Category Description Biopharma and therapeuticsCompanies developing, manufacturing or commercializing drugs and biologics Diagnostics and life sciences toolsFirms providing laboratory testing, genetic screening, imaging and molecular tools for disease detection and monitoring Medtech and devices Medical device and technology companies focused on surgical, monitoring or treatment hardware Digital health and platformsDigital solutions for care delivery, data analytics, patient engagement and virtual health management Consumer health and wellnessOver-the-counter (OTC), nutraceutical and lifestyle products supporting women’s well- being and preventive care Care delivery and health servicesProviders and platforms delivering women’s health services (physical or virtual) Other Anything that does not fit into the above categories Additionally, companies that are “women’s health-specific” – meaning they predominantly or exclusively focus on women’s health – were identified. The remaining companies include those that have women-specific assets, or a women- specific programme, but their main focus is not solely in women’s health. All company descriptions were manually reviewed to ensure consistency with inclusion and exclusion criteria. Any duplicate records were identified and removed to avoid double counting. Complementary analysis of large-company funding To capture activity beyond venture and private markets, the core dataset was complemented with a review of how the top 100 largest companies by revenue (across pharmaceuticals, medtech and diagnostics) allocate resources to women’s health, including R&D spend and pipeline priorities (see Box 2). Together, these datasets provide a view of the financing ecosystem for women’s health companies and the strategic priorities of larger industry players. Funding event definitions –Merger/acquisition: A company purchases a complete, majority or minority stake in another company’s securities (equity or debt), including leverage buyouts or management buyouts –Minority stake: An equity stake of 50% or less –Public offering: A public sale of newly issued securities (equity or debt) to public investors –Private placement/investment: A private sale of newly issued securities (equity or debt) to a selected investor or investor group, such as angel investors, corporate rounds or debt financing Within private placement/investment, the four types of funding include: –Pre-seed/seed: Including accelerator, angel, pre-seed, seed and pre-series A –Early-stage: Including series A or B –Later-stage: Including series C–F, growth, venture, private equity –Other: Including bridge, debt, convertible, non-equity assistance Identifying opportunities for investment To identify and prioritize prime investment opportunities in women’s health, the following were considered: (1) an analysis of global health burden across conditions that affect women uniquely, differently or disproportionately; (2) representation from each of these three categories to reflect the full breadth of the women’s health market; and (3) insights from stakeholders across the ecosystem. Some 65 health conditions were categorized, based on their relative impact on women, using sex- disaggregated disability-adjusted life years (DALYs) and prevalence ratios from the Institute for Health Metrics and Evaluation (IHME). Each condition was classified as: women-specific (conditions that only or predominantly affect women, such Industry area categorization TABLE 1 Women’s Health Investment Outlook 36

Womens Health Investment Outlook 2026