Company Presentation

Pareto Securities’ 10th Annual Health Care Conference

5 September 2019, Stockholm Forward looking statements

This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product developments and regulatory approvals and financial performance. Camurus is providing the following cautionary statement. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, unexpected contract, patent, breaches or terminations, government-mandated or market-driven price decreases, introduction of competing products, Camurus‘ ability to successfully market products, exposure to product liability claims and other lawsuits, changes in reimbursement rules and governmental laws and interpretation thereof, and unexpected cost increases. Camurus undertakes no obligation to update forward-looking statements

2 LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP: Company profile ~SEK 4.4 billion EMPLOYEES: 120 HQ: Lund, Sweden REGIONAL OFFICES: Cambridge, Mannheim, Paris, Sydney

® Unique FluidCrystal Broad, late-stage nanotechnologies R&D pipeline • In-house developed with strong IP 10 innovative clinical programs in • New generation long-acting depot technology addiction, pain, oncology, endocrinology, • Validated in +20 clinical trials and by obesity and CV disease approved products

Approved medicines Own commercial Partnerships Experienced Weekly and monthly Buvidal® organization R&D collaborations management for the treatment of opioid Fully operational in licensing and royalty and dedicated dependence Europe and Australia arrangements with numerous companies teams

3 Business highlights

• EU and Australian approvals of Buvidal® , weekly and monthly SC buprenorphine depots, in opioid dependence ® – Launch initiated in Q1 2019 Buvidal launch status • US tentative approval of Brixadi™ for opioid use disorder • Sales initiated in Finland, Denmark, Sweden, – US District Court for the District of Columbia Court ruled that the FDA acted Norway, Germany, the UK and Australia inconsistently when delaying the full approval of Brixadi™ • Reimbursement decisions in key markets – Remanded the FDA to reconsider, with deliberate speed, Braeburn’s ‒ Australian government supports affordable access application for final approval of Brixadi™ to Buvidal® as part of a $40 million package1 • Positive Phase 3 results from pivotal randomized study of • Fully operational commercial infrastructure CAM2038 for treatment of chronic pain • First year sales guidance SEK 70-90 million • Pivotal Phase 3 program initiated with octreotide SC depot, CAM2029, in acromegaly • License agreement with Ra Pharma for long-acting formulation FluidCrystal® zilucoplan for complement C5 mediated disease

Source: 1Media Release 25 August 2019, The Hon. Greg Hunt MP, Minister of Health, Minister Assisting the Prime Minister for the Public Service and Cabinet, Australia https://www.health.gov.au/ministers/the-hon-greg-hunt- mp/media/pbs-support-for-end-of-life-care-and-opioid-dependency 4 Clinically documented compounds + FluidCrystal® technology

5 FluidCrystal® in situ gel formation

 Easy to administer  Good safety and tolerability profile  Rapid onset & long-acting release  Unique lipid compositions  Applicable across substance classes  Strong intellectual properties

Injection of liquid formulation Encapsulating Slow release . Drug release and conc using prefilled H2O liquid crystal gel of drug biodegradation of syringe or triggered by blood gel matrix to full

autoinjector water uptake drug resolution time

6 FluidCrystal – Long-acting peptide release

Immediate release pasireotide (Signifor®) Pasireotide FluidCrystal® (CAM4071)

10 10 Pasireotide IR 600 ug Pasireotide FluidCrystal 20 (SC thigh, n = 94) mg (SC thigh, n = 12)

1 1 pasireotide plasma concentrationpasireotide plasma (ng/mL) concentrationpasireotide plasma (ng/mL)

0,1 0,1 0 7 14 21 28 0 7 14 21 28 Time (days) Time (days)

Single dose injection at t=0; clinical Phase 1 data, mean values. Tiberg, F. et al, Poster presentation at ECE, Barcelona, May 2018 7 Weekly and monthly buprenorphine depots

Illustration of population pharmacokinetic profiles for Buvidal vs sublingual buprenorphine

Weekly Buvidal vs. Daily sublingual buprenorphine Weekly vs. Monthly Buvidal

Population PK analysis and modelling based on data from four clinical studies (N=236). Diagnostic testing demonstrated predictive buprenorphine concentrations and good agreement between observed and predicted data percentiles. Steady state data.

Sources: Abstract presented at the Annual conference of the Society for the Study of Addiction- November 2018; Albayaty M, Linden M, Olsson H, Johnsson M, Strandgarden K, Tiberg F. Adv Ther. 2017;34(2):560–575. 8 Broad clinical pipeline of innovative investigational medicines

PRODUCT PHASE 1-2 PHASE 3 REGISTRATION MARKET

Buvidal® q1w OPIOID DEPENDENCE MARKET

Buvidal® q4w OPIOID DEPENDENCE MARKET

Brixadi® q1w OPIOID DEPENDENCE - BRAEBURN1 TENTATIVE APPROVAL

Brixadi® q4w OPIOID DEPENDENCE - BRAEBURN1 TENTATIVE APPROVAL

CAM2038 q1w CHRONIC PAIN1 PHASE 3

CAM2038 q4w CHRONIC PAIN1 PHASE 3

CAM2029 ACROMEGALY PHASE 3

CAM2029 NEUROENDOCRINE TUMORS PHASE 2

CAM2032 PROSTATE CANCER PHASE 2

CAM4072 GENETIC OBESITY DISORDERS - RHYTHM2 PHASE 1

CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1

CAM2047 CINV3 PHASE 1

CAM2048/58 POSTOPERATIVE PAIN & PONV4 - BRAEBURN1 PHASE 1 1Braeburn holds the rights to North America; 2Developed by Rhythm Pharmaceuticals under a worldwide license to FluidCrystal®; 3Chemotherapy-induced nausea and vomiting; 4Postoperative nausea and vomiting;

9 Buvidal®/Brixadi™

Weekly and monthly buprenorphine depots Game-changer in opioid dependence treatment Opioid dependence – escalating Mounting opioid overdose deaths2 global health crisis

30 1 64 • Largest society burden of all drugs - Scotland • 34 million opioid users worldwide1 25 USA • High need for better access to care 20 and new treatment alternatives • Investment in treatment brings substantial 15

value and saves lives 10 Australia Sweden • Significant limitation with current daily UK 5 Finland

medications Germany 0 Drug overdose deaths per 100,000, age group 15 Drugage per overdose 100,000, deaths

#1 cause of death for people under 50 in the US2,3 Recent US life expectancy decline largely Sources: 1UNODC, World Drug Report 2017; 2.EMCDDA 2018, National Records of Scotland, Centers for Disease Control and 4 Prevention 3Frazier at al, 2017, Journal of the American Medical Association; 4Crow D. Financial Times.com, accessed on March due to opioids 13, 2018, https://www.ft.com/content/d22e742c-e65c-11e7-97e2-916d4fbac0da 11 Buvidal® – first long-acting injection treatment of opioid dependence in the EU and Australia

• Buvidal® is indicated (EU) for treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents from 16 years • Individualized dosing for use across treatment phases: initiation, switching from daily medications and long-term maintenance treatment • Superiority versus daily standard treatment with daily buprenorphine/naloxone included in clinical outcomes • Removes burdens and stigma of daily medication • HCP administration safeguards against diversion, misuse and pediatric exposure • Potential to result in fewer occurrences of opioid overdoses

Sources: Buvidal Summary of Product Characteristics (SmPC), 2018; European Medicines Agency. Buvidal: EPAR - Public assessment report, December 2018. Available at: 12 https://www.ema.europa.eu/en/documents/assessmentINTERNAL-report/buvidal USE- eparONLY.-public NOT-assessment TO BE CONSIDERED-report_en.pdf BRIEFING MATERIAL FOR REPRESENTATIVES. Buvidal brings unique values to patients and HCPs

CHOICE OF ROOM CLIN. DATA WEEKLY MONTHLY MULTIPLE SMALL LOW DAY ONE PRODUCT INJECTION TEMP. VS ACTIVE DOSING DOSING DOSES NEEDLE VOLUMES INITIATION SITES STORAGE CONTROL*    *      23G 0.16 – 0.64 mL  – – – 19G– 0.5 ––1.5 mL – – –  – – – –20G 3.4– mL – – –

*Based on information in product labels 13 High treatment satisfaction by patients

“CAM2038 compared to my previously prescribed sublingual buprenorphine treatment”

83% Much better Features rated as extremely important POSITIVE or much better (7 on scale 1-7) by Slightly better majority of patients  Spares regular visits to the pharmacy About the same N=133  Prevents others access to my medication  Prevents accidental exposure to children  Daily medication not required Slightly worse  Improves my privacy as a patient  Helps me not miss or skip medication dose Much worse  Allowed to travel with no medication

14 Source: Frost et al, Addiction, 2019;114(8):1416-1426 Global commercialization strategy for Buvidal® (Brixadi™)

ESTIMATED 34 million WORLDWIDE OPIOID USERS 20161

Camurus 1st entry markets Camurus Braeburn Braeburn option right Medison (Israel)

Source. 1World drug report 2018. 15 ~740,000 patients estimated suited for treatment with Buvidal® in the EU and Australia

Buprenorphine Methadone New treatment Not in treatment due Total potential treated1 treated 30 mg,1,2 journeys to rules and burden of 12 months1 daily treatment1,3,4 ≤

15 percent market penetration corresponds to annual sales of ~ USD 300 million5

1 2 3 5 EMCDDA 2018 Drug report Camurus estimate Benyamina et al 2013 Heroin Addiction and Related Clinical Problems 14 (4): 65-80. 4. Camurus data on file 2018, Patient qualitative study. Based on 16 average daily price of USD 10/day and 270 treatment days/patient/year 1 Buvidal® launch in EU & Australia gaining momentum

Launched in all Wave 1 markets HQ Lund ‒ Finland, Sweden, Denmark, Norway, UK, Germany, Sweden and Australia • Positive pricing and reimbursement decisions Cambridge in key markets, including: Norway, Scotland, UK Launch sequence Australia Wave 1 markets • Fully operational teams – 65 heads Wave 2 markets • Effective supply and distribution Paris Wave 3 markets – within 24 hours delivery to clinic France Wave 4 expansion Preparations in Wave 2-3 markets ‒ Launches planned in Austria, Spain, Italy, France Mannheim and other EU countries Q3 2019 to Q2 2020 Germany • Pricing and reimbursement applications Sydney submitted Australia • Key regional functions onboarded

17 Key takeaways from initial launch markets

Experiences from initial launch markets Drivers of growth • Very positive feedback from patient and HCPs • Expansion into new markets ‒ Improved stability, less burden, more freedom ‒ Launches Australia and Norway in Q2 • High retention with only few dropouts ‒ Wave 2&3 markets from Q3 2019 ‒ Similar or better than long-term Ph. 3 study • Successful HTA review processes • Initial patient uptake and sales vary by country ‒ Positive reimbursement decisions and recommendations in Q2, incl. in Norway, Scotland and Australia ‒ 160 percent patient growth Q1 to Q2 > 20% buprenorphine market share in Finland • Formulary inclusion and funding release ‒ Primary barrier is market access ‒ More than 40 formularies in the UK and 35 in Australia have agreed to include Buvidal® as treatment option • Reimbursement and formulary listing processes • Medical education, evidence sharing and practical • Significant potential in the custodial setting assistance ‒ Buvidal® introduced in more than 10 prisons in the EU ‒ Regional, national and local symposia, webinars, clinician ‒ UNLOC-T study fully recruited in Australia road shows, and case study publications

HTA: Health Technology Assesment 18 Growing evidence base for Buvidal® NEW versus daily standard treatment

Non-inferior and superior efficacy demonstrated in pivotal Phase 3 study versus standard daily SL BPN/NX1 High Treatment Retention ~70% at 48 weeks2 Blockade of Opioid Effects from the first dose3

Effective suppression of withdrawal and cravings1,2,3

Safety Profile comparable to SL BPN/NX except for mild and moderate injection site reactions1,2

No Opioid Overdoses reported across clinical studies for participants treated with Buvidal®1,2,3,4,5 High Patient Satisfaction including versus SL BPN2

Positive case-studies6 CONFIDENTIAL 1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addiction, 2019;114(8):1416-1426, 3Walsh et al, JAMA 4 5 Psychiatry 2017;74(9):894-902; Haasen, C, et al, J Subst Abuse Treat. 2017;78:22-29; Albayaty M, et al, Adv Ther. 2017 19 34(2):560-575; 6D’Agnone O, Case Reports in Psychiatry, 2019 https://doi.org/10.1155/2019/9381346 Ongoing trials to further demonstrate utility and advantages of Buvidal®

The Depot Evaluation Buprenorphine Utilization Safety and feasibility of depot buprenorphine Trial (DEBUT) in NSW custodial settings (UNLOC-T) ‒ Prospective, randomized, open-label, active-controlled, ‒ Prospective, non-randomized, open-label, case-comparison, multicenter trial multicenter trial in custodial settings ‒ 120 adult outpatients have been randomized 1:1 to ‒ 60 adult prisoners treated with Buvidal® and compared with CAM2038 vs SL BNX. Initial results Q4 2019 methadone treated patients. Initial results Q4 2019 ‒ Primary objective to compare patient satisfaction ‒ Primary objective to test safety, tolerability, diversion and HEOR ‒ Secondary objectives QoL, HEOs and other PROs ‒ Secondary objectives to compare efficacy and QoL

DEBUT SC Buvidal® weekly and UNLOC-T Buvidal® Buvidal® Buvidal® monthly flexible dosing Weekly Monthly Monthly Follow-up Screening R Screening E period n=1201 BPN standard of care n=1201 Methadone at flexible doses Extended safety Active follow-up monitoring

Day -28 to -1 Day 1 Week 24 Week 26 Day 0 Day 1 Week 4 Week 16 Week 48 20 Making Brixadi™ available to US patients

• Tentative approval Brixadi™ on 21 Dec. 2018 Partnership with • Final approval of monthly product subject to the expiration of an exclusivity period until November Scope Opioid dependence and pain 2020 – unless earlier resolved Region • Exclusive license for North America • Braeburn initiated court proceedings in April 2019 Financials • USD 24 million received in upfront and to overturn exclusivity and seeks immediate market development milestone payments ™ approval of Brixadi in the US • Costs for pivotal clinical program covered by Braeburn ‒ US District Court for the District of Columbia ruled in July 2019 that the FDA acted inconsistently with • Remaining development milestones; ™ – USD 35 million for opioid use disorder precedent by delaying the approval of Brixadi – USD 17 Million for chronic pain ‒ The court remanded the FDA to reconsider, with • Mid-teen royalty on product sales deliberate speed, Braeburn’s application for final + USD 75 million in sales milestones approval of Brixadi™

21 CAM2038 chronic pain – large market with high unmet medical needs ~1 million high-risk CLBP patients (>99 MME*/day)3 Market • 100 million Americans and 75 million Europeans with chronic pain1,2 • 74 million patients with chronic low back pain (CLBP) in 7MM in 20183 27 873 17 873 105 097 opportunity 4 • Chronic pain estimated to cost US society USD +600 billion per year 41 060

• Effective round-the-clock pain management, with potential of 54 945 Medical need 61 041 addressed reduced risks of tolerance, dependency and respiratory depression 653 995 • HCP administration can improve treatment adherence and safeguards against diversion, misuse, abuse and child exposure Key clinical • CAM2038 met primary and key secondary Phase 3 endpoints in a US Japan Germany France results pivotal enriched-enrollment and randomized withdrawal study – Superiority demonstrated for relief of average and worst pain intensity Italy Spain compared to placebo (P<0.0001, mITT). UK – Well tolerated with favorable safety profile

Next steps • Final Clinical Study Report of Phase 3 LTSE study being compiled • Meetings with health authorities in H2 2019 • Regulatory submissions planned for H1 2020

Source: 1Global Industry Analysts, Inc. report 2011; 2Pain Practice 2014, 14, 79-94; 3Chronic Lower Back Pain (CLBP). Market Insights, Epidemiology, and Market Forecast-2028, Delveinsight, May 2019. 22 4Gaskin D, Richard P., J. Pain 2012; 13 (8): 715-724. MME: morphine milligram equivalent. 7MM – seven major markets CAM2029, octreotide SC depot, addressing unmet needs in acromegaly and neuroendocrine tumors (NET)

Attractive product profile Potential for improved efficacy • Ready-to-use prefilled syringe and • Well maintained or improved biochemical and autoinjector for enhanced convenience symptom control indicated with CAM2029 in • Fast onset and long-acting release with acromegaly and NET patients2 1 500% higher bioavailibility vs octreotide LAR • Limited response with current SSA treatments in acromegaly; ~25-45% biochemical control4,5

Comprehensive clinical Additional development program promising indications >US$ 2.6 billion • Pivotal Phase 3 program for acromegaly • CAM2029 has an attractive target current somatostatin 3 started product profile across multiple analogue market • Four Phase 1-2 clinical trials completed indications 20 years of steady market with positive results • Efficacy of octreotide suggested by growth at 11% CAGR • Orphan designation in the EU growing scientific evidence base

Source: 1Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72; 2.Pavel M et al, Cancer Chemotherapy and Pharmacology 2019; 83:375–385; 3GlobalData 2019, SSA – somatostatin analog; 4Carmichael JD, et 23 al., J Clin Endocrinol Metab. 2014 May;99(5):1825-33; 5Melmed S, et al., Nat Rev Endocrinol. 2018 Sep;14(9):552-561 Phase 3 program initiated with CAM2029 for treatment of acromegaly

Phase 2, MAD ACRO Phase 3 PC Regulatory Phase 1, MAD  Placebo controlled (PC) Phase 3 submissions study in SSA responders Phase 1, MAD

Phase 1, SAD ACRO Phase 3 LTSE  Four clinical trials completed in  Open label, long-term safety study healthy subjects and patients characterizing PK, PD and safety profile (N=249) 2019 2020 2021 2022

24 Progress in partnerships

CAM4072: Genetic disorders of obesity CAM4083: Complement-mediated disorders • Setmelanotid FluidCrystal® weekly SC depot • Zilucoplan FluidCrystal® weekly SC depot ‒ Treatment of POMC deficiency, LEPR deficiency, and ‒ Treatment of generalized myasthenia gravis (gMG), Bardet-Biedl syndrome obesity immune-mediated necrotizing myopathy (IMNM), and other serious complement C5 mediated disorders • Phase 1b clinical milestone in 2018 ‒ Plasma half-life ~120 hours • Preclinical PoC demonstrated 100 ‒ Good tolerability • Preparations for clinical 80 Inhibition of hemolysis development ongoing following a single dose of • Phase 2 study ongoing 60 zilucoplan FluidCrystal® in • Program conducted by • Positive Phase 3 results with setmelanotide in POMC 40 cynomolgus monkeys (n=4)

Ra Pharmaceuticals % Hemolysis and LEPR deficiency announced August 2019 20 under license agreement 0 • Program conducted by Rhythm Pharmaceuticals with Camurus 0 48 96 144 192 under license agreement with Camurus Time (h)

25 Multiple levers for growth and value creation on short and medium term

® Buvidal®/ • Establish leadership in opioid dependence treatment with Buvidal in Europe and Australia Brixadi™ • Support US market approval and launch of Brixadi™ by Braeburn, and continue geographic expansion through partnerships

Pipeline • Drive late-stage development and obtain regulatory approvals for CAM2038 in chronic pain and CAM2029 in acromegaly and NET • Build and expand the pipeline of innovative medicines with own programs and new license agreements

® Corporate • Expand the utilization of our FluidCrystal technology to new applications and therapy areas • Develop sustained profitability through own sales, partnerships and business development

26 Thank You

Camurus AB, Ideon Science Park, SE-223 70 Lund, Sweden [email protected] camurus.com Outlook to 2021 – strong news flow expected

2019 2020 2021

Buvidal® 1st wave launches Buvidal® 2nd wave Buvidal® 3rd wave EU & Buvidal® geographic CAM2038 launch in in EU and Australia launches in EU RoW launches expansion chronic pain

Expiry of Sublocade® Potential early US launch of Brixadi US exclusivity

Commercial H1 H2 H1 H2

CAM2029 Ph 3 ACRO start DEBUT study results CAM2038 MAA chronic CAM2029 Ph 3 ACRO MAA approval for DEBUT & UNLOC-T studies UNLOC-T study results pain submission fully enrolled CAM2038 in EU/AUS fully enrolled CAM2043 Ph 2 start CAM2043 Ph 2 results CAM2043 Ph 3 start Phase 3 CAM2029 ACRO results R&D CAM2038 Ph 3 long-term CAM2029 Ph 3 NET safety results H1 start H2 H1 H2

Commercial organization fully built-out in EU and Australia Out-licensing of clinical product candidates Sustained profitability New FluidCrystal® technology partnerships Milestone payments for Brixadi™ approval Three commercial stage Leadership in opioid dependence treatment in EU assets Corporate

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