Corporate Presentation September 2019

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 Forward-Looking Statements

This presentation contains "forward-looking" statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward- looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our business strategy, objectives and opportunities; our projected QBREXZA market opportunity; our expectations regarding the growth in QBREXZA prescriptions, net product sales, the gross-to-net discount and gross margin related to such sales and estimated peak sales potential; future business and product development, clinical, regulatory and commercialization plans; lebrikizumab targeted product profile, attributes and performance; the successful completion of and timing expectations for the initiation and receipt and announcement of topline efficacy and safety data from our Phase 3 lebrikizumab clinical trial; anticipated atopic dermatitis market size and lebrikizumab’s potential to be a best-in-disease therapy for the treatment of atopic dermatitis; the potential receipt of license revenue from Almirall in the second half of 2019; estimated R&D, SG&A, stock-based compensation and acquired in-process R&D expense for 2019; and estimated cash runway. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements, including, but not limited to, those related to our dependence on third-party clinical research organizations, manufacturers, suppliers and distributors; the outcomes of future meetings with regulatory agencies; our ability to obtain necessary additional capital; market acceptance of our product; the impact of competitive products and therapies; our ability to attract and retain key employees; the costs of our commercialization plans and development programs; the design, implementation and outcomes of our clinical trials; our ability to manage the growth and complexity of our organization; our ability to maintain, protect and enhance our intellectual property; and our ability to continue to stay in compliance with our material contractual obligations, applicable laws and regulations. You should refer to the section entitled “Risk Factors” set forth in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings we make with the Securities and Exchange Commission (SEC) from time to time for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. You should not rely upon forward- looking statements as predictions of future events. Neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update any forward-looking statements after the date of this presentation except as may be required by law.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Projections, assumptions and estimates of the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. We use our website (www.dermira.com), LinkedIn page (www.linkedin.com/company/dermira-inc-), Instagram account and corporate Twitter account (@DermiraInc) as channels of distribution of information about our company, product candidates, planned announcements, attendance at upcoming conferences and other matters. Such information may be deemed material information and we may use these channels to comply with our disclosure obligations under Regulation FD. Therefore, investors should monitor our website, LinkedIn page, Twitter account and Instagram page in addition to following our SEC filings, press releases, public conference calls and webcasts.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 2 Targeting Significant Unmet Needs

Next Anticipated Commercial Program (Indication) Research Pre-Clinical Phase 1 Phase 2 Phase 3 Filed Marketed Milestone Rights

QBREXZATM (glycopyrronium cloth) WW rights 1 Topical anticholinergic ex-Japan (hyperhidrosis)

Lebrikizumab Initiate P3 Injectable α-IL13 mAb program by WW rights 2 3 (atopic dermatitis) YE19 ex-Europe

IND-enabling Early research programs studies/ WW rights or MOA undisclosed Candidate WW rights 4 (dermatologic diseases) selection upon opt-in and opt-in

1. In September 2016, Dermira granted Maruho an exclusive license to develop and commercialize glycopyrronium tosylate for hyperhidrosis in Japan. 2. Estimate provided as of August 7, 2019. 3. In June 2019, Almirall exercised its option to exclusively license rights to develop lebrikizumab for the treatment or prevention of dermatology indications, including but not limited to atopic dermatitis, and commercialize lebrikizumab for the treatment or prevention of all indications in Europe, pursuant to an option and license agreement entered into in February 2019. 4. In August 2016, Dermira entered into an exclusive option and license agreement with Takeda, pursuant to which Dermira acquired an option to license exclusive worldwide rights for ≤ 3 early-stage programs as potential topical treatment options for dermatologic diseases. In December 2018, Dermira exercised its option with respect to one of the early-stage programs and obtained an exclusive, worldwide license to develop and commercialize selected compounds from that program as potential topical treatment options for dermatologic diseases.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 3 QBREXZATM and Primary Axillary Hyperhidrosis

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 4 Important Safety Information about QBREXZA

Contraindications: QBREXZA is contraindicated in patients with medical conditions that can be exacerbated by the anticholinergic effect of QBREXZA (e.g., glaucoma, paralytic ileus, unstable cardiovascular status in acute hemorrhage, severe ulcerative colitis, toxic megacolon complicating ulcerative colitis, myasthenia gravis, Sjogren’s syndrome). WARNINGS AND PRECAUTIONS Worsening of Urinary Retention: QBREXZA should be used with caution in patients with a history or presence of documented urinary retention. Prescribers and patients should be alert for signs and symptoms of urinary retention (e.g., difficulty passing urine, distended bladder), especially in patients with prostatic hypertrophy or bladder-neck obstruction. Instruct patients to discontinue use immediately and consult a physician should any of these signs or symptoms develop. Patients with a history of urinary retention were not included in the clinical studies. Control of Body Temperature: In the presence of high ambient temperature, heat illness (hyperpyrexia and heat stroke due to decreased sweating) can occur with the use of anticholinergic drugs such as QBREXZA. Advise patients using QBREXZA to watch for generalized lack of sweating when in hot or very warm environmental temperatures and to avoid use if not sweating under these conditions. Operating Machinery or an Automobile: Transient blurred vision may occur with use of QBREXZA. If blurred vision occurs, the patient should discontinue use until symptoms resolve. Patients should be warned not to engage in activities that require clear vision such as operating a motor vehicle or other machinery, or performing hazardous work until the symptoms have resolved. ADVERSE REACTIONS The most common adverse reactions seen in ≥2% of subjects treated with QBREXZA were dry mouth (24.2%), mydriasis (6.8%), oropharyngeal pain (5.7%), headache (5.0%), urinary hesitation (3.5%), vision blurred (3.5%), nasal dryness (2.6%), dry throat (2.6%), dry eye (2.4%), dry skin (2.2%) and constipation (2.0%). Local skin reactions, including erythema (17.0%), burning/stinging (14.1%) and pruritus (8.1%) were also common. DRUG INTERACTIONS Anticholinergics: Coadministration of QBREXZA with anticholinergic medications may result in additive interaction leading to an increase in anticholinergic adverse effects. Avoid coadministration of QBREXZA with other anticholinergic-containing drugs. INSTRUCTIONS FOR ADMINISTERING QBREXZA Instruct patients to use one cloth to apply QBREXZA to both axillae by wiping the cloth across one underarm, ONE TIME. Using the same cloth, apply the medication to the other underarm, ONE TIME. Inform patients that QBREXZA can cause temporary dilation of the pupils and blurred vision if it comes in contact with the eyes. Instruct patients to wash their hands with soap and water immediately after discarding the used cloth. USE IN SPECIFIC POPULATIONS Pregnancy: There are no available data on QBREXZA use in pregnant women to inform a drug-associated risk for adverse developmental outcomes. Lactation: There are no data on the presence of glycopyrrolate or its metabolites in human milk, the effects on the breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for QBREXZA and any potential adverse effects on the breastfed infant from QBREXZA or from the underlying maternal condition. Renal Impairment: The elimination of glycopyrronium is severely impaired in patients with renal failure. Healthcare providers: Please see QBREXZA Full Prescribing Information. Patients: Please see QBREXZA Patient Product Information

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 5 QBREXZA™ Cloth – Launched October 1, 2018

Approved for the treatment of primary axillary hyperhidrosis, or excessive underarm sweating www.qbrexza.com

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 6 10 Million Americans Suffer from Primary Axillary Hyperhidrosis1, 2, 3

78% 65% 71% of sufferers reported feeling less of sufferers reported feeling of sufferers reported feeling confident than they moderately to extremely unhappy or depressed would like to be limited at work

Versus 3% of control patients Versus 1% of control patients Versus 0% of control patients

Despite the embarrassment and low self-confidence sufferers feel . . . remain undiagnosed and 70% untreated of patients

1. Doolittle J, et al. Arch Dermatol Res. 2016;308:743-749. 2.Hamm H, et al. Dermatology. 2006;212:343-353. 3. Kamudoni P, et al. Health Qual Life Outcomes. 2017;14:121.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 7 The Clinical Profile for QBREXZA is Differentiated

Indicated for Topical Treatment • Treatment can be self-administered of Primary Axillary • Largest population of hyperhidrosis sufferers Hyperhidrosis

Approved for Children and • Only axillary hyperhidrosis therapy approved for use in Adults children as young as 9 years of age (≥ 9 years of age)

• Established efficacy Clinically Meaningful Results • Patient reported outcomes (PRO) • ASDD (PRO-tool) developed in consultation with the FDA

Favorable Tolerability / • Safety profile following one year of treatment Safety Profile • Low discontinuation rates (anticholinergic side effects)

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 8 Selected Launch Highlights

• ~85% of commercial lives covered1 Gaining Broad Coverage • ~30% of these lives with tier 2 coverage1

• >13,000 unique prescribers to date Increasing HCP Awareness • >40% of the 13,000 prescribers have generated >4 TRx

• >5M unique visitors to unbranded and branded sites (total) • >36% YoY total HH market growth in dermatology vs. historically flat market Activating Patients • >50% QoQ QBREXZA claims growth in Q2, reflecting an inflection driven by branded DTC • >75% of QBREXZA new-to-brand Rxs are new therapy starts

1. Calculated based on Dermira data on file.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 9 Solid Market Development

Symphony TRx IQVIA+FC TRx April 1 3,000 co-pay program changes

2,500

2,000

1,500

US Federal Holiday Week 1,000

500

0 10/5/18 11/5/18 12/5/18 1/5/19 2/5/19 3/5/19 4/5/19 5/5/19 6/5/19 7/5/19 8/5/19

1. FC: Foundaction Care, Dermira’s preferred dispensing partner. As of the week ending April 12, 2019, FC data are included in IQVIA estimates.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 10 We Are Growing Historically Flat Market Topical Rx market among dermatologists has grown significantly since launch

10 QBREXZA Dermatologists Oct-18 8 launch DTC • We are growing the market DSA Branded Unbranded 6 Launch Launch 4 − With our launch, the

(000s) 2 total topical HH Rx Topical TRx Topical 0 volume in dermatology has grown 36% y/y (56% prior to recent Total Market QBREXZA Drysol supply issue)1 50 QBREXZA All HCPs Oct-18 40 launch DSA DTC • QBREXZA is becoming the 30 Unbranded Branded Launch Launch AHH treatment of choice

20 (000s)

Topical TRx Topical 10 − Among dermatologists, 0 QBREXZA has overtaken Drysol as Total Market QBREXZA the volume leader

Source: Charts and figures based on Symphony PHAST national projected TRx through June 2019. 1. 36% and 56% y/y growth in total topical HH Rx reflect 4Q18-2Q19 and 4Q18-2Q19, respectively.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 11 We Are Activating New Patients 79% of QBREXZA’s New-To-Brand Rxs are new therapy starts

New To Brand (NBRx) – Source of Business

100% 7% 7% 6% 5% 4% 4% 4% 4% 5% 20% 20% 18% 19% 18% 16% 80% 20% 20% 23%

60%

40% 73% 73% 71% 75% 76% 78% 77% 78% 79% 20%

0% Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

New Therapy Starts Switch To Add On

Key • Nearly 80% of QBREXZA NBRx are for patients who are new to HH therapy (i.e., had no prior HH therapy in the past year1) takeaway

1. Market basket for the New-to-Brand metrics (New Therapy Starts, Switches) includes: topical aluminum chlorides, oral anticholinergics, Botox. New-to-Brand data set is based on Rx claims but it is not filtered for specific Dx codes. Look-back period = 12 months, retail switch/add grace period = 30 days, mail switch/add grace period = 90 days. Due to data lag, June-19 data split between Switch-To and Add-On data will be made available in July. Source: IQVIA NPA Market Dynamics.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 12 “Life Unfolds” QBREXZA Integrated DTC Campaign

TV & Online Digital/Social Print In-Office e-Mail Video

1.7M 3.8M 155K 1.4M Key Stats: Unique visitors to Unique visitors to In online CRM database Sweat Assessments Qbrexza.com CheckYourSweat.com (CYS and QBREXZA) completed

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 13 DTC is Activating the Market

DTC Branded Launch

Total MoM % 38% 12% 17% -1% 23% 23% 21% 5%

New MoM % 30% 0% 16% -6% 17% 27% 22% 1%

Key takeaway • Branded DTC campaign drove more than more than 50% QoQ claims growth, resulting in more than 20% QoQ Rx growth

Source: SHS PayerSource claims Note: Claim volumes includes non-lifecycle claims here.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 14 The Market Opportunity is Large

Slow initial ramp as we build market and activate patients Estimated peak sales potential in the range of Average compliance ~3 Rx per year $500M$500M -- $600M$600M approximately Average persistence ~2.5 years 6 - 7 years from launch GTN estimates: ~40% upon steady state commercial coverage

Estimates as of August 7, 2019. Peak sales timing from October 2018 launch date.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 15 Lebrikizumab and Atopic Dermatitis

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 16 Lebri: Compelling Investment Thesis

• Biologic atopic dermatitis therapy is a large and growing market • Predicted to be exceed $21 billion by 20271 • Need for new, differentiated therapies

• Lebri offers a differentiated mechanism of action that has the potential to be a best-in-disease therapy for AD • IL13/IL4 class is a validated, targeted approach that is becoming standard-of-care for moderate-to- severe AD

• Phase 2b study confirms thesis that lebri may potentially offer an improved combination of safety and ease of use, efficacy, tolerability and convenience

• Positive Phase 2b topline results announced on March 18, 2019 • Planned Phase 3 initiation by end of 2019; expect topline data first half 20212

1. Decision Resources (2018) Landscape & forecast: Atopic dermatitis/ Eczema. Represents major-market sales of branded, systemic therapies for AD. 2. Estimate provided as of August 7, 2019. Expected topline results timing assumes Phase 3 initiation by year-end 2019.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 17 Dermira Vision for Lebri Deliver best-in-disease therapy to AD patients and those who care for them

AD can become the largest market There will be a large market for safe, Lebri presents the best opportunity in dermatology. effective and convenient biologics. to address key market needs.

• Driven by the advent of new, systemic • α-IL13 biologics are establishing the • The market is and will remain ripe for therapies addressing unmet needs in market and treatment paradigm. improvements on initial systemics, moderate-to-severe patients, major- • While other approaches have shown including in efficacy, tolerability and market sales of branded, systemic promise, their full profiles and suitability convenience. therapies for AD are projected to for broad adoption remain to be seen. • Clinical data suggest lebri can deliver exceed $21B by 2027.1 • Ultimately, the scale of the market and improvements in safety/ tolerability, patient needs will support a range of efficacy and convenience vs. dupilumab products. and development-stage therapies.

1. Decision Resources (2018) Landscape & forecast: Atopic dermatitis/ Eczema.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 18 Moderate-to-Severe AD is a Significant Unmet Need Prevalent, debilitating condition with limited treatment options

Moderate-to-severe AD is Moderate-to-severe atopic Safe, effective treatment options for associated with itching, sleep dermatitis affects: moderate-to-severe AD are limited.8 effects, pain, anxiety, depression and impairment of HRQOL, including prevention or interference with school/ work, embarrassment, and psychological distress from ~10 million stigmatization.7 Americans1-5

+ Dupilumab (approved in 2017)

men and women Only 1 approved biologic therapy exists of all ethnicities equally6

1. Chiesa Fuxench (2019) JID 139:583. 4. Silverberg (2018) Ann Allergy Asthma Immunol 121:729. 7. Simpson (2018) JAMA Dermatol 154:903. 2. Silverberg (2014) Dermatitis 25:107. 5. Silverberg (2018) EADV. 8. Sidbury (2014) JAAD 72:327. 3. US Census Bureau (2017) US and world population clock website, accessed 12/31/18. 6. National Eczema Association (2017) website, accessed 7/26/17.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 19 A Large Market is Emerging for Systemic AD Therapy Advent of new systemic therapy is establishing a market that could exceed that in psoriasis

Dupilumab is on track to establish a large market for systemic AD therapy The AD market opportunity could substantially exceed that in psoriasis

Dupilumab launch metrics (1st 18 mo.) support robust market development: Large AD market opportunity is driven by advent of new, systemic therapies in context of large prevalent population with substantial unmet need and • $262M 3Q18 net sales (16% Q/Q TRx growth in 6th quarter of launch)1 established familiarity with biologics based on psoriasis experience

1 • >63k NRx` Psoriasis 2025 market opportunity (US, EU and Japan) 4 AD5 • 11k+ prescribers (66% having written ≥ 2 prescriptions)2 Moderate-to-severe population (M) 3.3 13.6 2 • Access for 90% of commercial lives (65% following ≤ 2 topical medications) Proportion treated with branded, systemic therapies 16% 13% • Volume outpaced that of other biologics recently launched in dermatology3 (% of moderate-to-severe population) Population treated with branded, systemic therapies (M) 0.5 1.8 30 Sales of branded, systemic therapies ($B) $12.9 $17.1 25 Dupilumab Secukinumab Substantial market opportunity projected in US and internationally5 20 Ixekizumab $25 $21 15 US $19 $20 $17 $15 10 $15 EU US TRx USTRx (000s) Japan $12 5 $10 $9

$6 Sales Sales ($B) 0 $5 $2 $3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 $0 Months since launch 2019 2020 2021 2022 2023 2024 2025 2026 2027

1. Sanofi (2018) press release, 10/31/18. 3. IQVIA (2018) NPA. 5. Sales projections represent branded systemic therapies (Decision Resources 2018 Atopic dermatitis/ Eczema). 2. Regeneron (2018) 2Q18 results presentation, 8/2/18. 4. Decision Resources (2017) Psoriasis market landscape.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 20 Psoriasis Market: Analog for AD Market Potential Market expansion driven by entry of new, innovative, differentiated products

$10 Where we are today $9 for AD market

$8

ILUMYA 1 $7 SILIQ TREMFYA $6 TALTZ COSENTYX $5 OTEZLA STELARA $4 HUMIRA REMICADE $3 ENBREL

US psoriasis sales ($B) sales psoriasis US RAPTIVA $2 AMEVIVE Other $1

$0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

1. Sales represent actuals through 2015 and projections beyond that (Decision Resources 2017).

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 21 Targeting IL13 Offers a Best-in-Disease Opportunity Targeting IL13 selectively addresses the constellation of clinical manifestations of AD

• IL13 drives multiple pathophysiological processes underlying the constellation of clinical manifestations of AD • While other targets may address some of the same pathophysiology, they may be less selective than appropriate

Desirable Other Central Clinical physiology targets pathogenic mediator Pathophysiology manifestations of disease

• Host defense Skin lesions • IL31 • Type 2 inflammation • Erythema • Tumor suppression • JAK • Impaired barrier • Skin thickening function Impaired QOL • IL33 IL13 • Infection • Cardioprotection • Psychological • Fibrosis • Embryofetal • IL1 distress • Impaired host development • TSLP • Interference with defense Pruritus daily activities • Other unknown • OX40 • Intense, persistent processes • Enhanced neuronal • H4 activity itch • Sleep loss

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 22 α-IL13 Biologic Therapy is Emerging as the New SOC Dupilumab profile is driving widespread adoption, although significant unmet need remains

Emerging treatment algorithm • Moderate-to-severe AD has historically been treated with systemic for moderate-to-severe AD immunosuppressants – Systemic immunosuppressants carry numerous safety risks and associated complexities

Topical • As in psoriasis, the advent of safe, effective, convenient biologic therapy is therapies transforming the AD treatment paradigm

• Based on the benefits of IL13 inhibition, dupilumab is establishing α-IL13 biologic therapy as the new SOC α-IL13 therapy – Targeting IL13 affords robust, broad efficacy spanning the range of AD signs and symptoms (dupilumab) – Safety of IL13 inhibition has been established in tens of thousands of patients – Attractive safety and limited monitoring burden make therapy easy to use

• While dupilumab has substantially advanced the SOC, there remains a Systemic significant unmet need for improved systemic therapies immunosuppressants – Only 35% of patients treated with dupilumab achieve an optimal response1 – In a real-world setting, 40% of patients discontinued dupilumab therapy within 1 y2

1. Spherix (2018) Atopic dermatitis ATU study (n=102), 4Q18. 2. Faiz (2018) EADV.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 23 Key Attributes for New Systemic AD Therapies While dupilumab has set a high bar, significant opportunities for improvement remain

Excellent • Safety and ease of use are fundamentally critical in dermatology, and dupilumab has set a high bar1 safety and 1 ease of use • Prescribers cite safety as among the most important attributes for new AD products

Improved • Prescribers consistently cite efficacy as the most important attribute for new AD products1-2 efficacy • Key efficacy attributes include improvements in pruritus, skin involvement and QOL1-2

Improved • Conjunctivitis has been reported in ≤ 38% of AD patients treated with dupilumab3-7 tolerability • 60% of prescribers referred dupilumab patients who experienced ocular AE to an ophthalmologist1

Improved • Patients and prescribers report preference for less frequent administration of biologics for AD2,8 convenience • Improved dosing regimens have driven significant adoption of new biologics in other indications

1. Spherix (2018) Atopic dermatitis ATU study (n=102), 4Q18. 3. Blauvelt (2017) Lancet 389:2287. 5. Ariens (2018) EADV. 7. Thyssen (2019) JEADV 33:1224. 2. Dermira (2019) Conjoint physician market research study (n=400), 1Q19. 4. De Bruin-Weller (2018) BJD 178:1083. 6. Faiz (2018) EADV. 8. Dermira (2018) AD patient market research study (n=35).

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 24 Lebri Well Positioned as Best-in-Class α-IL13 Therapy Differentiated via combination of safety, efficacy, tolerability and convenience

Emerging treatment algorithm Comparison of key therapeutic approaches under development across for moderate-to-severe AD attributes critical for success in AD

Topical therapies Safety and Expected utilization Target (product) ease of use Efficacy Tolerability Convenience (if approved)

IL13 (dupilumab) ++ + + + SOC st IL13 (lebri) ++ ++ ++ ++ (1 -line systemic therapy) α-IL13 therapy (dupilumab) • 2nd-3rd-line systemic therapy JAK ? +(?) ? ? • Intermittent use for flares? ? • Specialists/ Needle avoiders

Systemic immunosuppressants Others ? ? ? ? ?

• By delivering on the full potential of IL13 inhibition, lebri can offer an improved combination of safety, efficacy, tolerability and convenience, a profile well suited for 1st-line use • While some oral JAK inhibitors have shown promising early efficacy results, safety risks and other complexities could limit their utility, particularly in 1st-line therapy • While clinical POC has been shown for some other approaches, their clinical profiles remain unclear in the context of limited clinical experience

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 25 Lebri is a Best-in-Class α-IL13 Therapy Opportunity to improve efficacy, tolerability and convenience via targeted, efficient MOA1-2

Dupilumab Lebri Tralokinumab

IL4 IL4 IL13 IL4 IL13 IL13 γC IL4Rα IL13Rα1 IL4Rα IL13Rα1 IL4Rα IL13Rα1

JAK1 JAK1 JAK1 JAK3 TYK2 TYK2 JAK1 JAK2 TYK2 JAK2 JAK2 Type I Type II Type II Type II IL13Rα2 IL13Rα2 IL13Rα2

Target Binds IL4Rα receptor subunit Binds IL13 cytokine Binds IL13 cytokine Prevents formation of type I (γC/ IL4Rα) and II Specifically prevents formation of type II (IL13Rα1/ Prevents IL13 binding to IL13Rα1 and IL13Rα2 MOA (IL13Rα1/ IL4Rα) receptor complexes, blocking type I IL4Rα) receptor complex, thus blocking type II receptor decoy receptor, thus blocking type II receptor and II receptor signaling signaling but not endogenous IL13 regulation signaling and endogenous IL13 regulation

3 4 5-6 Affinity (Kd) 12-30 pM <10 pM 58-165 pM Half-life (PK) Not measurable (target-mediated disposition)7 ~4 w8 ~3 w9 • Rapid clearance via target-mediated disposition • Sustained, high target coverage via high affinity, long • Low affinity and moderate half-life may limit Potential requires frequent administration and may lead to half-life and targeted MOA presents opportunity for efficacy and convenience (via requirement for implications sub-optimal target coverage improved efficacy, tolerability and convenience high dose and/or frequent administration) • Non-targeted MOA may drive conjunctivitis

1. Roy (2002) J Leukoc Biol 72:580. 3. FDA (2018) Dupilumab clinical pharmacology review, 12/6/16. 5. Popovic (2017) J Mol Bio 429:208. 7. Kovalenko (2016) CPT Pharm Syst Pharmacol 5:617. 9. Oh (2010) Br J Clin 2. Juntilla (2008) J Exp Med 205:2595. 4. Ultsch (2013) J Mol Bio 425:1330. 6. May (2012) Br J Pharmacol 166:177. 8. Zhu (2017) Pulm Pharm Ther 46:88. Pharmacol 69:645.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 26 P2b AD Data Support Best-in-Disease Profile Opportunity to improve efficacy, tolerability and convenience via best-in-class anti-IL13

• All 3 doses met the primary endpoint with statistical significance • Rapid, broad, dose-dependent efficacy was observed across a range of measures spanning the Key constellation of clinical manifestations of AD, including skin lesions and pruritus findings • As expected based on prior experience, lebri was well tolerated, with a safety profile consistent with that observed in prior studies in >4k patients and no clear association with conjunctivitis • Strong efficacy was observed with both q2w and q4w administration

• Results support P3 development of a 250-mg dosing regimen comprising q2w induction therapy, followed by q2w or q4w maintenance therapy

Key • This target profile presents multiple, important opportunities for improvement vs. dupilumab and implications development-stage therapies: – Improved efficacy, spanning skin lesions and pruritus, among the highest reported from a late-stage AD program – Strong safety profile with improved tolerability, including a low rate of conjunctivitis – Convenience of q4w administration

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 27 P2b Study Design: Overview Dose ranging to understand opportunities to improve efficacy, tolerability and convenience

Study objectives • Understand opportunities to improve on SOC • Establish dosing regimen for P3 development

Lebrikizumab (n=73) 250 mg LD, followed by 125 mg Q4W Key inclusion criteria Lebrikizumab (n=80) • Adults with moderate-to-severe AD not 500 mg LD, followed by 250mg Q4W adequately controlled with topicals or for

whom topical treatment is medically Screen (n=280) Lebrikizumab (n=75) inadvisable

Randomize 500 mg LD (w 0 and 2), followed by 250 mg Q2W • TCS washout prior to randomization End of Treatmentof End

Placebo (n=52) Q2W Key endpoints (w 16) • Primary endpoint: Percent change in EASI • Secondary endpoints include: Baseline Week 16 − IGA0/1 − EASI50/ 75/ 90 − Pruritus NRS

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 28 Robust Efficacy Profile1 Primary endpoint (% change from baseline in EASI) also achieved across all 3 doses

IGA0/1 Pruritus NRS2 50% 80% 40% 45% 60% 70% 30% 34% 40% 20% 47% 20%

10% 15% p=0.0392 p=0.0023 27% p=0.1067 p=0.0008

(% of patients) of (%

Response rate Response (% of patients) of (% 0% rate Response 0% Placebo 250 mg q4w 250 mg q2w Placebo 250 mg q4w 250 mg q2w

EASI90 EASI75 50% 80% 40% 44% 60% 30% 36% 56% 61% 20% 40%

10% 20% p=0.0021 p=0.0005

11% p=0.0062 p=0.0006 24%

(% of patients) of (% patients) of (% Response rate Response Response rate Response 0% 0% Placebo 250 mg q4w 250 mg q2w Placebo 250 mg q4w 250 mg q2w

1. Results reflect primary statistical analyses at w 16 (MCMC imputation of missing data for change from baseline in EASI, EASI75, EASI90 and IGA0/1; observed data for pruritus NRS). 2. Pruritus NRS response rate reflects proportion of patients achieving a ≥ 4-point reduction from baseline on a pruritus numerical rating scale ranging from 0 to 10.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 29 Attractive Safety and Tolerability Profile Consistent with prior studies, including low rate of conjunctivitis

Lebri

Placebo 125 mg Q4W 250 mg Q4W 250 mg Q2W All (n=52) (n=73) (n=80) (n=75) (n=228)

Most frequent AE (≥ 5% in any active treatment group)

Upper respiratory tract infection 3 (5.8%) 6 (8.2%) 9 (11.3%) 2 (2.7%) 17 (7.5%)

Nasopharyngitis 2 (3.8%) 4 (5.5%) 2 (2.5%) 9 (12.0%) 15 (6.6%)

Headache 3 (5.8%) 3 (4.1%) 1 (1.3%) 4 (5.3%) 8 (3.5%)

Injection site pain 1 (1.9%) 0 3 (3.8%) 4 (5.3%) 7 (3.1%)

Fatigue 0 0 4 (5.0%) 0 4 (1.8%)

AE of clinical interest

Herpes viral infections 2 (3.8%) 2 (2.7%) 4 (5.0%) 2 (2.7%) 8 (3.5%)

Conjunctivitis 0 1 (1.4%) 3 (3.8%) 2 (2.7%) 6 (2.6%)

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 30 Attractive Target Product Profile P2b data support opportunity for best-in-disease profile

Excellent • Attractive safety profile consistent with that observed with dupilumab and other IL13 inhibitors, with no safety and expectation of requirement for lab monitoring ease of use

Improved • Robust efficacy profile spanning skin lesions and pruritus, including strong performance across key efficacy measures of most importance to patients and prescribers (e.g., EASI90, IGA0/1, pruritus NRS)

Improved • Generally well tolerated, with a very low rate of conjunctivitis (similar to that reported in placebo tolerability patients in many AD studies)

Improved • Opportunity for Q4W administration convenience

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 31 Lebri is Positioned for Rapid, Global Development P3 AD program designed to demonstrate best-in-disease profile targeting initiation by YE191

• Based on P2b results, a P3 program designed to demonstrate a best-in-disease profile in AD is under preparation, in accordance with the following key objectives:

• Maximize efficacy via use of 250 mg q2w regimen as induction therapy (through w-16 primary endpoint)

• Offer enhanced convenience via q4w administration during maintenance therapy (after w 16)

• Support simultaneous launch in adults and adolescents, to be followed quickly by launch in younger age groups

• The clinical program is designed as follows (incorporating input from FDA and EMA):

• 2 pivotal, 52-w monotherapy studies in adults and adolescents

• Additional studies supporting studies, including to support use in combination with TCS and address younger age groups

• A complete nonclinical package and robust CMC support rapid advancement into P3 development

• Targeting initiation by YE19, we expect primary endpoint results by 1H211

1. Estimate provided as of August 7, 2019.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 32 Strong Financial Position

$ in millions June 30, December 31, SELECTED BALANCE SHEET DATA 2019 2018 Cash and investments $ 327.2 $ 316.0 Convertible notes, net 282.1 281.2 Total stockholders’ equity (deficit) 65.6 (9.0)

Three Months Ended June 30, June 30, SELECTED STATEMENTS OF OPERATIONS DATA 2019 2018 Product sales $ 8.1 $ - Collaboration and license revenue 58.6 39.1 Total revenue 66.6 39.1 Costs and operating expenses: Cost of sales 1.3 - Research and development 18.3 19.5 Selling, general and administrative 63.3 40.8 Total costs and operating expenses 82.9 60.3 Net loss (18.0) (23.9)

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 33 Financial Guidance 2019 estimates and cash runway

QBREXZA 2019 ESTIMATES

• Net product sales for the full year 2019 in the low-$30M range • Gross-to-net discount to remain at ~40% • Gross margins of 80-90% in 2H19

COLLABORATION AND LICENSE REVENUE

• Expect to recognize ~$2M in 3Q and 4Q 2019 related to Almirall collaboration

OPERATING EXPENSES 2019 Estimate

Total GAAP R&D and SG&A expenses $295-315M

Stock-based compensation included in R&D and SG&A expenses ~$35M R&D / SG&A split ~ 1/3 / 2/3

• SG&A expenses peak in 2Q19 • R&D expenses increase over the course of 2019 based on preparation for and initiation of lebrikizumab P3 program by YE19

Acquired in-process R&D ~$20M1

CASH RUNWAY

Sufficient capital to fund operations into 1H21 and through receipt of lebrikizumab Phase 3 topline results2 1. Represents anticipated milestone payment due in connection with initiation of lebrikizumab Phase 3 trials pursuant to terms of licensing agreement with F. Hoffmann-La Roche Ltd and Genentech, Inc. 2. Includes $50M received by Dermira in connection with Almirall’s exercise of its option to license the rights to lebrikizumab in Europe and $30M expected to be received from Almirall following initiation of the lebrikizumab Phase 3 trials. All estimates provided as of August 7, 2019.

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 34 Strong Momentum Key 2019 completed and upcoming milestones

Entered into lebri European option and Present lebri P2b data (2H)1  license agreement with Almirall (Q1) Initiate lebri P3 program (by year-end)1  Announced lebri P2b topline results (Q1) Report QBREXZA results (Nov.) Completed follow-on financing generating H2  ~$140M in net proceeds (Q1) 2019

Launched “Life Unfolds” QBREXZA  branded DTC campaign (Q1)  Announced Almirall option exercise (Q2)  Held lebri EOP2 FDA meeting (Q2) Lifecycle management H1 2019 Present & publish data from clinical programs

Continue to evaluate portfolio expansion opportunities

1. Estimates provided as of August 7, 2019

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 35 Thank You

Company Contact: Andrew Guggenhime, Chief Financial Officer [email protected]

©2019 Dermira, Inc. All rights reserved. “Dermira” is a registered trademark in the United States and other countries. A trademark application for “Dermira” and logo is pending in the United States. All other service marks, trademarks and tradenames appearing in this presentation are the property of their respective owners. Solely for convenience, the trademarks and tradenames referred to in this presentation appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and tradenames. The information herein is for informational purposes only and represents the current view of Dermira, Inc. as of the date of this presentation (or as of an earlier date if specifically noted).

DERMIRA | CORPORATE PRESENTATION – SEPTEMBER 2019 36