on 30 September. Does that mean the commercial change, Shield assuming the costs of the full sales team and paying royalties, applies from 1 September or 1 October?

It is from 1 October 2026 onwards.

If you have any questions that you would like to send to the team, please visit Q&A | Shield Therapeutics.