Lebrikizumab Program Update October 17, 2019

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 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 vision for lebrikizumab, business strategy, objectives, opportunities and plans; timing expectations for the Phase 3 lebrikizumab clinical trial; the targeted profile, attributes and performance for lebrikizumab; and lebrikizumab’s potential to be a best-in-disease therapy for the treatment of atopic dermatitis. 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 | LEBRIKIZUMAB PROGRAM OVERVIEW 2 Dermira Vision for Lebrikizumab (Lebri) Potential to deliver best-in-disease therapy to atopic dermatitis (AD) patients and those who care for them

There will be a large market for safe, AD is projected to become the largest Lebri may present an opportunity effective and convenient α-IL-4/13 market in dermatology. to address key market needs. biologics.

• Driven by the advent of new, systemic • α-IL-4/13 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 exceed for broad adoption remain to be seen. • Clinical data suggest lebri may deliver $21B by 2027.1 • Ultimately, the scale of the market and these improvements together with the patient needs will support a range of safety of the α-IL-4/13 class. products.

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

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 3 AD Insights Following EADV 2019

What We Heard

• Excitement from the dermatology community about the focus on innovation being made in AD, given the high unmet need • Continued enthusiasm for the IL-4/13 class as a new standard of care with broad efficacy and favorable safety • Focus on opportunities for improvements in key areas including: • Efficacy, particularly in itch, given the significant burden of this symptom on patients • Tolerability, particularly in view of high rates of conjunctivitis observed with dupilumab • Convenience, particularly less frequent dosing

What We Saw

• Consistent with what we expected based on previously reported data • Most relevant new disclosures were for JAK inhibitors • Despite efficacy, comparable to lebri, at high doses in certain cases, safety risks and tolerability challenges remain • While JAK inhibitors may play a role in a market as large and diverse as AD is expected to become, utilization may be limited, relative to that of IL-4/13 biologics

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 4 Phase 2b Study Results April W. Armstrong, MD, MPH Professor of Dermatology and Associate Dean of Clinical Research, University of Southern California Keck School of Medicine Lebrikizumab Study Investigator Lebrikizumab, a High Affinity IL-13 Inhibitor, Improves Clinical Manifestations in Moderate-to- Severe Atopic Dermatitis: Primary Results From a Randomized, Double‐Blinded, Placebo-Controlled, Dose-Ranging, Phase 2b Study

E. Guttman-Yassky,1 A. Blauvelt,2 L. Eichenfield,3 A. Paller,4 A. Armstrong,5 J. Drew,6 R. Gopalan,6 E. Simpson7

1Icahn School of Medicine at Mount Sinai, New York, NY, USA; 2Oregon Medical Research Center, Portland, OR, USA; 3Department of Dermatology and Pediatrics, University of California, San Diego, CA, USA, and Rady Children's Hospital, San Diego, CA, USA; 4Department of Dermatology, Northwestern University Feinberg School of Medicine, Chicago, IL, USA; 5Department of Dermatology, Keck School of Medicine at University of Southern California, Los Angeles, CA, USA; 6Dermira, Inc., Menlo Park, CA, USA; 7Department of Dermatology, Oregon Health and Science University, Portland, OR, USA

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 IL-13 is a Central Pathogenic Mediator in AD

1Brunner PM et al. J Allergy Clin Immunol. 2017;139:S65-76; 2Buzney CD et al. J Drugs Dermatol. 2016;15:165-71; 3Brandt EB et al. J Clin Cell Immunol. 2011;10:doi:10.4172/2155-9899.1000110; 4May RD et al. Cytokine. 2015;75:89-116; 5Purwar R et al. J Invest Dermatol. 2006;126:1043- 51; 6Sebire G et al. Cytokine. 1996;8:636–41; 7Oetjen LK et al. Cell. 2017;171:http://dx.doi.org/10.1016/j.cell.2017.08.006 AD, atopic dermatitis; IL, interleukin

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 7 Lebrikizumab Mechanism of Action

Lebrikizumab IL-13

IL-13Rα1 IL-4Rα

TYK2 JAK1 IL-13Rα2

STAT 6 “Decoy”

P

Lebrikizumab is a novel, high-affinity monoclonal antibody targeting IL-13 that selectively prevents formation of the IL-13Rα1/IL-4Rα heterodimer receptor signaling complex while leaving endogenous regulation of IL-13 intact

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 8 Study Design

250 mg LD Wk 0 LEB 125 mg Q4W, n=73

500 mg LEB 250 mg Q4W, n=80 3:3:3:2 LD Wk 0 Randomization Safety follow- N=280 500 mg LD up to Week 32 Wk 0 & 2 LEB 250 mg Q2W, n=75

Placebo Q2W, n=52

Screening (≤30 days) Randomized, Double-Blind Treatmenta

Week 0 Week 4 Week 8 Week 12 Week 16 Week 32

Key inclusion criteria Concomitant therapies Key endpoints • Adults with moderate-to-severe AD inadequately • TCS, TCI and prescription • Primary: % change in EASI from Baseline at Wk 16 controlled with topicals or for whom topical treatment is moisturizers washed out ≥1 wk prior • Secondary: medically inadvisable to Baseline − Skin lesions: IGA 0/1, EASI50/75/90 b − Chronic AD for ≥ 1 y • OTC emollient used bid for ≥1 wk − Pruritus: Pruritus NRS change ≥4 points and − EASI ≥16 prior to Baseline and duration of study % change from Baseline − IGA score ≥3 (5-point scale [0-4]) • Medications known to affect AD only − ≥10% BSA involvement used as rescue therapies aPatients were seen every two weeks and received all study drug injections in the clinic; bAs defined by Hanifin and Rajka AD, atopic dermatitis; bid, twice daily; BSA, body surface area; EASI, Eczema Area and Severity Index; EASI50/75/90, ≥50%/75%/90% improvement from Baseline in EASI; IGA, Investigator’s Global Assessment; IGA 0/1, score of 0 ‘clear’ or 1 ‘almost clear’ IGA from Baseline; LEB, lebrikizumab; LD, loading dose; NRS, numeric rating scale; OTC, over-the-counter; Q2W, every 2 weeks; Q4W, every 4 weeks; TCI, topical calcineurin inhibitors; TCS, topical corticosteroids; Wk, week

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 9 Patient Demographics and Baseline Disease Characteristics

Placebo Q2W LEB 125 mg Q4W LEB 250 mg Q4W LEB 250 mg Q2W n=52 n=73 n=80 n=75 Age, mean (SD), years 42.2 (18.2) 36.7 (16.5) 40.2 (17.9) 38.9 (17.4) Male, no. (%) 28 (53.8) 27 (37.0) 33 (41.3) 26 (34.7) Race, no. (%) White 26 (50.0) 37 (50.7) 42 (52.5) 40 (53.3) Black or African American 16 (30.8) 26 (35.6) 28 (35.0) 23 (30.7) American Indian or Alaska Native 0 1 (1.4) 1 (1.3) 1 (1.3) Asian 6 (11.5) 8 (11.0) 7 (8.8) 6 (8.0) Multiple/Other 4 (7.7) 1 (1.4) 2 (2.5) 5 (6.7) BMI, mean (SD), kg/m2 29.7 (8.0) 30.1 (7.7) 29.2 (6.9) 28.1 (6.4) Disease duration, mean (SD), years 24.4 (17.4) 22.8 (15.4) 23.3 (16.7)b 22.1 (17.2) EASI, mean (SD) 28.9 (11.8) 29.9 (13.5) 26.2 (10.1) 25.5 (11.2) IGA, no. (%) 3, moderate 32 (61.5) 43 (58.9) 54 (67.5) 53 (70.7) 4, severe 20 (38.5) 30 (41.1) 26 (32.5) 22 (29.3 ) BSA involvement, mean (SD), percent 46.5 (22.7) 45.5 (24.5) 41.1 (20.9) 39.4 (21.5) Pruritus NRS score,a mean (SD) 7.4 (2.4) 7.6 (2.0) 7.1 (2.4) 7.6 (1.9) aPlacebo Q2W, n=49; LEB 125 mg Q4W, n=68; LEB 250 mg Q4W, n=77; LEB 250 mg Q2W, n=69; bn=79 Percentages are based on the number of patients in the modified intent-to-treat (mITT) population with a non-missing response BMI, body mass index; BSA, body surface area; EASI, Eczema Area and Severity Index; IGA, Investigator’s Global Assessment (5-point scale); LEB, lebrikizumab; NRS, numeric rating scale; Q2W, every 2 weeks; Q4W, every 4 weeks; SD, standard deviation

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 10 Patient Disposition

Screened N=424 Randomized n=280

Placebo Q2W LEB 125 mg Q4W LEB 250 mg Q4W LEB 250 mg Q2W n=52 n=73 n=80 n=75

Discontinued 29 Discontinued 15 Discontinued 18 Discontinued 17 Adverse event 1 Adverse event 2 Adverse event 3 Adverse event 3 Lost to follow-up 4 Lost to follow-up 6 Lost to follow-up 5 Lost to follow-up 6 Pregnancy 1 Pregnancy 0 Pregnancy 0 Pregnancy 0 Protocol deviation 2 Protocol deviation 0 Protocol deviation 0 Protocol deviation 0 Withdrawal by patient 20 Withdrawal by patient 6 Withdrawal by patient 7 Withdrawal by patient 8 Physician decision 1 Physician decision 0 Physician decision 2 Physician decision 0 Other 0 Other 1 Other 1 Other 0

Completed n=23 n=58 n=62 n=58 Week 16 (44.2%) (79.5%) (77.5%) (77.3%)

Reasons for discontinuation shown here are through Week 16 only, not end of study; percentages are based on the number of randomized subjects; one patient who was randomized in error was not included in the figure LEB, lebrikizumab; Q2W, every 2 weeks; Q4W, every 4 weeks

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 11 Topical Rescue Medication Use Was Low in Lebri-Treated Patients

LEB 125 mg LEB 250 mg LEB 250 mg Placebo Q2W Q4W Q4W Q2W n=52 n=73 n=80 n=75 Use of rescue meds, n (%) 18 (34.6) 9 (12.3) 10 (12.5) 10 (13.3) Topical only 15 (28.8) 9 (12.3) 3 (3.8) 6 (8.0) Systemic only 3 (5.8) 0 6 (7.5) 4 (5.3) Topical and Systemic 0 0 1 (1.3) 0 Rescue medication duration (days), mean (SD) Topical rescue 8.0 (12.6) 4.9 (5.2) 1.0 (0.0a) 2.5 (3.2)

• These findings suggest that TCS use would not have confounded study results

aAll LEB 250 mg Q4W-treated patients who received topical rescue only required medication for 1 day; for this reason, the SD is zero Modified intent-to-treat (mITT) population LEB, lebrikizumab; Q2W, every 2 weeks; Q4W, every 4 weeks; SD, standard deviation; TCS, topical corticosteroids

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 12 Early and Sustained Improvements in EASI Were Seen Through Week 16 At Week 16 To Week 16 (Primary Endpoint) Week Placebo LEB 125 mg LEB 250 mg LEB 250 mg 0 4 8 12 16 Q2W (n=52) Q4W (n=73) Q4W (n=80) Q2W (n=75) 0 0

-20 -25.4 -20 -31.3 -34.0 -40.6 -42.4 -40 -40 -41.1 -46.5 -53.9 -61.5* -50.4 -61.2 -62.5 -60 -60 -69.7** -62.3 -64.1 -64.7 * -69.2 -80 -72.1 -80 Placebo Q2W (n=52) -73.5 -72.8*** ** *** LEB 125 mg Q4W (n=73)

Mean Change from Baseline (%) Baseline from Change Mean LEB 250 mg Q4W (n=80) LS Mean Change from Baseline (%) Baseline from Change Mean LS -100 -100 LEB 250 mg Q2W (n=75)

*P<0.05, **P<0.01, and ***P<0.001 versus placebo from LS mean values and an analysis of covariance with a factor of treatment group and corresponding Baseline EASI score as a covariate Missing values up through the Week 16 visit imputed using MCMC multiple imputation; post-Baseline up through Week 16 visit summary statistics represent average values, obtained by averaging the summary statistics generated from each imputed dataset Modified intent-to-treat (mITT) population EASI, Eczema Area and Severity Index; LEB, lebrikizumab; LS, least squares; MCMC, Markov chain Monte Carlo; Q2W, every 2 weeks; Q4W, every 4 weeks

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 13 Dose-Dependent Improvements in Skin Manifestations Seen Across Secondary Endpoints

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

EASI75 EASI90 IGA 0/1 100 100 100

80 80 80 66.9 *** 60.6 60 60 60 *** ** 45.5 48.3 44.0 **56.1 42.2 44.6 38.5 36.4 40 40 28.4

43.8 43.3 40 31.3 *33.7

Patients (%) Patients (%) Patients Patients (%) Patients 30.4 29.8 29.9 23.4 36.1 24.0 30.8 ** 13.9 14.2 26.0 20 20 7.6 26.1 20 3.1 10.0 26.6 24.3 20.5 22.1 16.7 3.7 17.3 0.1 16.7 16.6 4.0 5.2 4.814.7 3.4 15.3 2.7 0.5 11.4 0 0 0 0 4 8 12 16 0 4 8 12 16 0 4 8 12 16 Week Week Week

*P<0.05, **P<0.01, and ***P<0.001 versus placebo from pairwise Cochran-Mantel-Haenszel tests Missing values up through the Week 16 visit imputed using MCMC multiple imputation; post-Baseline up through Week 16 visit summary statistics represent average values, obtained by averaging the summary statistics generated from each imputed dataset Modified intent-to-treat (mITT) population EASI75/90, 75%/90% improvement from Baseline in Eczema Area and Severity Index; IGA 0/1, score of 0 ‘clear’ or 1 ‘almost clear’ in Investigator’s Global Assessment from Baseline; LEB, lebrikizumab; MCMC, Markov chain Monte Carlo; Q2W, every 2 weeks; Q4W, every 4 weeks

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 14 Robust Improvement in Pruritus Scores at Week 16

NRS Change ≥4 Points Percent Change from Baseline Placebo LEB 125 mg LEB 250 mg LEB 250 mg 100 No imputation (observed cases) Q2W Q4W Q4W Q2W n: 22 52 55 73 56 80 50 75 MCMC imputation 20 80 *** ** 4.3 70.0 67.2 0 60 -4.6 47.4 43.5 46.2 -20 39.3 41.8

40 Patients (%) Patients 27.3 -40 -35.9 -36.5 ** ** -46.4 20 -49.6 -60 *** *** -60.6 -58.5 *** *** 0 -80 Placebo LEB 125 mg LEB 250 mg LEB 250 mg No imputation (observed cases) Q2W Q4W Q4W Q2W (%) Baseline from Change Mean LS MCMC imputation -100 n: 22 52 55 73 57 80 50 75

**P<0.01 and ***P<0.001 versus placebo; panel A: from pairwise Cochran-Mantel-Haenszel tests; panel B: from an analysis of covariance with a factor of treatment group and corresponding Baseline pruritus NRS as the covariate Modified intent-to-treat (mITT) population LEB, lebrikizumab; LS, least squares; MCMC, Markov chain Monte Carlo; NRS, numeric rating scale; Q2W, every 2 weeks; Q4W, every 4 weeks

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 15 Rapid Improvements in Pruritus Scores

NRS Change ≥4 Points Percent Change from Baseline Week 100 Placebo Q2W 0 2 4 6 8 10 12 14 16 LEB 125 mg Q4W 20 6.8 80 LEB 250 mg Q4W LEB 250 mg Q2W 68.2 70.0*** 63.3 0 -4.7 58.5 61.8 -13.3 56.8 60 51.9 51.9 -21.9 -21.7 -22.4 50.9 51.0 -20 -25.4 -27.7 57.1 47.4 -15.8 46.6 -25.2 -31.3 -36.9 42.3 50.0 -32.0 ** -29.6 -39.6 -41.2 -41.9 Patients (%) Patients 40 32.7 37.1 44.7 46.7 -45.0 -44.5 31.7 -40 -31.3 -48.6 30.9 39.3 41.8 -34.4 -50.9 -52.3 *** 21.1 19.7 34.0 -38.8 -48.6 27.5 28.6 -60 -53.0 -45.7 20 27.3 -57.1 Placebo Q2W -60.1 -61.8 16.7 19.0 -63.7 *** 13.2 -80 LEB 125 mg Q4W 0 LEB 250 mg Q4W 0 2 4 6 8 10 12 14 16 LEB 250 mg Q2W Mean Change from Baseline (%) Baseline from Change Mean -100 Week ● Differences in the proportions of patients achieving pruritus NRS change ≥4 points were seen by Day 2: 6.3%, 5.6%, 15.3% of LEB 125 mg Q4W, 250 mg Q4W, 250 mg Q2W versus 4.5% of placebo-treated patients, respectively

**P<0.01 and ***P<0.001 versus placebo; panel A: from pairwise Cochran-Mantel-Haenszel tests; panel B: from LS mean and an analysis of covariance with a factor of treatment group and corresponding Baseline pruritus NRS as the covariate Modified intent-to-treat (mITT) population Patient numbers fluctuate at each week as these are observed data LEB, lebrikizumab; LS, least squares; NRS, numeric rating scale; Q2W, every 2 weeks; Q4W, every 4 weeks

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 16 Safety and Tolerability

Placebo Q2W LEB 125 mg Q4W LEB 250 mg Q4W LEB 250 mg Q2W n=52 n=73 n=80 n=75 Patients reporting ≥1 TEAE, n (%) 24 (46.2) 42 (57.5) 39 (48.8) 46 (61.3) Patients reporting ≥1 serious TEAE , n (%) 2 (3.8) 2 (2.7) 0 2 (2.7) Number of serious TEAEs, no. 3 2 0 2 Deaths, n (%) 0 0 0 0 Patients who discontinued study due to TEAE,a n (%) 1 (1.9) 2 (2.7) 4 (5.0) 3 (4.0) Common TEAEs reported in ≥5% in any LEB treatment group,b n (%) Upper respiratory tract infection 3 (5.8) 6 (8.2) 9 (11.3) 2 (2.7) Nasopharyngitis 2 (3.8) 4 (5.5) 2 (2.5) 9 (12.0) Headache 3 (5.8) 3 (4.1) 1 (1.3) 4 (5.3) Injection site pain 1 (1.9) 0 3 (3.8) 4 (5.3) Fatigue 0 0 4 (5.0) 0 TEAEs of clinical interest, n (%) Injection site reactionsc 1 (1.9) 2 (2.7) 4 (5.0) 7 (9.3) Herpes viral infectionsd 2 (3.8) 2 (2.7) 4 (5.0) 2 (2.7) Conjunctivitise 0 1 (1.4) 3 (3.8) 2 (2.7) ● Most TEAEs were mild or moderate in severity and did not lead to discontinuation ● Across all LEB AD studies,1 conjunctivitis has been reported at low rates similar to placebo aincludes 1 patient (in 250 mg Q4W) who discontinued after Week 16; bMedDRA Version 20.1 preferred terms; cIncludes MedDRA preferred terms injection site pain, erythema, pruritus, edema, swelling, rash, dermatitis, infection, and reaction; dIncludes MedDRA preferred terms oral herpes, herpes zoster, genital herpes, herpes simplex, and eczema herpeticum; eIncludes MedDRA preferred terms conjunctivitis, conjunctivitis bacterial, and conjunctivitis allergic 1Simpson EL, Flohr C, Eichenfield LF, et al. J Am Acad Dermatol. 2018;78(5):863-71. LEB, lebrikizumab; Q2W, every 2 weeks; Q4W, every 4 weeks; TEAE, treatment-emergent adverse event

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 17 Conclusions

▪ In this Phase 2b, placebo-controlled study, all lebri groups showed dose-dependent and statistically significant improvement in the primary endpoint (percent change in EASI from Baseline at Week 16)

▪ Lebri demonstrated a dose-dependent response across all endpoints measured, with marked improvement at both 250mg Q2W and Q4W doses ▪ For skin symptoms, an effect was seen at Week 4

▪ Effects on itch were observed as early as Day 2 in patients who received a 500 mg loading dose at Day 0

▪ Lebri was well tolerated, and consistent with previous studies, TEAE rates were low; across all lebri AD studies,1 conjunctivitis has been reported at low rates similar to those in patients receiving placebo

▪ These data highlight that selective blockade of IL-13 with lebri leads to improvements in key AD clinical severity scores and pruritus while maintaining a favorable safety profile

1Simpson EL, Flohr C, Eichenfield LF, et al. J Am Acad Dermatol. 2018;78(5):863-71. AD, atopic dermatitis; IL, interleukin; LEB, lebrikizumab; Q2W, every 2 weeks; Q4W, every 4 weeks

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 18 Phase 3 Program Overview Luis Peña, Chief Development Officer Phase 2b Data Support Opportunity for Best-in-Disease Profile Target product profile

Excellent • Safety profile consistent with that observed with dupilumab and other IL-13 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 patients) tolerability

Improved • Opportunity for Q4W maintenance dosing convenience

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 20 Phase 3 Program Overview Designed to leverage Phase 2b results and health authority input to deliver best-in-disease profile

• Phase 3 program is designed to demonstrate a best-in-disease profile in AD, in accordance with the following key objectives: • Maximize efficacy via use of 250 mg Q2W regimen as induction therapy (through Week 16 primary endpoint) • Offer enhanced convenience via Q4W administration during maintenance therapy (after Week 16) • Confirm attractive safety and tolerability profile • Support simultaneous launch in adults and adolescents, to be followed quickly by launch in younger age groups

• Leveraging Phase 2b results and health authority input, the clinical program is designed as follows: • Two pivotal, 52-week monotherapy studies in adults and adolescents • ~800 patients (in aggregate) at ~200 sites in U.S., Europe and Asia • Study in combination with TCS in adults and adolescents • Additional studies to support registrational packages

1. Estimate provided as of October 17, 2019.

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 21 Phase 3 Pivotal Monotherapy Study Design Two replicate studies designed to demonstrate best-in-disease profile in moderate-to-severe AD

Induction Maintenance Lebri Lebri (n=267) 250 mg Q2W Loading dose + 250 mg Q2W Lebri

250 mg Q4W

randomize Screen

Placebo (n=133) -

Randomize

(n=400, 2:1) (n=400,

responders:

Re EASI75, 2:2:1) EASI75,

(IGA0/1 and/or and/or (IGA0/1 Placebo label extension label

Baseline Week 16 - Week 24 Week 32 Week 40 Week 48 Week 52

Non-responders Open (neither IGA0/1 Non-responders (EASI50) nor EASI75) Escape: Lebri 250 mg Q2W

Non-responders (EASI50) D/c Objectives Key inclusion criteria Concomitant therapies Key endpoints • Replicate safety and • Adolescents (≥ 12 yo and ≥ 40 kg) and adults with • TCS, TCI and prescription • Primary1: IGA0/1 efficacy moderate-to-severe AD inadequately controlled with moisturizers washed out ≥ 1 w prior • Secondary1: • Establish long-term safety topicals or for whom topical treatment is medically to baseline − Skin lesions: EASI75/ 90, ∆EASI, BSA and maintenance therapy inadvisable • OTC emollient used bid for ≥ 1 w − Pruritus: Pruritus NRS, sleep loss score regimen − Chronic AD for ≥ 1 y prior to baseline and duration of • Other: • Deliver best-in-disease − EASI ≥ 16 study − QOL: POEM, (C)DLQI, EQ5D, PROMIS profile • Topical and systemic rescue therapy − IGA ≥ 3 (on 0-4 scale) Anxiety and Depression, ACQ5 only per protocol − BSA ≥ 10% − Disease severity: SCORAD

1. All primary and secondary endpoints will be assessed at week 16; in addition, certain secondary endpoints will be measured at earlier time points; EASI75 and IGA0/1 will be co-primary endpoints for European approval.

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 22 Lebri is Positioned to Meaningfully Advance the Standard of Care for Patients with Moderate-to-Severe Atopic Dermatitis

AD is projected to become the largest market in dermatology. Market for branded, systemic products is predicted to exceed $21B by 2027 driven by the introduction of new, differentiated t therapies.

Lebri offers a differentiated mechanism of action that has the potential to be a best-in-disease therapy for AD. IL-4/13 class is a validated, targeted approach that is becoming the standard-of-care for moderate-to-severe AD.

Phase 2b data suggest lebri may deliver the safety of the IL-4/13 class in addition to improvements in efficacy, tolerability and convenience. A profile well-suited for first-line use.

Based on the Phase 2b results, a Phase 3 program was initiated in early October 2019. Topline results from the 16-week induction period of the two monotherapy studies expected in 1H 2021.

DERMIRA | LEBRIKIZUMAB PROGRAM UPDATE – OCTOBER 2019 23