Company presentation

SEB Biotech Seminar 24 January 2019 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 Investment highlights

• In-house developed with strong IP Unique FluidCrystal® • New generation long-acting depot technology nano-technology • Used in +20 clinical studies and approved products

Broad, late-stage • +10 clinical programs in , pain, oncology, R&D pipeline endocrinology, obesity and CV

Approved • Buvidal® approval in EU and Australia in Nov 2018 Listed on Nasdaq STO (ticker CAMX) commercial products • Brixadi™ US tentative approval Dec 2018 Market Cap: SEK ~2.6 billion Cash position: SEK 216 million (Q3 2018) ® Own commercial • Fully operational for 2019 Buvidal launches Employees: 100 in Europe and Australia organization HQ: Lund, Sweden • Braeburn Pharmaceuticals, Rhythm, Solasia Regional offices: Cambridge, Mannheim, Strong partnerships Pharma… Paris, Sydney

Experienced management and dedicated teams

3 Clinically documented compounds + FluidCrystal® technology

4 Broad and diversified product pipeline

PRODUCT PRECLINICAL PHASE 1-2 PHASE 3 REGISTRATION MARKET Buvidal® (CAM2038) q1w OPIOID DEPENDENCE APPROVED

Buvidal® (CAM2038) q4w OPIOID DEPENDENCE APPROVED

Brixadi® (CAM2038) q1w OPIOID DEPENDENCE1 TENTATIVELY APPROVED

Brixadi® (CAM2038) q4w OPIOID DEPENDENCE1 TENTATIVELY APPROVED

CAM2038 q1w CHRONIC PAIN1 PHASE 3

CAM2038 q4w CHRONIC PAIN1 PHASE 3

CAM2029 ACROMEGALY PHASE 1-2

CAM2029 NEUROENDOCRINE TUMORS PHASE 1-2

CAM2032 PROSTATE PHASE 1-2

CAM4072 GENETIC OBESITY DISORDERS3 PHASE 1-2

CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1-2

CAM2047 INDUCED NAUSEA & VOMITING PHASE 1-2

CAM2048/58 POSTOPERATIVE PAIN & PONV1,2 PHASE 1-2

1. Braeburn holds the rights to North America; 2. Postoperative nausea and vomiting; 3. Developed by Rhythm Pharmaceuticals under a worldwide license to FluidCrystal® 5 Recent company news flow

PRODUCT EVENT TIME

Buvidal® Opioid dependence European launch initiated √ Jan. 2019 /Brixadi™ US tentative NDA approval Dec. 2018

Australian MAA approval √ Nov. 2018

European MAA approval √ Nov. 2018

Publication of pivotal Phase 3 results in JAMA Int. Med. √ May 2018

CAM2038 Chronic pain Positive top-line Phase 3 efficacy results √ Sept. 2018

CAM2029 Acromegaly / NET Exclusive rights to CAM2029 regained from July 2018

CAM2043 PAH / 2nd indication Positive Phase 1 SAD and MAD results √ May 2018

6 Buvidal®/Brixadi™ (CAM2038)

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

Mounting US opioid overdose deaths2 (thousands) 50 • Largest society burden of all drugs1 45 40 • Public health epidemic in the US 35 30

• Patients need better access to care and 25 new treatment choices 20 15

• Investment in treatment brings 10 significant value 5

WHITE HOUSE ESTIMATES * Provisional data

$504 billion #1 cause of death for people under 50 in the US PRICE TAG FOR US OPIOID CRISIS3 30:1 non-fatal to fatal overdoses4 Recent US life expectancy decline largely 5 Source: 1. UNODC, World Drug Report 2017; 2. Center for Disease Control & Prevention 2018; 3. The Council of Economic due to opioids Advisers, November 2017; 4. Frazier at al, 2017, Journal of the American Medical Association; 5. Crow D. Financial Times.com, accessed on March 13, 2018, https://www.ft.com/content/d22e742c-e65c-11e7-97e2-916d4fbac0da 8 Buvidal brings significant values to patients, HCPs and society

• Flexible dosing to match patient needs CHOICE OF WEEKLY MONTHLY MULTIPLE Enhanced continuum of care with direct DOSING DOSING DOSES initiation and switching from daily SITES treatments (‘‘dose matching”)     • Removes burden and stigma of daily medication and increases adherence SMALL LOW ROOM TEMP. CLINICAL DATA VS. • HCP administration safeguards against NEEDLE VOLUMES STORAGE ACTIVE CONTROL diversion, misuse and pediatric exposure • Potential game-changer in opioid     dependence treatment 23 gauge 0.16 – 0.64 mL

Source: 1. CAM2038 is an investigational medicinal product and is currently not approved in any market 9 ® Strong clinical data for Buvidal Recent publications versus daily standard treatment

Non-inferior and Superior efficacy demonstrated in pivotal Phase 3 study versus standard daily SL BPN/NX1 Effective suppression of withdrawal and cravings1,2,3 Blockade of opioid effects from the first dose2

Safety profile comparable to SL BPN/NX except for mild and moderate injection site reactions1

No opioid overdoses across clinical studies for participants treated with Buvidal®1,2,3,5

High patient satisfaction including versus SL BPN6

1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 3Haasen, C, et al, J Subst Abuse Treat. 2017;78:22-29; 4Albayaty M, et al, Adv Ther. 2017 34(2):560-575; 5Lintzeris et al., Drug and alcohol 10 review. 2017;36(S1):47-48, 6Study HS-14-499, data on file. SL BPN sublingual buprenorphine/naloxone High satisfaction amongst patients

“CAM2038 compared to my previously prescribed sublingual buprenorphine treatment”

Much better H

Slightly better

About the same N=133 83% POSITIVE

Slightly worse

Much worse

11 Source: Poster presentation ASAM 2018. Phase 3 Long-Term Safety Study HS-14-499, data on file. Buvidal® approved in EU and Australia with a broad and competitive label

• Indication statement in EU: For treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents from 16 years • SmPC includes all treatment phases: Treatment initiation, switching from daily medications and long-term maintenance treatment • Superiority versus daily standard treatment with sublingual buprenorphine/ naloxone for CDF % urine tests negative for illicit opioids included in clinical outcomes

Source: Buvidal Summary of Product Characteristics (SmPC), 2018 12 INTERNAL USE ONLY. NOT TO BE CONSIDERED BRIEFING MATERIAL FOR REPRESENTATIVES. Limited competition on long-acting injectable opioid dependence market

Long-acting buprenorphine injectables

PRECLINICAL PHASE I PHASE II PHASE III REGISTRATION APPROVAL

US Tentative approval Dec 2018 Camurus/ Europe Approved Nov 2018 Braeburn Buvidal Weekly & Monthly Australia Approved Nov 2018

US Approved Nov 2017 Indivior Sublocade™ Monthly Europe No information Australia Estimated Q3 2019

Long-acting naltrexone injectable

Alkermes Vivitrol® 2017 sales $269M2 US Approved 2010

Source: 1. Indivior, Q2 Financial Results, May 2, 2018; 2. GlobalData 2018. 13 Global commercialization of Buvidal®/Brixadi®

ESTIMATED 34 million WORLDWIDE OPIOID USERS 20161

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

Source. 1. World drug report 2018 14 Significant market potential estimated ® for Buvidal /Brixadi™ (CAM2038) GlobalData estimates of opioid dependence market (US, CA, DE, AUS)1

• Escalating opioid crisis Long-acting injectables US$ 4.8 billion • High unmet need and disease awareness Daily medication • Significant interest from patients, US$ 1.8 billion $1.4 billion prescribers and payers $264 m

• Opioid dependence market predicted $3.4 billion to grow by 10.2% CAGR $1.5 billion 1 • Sales estimated to US$ 1.4 billion in 2027 2017 2027

• “Long-acting injectables are likely to become the new gold standard of treatment” • >100,000 US patients estimated to be treated with CAM2038 in 20271

Source: 1. Opioid Use Disorder (OUD): Opportunity Analysis and Forecasts to 2027, GlobalData 2018 15 European Buvidal® launch initiated

Wave 1 markets HQ Lund ‒ Launched in Finland and Sweden Sweden • Positive initial market feedback • UK, Germany, Denmark in progress Cambridge UK • Norway, Australia in Q2 Launch sequence ‒ Teams recruited and onboarded Wave 1 markets Wave 2 markets • 55 heads, 83% customer facing Paris Wave 3 market growth • Supply and distribution models in place France Wave 4 expansion Wave 2 markets ‒ Market access and medical education

Mannheim • Pricing & reimbursement Germany ‒ Key functions onboarded (10 heads) Sydney • Spain, Italy, France, target launch Q4 ‘19/Q1 ‘20 Australia • Israel – Medison Q1 ‘20

16 Estimated addressable market of ~740,000 patients in EU and Australia

Patients on Bup1 Patients on low dose Patients recycling Users out of treatment Total addressable Methadone 30mg2 within a year1 due to rules & burden1,3,4 market

≤

1. EMCDDA 2018 Drug report 2. Camurus estimate 3. Benyamina et al 2013 Heroin Addiction and Related Clinical Problems 14 (4): 65-80. 4. Camurus data on file 2018 Patient qualitative study . 17 High HCPs’ willingness to prescribe Buvidal® (EU5)1

96% 96% 86% 94% 86% n=52 n=50 n=50 n=51 n=50

q4w q4w q1w q4w q4w q4w q1w 31% q1w 43% 30% 36% 39% q1w 37% q1w 27% 25% 22% 22%

Germany UK Italy Spain France 78,800 patients 138,400 patients 62,800 patients 59,200 patients 169,700 patients

HCPs’ willingness to prescribe CAM2038 Anticipated share of patients on CAM2038 q4w if available Anticipated share of patients on CAM2038 q1w if available

Source: 1. Market access dynamics in opioid addiction, Decision Resources 2015. 18 INTERNAL USE ONLY. NOT TO BE CONSIDERED BRIEFING MATERIAL FOR REPRESENTATIVES. Market potential of long-acting injectables in opioid dependence in EU and Australia

740,0001 20 – 30% Average Pricing Estimated addressable on long-acting length of comparable market size patients in EU injectables in treatment with depot € € 2,3 200 - 300m and Australia base case ~180 days antipsychotics for LAIs at peak

1.See previous slide; 2.Market access dynamics in opioid addiction, Decision Resources 2015; 3. Camurus data Simon Kuchner and Partners pricing research 2018 19 US market opportunity for TM Brixadi (CAM2038) US overdose deaths 20172

6.9 to 11.0 16.1 to 18.5 Strong market dynamics 11.1 to 13.5 18.6 to 21.0 13.6 to 16.0 21.1 to 52.0 • Escalating opioid crisis, high unmet need and high (Deaths per 100,000) disease awareness • Opioid addiction market growing WA ME MT ND +10% in scripts over 12 months MN VT OR NH ID SD WI NY MA • Payers under pressure to increase treatment access WY MI CT RI IA PA due to extreme economic burden – $500 billion/year NE NJ NV OH MD DE UT IL IN CA CO WV KS MO VA • Physician and KOL support for long-acting injections KY NC 1 TN ~14,600 unique patient Rx initiations with Sublocade OK AZ NM AR SC • Significant physician and patient interest in Brixadi MS AL GA AK TX LA

FL

HI

1Indivior Trading Update 18 December 2018, 2Center for Disease Control and Prevention, 2018, 20 Making Brixadi™ available to US patients

• Tentative approval received 21 December 2018 7 days or less buprenorphine prescriptions most common in the US • Final approval of Brixadi Monthly subject to expiration of a Sublocade™ exclusivity period until Nov. 2020, unless earlier resolved 28 days+ 7 day Rx • Brixadi Weekly is not blocked by exclusivity Rx most and can be approved separately common 34% 40% • Braeburn committed to making both Brixadi Weekly and Monthly available to US patients as soon as possible 26%

8–27 day Rx

Source: Symphony Health , Patient Tracker, 2017 21 Positive Phase 3 results for CAM2038 in second indication of chronic pain

Enriched enrollment randomized withdrawal study design • Primary endpoint change from Week 12 to baseline 8 7 ‒ 1.03 (95% CI, 0.49 to 1.57; p<0.001) difference to placebo (+rescue) 6

• Key secondary endpoint of worst pain intensity, 5 64% decrease in pain score ‒ 1.11 (95% CI, 0.49 to 1.57; p<0.001) difference to placebo (+rescue) 4 3

• Statistical treatment difference for additional endpoints: 2

‒ Time to loss of efficacy, p=0.002; patient global impression of change 1 Averga pain intensity intensity Averga pain score improvement, p<0.001; work productivity and activity impairment 0 subscale, p=0.005 Baseline End OLT with CAM2038 • Favorable safety profile consistent with buprenorphine Average pain intensity (API) score decreased 64% ‒ Mild to moderate injection site reactions in a minority of subjects from 7 to 2.5 during CAM2038 open-label titration

API average pain intensity Research N Reports 2018, Chronic Low Back Pain Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2017-2025. 2. Journal of Pain 2012, 13:715-724. 22 Registration program for CAM2038 in chronic pain targets opioid experienced patients

Completion of long-term safety extension study

1 IN 5 INDIVIDUALS SUFFER FROM CHRONIC PAIN1 Scientific advice/pre-MAA meetings with health authorities CHRONIC PAIN ESTIMATED MAA submissions to EMA and TGA expected first half of 2020 ~US$560- Focus on high risk, high need 635bn opioid experienced patients ANNUAL COST TO SOCIETY2

23 Long-acting octreotides for neuroendocrine tumors (NET) and acromegaly CAM2029 update Next generation long-acting somatostatin analogs (SSAs) SOMATOSTATIN ANALOGUE SALES2

mUSD • Octreotide SC depot (CAM2029) for acromegaly 2500 Somatuline® (Ipsen) 2250 Sandostatin® LAR® (Novartis) and neuroendrocrine tumors (NET) 2000 ‒ FluidCrystal® formulated for ease of administration 1750 1500 1 ‒ Enhanced (~500%) exposure for improved efficacy 1250 1000 ‒ Phase 3 program to start by mid-2019 (international 750 advisory team in place) 500 250 • Additional FluidCrystal® based SSA products 0 under development for rare diseases

‒ Preclinical data suggest effective inhibition of tumor - 20 years of strong market growth, 12% CAGR growth and hormonal secretion and good tolerability - Small concentrated prescriber base - Long-acting SSA US price-range: $51,000 to $146,000 WAC / year3

Source: 1Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72; 2. GlobalData 2017; 2US weighted average cost for mid-range doses, 2018 25 CAM2029 is supported by data from four clinical studies

• Dose proportional long-acting octreotide release suitable for once monthly dosing1 • Rapid and sustained suppression of insulin growth factor-1 (IGF-1) in healthy volunteers1 • Well maintained or improved biochemical control indicated in patients with acromegaly2 • Well maintained or improved symptom control indicated in NET patients2 • Good safety profile and local tolerability1-2

Completed clinical trials  Three Phase 1 studies assessing pharmacokinetics (PK), pharmacodynamics (PD) and safety in healthy volunteers (N=249)  One Phase 2 study evaluating PK, disease biomarkers and symptoms in acromegaly and NET patients (N=12)

Source: 1. Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72; 2. Pavel M et al, Cancer Chemotherapy and Pharmacology, 2018 in press 26 Plans for continued development of CAM2029

ACRO Phase 3 PC

ACRO Phase 3 LTSE Phase 2, MAD  Placebo controlled (PC) Phase 3 Phase 1, MAD study in SSA responders (N~80).  Open label, long-term safety Phase 1, MAD extension in full/partial responders

Phase 1, SAD

 Four clinical trials completed in healthy subjects and patients NET Phase 3 AC + LTSE characterizing PK, PD and  Active controlled (AC) Phase 3 safety profile (N=249) study in patients with metastatic, well or moderately differentiated NET.

H2 2019 2021

27 Camurus positioned for significant value creation

• Leading FluidCrystal® technology platform used in house and in multiple partnerships with biotech and pharma partners • Broad and de-risked clinical pipeline targeting multi-billion dollar specialty markets • Multiple levers for value creation through product development, approvals, partnerships and own commercialization • Buvidal® launched as first long-acting medicine in the EU followed by Australia • Significant near-term revenue potential from sales, milestones and royalty

28 Selection of expected milestone events to 2021

2019 2020 2021

Buvidal® 1st wave launches Buvidal® 2nd wave Buvidal 3rd wave Buvidal geographic CAM2038 launch in in EU and Australia launches in EU launches in EU and expansion chronic pain Israel Potential early US launch of Brixadi1 Expiry of Sublocade US exclusivity

Commercial H1 H2 H1 H2

CAM2029 Ph 3 ACRO start CAM2029 Ph 3 NET CAM2038 MAA for CAM2029 Ph 3 ACRO MAA approval for Buvidal® DEBUT Ph 4 study start chronic pain submitted fully enrolled CAM2038 in EU/AUS study fully enrolled DEBUT study results UNLOC-T study results CAM2043 Ph 3 start Phase 3 CAM2029 ACRO results R&D CAM2038 Ph 3 long-term CAM2043 Ph 2 start CAM2043 Ph 2 results safety results H1 H2 H1 H2

Continued development pipeline progress Out-licensing of clinical product candidate Sustained profitability New FluidCrystal® technology partnerships In-licensing of commercial stage asset Three commercial stage Commercial infrastructure in EU and Australia assets Corporate

1Weekly Brixadi only until expiry of Sublocade product exclusivity November 2020 or other early resolution 29 30

The first weekly and monthly individualised treatment for opioid dependence

Buvidal® weekly Buvidal® monthly is available in 8 mg, 16 mg, 24 mg, 32 mg preparations is available in 64 mg, 96 mg, 128 mg preparations

Camurus. Buvidal® Summary of Product Characteristics (SmPC). Camurus AB, Sweden. November 2018. Camurus AB, Ideon Science Park, SE-223 70 Lund, Sweden [email protected] camurus.com Key Shareholders (30 November 2018)

Key financials Others 30,1% Sandberg Development 53,2% Backahill Utveckling 2,29% Q3 Q3 Q1-Q3 Q1-Q3 MSEK FY 2017 Fjärde AP-fonden 2018 2017 2018 2017 2,33%

Net Sales 19.6 12.5 41.5 48.8 54.3 Catella Fondforvaltning 2,49% Operating result -56.4 -67.1 -184.0 -177.4 -243.5 Fredrik Tiberg Gladiator 3,94% 6,49% Result after tax -43.8 -52.3 -147.5 -138.4 -190.6 Listed on Nasdaq STO (ticker CAMX) Earnings per share SEK before -1.14 -1.40 -3.92 -3.71 -5.11 Market Cap: USD ~280 million and after dilution Cash position: USD ~24 million (Q3 2018) Employees: 85 Cash position 216.3 369.7 216.3 369.7 314.5 HQ: Lund, Sweden Regional offices: Cambridge, Mannheim, Paris, Sydney

32 Experienced and committed management team

Fredrik Tiberg, PhD Education: M.Sc. in Chemical Engineering, PhD in Fredrik Joabsson, PhD Torsten Malmström, PhD President & CEO Physical Chemistry, Lund University Chief Business Development Vice President, Technical Officer Operations Previous experience: Professor in Physical In Company since: 2002 Chemistry at Lund University, Institute for Surface In Company since: 2001 In Company since: 2013 Holdings: 1,512,551 shares Chemistry (Section head), Visiting Professor at Holdings: 36,391 shares & Holdings: 36,391 shares & & 205,000 warrants Oxford University, 40,000 warrants 28,000 subscription warrants

Eva Pinotti-Lindqvist Education: Bachelor’s of Science in Economics, Cecilia Callmer Agneta Svedberg Chief Financial Officer Lund University Vice President, Human Vice President, Clinical & Resources Regulatory Development Previous experience: EQL Pharma (CFO), Nordic In Company since: 2014 Drugs (Nordic Market Analyst), Poolia (Finance In Company since: 2017 In Company since: 2015 Holdings: 36,391 shares & Consultant) Holdings: 26,000 warrants Holdings: 9,073 shares & 33,882 warrants 70,000 subscription warrants

Richard Jameson Education: Bachelor’s of Science in Applied Urban Paulsson Chief Commercial Officer Biological Sciences from University West of England Vice President Corporate Dev.& General Counsel Previous experience: GM, UK and Nordics for In Company since: 2016 Reckitt Benckiser Pharmaceuticals Ltd (2010 – In Company since: 2017 Holdings: 16,395 shares & 2013) and Area Director Europe, Middle East and Holdings: 6,500 shares & 120,000 warrants Africa for Indivior PLC (2013 – 2016). 115,000 warrants

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