Unaudited Q2 2024 Trading Update

Increased balance sheet and operational flexibility with $8.1 million cash on hand plus $5.7 million from the China milestone monetization announced post period end

London, UK, July 24 2024: Shield Therapeutics plc (LSE: STX), a commercial stage pharmaceutical company that delivers ACCRUFeR®/Feraccru® (ferric maltol), an innovative and differentiated specialty pharmaceutical product, to address a significant unmet need for patients suffering from iron deficiency (with or without anaemia) today announced a Q2 2024 trading update highlighting a strong recovery in U.S. ACCRUFeR® growth.

Shield delivered stand-out sequential ACCRUFeR® revenue growth results of 69% in Q2 2024, driven by robust increases in prescriptions, up 26% along with a 23% increase in average net selling price per prescription. This has resulted in total H1 2024 ACCRUFeR® revenues of $11 million (unaudited) and total prescriptions to 65,200, which represent significant increases of ~250% and ~160% respectively compared to H1 2023.

Snapshot of Positive Q2 2024 ACCURUFeR® Key Performance Indicators (KPIs)

• Total Net Sales: $6.9 million, an increase of 69% vs. Q1 24 and 259% vs. Q2 23
• Total Prescriptions: -Over 36,400, an increase of 26% vs. Q1 24 and 145% vs. Q2 23
• Average net selling price per prescription: $171 vs. $139 in Q1 2024 and $118 in Q2 2023
• Cash and cash equivalents: $8.1 million as of 30 June 2024 excluding the $5.7 million funding from the China milestone monetization announced on July 3, 2024

Shield's new Interim Chief Executive Officer Anders Lundstrom commented: "I am excited about stepping in as the interim CEO and continue to build on the strong performance we delivered in the 2nd quarter of 2024. Large states such as California, NY, and Florida continue to drive a significant portion of the increase in prescriptions, while Texas begins to rebound. Our efforts on the operational side also showed outstanding progress, with an increase in our net selling price of 23% which is a direct result of strategies and investments over the past few quarters."

• Lundstrom continued "As we reflect on the first full year of the Shield/Viatris launch of our expanded field force, we are pleased that the market has responded in such a positive way to our efforts to increase physician awareness and adoption of ACCRUFeR®. This fortifies our continued belief the market potential of ACCRUFeR® is significant. We are committed to delivering further ACCRUFeR® growth making it the oral iron of choice for patients with iron deficiency, with or without anemia."

Clinically low iron levels (aka iron deficiency, ID) can cause serious health problems for adults of all ages, across multiple therapeutic areas. Together, ID and ID with anemia (IDA) affect about 20 million people in the US and represent a $2.3B market opportunity. As the first and only FDA approved oral iron to treat ID/IDA, Accrufer® has the potential to meet an important unmet medical need for both physicians and patients.