Company Presentation

SEB Annual Pharma & Biotech Seminar 22 January 2020 Fredrik Tiberg, President & CEO 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 Long-acting medications address key healthcare challenges

3 LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP Camurus in brief ~ SEK 4.8 billion EMPLOYEES: 120 HQ: Lund, Sweden REG. OFFICES: Cambridge, Mannheim, Paris, Sydney

® Unique FluidCrystal Two Phase 3 programs nanotechnologies • Late-stage pipeline with 10 innovative • In-house developed with strong IP clinical programs in addiction, pain, • New generation long-acting depot technology oncology, endocrine and CV disease • Validated in 20 clinical trials and by • Growing early stage opportunities approved products

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

4 Camurus 2019 highlights

• Buvidal launch initiated in EU and Australia ® • Clear path to final US approval of Brixadi™ 1 December 2020 Buvidal launch 2019 following FDA’s grant of Braeburn’s Citizen Petition • Sales started in 7 markets in the EU and • Growing evidence base for Buvidal with new Phase 3 publication Australia and superiority outcomes in DEBUT study vs standard of care • Pricing & reimbursement in key markets • Start of two Phase 3 studies of CAM2029 in acromegaly ‒ Australian government supports affordable ® • Marketing approval application for CAM2038 in chronic pain access to Buvidal as part of a $40 million package under preparation in the EU • Fully operational commercial infrastructure • License agreement with Ra Pharma for long-acting zilucoplan • Effective product distribution ® • SEK 700 million raised in gross proceeds to drive Buvidal First full year sales report 12 February 2020 launches and late-stage pipeline developments to the market

5 FluidCrystal® in situ gel formation

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

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

autoinjector water uptake drug resolution time

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 Weekly and monthly buprenorphine depots

Illustration of population pharmacokinetic profiles for Buvidal vs sublingual buprenorphine

Weekly Buvidal vs. daily sublingual buprenorphine Weekly vs. monthly Buvidal

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

Source: Albayaty M, Linden M, Olsson H, Johnsson M, Strandgarden K, Tiberg F. Adv Ther. 2017;34(2):560–575; Buvidal: EPAR - Public assessment report, December 2018. Available at: 7 https://www.ema.europa.eu/en/documents/assessment-report/buvidal-epar-public-assessment-report_en.pdf Buvidal® / Brixadi™

Individualized weekly and monthly treatment for opioid dependence Opioid dependence – escalating Mounting opioid overdose deaths2 global health crisis

1 30 64

• Largest society burden of all drugs - 1 • 35 million opioid users worldwide Scotland 25 • High need for better access to care USA and new treatment alternatives 20 • Investment in treatment brings substantial value and saves lives 15 • Significant limitation with current daily 10 Australia medications Sweden – Diversion, misuse, overdosing, poor retention, UK 5 Finland burdens and stigma of daily buprenorphine and methadone medications Germany 0 Drug overdose deaths per 100,000, age group 15 Drugage per overdose 100,000, deaths

#1 cause of death for people under 50 in the US2,3 Recent US life expectancy decline largely Sources: 1UNODC, World Drug Report 2019; 2.EMCDDA 2018, National Records of Scotland, Centers for Disease Control and 4 Prevention 3Frazier at al, 2017, Journal of the American Medical Association; 4Crow D. Financial Times.com, accessed on March due to opioids 13, 2018, https://www.ft.com/content/d22e742c-e65c-11e7-97e2-916d4fbac0da 9 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 10 Buvidal brings significant values over daily medications

 Less burden and stigma for • Improved convenience and quality of life patients • Ability to live a more normal life  • Continuous blockade of effect of illicit opioids Safeguard against misuse • Healthcare professional administration safeguards overdosing and diversion against* diversion, misuse and pediatric exposure • Superiority versus standard of care with daily sublingual  Demonstrated improved buprenorphine medications treatment outcomes • High retention in clinical trials and real worlds settings • Individualized dosing for use across treatment phases:  Suitable for patients across initiation, switching from daily medications and long- treatment phases term maintenance treatment

Objective: Establish Buvidal as a new standard of care in opioid dependence

Source: Buvidal Summary of Product Characteristics (SmPC), 2018 11 Buvidal is well positioned against the competition

Long-acting injection treatments for opioid dependence

CHOICE OF ROOM CLIN. DATA WEEKLY MONTHLY MULTIPLE SMALL LOW DAY ONE PRODUCT INJECTION TEMP. VS ACTIVE LAUNCHED DOSING DOSING DOSES NEEDLE VOLUMES INITIATION SITES * STORAGE CONTROL*

EU,          AUSTRALIA 23G 0.16 – 0.64 mL

US –  – – – –19G 0.5 ––1.5 mL – –

US –  – – – –20G 3.4– mL – –

*Based on information in product labels 12 Global commercialization strategy for Buvidal (Brixadi)

ESTIMATED 35 million WORLDWIDE OPIOID USERS 20171

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

Source. 1World drug report 2019. 13 1 Buvidal launch gaining momentum in EU & Australia

Launched in seven Wave 1 markets in 2019 HQ ‒ Exceptional performance in Finland with >30% BPN Lund patient share end Q3 2019 Sweden Initial sales Jan-Sept 2019 ‒ Strong start in Norway and Australia after pricing and 50 Cambridge reimbursement listings in Q3 2019 UK 40 ‒ Accelerating uptake in Germany, Sweden, Denmark 30 and UK

MSEK 20 ‒ Est. 2,500 patients treated with Buvidal end Q3 2019 Paris France 10 ‒ 73% increase in sales Q3 vs Q2 2019 0 ‒ Very positive response by patients and physicians Q1 Q2 Q3

Accumulated product sales YTD Mannheim 2020 launches in Wave 2-3 markets Germany Quarterly product sales ‒ Austria, Spain, Italy, Benelux, Portugal, other EU Launch sequence countries, and MENA following approvals of pricing Wave 1 markets Wave 3 markets and reimbursement Sydney Wave 2 markets Wave 4 expansion Australia

14 ~740,000 patients estimated suited for treatment with Buvidal® in the EU and Australia

Buprenorphine Methadone New treatment Not in treatment due Total potential treated1,2 treated 30 mg1-3 journeys to rules and burden of 12 months1 daily treatment1,4,5 ≤

15 percent market penetration would correspond to annual sales of ~ SEK 3 billion6

1 2 3 4 EMCDDA 2018 Drug report https://www.aihw.gov.au/reports/alcohol-other-drug-treatment-services/nopsad-2018/contents/introduction%C2%A0 Camurus estimate Benyamina et al 2013 Heroin 15 Addiction and Related Clinical Problems 14 (4): 65-80. 5Camurus data on file 2018, Patient qualitative study. 6Based on average daily price of USD 10/day and 270 treatment days/patient/year Growing Buvidal evidence base disseminated at Key publications1-5: conferences and in renown scientific journals

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 16 High treatment satisfaction by patients

“CAM2038 compared to my previously prescribed sublingual buprenorphine treatment”

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

17 Source: Frost et al, Addiction, 2019;114(8):1416-1426 Additional trials to demonstrate utility and advantages of Buvidal

DEBUT – Depot Evaluation Buprenorphine Safety and feasibility of depot buprenorphine Utilization Trial in NSW custodial settings (UNLOC-T) ‒ Prospective, randomized, open-label, active-controlled, ‒ Prospective, non-randomized, open-label, case-comparison, multicenter study of Buvidal versus standard of care in multicenter trial in custodial settings 120 adult outpatients with opioid dependence ‒ 129 opioid dependent patients in eight prisons treated with ‒ Study met both primary and secondary objectives Buvidal or methadone. Preliminary results in Q1 2020 • Superior TSQM global satisfaction score, p=0.0143 ‒ Primary objective to test safety, tolerability, diversion and HEOR • Significantly higher TSQM effectiveness and ‒ Secondary objectives to compare efficacy and QoL convenience domain scores, p<0.0001

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

Screening R Follow-up Screening period E

n=1201 BPN SoC n=1201 Methadone flexible dosing Extended safety monitoring

Day -28 to -1 Day 1 Week 24 Week 26 Day 0 Day 1 Week 4 Week 16 Week 48 18 Brixadi™ – significant opportunity in the US

10% 3-year • Tentative approval on 21 Dec. 2018 US treatment rates continue to rise CAGR

• FDA revoked the orphan designation for 16 000 15 055 Sublocade™ 13,657 12,482 • Braeburn has clear pathway to marketing 11 612 12 000 10 790 authorization on December 1, 2020 9 849 ‒ Triggers $35m approval milestone for OUD to Camurus 8 739 ‒ $70m in sales milestones 8 000 7 288 6 143 ‒ Mid teen royalty on product sales 4 881 • 4 000 3 434 Strong and competitive product label and (000s) TRx Volume commercial product availability

• All product requirements for successful 0 launch are in place • Commercial strategy addressed need for reliable, easy access to effective treatment Buprenorphine Vivitrol Total

Source: 1. Centers for Disease Control and Prevention 19 Broad and late-stage pipeline

PRODUCT PHASE 1-2 PHASE 3 REGISTRATION MARKET

Buvidal® q1w OPIOID DEPENDENCE MARKET

Buvidal® q4w OPIOID DEPENDENCE MARKET

Brixadi® q1w OPIOID DEPENDENCE - BRAEBURN1 TENTATIVE APPROVAL

Brixadi® q4w OPIOID DEPENDENCE - BRAEBURN1 TENTATIVE APPROVAL

CAM2038 q1w CHRONIC PAIN1 PHASE 3

CAM2038 q4w CHRONIC PAIN1 PHASE 3

CAM2029 ACROMEGALY PHASE 3

CAM2029 NEUROENDOCRINE TUMORS PHASE 2

CAM2032 PROSTATE CANCER PHASE 2

CAM4072 GENETIC OBESITY DISORDERS - RHYTHM2 PHASE 2

CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1

CAM2047 CINV3 PHASE 1

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

20 CAM2038 in chronic pain – large market with high unmet medical needs

Market opportunity in chronic pain Medical need addressed

• ~100 million Americans and ~75 million • Effective round-the-clock pain management, with Europeans with chronic pain1,2 potential of reduced risks of tolerance, dependency and – 74 million patients with CLBP in 7MM in 20183 respiratory depression – At least 1 million high-risk CLBP patients in 7MM • HCP administration can improve treatment adherence on doses > 99 mg morphine equivalents per day3 and safeguards against diversion, misuse, abuse and • Chronic pain estimated to cost US society USD child exposure +600 billion per year4 Key clinical results • CAM2038 met primary and key secondary Phase 3 endpoints in a pivotal enriched-enrollment and randomized withdrawal study

Next step • Regulatory submissions planned for H1 2020

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 (CLBP). Market Insights, Epidemiology, and Market Forecast-2028, Delveinsight, May 2019. 21 4Gaskin D, Richard P., J. Pain 2012; 13 (8): 715-724. MME: morphine milligram equivalent. 7MM – seven major markets CAM2029

Improving lives of patients with neuroendocrine and pituitary disorders Acromegaly and neuroendocrine tumors (NET) combined represent a >$2bn market with a ‘sub-optimal duopoly’

Sandostatin® LAR ® (octreotide) and Somatuline® Autogel ® (lanreotide) are first-line medical therapy in acromegaly and NET Significant limitations with current SSA treatments ESTIMATED US$ billion Difficult handling & administration 67,000 2.7 − Need for regular visits at specialty clinics 1,3 ACROMEGALY & NET PATIENTS CURRENT SSA MARKET VALUE or home nursing 2 mUSD TREATED WITH SSAs IN US / EU5 − IM or deep SC dosing Global sales 2500 2250 − Large bore needles Somatuline® (Ipsen) Acro 2000 − No real self-administration option 1750 Sandostatin® LAR® 17,000 1500 patients (Novartis) NET 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

Sources: 1GlobalData 2019 and Recordati Press Release 12 July 2019; 2Globe Life Sciences reports 2019; 3Financial reports and filings, Novartis & Ipsen, 2016–2018 23 SSA – somatostatin analogue CAM2029, octreotide SC depot, offers clear differentation and addresses the key market unmet needs

 Simple 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 octreotide and symptom control 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 24 Phase 2 study indicates improved biochemical and symptom control when switching from Sandostatin® LAR to CAM2029

IGF-1 in acromegaly patients Flushing and diarrhea in NET patient

Oct-LAR CAM2029 Oct-LAR CAM2029 250 2 Bowel movements

day Flushings 200 1,5

150 symptoms/ 1

100 number mean 0,5 50 Time weighted average (% of ULN) Monthly

0 0 Day -28 - Day 0 Day 0 - Day 28 Day 28 - Day 56 Day 56 - Day 84 Day -28 - Day 0 Day 0- Day 28 Day 28 - Day 56 Day 56 - Day 84 Patient 1 Patient 2 Patient 3 Patient 4 Patient 5

Analysis of data from Pavel M et al, Cancer Chemotherapy and Pharmacology, 2019; 83(2): 375–385 GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors 25 Top-level development program for CAM2029

Regulatory ACRO Phase 3 PC submissions  Placebo controlled Phase 3 study in ACRO Phase 2, MAD SSA responders

Phase 1, MAD ACRO Phase 3 LTSE Phase 1, MAD  Open-label, long-term safety study Phase 1, SAD

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

2019 2020 2021 2022

26 External market assessment of combined US/EU-5 peak sales for acromegaly and NET1

Peak Sales for Acromegaly Scenario 1 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 penetration $1,015m $245m of 10–20% in Acromegaly, and 10–15% in NET

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

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

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

Source: Globe Life Sciences reports 2019; data on file 27 Building an endocrinology franchise based on CAM2029 and related SSA assets

CAM4071 CAM2029 octreotide SC depot Indication to be announced • Lead indications ‒ Acromegaly CAM2029 ‒ NET NET • Potential additional indications CAM2029 ‒ In-depth market assessments Acromegaly CAM2049 of four prioritized indications Indication to be announced CAM4071 pasireotide SC depot CAM2029 4th indication CAM2049 somatostatin SC depot CAM2029 3rd indication

28 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, and ‒ Treatment of generalized myasthenia gravis (gMG), Bardet-Biedl syndrome obesity immune-mediated necrotizing myopathy (IMNM), and other serious complement C5 mediated disorders • Phase 1b clinical milestone achieved ‒ Plasma half-life ~120 hours • Preclinical PoC 100

‒ Good tolerability • Preparations for clinical 80 Inhibition of hemolysis development ongoing following a single dose of • Dose escalating Phase 2 study under completion 60 zilucoplan FluidCrystal® in • License agreement signed cynomolgus monkeys (n=4) • Positive Phase 3 data announced for daily 40

with Ra Pharma July 2019 % Hemolysis setmelanotide in POMC / LEPR deficiency 20 Aug. 20191 • UCB has agreed to acquire Ra Pharma for $2.5 billion 0 2 0 48 96 144 192 Oct. 2019 Time (h)

Source: 1Press release Rhythm Pharmaceuticals 7 August 2019; 2Press release UCB and Ra Pharmaceuticals 10 October 2019 29 Multiple levers for growth and value creation on short and medium term

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

Pipeline • Drive late-stage development and to obtain regulatory approvals in chronic pain and acromegaly and NETs in 2 to 4 years • Growing pipeline of innovative medicines in high unmet medical need areas and large market potential

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

30 Thank You

Camurus AB, Ideon Science Park, SE-223 70 Lund, Sweden [email protected] camurus.com Largest shareholders (31 December 2019)

Others 27.6% Sandberg Development Key figures, Jan. – Sept. 43.0%

Svenskt Näringsliv 1.4%

Catella Financials Q3 2019 YTD 2.0% MSEK MSEK Backahill Net revenue 40.2 (19.6) 70.6 (41.5) 2.3% Avanza Pension – Product sales 19.5 (0.3) 41.8 (6.2) 2.9%

Operating result -77.4 (-56.4) -271.6 (-184.0) Fredrik Tiberg Fjärde AP-fonden Gladiator 3.3% 6.3% 8.2% Result after tax -62.7 (-43.8) -218.0 (-147.5) Listed on Nasdaq STO (ticker CAMX) Cash flow from -76.6 (-55.3) -267.7 (-180.5) ~ SEK 4.8 billion operations* Market Cap: Employees: 130 Cash 192.3 (216.3) 192.3 (216.3) HQ: Lund, Sweden, Regional offices: Cambridge, Mannheim, Paris, Sydney *Cash flow from operations excl. change in working capital Analyst coverage: Carnegie Investment Bank, Erik Full Year Report 2019 to be issued 12 Feb. 2020 Hultgård; Jefferies International, Harry Sephton, Svenska Handelsbanken, Peter Sehested