Fourth Quarter & Full Year Results 2019

Fourth quarter & full year results 2019

12 February 2020 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 Agenda

• Fourth quarter 2019 overview Participants • Buvidal progress in EU & Australia Fredrik Tiberg, PhD • US approval and launch status President & CEO, Head R&D • R&D pipeline update • Key take-aways Eva Pinotti Lindqvist Chief Financial Officer • Q&A

3 Financial overview

Financials Q4 2019 FY 2019 2019 Product sales 2020 Guidance FY 2020 MSEK MSEK MSEK 80 72.1 *) Net revenue 35.0 (7.8) 105.6 (49.3) 70 Total revenues 290 – 330 60 – product sales 240 – 280 – product sales 30.3 (5.1) 72.1 (11.3) 50 41.9 OPEX 570 – 610 Operating 40

result -88.4 (-103.2) -360.0 (-287.2) MSEK *) 30 excl. 35 million in Brixadi milestones 22.4 Result after 20 11.1 tax -71.9 (-87.1) -289.9 (-234.7) 10 0 Cash flow from Q1 Q2 Q3 Q4 operations*) -87.9 (-102.2) -355.5 (-282.9) Quarterly product sales Cash 358.7 (134.4) 358.7 (134.4) Accumulated product sales YTD *) excl. change in working capital

4 Operational highlights 2019

Buvidal® launch Buvidal® NDA filed initiated in EU (Finland, CAM2029 pivotal Phase 3 Buvidal launched in in New Zealand Sweden, Germany, UK program initiated in patients Norway and Australia and Denmark) FDA grants Citizen Petition with acromegaly allowing Brixadi™ on the US Rights issue License agreement Start of CAM2029 market in Dec 2020 with for Phase 3 long- SEK 403 million Ra Pharma Directed share issue long-acting zilucoplan term safety study SEK 300 million Publication of Buvidal® Phase 3 long-term DEBUT and Buvidal® receives Superior patient outcomes safety data in Addiction UNLOC-T clinical pricing and from DEBUT RCT trials fully enrolled reimbursement in chronic pain Partnership with CAM2038 and successfully key markets study for Buvidal Phase 3 safety completed NewBridge completed in 12 MENA countries

2019 2020

5 Buvidal® – first long-acting treatment of opioid dependence in the EU and Australia

Flexible-dose, weekly and monthly, subcutaneous buprenorphine for treatment of opioid dependence within a framework of medical, social and phychological treatment in adults and adolescents 16 years or over1

Source: 1Buvidal Summary of Product Characteristics (SmPC), 2018 6 Global market strategy for Buvidal® (Brixadi™)

REGION PARTNER NO OF PATIENTS PEAK MARKET POTENTIAL

EU ~1.3 million ~€300 million2 Australia HIGH-RISK OPIOID USERS1

North >2 million $0.6-1.2 billion4, 5 America DIAGNOSED WITH OPIOID USE DISORDER IN THE US3

Middle East & >300,000 €25-75 million5 North Africa 6 (Israel) WITH OPIOID DEPENDENCE

Source: 1European Drug Report 2019; 2Camurus estimate; 3SAMHSA, Results from the 2017 National Survey on Drug Use and Health, Sep. 2018; 4Opioid Use Disorder: Opportunity Analysis and Forecasts to 2027, GlobalData 2018; 5Camurus estimates; 6World Drug Report and NewBridge estimate; 7 Strong progress of Buvidal® in EU & Australia

Launched in seven wave 1 markets in 2019 HQ  Exceptional start in Finland with >40% BPN share year one Lund  Sweden Strong start in Norway and Australia after pricing and reimbursement listings in Q3 2019 Cambridge  Accelerating uptake in Germany, Sweden, Denmark and UK UK  Very positive response by HCPs, patients and payers  Estimated 4,000 patients in treatment with Buvidal end-2019 Paris  Patients up 60% and sales up 55% from Q3 to Q4 France  High retention in treatment, estimated 80-90% in first year

Mannheim 2020 market expansion in Wave 2-3 markets Germany  Full access in Australia, incl. GP’s, after 6-month restriction  Launches in Austria, Spain, Italy, Benelux, and other EU countries following market access approvals Launch sequence Wave 1 markets Wave 3 markets Sydney Wave 2 markets Wave 4 expansion Australia

8 Brixadi™ – significant opportunity in the US

• Tentative approval 21 Dec. 2018 ~40% of US oral buprenorphine 1 • FDA granted Citizen Petition and revoked the prescriptions are 7 days or less orphan designation for Sublocade™ Brixadi™ • Clear path to final approval on Dec 1, 2020 Monthly ‒ Triggers $35m approval milestone for OUD Sublocade™ ‒ $70m in sales milestones 28 days+ 7 days Rx 34% ‒ Mid teen royalty on net product sales Rx 40% most common • All product requirements in place for a successful launch 26% • Strategy addressed need for reliable, easy access Brixadi™ to effective treatment 8–27 days Weekly / Monthly • Double-digit market growth and urgent need for Rx high-quality treatments of OUD

Source: 1. Symphony Health Patient Source, 2017 9 Growing Buvidal® evidence base presented at 1-5 conferences and in leading scientific journals Key publications

Selected conferences where Buvidal data was presented in 2019

2019 Q1 Q2 Q3 Q4

Global ASAM CPDD ISAM Conferences Orlando San Antonio New Delhi

ALBATROS Lisbon Add Paris Lisbon

European IOTOD ICDD Conferences Frankfurt Madrid

FederSerd SIPaD National Milan Rome Conferences F Add Psych ATHS APSAD London Biarritz Hobart

K f Suchtmed SSA Gef-med T Münich Newcastle Frankfurt

1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addiction, 2019;114(8):1416-1426, 3Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 4Haasen, C, et al, J Subst Abuse Treat. 2017;78:22-29; 5Albayaty M, et al, Adv Ther. 2017 34(2):560-575 10 Additional trials to demonstrate utility and advantages of Buvidal®

DEBUT – Depot Evaluation Buprenorphine UNLOC-T – Safety and feasibility of depot buprenorphine Utilization Trial in New South Wales custodial settings ‒ Randomized, open-label, active-controlled study of Buvidal vs ‒ Prospective, non-randomized, open-label, multicenter study in 129 standard of care in 120 adult outpatients with opioid dependence OUD patients treated with Buvidal or methadone in eight prisons. ‒ Study met both primary and secondary objectives ‒ Primary objective to test safety, tolerability, diversion and HEOR • Superior TSQM global satisfaction, p=0.0143 ‒ Secondary objectives to compare efficacy and QoL • Significantly higher TSQM effectiveness and convenience ‒ Positive preliminary results in Q4 2019; resulted in additional domain scores, p<0.0001 resource allocation and scale-up in NSW prisons

DEBUT Buvidal® Weekly & UNLOC-T Buvidal® Buvidal® Buvidal® Monthly flexible dosing Weekly Monthly Monthly

Screening R Follow-up Screening period E n=1201 BPN SoC n=1201 Methadone Extended safety flexible dosing monitoring

Day -28 to -1 Day 1 Week 24 Week 26 Day 0 Day 1 Week 4 Week 16 Week 48

11 Fourth quarter pipeline update

PHARMACEUTICALS 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 2

CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1

CAM4071 ENDOCRINE DISORDER PHASE 1

CAM2047 CINV3 PHASE 1

CAM2048/58 POSTOPERATIVE PAIN & PONV4 - BRAEBURN1 PHASE 1

1. Braeburn holds the rights to North America; 2. Developed by Rhythm Pharmaceuticals under a worldwide license to FluidCrystal®; 3. Chemotherapy-induced nausea and vomiting; 4. Postoperative nausea and vomiting;

12 Significant unmet medical needs in chronic pain market

Significant market size Limitations with current chronic pain medications • ~100 million Americans and ~1 million high-risk • Efficacy ~75 million Europeans with CLBP patients • Risks of tolerance, dependency 3 chronic pain1,2 (>99 MME*/day) and respiratory depression – 74 million patients with 61041 • Issues with diversion, misuse, chronic lower back pain (CLBP) abuse and pediatric exposure in 7 major markets in 20183 • Chronic pain estimated to 246848 Buprenorphine attractive but cost US society USD +600 653995 underutilized potential in pain billion per year4 • Effective analgesia with good safety profile and low dependency potential • Currently limited formulation options US EU5 Japan impacts usage

Source: 1Relieving Pain in America: A Blueprint for Transforming Prevention, Care, Education, and Research (2011) https://www.nap.edu/read/13172/chapter/2; 2Pain Alliance Europe https://pae-eu.eu/activities- 2/petition-on-chronic-pain-in-europe; 3Chronic Lower Back Pain. Market Insights, Epidemiology, and Market Forecast-2028, Delveinsight, May 2019. 13 4Gaskin D, Richard P., J. Pain 2012; 13 (8): 715-724. MME: morphine milligram equivalent. 7MM – seven major markets CAM2038 provides effective round-the-clock pain relief with a unique safety profile

 Convenient and effective dosing • Effective round-the-clock pain management • Weekly and monthly dosing  Safeguard against misuse, overdosing • Healthcare professional administration safeguards and diversion against diversion, misuse and pediatric exposure • Potential reduced risk of tolerance development, dependency and respiratory depression  Positive Phase clinical results • CAM2038 met primary and key secondary Phase 3 endpoints in pivotal enriched-enrollment and randomized withdrawal study.

Next steps – Detailed market analysis to optimize product positioning and market access – Regulatory submissions planned for Q2/Q3

14 CAM2029

Improving lives of patients with neuroendocrine and pituitary disorders Significant potential for CAM2029 in somatostatin analogue market

Sandostatin® LAR® (octreotide) and Somatuline® Autogel® But there are significant (lanreotide) are first-line medical therapy in acromegaly and NET limitations with current SSA treatments

~67,000 US$ billion Difficult handling & administration 2.7 − Need for regular visits at specialty 1,3 ACROMEGALY & NET PATIENTS CURRENT SSA MARKET VALUE clinics or home nursing 2 mUSD TREATED WITH SSAs IN US / EU5 − IM or deep SC dosing, complex Global sales 2500 2250 handling Somatuline® (Ipsen) Acro 2000 − Large bore needles 1750 17,000 Sandostatin® LAR® (Novartis) 1500 NET patients 1250 Sub-optimal treatment response 50,000 1000 − Significant room for improving efficacy; patients 750 disease biomarkers in acromegaly and 500 250 symptom and tumor control in NETs 0

16 CAM2029, octreotide SC depot, offers clear differentation and addresses the key market unmet needs

 Simplified administration • Ready-to-use prefilled syringe and autoinjector for enhanced convenience  Potential for self-administration with option to self-administer

 Potential for improved biochemical • Fast onset and long-acting release with 500% higher bioavailibility vs and symptom control octreotide LAR1 • Limited response with current SSA treatments in • Well maintained or improved acromegaly; ~25-45% biochemical control3,4 biochemical and symptom control • Significant room for improvement of symptom indicated with CAM2029 in and tumor control in patients with GI- NET acromegaly and NET patients2

Strategy: Position CAM2029 as the gold standard somatostatin analogue across acromegaly and NET, offering the most convenient and effective treatment option

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; 3Carmichael JD, et al., J Clin Endocrinol Metab. 2014 May;99(5):1825- 33; 4Melmed S, et al., Nat Rev Endocrinol. 2018 Sep;14(9):552-561 17 External market assessment estimates blockbuster sales potential for CAM20291

Scenario 1 Peak Sales for Acromegaly Peak Sales for NET CAM2029 is available as a pre-filled syringe (PFS) device with equivalent efficacy to current long-acting SSAs, with an assumed $1,015m penetration of 10–20% in Acromegaly, and $245m 10–15% in NET

$180m $720m Scenario 2 Available both as PFS and as an $180m $720m $145m autoinjector, with equivalent efficacy to current long-acting SSAs and an assumed $435m $120m $485m penetration of 20–25%

$60m $240m Scenario 3 – TARGET Available both as PFS and as an autoinjector, with data suggesting superior efficacy over current long-acting SSAs, and an assumed higher penetration of 30–35%

Estimated potential peak sales range $300m – $1,260m, depending on product profile

Source: 1. Globe Life Sciences reports 2019; data on file 18 Phase 3 programs initiated for CAM2029

Regulatory submissions ACRO Phase 3 PC ACRO Four clinical trials completed in ACRO Phase 3 LTSE healthy subjects and patients Autoinj. PK characterizing PK, NET Phase 3 PD and safety profile (N=249) 2019 2020 2021 2022

ACRO Phase 3 PC ACRO Phase 3 LTSE Autoinjector PK NET Phase 3 Randomized, double- Open-label, long-term PK bridging study of Active controlled Phase blind, placebo- safety study in partial prefilled syringe and 3 study in patients with controlled study in SSA and full responders autoinjector devices metastatic, well differen- responders tiated GEP-NET

19 Progress in partnerships

Rhythm: Genetic disorders of obesity Ra Pharma: Complement-mediated disorders • Setmelanotid FluidCrystal weekly SC depot • Zilucoplan FluidCrystal SC depot ‒ Treatment of POMC deficiency, LEPR deficiency, ‒ Treatment of generalized myasthenia gravis (gMG), and Bardet-Biedl syndrome obesity immune-mediated necrotizing myopathy (IMNM), and other serious complement C5 mediated disorders • Phase 1b clinical milestone achieved ‒ Plasma half-life ~120 hours1 • Preclinical PoC 100

‒ Good tolerability • License agreement 80 Inhibition of hemolysis signed July 2019 following a single dose of • Dose escalating Phase 2 study in more than 60 zilucoplan FluidCrystal® in 1 70 obese HVs under completion • cynomolgus monkeys (n=4) Preparations for clinical 40

development ongoing % Hemolysis • Positive Phase 3 data announced for daily 20 setmelanotide in POMC / LEPR deficiency • UCB has agreed to acquire Aug. 20192 Ra Pharma for $2.5 billion 0 3 0 48 96 144 192 Oct. 2019 Time (h)

Source: 1Rhythm Corporate Presentation – January 2020 https://ir.rhythmtx.com/static-files/38f3b5c8-4b34-4fde-935a-2d041bf20696; 2Press release Rhythm Pharmaceuticals 7 August 2019; 3Press release UCB and Ra Pharmaceuticals 10 October 2019 20 Key take-aways – fourth quarter and full year 2019

• Launched in 7 markets: 55% net sales growth Q3 to Q4, market leader in FI Buvidal®/ ™ • Superiority in head-to-head trial vs SoC adding to robust evidence base Brixadi • Strategy 2020: Increase share and base in launched markets, expand to new geographies, and establish Buvidal as preferred treatment choice

Pipeline • Two Phase 3 studies of CAM2029 in acromegaly ongoing with plans for NET progressing, alongside autoinjector development • Preparation for MAA submission of CAM2038 in chronic pain • Progress in partnerships with Rhythm and Ra Pharma

Corporate • Fully operational commercial infrastructure in EU and Australia • 55% net sales growth from Q3 to Q4. Full year revenues grew by 114% to MSEK 105.6 (49.3). Cash MSEK 358.7 (134.4) 31 Dec. 2019 • 2020 revenue guidance MSEK 290-330, excl. $35 m. Brixadi milestones

21 Outlook 2020 – tentative milestones and times

Buvidal® launch Planned regulatory US NDA approval expansion to 2nd and 3rd submission of CAM2038 of Brixadi™ in wave countries in chronic pain opioid use disorder

Start Phase 2a study of Data from Phase 2a Brixadi™ launch in CAM2043 in RP study of CAM4072 the US

Start Phase 1 bridging Long-acting zilucoplan Completed enrollment PK study of CAM2029 start CAM4083 clinical in Phase 3 acromegaly in AI and PFS devices program studies MENA region sales Phase 2a topline results Start CAM2029 for CAM2043 in RP Phase 3 NET

2020 2021

22 Q&A

23 Consolidated statement Q4 and FY 2019

Q4 2019 FY 2019 Outlook 2020 2019 2018 % 2019 2018 % KSEK Oct-Dec Oct-Dec change Jan-Dec Jan-Dec change • Total net revenues are expected to grow to Net revenues 35,023 7,805 349% 105,605 49,321 114% 290-330 million SEK (excl. milestone payments Cost of goods sold -13,540 -3,937 -23,287 -6,822 relating to Brixadi approvals in the US) primarily Gross profit 21,483 3,868 455% 82,318 42,499 94% due to increasing Buvidal sales. Marketing and distribution costs -41,905 -39,547 -170,54 -100,884 • Product sales are expected to grow to between Administrative expenses -5,601 -6,212 -23,468 -21,999 240-280 million SEK, due to increasing Buvidal market shares and treatment expansion in our Research and development costs -63,205 -61,863 -249,226 -207,664 first wave markets in Europe and Australia and Other operating income 817 565 894 830 geographic expansion to second and third wave Other operating expenses markets. Operating results -88,411 -103,189 14% -360,022 -287,218 -25% • OPEX is expected to increase to between 570- Finance income 21 59 43 175 610 million SEK primarily due to increasing Finance expenses -346 -3 -1,585 -25 investments in the Phase 3 programs in acromegaly and NET, market preparations for Net financial items -325 56 -1,542 150 CAM2038 in chronic pain, and expansion of our Result before tax -88,736 -103,133 14% -361,564 -287,068 -26% commercial organization and activities. Income tax 16,880 15,986 71,699 52,392 Result for the period -71,856 -87,147 18% -289,865 -234,676 -24%

24 Shareholders

Shareholders as of 31 January 2020 Number of shares % of capital % of votes Shareholder distribution Sandberg Development AB 22,200,692 43.0 43.0 Gladiator 4,078,558 7.9 7.9 Fjärde AP-fonden 3,250,676 6.3 6.3 Fredrik Tiberg, CEO 1,703,188 3.3 3.3

Avanza Pension 1,508,285 2.9 2.9 25.2 Backahill Utveckling 1,176,491 2.3 2.3 0.7 Catella Fondförvaltning 1,062,570 2.1 2.1 0.7 43.0 Svenskt Näringsliv 725,000 1.4 1.4 0.8 0.8 Camurus Lipid Research Foundation 505,250 1.0 1.0 0.8 Nordnet Pensionsförsäkring 452,480 0.9 0.9 0.9 1.0 Enter fonder 437,561 0.8 0.8 1.4 2.1 Carl-Olof och Jenz Hamrins Stiftelse 425,000 0.8 0.8 3.3 2.3 7.9 Grenspecialisten Förvaltning 420,870 0.8 0.8 2.9 6.3 SEB Investment Management 349,018 0.7 0.7 Lancelot Asset Management 325,000 0.7 0.7 Other shareholders 13,016,219 25.2 25.2 In total 51,636,858 100.0 100.0