Ventyx Biosciences 2023 R&D Day

Forward Looking Statements Ventyx Biosciences, Inc.

("Ventyx" or the "Company") cautions you that statements contained in this presentation regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company's current

beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: the potential of Ventyx's product candidates and the anticipated continued progression of the development pipeline for such

product candidates; and the anticipated timing of commencement, enrollment and completion of clinical trials for Ventyx's product candidates, including anticipated milestones for Ventyx's product candidates; and the expected timeframe

for funding Ventyx's operating plan with current cash, cash equivalents and marketable securities. The inclusion of forward-looking statements should not be regarded as a representation by Ventyx that any of its plans will be achieved. Actual

results may differ from those set forth in this presentation due to the risks and uncertainties inherent in Ventyx's business, including, without limitation: potential delays in the commencement, enrollment and completion of clinical trials;

disruption to our operations from the ongoing global outbreak of the COVID-19 pandemic, or from the ongoing military conflict in Ukraine, including clinical trial delays; Ventyx's dependence on third parties in connection with product

manufacturing, research and preclinical and clinical testing; disruptions in the supply chain, including raw materials needed for manufacturing and animals used in research; delays in site activations and enrollment of clinical trials; the results

of preclinical studies and early clinical trials not necessarily being predictive of future results; interim results not necessarily being predictive of final results; the potential of one or more outcomes to materially change as a trial continues

and more patient data become available and following more comprehensive audit and verification procedures; regulatory developments in the United States and foreign countries; unexpected adverse side effects or inadequate efficacy of Ventyx's

product candidates that may limit their development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; Ventyx's ability to obtain and maintain intellectual property protection for its product

candidates; the use of capital resources by Ventyx sooner than expected; and other risks described in Ventyx's prior press releases and Ventyx's filings with the Securities and Exchange Commission (SEC), including in Part II, Item 1A

(Risk Factors) of Ventyx's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 filed on November 4, 2022, and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these

forward-looking statements, which speak only as of the date hereof, and Ventyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are

qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This presentation includes statistical and other industry and market data that we

obtained from industry publications and research, surveys and studies conducted by third parties as well as our own estimates of potential market opportunities. Industry publications and third-party research, surveys and studies generally indicate

that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. Our estimates of the potential market opportunities for our products include several key

assumptions based on our industry knowledge, industry publications, third-party research and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. While we believe that our internal

assumptions are reliable, such assumptions have not been verified by any third party. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors that could cause results to differ

materially from those expressed in the estimates made by third parties and by us. Trademarks in this presentation are the property of their respective owners and used for informational and education purposes only. 2

Ventyx Biosciences 2023 R&D Day Logistics The event is

scheduled to end at approximately 11:30AM ET Lunch will be served at the conclusion of the session Please hold questions until the moderated Q&A session at the end of the event Microphones will be circulated for those

attending in person; virtual attendees can submit questions via chat box in the webcast platform In the interest of time, please limit questions to one per analyst At the conclusion of the event, materials from today's

presentations will be posted under the Investors section of our website (www.ventyxbio.com) 3

Ventyx Biosciences 2023 R&D Day Speakers and Participants Raju

Mohan, PhD William Sandborn, MD Martin Auster, MD John Nuss, PhD James Krueger, MD, PhD CHIEF EXECUTIVE OFFICER, PRESIDENT, CHIEF MEDICAL CHIEF FINANCIAL OFFICER CHIEF SCIENTIFIC OFFICER ROCKEFELLER UNIVERSITY FOUNDER & DIRECTOR OFFICER ADVISOR*

*Consultant/honoraria: AbbVie, Aclaris, Allergan, Almirall, Amgen, Artax Biopharma, Arena, Aristea, Asana, Aurigene, Biogen Idec, Boehringer Ingelheim, Bristol-Myers Squibb, Escalier, Galapagos, Janssen, Kyowa Kirin, Lilly, MoonLake

Immunotherapeutics, Nimbus, Novartis, Pfizer, Sanofi, Sienna Biopharmaceuticals, Sun Pharma, Target-Derm, UCB, Valeant, Ventyx *Grant support (to The Rockefeller University): AbbVie, Akros, Allergan, Amgen, Avillion, Biogen, Botanix, Boehringer

Ingelheim, Bristol-Myers Squibb, Exicure, Innovaderm, Incyte, Janssen, 4 Kyowa Kirin, Lilly, Nimbus Lackshmi, Novan, Novartis, PAREXEL, Pfizer, Regeneron, UCB, Vitae Pharmaceuticals.

Ventyx Biosciences 2023 R&D Day Agenda Time Topic Speaker Martin

Auster, M.D. Welcome 9:00 - 9:05AM Chief Financial Officer Raju Mohan, Ph.D. Introductory Remarks 9:05 - 9:15AM Founder and CEO Raju Mohan, Ph.D. VTX958 Phase 2 Program and Strategy 9:15 - 9:50AM William J. Sandborn, M.D. President

and CMO VTX958 ER Formulation Update Raju Mohan, Ph.D. 9:50 - 10:00AM VTX002 Phase 2 Update and Strategy William J. Sandborn, M.D. 10:00 - 10:20AM William J. Sandborn, M.D. NLRP3 Portfolio 10:20 - 10:40AM John Nuss, Ph.D. Chief

Scientific Officer Discovery Update John Nuss, Ph.D. 10:40 - 10:50AM Q&A Session All 10:50 - 11:30AM 5

Introduction Raju Mohan, Ph.D. Founder and Chief Executive Officer

Ventyx's Chemistry-Driven, Efficient & Productive R&D

Engine VTX3232 A wholly-owned clinical portfolio CNS-NLRP3 INHIBITOR VTX2735 Validated Targets NLRP3 Monocyte & Lymphocyte INHIBITOR lymphocyte Egress Discovery Target recruitment Unmet Need Acute Differentiated Molecules inflammatory response

Cell death & tissue damage VTX002 T helper S1P1 Discovery Target Improved Safety and Efficacy* MODULATOR IL-4Ra Antagonists Th1/Th17 Th2 Cytokines Cytokines VTX2735 NLRP3 INHIBITOR VTX958 TYK2 INHIBITOR Innate/Adaptive VTX3232 Feed Forward

CNS-NLRP3 Chronic inflammatory INHIBITOR Targeting the cycle of chronic inflammation response *Represents target clinical profile for pipeline candidates. 7

Clear Strategy to Drive Value with Wholly-Owned Pipeline Differentiated

Clinical-Stage Assets Targeting Large Markets Clinically validated in PsO, PsA, SLE; IL-23 pathway validated in UC and CD TYK2 Validated Only safe and effective oral mechanism in moderate/severe UC S1PR1 Targets Strong biologic rationale; IL-1

validated by biologics NLRP3 VTX958 Class-leading target coverage and safety in Phase 1; broad therapeutic window Differentiated VTX002 Targeting potential best-in-class pharmacodynamic effect and efficacy in UC Molecules NLRP3 Potential

best-in-class NLRP3 inhibitors for peripheral and CNS applications 1 Targeting established immunology markets totaling >$50B in annual WW sales and growing Established Large Large indications dominated by injectable biologics with high demand for

safe and TAM Markets effective oral agents PsO: psoriasis; PsA: psoriatic arthritis; SLE: systemic lupus erythematosus; UC: ulcerative colitis; CD: Crohn's disease; TAM: total addressable market. 1. 2021 total WW indication sales in PsO, PsA,

SLE, UC, and CD per EvaluatePharma estimates sourced in December 2022. 8

Disrupting Biologic-Dominated Immunology Markets With Differentiated

Safe and Effective Oral Agents Target indications remain underpenetrated Paucity of oral agents with attractive risk/benefit profiles Chronic disease populations - patients commonly cycle through therapies: - Suboptimal

response rates in many autoimmune diseases (IBD, PsA, lupus) - Loss of response to biologic therapies over time (e.g. anti-drug antibodies) - Aversion to administration profile of available biologic therapies $70B 2 >11 million US

patients $51B Dominated by injectable biologics High demand for oral agents 2021 2022 2023 2024 2025 2026 2027 2028 PsO CD UC PsA SLE PsO: plaque psoriasis; PsA: psoriatic arthritis; SLE: systemic lupus erythematosus; UC: ulcerative colitis; CD:

Crohn's disease. 1. 2021 total WW sales in PsO, PsA, SLE, UC, and CD per EvaluatePharma sourced in December 2022. 2. Epidemiology from CCFA, National Psoriasis Foundation, Lupus Foundation of America. 9

Wholly-Owned and Internally-Discovered Small Molecule Portfolio With

Multiple Near-Term Clinical Catalysts S1P1R Modulator Candidate Indication IND-Enabling Phase 1 Phase 2 Phase 3 Anticipated Catalysts VTX002 Ulcerative Colitis Phase 2 data H2 2023 TYK2 Inhibitor Candidate Indication IND-Enabling Phase 1 Phase 2

Phase 3 Anticipated Catalysts VTX958 Plaque Psoriasis Phase 2 data Q4 2023 VTX958 Crohn's Disease Phase 2 data 2024 VTX958 Psoriatic Arthritis Phase 2 data H1 2024 Peripheral NLRP3 Inhibitor Candidate Indication IND-Enabling Phase 1 Phase 2

Phase 3 Anticipated Catalysts VTX2735 CAPS Initiate Phase 2 Q1 2023 CNS-Penetrant NLRP3 Inhibitor Candidate Indication IND-Enabling Phase 1 Phase 2 Phase 3 Anticipated Catalysts VTX3232 Parkinson's Disease Initiate Phase 1 H1 2023

TYK2 Inhibitor VTX958 Raju Mohan, Ph.D. Founder and CEO 11

VTX958 Is a Potential Best-in-Class Allosteric TYK2 Inhibitor IL-23 p19

p40 JAK JAK Th17 cell Adaptive and innate immunity TYK2 Homeostasis JH2 Neuronal JH1 VTX958 STAT3 STAT4 survival Lipid metabolism VTX958 is designed to selectively TNF TNF IL-17 inhibit the TYK2 allosteric domain, IFNy IL-21 IL-17

TNF reducing inflammatory cytokine IL-22 IL-18 IFNy IL-17 levels and downstream tissue IFNy IL-2 damage Psoriasis Psoriatic Arthritis Crohn's Disease Reduced Reduced inflammation and inflammation and tissue damage tissue damage Reduced

inflammation and tissue damage 1. Rendon A, Sch kel K. Int J Mol Sci. 2019;20(6):1475; 2. Carvalho AL, et al. Front Mol Biosci. 2021;8:662047; 3. Waszczykowski M et al. Postepy Dermatol Alergol. 2020;37(6):1001-1008; 4. Schmitt H, et al. Front

Immunol. 2021;12:622934; 5. Ventyx Biosciences. Data on File. 2022. 12

Sotyktu Label Differentiates TYK2 from JAK Inhibitor Class Clean Label

Supports Broad Appeal of TYK2 Mechanism in Target Indications Source: Sotyktu prescribing information (FDA package insert). 13

Highly Selective for TYK2 JH2 Domain Inhibits TYK2 Pathways (IL-12,

IL-23, IFN ) while Avoiding JAK1/2/3 Pathways Structural Rationale for VTX958 Selectivity TYK2 JH2 domain Productive interaction for both VTX958 and Sotyktu (deucravacitinib) with valine residue in TYK2 JH2 domain VTX958 has a

steric clash with the isoleucine residue (IIe) in the JAK1 JH2 domain - deucravacitinib does not Key determinant of the high TYK2 selectivity of VTX958 JAK1 JH2 domain JH2 Binding (K ) Deucravacitinib VTX958 d TYK2 0.009 nM 0.058 nM

JAK1 0.43 nM 240 nM Fold Selectivity for 48 >4,000 TYK2 vs. JAK1 Source: Ventyx internal data. 14

Selectively Inhibits IL-12, IL-23 and IFN Signaling Potently

Inhibits TYK2 Pathways No Measurable Inhibition of JAK1-Mediated Pathways Selective and potent inhibition of IL-12/23 and IFN Lack of inhibition of IL-6, IL-10, IL-22 and other protective axis allows targeting pathways driving immune-

cytokines may avoid potential adverse events associated mediated diseases with less selective inhibitors PROINFLAMMATORY INNATE & TH1/TH17 CYTOKINES PLEIOTROPIC CYTOKINES WITH PROTECTIVE FUNCTIONS Psoriasis Patient PBMC IL-23 IL-22 IL-10

IFN IL-4 IL-6 IL-12 IFN DRUG DRUG IC (nM) IC (nM) IC (nM) IC (nM) IC (nM) IC (nM) IC (nM) IC (nM) 50 50 50 50 50 50 50 50 VTX958 VTX958 >10,000 >10,000 >10,000 >10,000 >10,000 35 5 12 deucravacitinib 10 10 5

deucravacitinib 114 20 350 249 464 Potent activity against IL-23, a key cytokine implicated in several large immune/inflammatory indications KEY Broad therapeutic window of VTX958 may allow for biologic-like target coverage in Phase

2/Phase 3 TAKEAWAYS Selectivity advantages vs. Sotyktu expected to drive differentiated clinical profile Source: Ventyx internal data; assays conducted in peripheral blood mononuclear cells (PBMC) 15

Class-Leading Target Coverage Phase 1 MAD Exposure and Target Coverage

Across All Cohorts Target Coverage* (hours) KEY TAKEAWAYS IFNa IL-12 IL-23 MAD Dose IC coverage up to 24 hours 90 IC IC IC IC IC IC 90 50 90 50 90 50 for IL-12, IL-23 and IFNa 50 mg BID 0 5 0 5 0 7 Sotyktu 6mg QD achieves ~9 hours IC

coverage (does 50 250 mg QD 4 9 4 9 6 10 not reach IC ) 90 500 mg QD 6 14 6 14 7 16 Exposures may approach biologic-like suppression of 175 mg BID 16 24 16 24 17 24 IL-12/23 pathways 350 mg BID 24 24 24 24 24 24 *Data from Phase 1 MAD Day 10

(steady state); exposures used for target coverage calculations: IL-12 hWB IC = 865 ng/mL; IC = 130 ng/mL; IFNa hWB IC = 584 ng/mL; IC = 73 ng/mL 90 50 90 50 IL-12 IC and IC values used for IL-23 IC and IC calibration (hWB assay not

available for IL-23) 50 90 50 90 IL-12 and IL-23 share TYK2-specific heterodimer IL-12Rb1 Source: Ventyx internal data. 16

Robust Dose-Dependent Validation of Target Coverage Phase 1 MAD In Vivo

and Ex Vivo Pharmacodynamic Assays Complete suppression of IL-12 signaling Robust inhibition of TYK2-responsive genes CXCL10, ISG20, IFI27 Dose-dependent inhibition of IFN at all time-points Genes are direct downstream targets

of IFNa and display diverse in response to IL-12/IL-18 dual stimulation onset, amplitude and resolution kinetics Implies complete suppression of IL-23 signaling Potent exposure-PD activity on all three genes IL-12 and IL-23

share TYK2-specific heterodimer IL-12Rb1 Response is dose-related through all cohorts tested In Vivo IFN challenge - Impact on TYK2-mediated genes Ex Vivo IFN response (ELISA) to IL-12/IL-18 dual stimulation (% Inhibiton* 175 mg

BID) Time post- 4h 6h 8h 12h 16h 24h challenge CXCL10 97 82 42 95 95 63 >90% inhibition ISG20 80 69 54 79 101 39 IFI27 78 68 62 60 71 84 BL= baseline *Geometric mean *% inhibition shown as placebo adjusted geometric mean Source: Ventyx internal

VTX958 Phase 2 Clinical Program William J. Sandborn, M.D. President and

Moderate to Severe Plaque Psoriasis Landscape High Unmet Need for Safe

and More Effective Oral Agents WW psoriasis market forecasted to surpass $31B in annual sales by 2028; market 1 expansion to be led by growth of IL-23 biologics and novel oral agents (i.e. Sotyktu) Topicals 1 Otezla has surpassed $2B

annual sales despite modest efficacy and tolerability issues Sotyktu's clean label supports superior risk-benefit profile of TYK2 class vs. other orals Phototherapy Sotyktu capturing early market share: ~25-30% of new oral

prescriptions in first few months 2 of launch, with significant TRx contribution from Otezla and biologic-experienced patients 1 Oral Agents Unmet WW Psoriasis Drug Sales (Otezla, Sotyktu) Need $31.5B $31.1B $29.9B $28.9B $28.3B $28.0B $26.5B

Biologics $23.8B 2021 2022 2023 2024 2025 2026 2027 2028 Source: 1. Commercial data from EvaluatePharma sourced in December 2022. 2. BMY investor presentation January 2023. 19

Phase 2 SERENITY PsO Trial Randomized, Placebo-controlled Trial in

Patients with Moderate to Severe Plaque Psoriasis Primary endpoint: Proportion of patients achieving PASI-75 at Week 16 Secondary endpoints: PASI-90/100; sPGA 0/1; change from baseline in PASI, DLQI, BSA First patient dosed

in December; topline data expected in Q4 2023 Baseline Week 16 Dose Selection Screening Period 16-Week Treatment Period Dose D: High Dose BID Broad exposure range enables evaluation of dose Dose C: Mid+ Dose BID Patients with response and

optimal Moderate to Phase 3 dose selection Severe Plaque Dose B: Mid Dose QD R High dose expected to Psoriasis achieve trough TYK2 IC 1:1:1:1:1 90 (n=200) Dose A: Low Dose BID coverage (as measured by IL-12/IL-23)* Placebo *Represents

predicted TYK2 target coverage (as measured by IL-12/IL-23) based on VTX958 Phase 1 MAD data, relative bioavailability studies and internal PK modeling. PASI: Psoriasis Area and Severity Index; sPGA: Static Physician Global Assessment; DLQI:

Dermatology Life Quality Index; BSA: Body Surface Area. 20

Target Profile Expected to Drive Clinical Differentiation

Best-in-Disease Oral Potential in the ~$24B WW Annual Psoriasis Market Psoriasis Competitive Landscape 100% 86-91% 76-90% VTX958 Target Profile 80% Greater TYK2 suppression may produce improved efficacy compared to other 54-59% 60% oral agents, with

potential to approach leading biologics 71-87% 78-85% 40% 29-33% 44-46% 20% 23-28% 0% IL-17 IL-23 p19 Otezla Deucravacitinib Next-Gen Allosteric (Biologic) (Biologic) PDE4 (Oral) TYK2 (Oral) TYK2 Inhibitors (Oral) Note: Solid area represents

placebo-adjusted response rate; dashed area indicates total observed response rate; primary endpoint cut-off ranges from Week 10 to Week 16. Sources: Company reports and FDA labels for approved anti-IL-17 and anti-IL-23 biologics; market statistics

sourced from EvaluatePharma. 21 PASI-75 (% responders) at Primary Endpoint Cut-off

Skyrizi Data Illustrate Dose Response of IL-23 Pathway in PsO Comparing

Partial to Full Pathway Inhibition Skyrizi (risankizumab) Phase 2 efficacy for 18mg dose at Week 12 is similar to Sotyktu approved 6mg dose at Week 16 (partial inhibition of IL-23 pathway) Robust dose response observed with fuller