Corporate presentation

Updated June 29, 2021 2

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 3

Long-acting medications addressing key healthcare challenges 4

Camurus snapshot

Rapidly growing commercial Broad late-stage pipeline stage company • +10 innovative clinical programs in addiction, • Fully operational infrastructure in Europe pain, endocrine disorders and oncology and Australia • Three Phase 3 programs • Buvidal® to date available in 15 countries • Advancing early- and mid-stage candidates • Strong sales performance and growth

Market approvals Unique FluidCrystal® Partnerships Experienced Weekly and monthly nanotechnologies R&D collaborations, management & ® Buvidal for opioid • New generation long-acting licensing and royalty dedicated teams dependence depot technology arrangements with • Validated in +25 clinical trials pharmautical and and by approved products biotech companies

LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP ~ SEK 11 billion EMPLOYEES: 146 HQ: Lund, Sweden REGIONAL OFFICES: Cambridge, Mannheim, Sydney 5

Leading FluidCrystal® extended-release technology

 Easy and convenient administration  Adopted to prefilled syringes and autoinjectors  Rapid onset & long-acting release  Manufacturing by standard processes  Applicable across substance classes  Strong intellectual property

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

Sources: Tiberg F, et al. Chapter in Long Acting Injections and Implants, Advances in Delivery Science and Technology 2012; Tiberg F, et al. OnDrugDelivery 2010; Tiberg F, et al. Drug Del. Sci. Tech., 21 (1) 101-109 2011. 6

FluidCrystal – Long-acting release

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

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

1 1 pasireotide plasma concentration(ng/mL) pasireotide plasma concentration(ng/mL) 0,1 0,1 0 7 14 21 28 0 7 14 21 28 Time (days) Time (days) 7

Weekly and monthly buprenorphine depots

Population pharmacokinetic profiles for Buvidal vs sublingual buprenorphine

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

Population PK model analysis 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

Recent business progress

•Strong commercial execution with Buvidal ‒ Expanding sales and commercial infrastructure ‒ Initiating diversification and prelaunch preparations for new products •Advancing pipeline ‒ Successful life-cycle management and new regulatory approvals ‒ Two ongoing Phase 3 studies of CAM2029 in acromegaly ‒ Phase 3 study of CAM2029 in neuroendocrine tumors (NET) starting ‒ Several early-stage clinical programs and partnerships advancing •Positive financial performance ‒ Strong revenue growth and improved financial results ‒ Solid cash position with no loans ‒ On track for profitability in 2022

1Total revenue SEK 680 – 750 million, whereof product sales SEK 620 – 680 million, and the operating result SEK -120 – 0 million excluding a USD 35 million milestone payment on approval of Brixadi™ in the US 9 Opioid dependence – worsened crisis during the pandemic

• Largest society burden of all drugs1 Escalating overdose deaths ‒ High need for better access to care and new treatment during COVID-19 alternatives 12 Month-ending Provisional Number ‒ Investment in treatment brings substantial value and of Drug Overdose Deaths in the US4 saves lives 100 000 90 000 • New funding initiatives All drugs 80 000 ‒ President Biden recently issued a US$1.5 billion 70 000 2 Opioids initiative for substance use treatment and prevention 60 000 ‒ Scottish Government initiative £250m investment to 50 000 tackle drug death crisis3 40 000 30 000 Start lockdowns • Significant limitations with current daily 20 000 10 000 medications US the deathsNumber of in 0 ‒ Diversion, misuse, risk of overdose, poor retention, burdens and stigma of daily buprenorphine and methadone medications 12 month-ending period

4 1United Nations: World drug report 2020; 2www.thenationalcouncil.org/wp-content/uploads/2021/03/American-Rescue-Plan- https://www.cdc.gov/nchs/nvss/vsrr/drug-overdose-data.htm Act-MH-SUD-Provisions..pdf?daf=375ateTbd56; 3www.gov.scot/news/more-than-gbp-250-million-for-drug-deaths-emergency/ 10

Buvidal® – flexible long-acting treatment of opioid dependence

Weekly and monthly, subcutaneous buprenorphine for individualized treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents 16 years or over1

Buvidal provides significant benefits to patients and society “Buvidal became ‒ Improved treatment outcomes and patient satisfaction1-3 my way out” ‒ Reduced treatment burden and improved quality of life2 4 Justin, Buvidal patient in ‒ Diminished diversion, misuse and pediatric exposure Australia ‒ Reduced treatment costs in the criminal justice system5

1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addiction, 2019;114(8):1416-1426; 3Lintzeris N, et al., Results of the DEBUT Study, presented at CPDD Virtual Meeting June 22-24, 2020. 4EPAR; 5Dunlop A, et al. Introduction of Long-Acting Depot Buprenorphine in Prison - the UNLOC-T Study. Presented at CPDD Virtual Meeting June 22-24, 2020 11 Strong growth for Buvidal despite pandemic challenges

 Consistent double-digit quarter-by-quarter growth Product sales by quarter (MSEK)

‒ Exceptional uptake in Australia and the Nordics 124 ‒ Progress in the UK, Germany, Spain and other markets ‒ COVID-19 remains a barrier on many markets 104 35% 94 Average Q/Q  Buvidal market expansion continues growth rate 76 ‒ Available in 15 countries in Europe, Australia and MENA ‒ P&R applications in new markets ‒ 8 launches planned in 2021 49  Successful life-cycle management and growing 30 20 scientific evidence 11 ‒ New approvals and important scientific publications Increasing media coverage ‒ 1 2 3 4 5 6 7 8 2019 2020 2021

MENA; – Middle East and North Africa; P&R – price and reimbursement 12

Buvidal market expansion continues

Netherlands Switzerland  ~10,000 patients in opioid  10,000 patients1 dependence treatment1  Marketing approval received  Launch expected in Q2 2021  Launch expected in Q2/Q3 2021

France Croatia and Slovenia 1  >179,000 patients1  >8,000 patients  Positive HEOR assessment by  Preparing for launch Q3 2021 Haute Autorité de Santé  Preparing for launch in Q3 2021 Italy  ~70,000 patients1 Portugal  PMA ongoing  >17,000 patients1  Preparing for launch in Q2/Q3 2021 New Zealand  ~5,500 patients2,3 MENA Launch sequence  Market authorization received  Early access program in three countries Wave 1& 2 Wave 3 markets  PMA initiated  Several regulatory submissions Launched Wave 4 markets progressing

1EMCDDA 2020; 2Office of the Director of Mental Health and Addiction Services Annual Report 2018 and 2019; 3New Zealand Practice Guidelines for Opioid Substitution Treatment 2014 13 Buvidal scientific evidence base translated into significant patient benefits

“…make available long acting treatments in both community & prison” Nicola Sturgeon, First Minister, Scotland, 21 Jan 2021

Growing evidence base Strong supported claims Increasing media attention • From RCTs to real-life studies • Superior treatment outcome versus • Benefits of Buvidal recognized • 25 peer-reviewed scientific daily sublingual buprenorphine by wider society2 publications1 • Flexible, individualized treatment • Powerful patient stories in • 123 conference presentations according to patients’ needs national and regional media3 • Improved treatment satisfaction and quality of life of patients

1Including Lintzeris, N. et al.; JAMA Netw Open 2021 May 3;4(5):e219041; Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773;Frost et al, Addiction, 2019;114(8):1416-1426; and Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 2Including www.gov.scot/publications/update-drugs-policy/; 3Including www.bbc.com/news/uk-scotland-54433312, www.itv.com/news/granada/2021-05-19/the-game-changer-meds-helping-tackle-opioid-addiction; 14 Compelling data from head-to-head DEBUT study Superior patient satisfaction, reduced treatment burden and higher quality of life

•DEBUT – Depot Evaluation Buprenorphine Study met primary endpoint demonstrating superiority Utilization Trial for TSQM global satisfaction1 Difference ‒ Randomized, multi-site, open-label, active-controlled study Scheduled Visit Statistic Buvidal SL BPN SOC† p-value of Buvidal vs standard of care in 120 adult outpatients with (Buvidal - SL BPN) opioid dependence to compare patient reported outcomes Baseline (Mean) 71.2 73.8 - - (PROs) Week 24 (LS Mean) 82.5 74.3 8.2 .01 ‒ Primary endpoint: patient reported TSQM† global satisfaction score Treatment period (LS Mean) 82.4 73.8 8.6 .001 ‒ Secondary endpoints (selected): other treatment satisfaction domains, treatment burden, quality of life, Primary endpoint First secondary endpoints and opioid related behaviors Global satisfaction Convenience Effectiveness Side Effects score Score Score Score 100 Buvidal Series1 Series2 90 Buvidal Weekly & Monthly * * * * * * Follow-up 80 Screening R period 70 n=120 BPN SoC 60 50 Mean TSQMscore 40 Day -28 to -1 Day 1 Flexible dosing Week 24 Week 26 1 2 3 1 2 3 1 2 3 1 2 3

1. Lintzeris N. et al, JAMA Network Open 2021 May 3;4(5):e219041. * Statistically significant p-value ≤ 0.05 TSQM – Treatment satisfaction questionnaire for medication ; SL – sublingual; BPN – buprenorphine; SOC – Standard of Care 15

Global strategy for Buvidal (Brixadi™)

REGION PARTNER NO OF PATIENTS ESTIMATED PEAK SALES

EU ~1.3 million €300 million2 Australia LAUNCH INITIATED IN 2019 HIGH-RISK OPIOID USERS1

North >2 million $600-1,200 million4, 5 America DIAGNOSED WITH OPIOID USE DISORDER IN THE US3

Middle East 5 & North >300,000 €25-75 million WITH OPIOID DEPENDENCE6 Africa EARLY ACCESS PROGRAMS INITIATED IN 2020

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 16

Significant opportunity in mid- to late-stage pipeline

Phase 1 Phase 2 Phase 3 Registration Market

CAM2043 CAM2029 CAM2029 Brixadi™ Buvidal® Pulmonary arterial Polycystic liver disease Acromegaly Opioid use disorder (US)1 Opioid dependence hypertension

CAM2047 CAM2032 CAM2029 Buvidal® 160mg episil® oral liquid Chemotherapy-induced Prostate cancer Neuroendocrine tumors Opioid dependence Oral mucositis nausea and vomiting

CAM2048 CAM2043 CAM2038 Postoperative pain Raynaud’s phenomenon Chronic pain

Opioid dependence & Pain CAM4071 CAM4072 Endocrine disorders Genetic obesity disorders2 Rare diseases Oncology & Supportive care

1 Licensed to Braeburn. 2 Licensed to Rhythm Pharmaceuticals 17 Buvidal (Brixadi) lifecycle management and geographic expansion

•New approvals •Regulatory filings CAM2038 Chronic pain ‒ Market authorization approval in ‒ Four MAAs under review in MENA; ‒ Pre-submission meeting Switzerland and New Zealand Priory Review granted in Saudi Arabia held with EU Rapporteur ‒ Approval of 160mg monthly dose ‒ Early access programs ongoing in three ‒ Regulatory submission and direct initiation in Australia MENA countries to EMA planned in ‒ Approval of 160mg dose in EU ‒ Further submissions planned in 2021 H2 2021

•Brixadi™ in the US ‒ FDA issued Braeburn a Complete Response Letter (CRL) for the Brixadi NDA on 1 December 2020 ‒ Braeburn has worked with their contract manufacturer to address the CRL issues ‒ NDA was resubmitted on 15 June 2021 ‒ New PDUFA date for Brixadi expected within 30 days

CHMP - EMA Committee for Medicinal Products for Human Use; MENA – Middle East and North Africa; NDA – New Drug Application; PDUFA – Prescription Drug User Fee Act 18

CAM2029 – octreotide subcutaneous depot in Phase 3 development

•Innovative medicine in late-stage development for the treatment of rare diseases; acromegaly, neuroendocrine tumors and polycystic liver disease. •Designed for enhanced efficacy and patient convenience 19 CAM2029 opportunity addresses key unmet medical needs in the SSA market

•Somatostatin analogues (SSAs) are •CAM2029 offers simplified dosing and first-line medical therapy in acromegaly possibility of self-administration US$ 2.8 billion and neuroendocrine tumors (NET) ‒ Ready-to-use prefilled syringe and pen CURRENT SSA device for enhanced convenience with option MARKET VALUE3 •But there are significant limitations with for self-administration current SSA treatments mUSD ‒ Difficult handling & administration CAM2029: SSA annual sales 3000 ‒ Sub-optimal exposure / treatment response 2500 Somatuline® Autogel® Sandostatin® LAR® 2000 •Potential for improved biochemical, 1500 Sandostatin® LAR® (octreotide): 1000 symptom and tumor control 500 ‒ 500% higher bioavailability vs octreotide 0 LAR1 ‒ Well maintained or improved biochemical Somatuline® Autogel® (lanreotide): and symptom control indicated with CAM2029 in acromegaly and NET patients2

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; 3 GlobalData 2020, excluding pasireotide sales 20

Three late-stage programs with CAM2029

Regulatory ACRO Phase 3 PC submissions Four clinical ACRO trials completed in healthy ACRO Phase 3 LTSE subjects and patients NET Phase 3 characterizing PK, PD and IND NET PLD Phase 2/3 safety (N=249) Ph. 3 Autoinj. PK

- 2020 2021 2022 2023

ACRO Phase 3 PC ACRO Phase 3 LTSE NET Phase 3 PLD Phase 2/3 Autoinjector PK Randomized, double- Open-label, long-term Active controlled Phase 3 Placebo-controlled Phase PK bridging study of blind, placebo-controlled safety study in partial study in patients with 2 study in patients with prefilled syringe and study in SSA responders and full responders metastatic, well differen- polycystic liver disease autoinjector devices tiated GEP-NET (PLD)

PK – pharmacokinetic; PD – pharmacodynamic 21 Two ongoing pivotal Phase 3 studies of CAM2029 in acromegaly

•Efficacy trial •Long-term safety trial ‒ Phase 3, randomized, double-blind, placebo-controlled, ‒ Phase 3, open-label, single arm, multi-center trial to multi-center trial to assess efficacy and safety of CAM2029 assess the long-term safety and efficacy of CAM2029 ‒ ≥ 100 patients exposed to CAM2029 for 12 months ‒ 78 patients, full SSA responders • Roll-over patients from HS-18-633 and ‒ Regulatory requirements for efficacy data met • ‘New patients’ (partial SSA responders, irradiated patients, and full ‒ Primary endpoint: Proportion of patients with mean IGF-1 SSA responders) levels ≤ 1x upper limit of normal (ULN) at w22 and w24 ‒ Primary endpoint: Safety profile (adverse events) ‒ Study ongoing and recruiting ‒ Study ongoing and recruiting

HS-18-633 HS-19-647 Roll-over patients from efficacy study Possibility to CAM2029 once monthly N=70 Prior treatment roll-over to New patients with octreotide R long-term N=70 or lanreotide safety study Prior treatment CAM2029 once monthly N=78 Placebo with octreotide 2:1 Rescue with standard of care or lanreotide

4-8 weeks Week 1 Double-blind Week 24 4-8 weeks Week 1 Week 24 Week 52 screening treatment phase Endpoint assessment Screening Open label treatment phase 22

GEP-NET Phase 3 trial under start-up

 Phase 3, randomized, open-label, active-controlled multi-center trial to assess efficacy and safety of CAM2029 versus octreotide LAR or lanreotide ATG in patients with GEP-NET ‒ Approximately 300 patients with GEP-NET randomized 1:1 ‒ Primary endpoint: superiority of treatment with CAM2029 versus standard of care as determined by progression free survival in patients with GEP-NET ‒ Study starting

•Patient population CAM2029 ‒ Adult patients with Option to switch to CAM2029 Survival histologically confirmed R (if primary endpoint met) follow-up advanced (unresectable Active comparator and/or metastatic) and well-differentiated NET of GEP origin Screening Week 1 Treatment period Endpoint Follow-up period assessment

* GEP – gastroenteropancreatic; NET – neuroendocrine tumors 23

CAM2029 status and milestones

•Acromegaly •Prefilled pen development Estimated CAM2029  Orphan drug designation in the EU  Clinical study ongoing peak sales potential 1  Two phase 3 studies ongoing  Fully validated for Phase 3 and in the US and EU5:  NDA/MAA submissions late 2022 commercial use mid-2021 US$ 1.1-1.6 billion  Pre-launch activities initiated •New indications Acromegaly2 •Neuroendocrine tumor  CAM2029 is being considered for US$ 120-180 million additional indications  Registration program for GEP-NET  Neuroendocrine tumors3 aligned with FDA and EMA Go / No Go decision and potential clinical study start in 2021 US$ 720-1015 million  Phase 3 study starting Polycystic liver disease4 •Polycystic liver disease program US$ 265-415 million  FDA scientific advice meeting  PRO questionnaire in development  Start Phase 2/3 study

1Globe Life Science market research. Data on file. 2Assuming CAM2029 prefilled pen presentation and efficacy non-inferior to current long-acting SSA-products; 3Assuming CAM2029 prefilled pen presentation and efficacy superior to current long-acting SSA-products; 4No currently available medical treatments 24

Recent and anticipated news flow 2021/22

H1 2021 H2 2021 2022  Buvidal market approval  Start Phase 3 GEP-NET study  Results CAM2029 Phase 3 in New Zealand  Results CAM2029 prefilled pen efficacy study  Line-extension approvals of – autoinjector – PK study  Results CAM2029 Phase 3 Buvidal in EU and Australia  Start CAM2029 Phase 2/3 in PLD long-term safety study  Publication of DEBUT and  NDA/MAA submission  Start CAM4072 Phase 3 program UNLOC-T study data CAM2029 for acromegaly (Rhythm)  Sustainability award  Phase 2 results CAM2043 in Raynaud’s phenomenon  MAA submission CAM2038 in chronic pain  Brixadi US approval in opioid  MAA approval and launch use disorder  Brixadi NDA resubmitted by of CAM2038 chronic pain Braeburn 25

Strategies for continued value creation

Innovation and pipeline • Advance our late-stage pipeline programs in neuroscience, endocrinology and oncology • Continue invest in patient centric innovation and differentiated clinical programs • Develop our leading FluidCrystal technology platform and partnerships Commercialization Corporate development • Establish leadership in opioid • Expand our commercial footprint dependence treatment in Europe, • Deliver on key catalysts for robust, Australia and RoW sustained growth • Support US launch of Brixadi • Develop profitability through own • Initiate pre-launch activities in sales, partnerships, business chronic pain and acromegaly development and M&A Appendix

Camurus AB │ Ideon Science Park, SE-223 70 Lund, Sweden P +46 46 286 57 30 │ [email protected] │ camurus.com 27

Key figures first quarter 2021

MSEK Jan – Mar Jan – Mar Change Jan – Dec 2021 2020 2020

Total revenues 126 49 +155% 336

whereof product sales 124 49 +156% 323

Operating expenses 136 117 +16% 508

Operating result -26 -77 +66% -205

Result for the period -22 -62 +64% -167 Result per share, before and after dilution, SEK -0.40 -1.19 +66% -3.18

Cash position 428 291 +47% 462 28

Positive first quarter financial development

Revenue Operating expenses Operating results

MSEK MSEK MSEK 1 2 3 140 140 0 +16% 120 120 -20

100 -40 +155% 100 +66% 80 -60 80 60 -80 60 40 -100

20 40 -120

0 20 -140 1 2 3

Series1 Series2 0 1Series1 Series22 Series3 3 29

Shareholders

Shareholders as of 31 May 2021 Number of shares % of capital % of votes Shareholder distribution Sandberg Development AB 22,000,692 40.6 40.6 Fjärde AP-fonden 3,330,676 6.1 6.1 Avanza Pension 2,371,924 4.4 4.4 Gladiator 2,127,576 3.9 3.9 28,5% Fredrik Tiberg, CEO 1,625,038 3.0 3.0 40,6% Didner & Gerge Fonder 1,517,016 2.8 2.8 Svenskt Näringsliv 1,100,000 2.0 2.0 0,8% Lancelot Avalon 875,000 1.6 1.6 0,8% 0,9% Backahill Utveckling 826,491 1.5 1.5 1,0% 1,0% State Street Bank and Trust 579,332 1.1 1.1 1,1% Cancerfonden 550,000 1.0 1.0 1,5% 6,1% 1,6% 4,4% 2,0% Afa Försäkring 540,760 1.0 1.0 3,0% 3,9% Camurus Lipid Research Foundation 505,250 0.9 0.9 2,8% SEB Investment Bank 449,431 0.8 0.8 Carl-Olof and Jenz Hamrins Stiftelse 425,000 0.8 0.8 Other shareholders 15,411,004 28.5 28.5 In total 54,235,190 100.0 100.0 30

Experienced and committed management team

Fredrik Tiberg, PhD Education: M.Sc. in Chemical Engineering, PhD in Physical Eva Pinotti-Lindqvist Education: Bachelor’s of Science in Economics, Lund President & CEO, Head R&D Chemistry, Lund University Chief Financial Officer University In Company since: 2002 Previous experience: Professor in Physical Chemistry at In Company since: 2014 Previous experience: Chief Financial Officer at EQL Pharma, Holdings:1,706,788 shares, Lund University, Visiting Professor at Oxford University, Holdings:46,744 shares, Nordic Market Analyst at Nordic Drugs, Finance Consultant 90,000 warrants & 60,000 Institute for Surface Chemistry (Section head). 9,009 warrants and 33,750 at Poolia employee options employee options

Richard Jameson Education: B.Sc. in Applied Biological Sciences from Peter Hjelmström, MD, PhD Education: MD, PhD and Associate Professor from Chief Commercial Officer University West of England Chief Medical Officer Karolinska Institutet, Postdoctoral fellowship at Yale University In Company since: 2016 Previous experience: General Manager, UK & Nordics for In Company since: 2016 Previous experience: More than 15 years of experience Holdings:25,193 shares, Reckitt Benckiser (2010 – 2013) and Area Director Europe, Holdings: 22,500 employee Middle East and Africa for Indivior (2013 – 2016). options from the pharmaceutical industry, including as Medical 58,000 warrants and 33,750 Director at Orexo and Head of Clinical Science at Sobi employee options

Fredrik Joabsson, PhD Education: M.Sc. in Chemistry, PhD in Physical Chemistry, Maria Lundqvist Education: B.Sc: in Business and Economics, Uppsala Chief Business Dev. Officer Lund University Head of Global HR University In Company since: 2001 Previous experience: More than 20 years of experience in In Company since: 2021 Previous experience: More than 20 years of experience of Holdings:49,170 shares , pharmaceutical R&D, business development and alliance Holdings: 22,500 employee leadership roles within Human Resources, including HR 15,000 subscription warrants management. options Director Nordics at Teva Pharmaceuticals and HR positions & 22,500 employee options at Tetra Pak, Vestas and AstraZeneca.

Annette Mattsson Education: Bachelor of Pharmacy, Uppsala University and Torsten Malmström, PhD Education: M.Sc. in Chemistry, PhD in Inorganic Chemistry, VP Regulatory Affairs Business Economics, Lund University Chief Technical Officer Lund University In Company since: 2017 Previous experience: More than 25 years of experience In Company since: 2013 Previous experience: More than 20 years of experience from Holdings:1,504 shares, within regulatory affairs, including European RA Holdings:46,858 shares & pharmaceutical R&D including Director Pharmaceutical 7,000 subscription warrants & Director/Global RA Lead at AstraZeneca and Global RA 22,500 employee options Development at Zealande Pharma, Director of Development 22,500 employee options Lead at LEO Pharma. at Polypeptide, Team Manager at AstraZeneca.

Andrew McLean Education: Bachelor of Laws (LL.B (Hons)), Aberystwyth Agneta Svedberg Education: M.Sc. In Radiophysics and B.Sc. In Medicine VP Corporate Development University and College of Law, Guildford (Law Finals) VP Clinical & Regulatory Dev. from Lund University, Executive MBA from Executive Foundation Lund & Senior Counsel Previous experience: General Counsel, Company Secretary In Company since: 2015 In Company since: 2021 & Chief Compliance Officer at Kyowa Kirin International, Holdings:16,087 shares, Previous experience: More than 25 years of experience in Holdings:22,500 employee International Business Lawyer at Recordati SpA, Head of 37,500 subscription warrants & drug development, incl. as COO at Zealand Pharma, CEO of options Legal Affairs at Shire Pharmaceuticals 22,500 employee options Cantargia, Senior VP Clinical Development at Genmab. 31

Reiterated Outlook 2021

•Key assumptions •Full year 2021 guidance* •Revenue • Revenue • Excludes a potential $35m milestone for •SEK 680 – 750 million final approval of Brixadi in the US • whereof product sales • Product sales estimate based on end of 2020 Buvidal patient numbers, a similar •SEK 620 – 680 million uptake as in 2020, and market expansion • Operating result • Uncertainty relating to COVID-19 impacts •SEK -120 – 0 million •Expenses • Incremental R&D investments, including in CAM2029 Phase 3 programs • * Constant exchange rates from January 2021 • Investments in market expansion for Buvidal with launches in Wave 3 markets • Limited organizational expansion