Company presentation

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

Unique FluidCrystal® • In-house developed with strong IP protection delivery technology • Used in +20 clinical trials and 2 approved products

• +10 clinical programs in opioid , pain, Broad, late-stage , obesity, endocrine and CV disease R&D pipeline • EMA/TGA approvals (Buvidal®) in Nov 2018. Tentative US approval (Brixadi®) in Dec 2018

Own commercial • Fully operational for 2019 Buvidal® launches Listed on Nasdaq STO (ticker CAMX) organization in Europe and Australia Market Cap: USD ~280 million Cash position: USD ~24 million (Q3 2018) Employees: 85 • Braeburn Pharmaceuticals, Rhythm, Solasia Lund, Sweden Strong partnerships Pharma… HQ: Regional offices: Cambridge, Mannheim, Paris, Sydney Experienced management and dedicated teams

3 Broad and diversified product pipeline

PRODUCT PRECLINICAL PHASE 1-2 PHASE 3 REGISTRATION MARKET Buvidal® (CAM2038) q1w OPIOID DEPENDENCE1 APPROVED

Buvidal® (CAM2038) q4w OPIOID DEPENDENCE1 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 PHASE 1-2

CAM2047 INDUCED NAUSEA & VOMITING PHASE 1-2

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

CAM4072 GENETIC OBESITY DISORDERS3 PHASE 1-2

CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1-2

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

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 CANCER PHASE 1-2

CAM2047 CHEMOTHERAPY INDUCED NAUSEA & VOMITING PHASE 1-2

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

CAM4072 GENETIC OBESITY DISORDERS3 PHASE 1-2

CAM2043 PULMONARY ARTERIAL HYPERTENSION 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

CAM2038 Opioid dependence Tentative NDA approval, US √ Dec. 2018

MAA approval, Australia √ Nov. 2018

MAA approval, EU √ Nov. 2018

Positive CHMP opinion recommending EU approval √ Sept. 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 Long-acting medications address key healthcare challenges

7 FluidCrystal® in situ gel formation

 Easy to administer  Demonstrated safety and tolerability profile  Rapid onset & long-acting release  Unique mixtures of endogenous lipids  Applicable across substance classes  Strong intellectual properties

INJECTION WATER ABSORPTION DRUG RELEASE +400 PATENTS & APPLICATIONS

>2000 SUBJECTS HAVE RECEIVED ~20,000 INJECTIONS IN LIQUID DRUG PRODUCT SOLVENT RELEASE DEPOT BIODEGRADATION TO LIQUID CRYSTAL (LC) FORMULATION BEFORE : COMPLETE RESOLUTION 20 CLINICAL TRIALS SPC+GDO+SOLVENT+DRUG

SECONDS HOURS WEEKS / MONTHS

8 Tiberg F, Johnsson M, Jankunec M et al., Chemistry Letters 2012; 41(10): 1090-1092; Tiberg F, Johnsson M., J. Drug Delivery Science Techn. 2011; 21 (1): 101-1 FluidCrystal® formulated: Long-acting release of pasireotide – Phase 1 results

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

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

1 1 pasireotide plasma concentrationpasireotide plasma (ng/mL) concentrationpasireotide plasma (ng/mL)

0,1 0,1 0 7 14 21 28 0 7 14 21 28 Time (days) Time (days)

Single dose injection at t=0; clinical Phase 1 data, mean values. Tiberg, F. et al, Poster presentation at ECE, Barcelona, May 2018 9 Clinically documented compounds + FluidCrystal® technology

10 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 12 Buvidal® has an unique product profile1

• Flexible dosing to match patient needs. CHOICE OF WEEKLY MONTHLY MULTIPLE Enhanced continuum of care with direct INJECTION 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 13 ® Strong clinical data for Buvidal Recent publications versus daily standard treatment

Non-inferior and superior efficacy shown 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

Pharmacokinetic profiles for weekly and monthly dosing4

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 14 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

15 Source: Poster presentation ASAM 2018. Phase 3 Long-Term Safety Study HS-14-499, data on file. Long-acting injectables for ODT on key global markets

Long-acting buprenorphine injectables

PRECLINICAL PHASE I PHASE II PHASE III REGISTRATION APPROVAL

US Tentative approval Dec 2018 Camurus/ Europe Approved Nov 2018 Braeburn CAM2038 Weekly & Monthly Australia Approved Nov 2018

US Approved Nov 2017 Indivior Sublocade™ Monthly Europe N/A Australia Estimated Q3 2019

Long-acting naltrexone injectables

Alkermes Vivitrol® 2017 sales $269M2 US Approved 2010

Source: 1. Indivior, Q2 Financial Results, May 2, 2018; 2. GlobalData 2018. 16 2019 launches of CAM2038 (Buvidal®) prepared for the three largest global markets ESTIMATED 34 million WORLDWIDE OPIOID USERS 20161

127 thousand OPIOID OVERDOSE DEATHS1

11.2 million INJECTION USERS1

5.5 million WITH HEPATATIS C1

1.2 million WITH HIV1

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

Source. 1. World drug report 2018 17 Significant market potential estimated ® for CA M2038 (Buvidal /Brixadi™) GlobalData estimates of opioid dependence market (US, CA, DE, AUS)1

• Escalating opioid crisis, high unmet need Long-acting injectables US$ 4.8 billion and high disease awareness Daily medication • Pronounced interest from patients, US$ 1.8 billion prescribers and payers $1.4 billion $264 m • Opioid dependence market predicted $3.4 billion to grow by 10.2% CAGR $1.5 billion • Sales estimated to US$ 1.4 billion in 20271 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 18 Camurus establishing leading commercialization platform in Europe and Australia

HQ • Experienced international leadership in key markets Lund ‒ General managers, market access, medical affairs, marketing Sweden • Sales teams in early launch markets (UK, DE, Nordics) ‒ On-boarded and trained Cambridge UK • High pre-launch activity Regions ‒ Payer access, medical affairs and marketing Northern Europe ‒ Distribution and patient access Central Europe ‒ Country operating models Paris Southern Europe France ‒ Policy and education Australia ‒ Phase 4 studies and LCM in progress

Mannheim Sydney Germany Australia

19 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 q1w 43% 30% 36% 39% q1w 37% 27% 25% 22% 22%

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

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. 20 Patients and users perceive quality of life benefits with Buvidal®

Perceived benefits of depot medications for UK patients & users not in treatment1:

• Makes life easier 11 6 3 20 11 17 31

• No need for daily medication pick up 3 6 6 9 6 31 40

• Reduce problem of stigma or privacy 11 11 6 20 20 31 related to taking medication

• Right dose consistently 6 3 11 9 14 57

1 2 3 4 5 6 7 Disagree Neutral Agree strongly strongly

1. Gilman et al Patient Preference and Adherence, Vol. 12, 2018, p. 2123-2129 21 Estimated addressable market of ~740,000 patients in EU and Australia

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

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 . 22 Market potential of long-acting injectables in opioid dependence in EU and Australia

740,0001 20 – 30% Average Price point Estimated patients in suitable length of comparable market size addressable for depot treatment to depot € € 2,3, 200 - 300m market in EU medication ~180 days antipsychotic for LAIs at peak and Australia medications

1.See previous slide; 2.Market access dynamics in opioid addiction, Decision Resources 2015; 3. Camurus data Simon Kucher and Partners pricing research 2018; 23 Buvidal in EU and Australia: launch ready

Opportunity Readiness • 740,000 addressable patients • Wave 1 countries launch ready • Buvidal clearly addresses many of the ‒ Subsidiaries established limitations of daily treatments ‒ Reimbursement established or in final stage ‒ Experience commercial teams in place • Patients, physician willing to try and prescribe ‒ Wide stakeholder engagement • Manufacturing completed • Payers differentiate Buvidal from SoC • Infrastructure and pathways to ensure • Payers attribute value in line with other patient access well advanced CNS depot products

Focus on accelerating growth trajectory of Buvidal®

24 Launch readiness – wave 1 distribution chain

Clinic Delivery Delivery Import/ ability to Clinic depot Delivery to to hospital to Manufacture export store administration wholesaler or retail Clinic/ licences schedule capability pharmacy HCP drug

4 weeks 3–5 weeks ~24 hours

25 US market opportunity for ® Brixadi (CAM2038) US overdose deaths 20171

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 NE NJ NV OH MD DE UT IL IN CA CO WV KS MO VA • Strong physician and KOL support for long-acting KY NC TN injections OK AZ AR SC ~11,000 unique patient Rx initiations for injectable buprenorphine NM MS AL GA AK ~2,000 prescribing physicians TX LA • High patient interest in CAM2038 profile FL

HI

1 Center for Disease Control and Prevention, 2018 26 Camurus’ US partner Braeburn working to address exclusivity issue for monthly Brixadi®

• Tentative approval received for Brixadi® in the US Braeburn launch ready • Final approval for monthly depot subject to ‒ Purpose-built infrastructure for expiration of Sublocade™ exclusivity period up to specialty pharma November 2010 ‒ Quality payer access from launch • Weekly Brixadi not blocked by exclusivity and can ‒ Broad specialty pharmacy be approved with own label network for fast and easy market access • Braeburn committed to making both weekly and monthly Brixadi available to US patients as soon as ‒ Reducing Rx process friction possible ‒ Experienced team with over 50 specialty drug launches

27 Strong clinical data for CAM2038 in second potential indication of chronic pain

Positive phase 3 efficacy results • Robust statistical significance demonstrated for primary and key secondary efficacy endpoints ‒ Primary endpoint: weekly average pain intensity (p-value < 0.001) 1 IN 5 INDIVIDUALS SUFFERING ‒ Key secondary endpoint: weekly worst pain intensity (p-value < 0.001) FROM CHRONIC PAIN1 • Also statistically significant improvements for e.g.: ‒ Time to loss of efficacy (p-value = 0.002) CHRONIC PAIN ESTIMATED ‒ Patient Global Impression of Change-Improvement (p-value < 0.001) ‒ Work Productivity and Activity Impairment subscale (p = 0.005) ~$560-635bn • Favorable safety profile consistent with the known safety profile of ANNUAL COST TO SOCIETY2 buprenorphine

Source: 1. 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 28 Long-acting octreotides for neuroendocrine tumors (NET) and acromegaly CAM2029 update Next generation long-acting somatostatin analogs (SSAs) SOMATOSTATIN ANALOGUE SALES1

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 ‒ Potential 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 / year2

Source: 1. GlobalData 2017; 2. US weighted average cost for mid-range doses, 2018 30 Need for improved SSA therapies

IM or deep SC Biochemical Tumor control and Symptom control SSAs are safe and dosing with large control with PFS – potential for in 50% pts. effective, but dose bore needles modest response improved – CS often and exposure may No options for ~20-60%1 response2 refractory3 be suboptimal self-administration

NET, Carcinoid Dosing Acromegaly NET Activity Syndrome

Significant potential for improvement of first generation long-acting octreotide and lanreotide treatments

Source: 1. Colao AM et al, Pituitary 2016; 19: 235–247. 2. Ferolla P et al. J. Endocrine Inv. 2012, 3. Riechelmann RP et al, Ther Adv Med Oncol. 2017 Feb; 9(2): 127–137 SSAs, somatostatin analogs; CS, carcinoid syndrome; PFS: progression-free survival. 31 CAM2029 aims to address unmet needs of current long-acting SSA treatments

Current drug administration Current clinical efficacy and safety • Complex reconstitution – prone to handling • Sandostatin® LAR® has very low errors and needle clogging (octreotide and bioavailability pasireotide) • Increased evidence that higher plasma • Intramuscular or deep subcutaneous somatostatin analog levels can improve injections with large needles (octreotide, efficacy lanreotide, pasireotide) ‒ Only about half of acromegaly patients are controlled (IGF-1 and GH) • Inconvenient dosing with need for frequent physician office visits • 57% and 67% for octreotide LAR • 47% and 48% for lanreotide depot • No self-administration option for patients ‒ Significant room for improvement of symptom and tumor control in patients with GI- NET • A majority of patients on pasireotide experience increased glucose levels within the first 2-3 weeks of treatment

GI, gastrointestinal; NET, neuroendocrine tumors; GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release 32 CAM2029 combines superior ease of administration with potential for improved efficacy

CAM20291  NO RECONSTITUTION 10, 20 mg/0.5-1.0 mL ≥22G SMALL VOLUME ready-to-use  FluidCrystal® technology Subcutaneous THIN NEEDLE (12.5mm) 

Sandostatin® LAR® Octreotide 10, 20, 30 mg/2.5 mL 20G reconstitution/30-60 min reconditioning PLGA microsphere system Intramuscular (40mm)

Somatuline® Autogel® Lanreotide 60, 90, 120 mg/0.2-0.5 mL ready-to-use/refrigerated 18G/19G ≥ 30 min reconditioning Deep subcutaneous Self-associated gel (20mm)

Note: 1) Illustrative. Final product configuration may be different. 33 CAM2029 provides enhanced octreotide exposure and a rapid and sustained IGF-1 suppression in healthy subjects

Octreotide plasma concentrations IGF-1 concentrations

100 CAM2029 30mg q4w 300 CAM2029-BR 30mg q4w OCT LAR 30mg q4w OCT LAR 30mg q4w

10 200

1 1 conc (ng/mL)

- 100 0,1 IGF Plasma OCT conc (ng/mL) conc OCT Plasma

0,01 0 0 14 28 42 56 70 84 98 0 14 28 42 56 70 84 98 Time (days) Time (days)

Source: Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72. 34 OCT, octreotide; IGF-1, insulin-like growth factor 1 Pilot study indicates improved biochemical and symptom control when switching from octreotide LAR to CAM2029

IGF-1 & GH: acromegaly patients, n=5 Flushing and diarrhea: NET patient, n=5

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, 2018 in press. GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors 35 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. Ferone D. Poster Presentation ENDO 2017, Pavel. 36 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

37 Long-acting treprostinil for treatment of PAH

CAM2043 update PAH: a progressive and life-threatening disease

Normal heart

Pulmonary arterial hypertension (PAH) is a rare and severe condition characterized by vascular proliferation and remodeling of the small pulmonary arteries Pulmonary arteries

5th WSPH1 consensus definitions Right ventricle Left ventricle Pulmonary hypertension

Mean pulmonary artery pressure (mPAP) ≥25 mm Hg PAH heart Pulmonary arterial hypertension

Mean pulmonary artery pressure (mPAP) ≥25 mm Hg Constricted Mean pulmonary artery occlusion pressure (PAOP) ≤15 mm Hg pulmonary arteries

Pulmonary vascular resistance (PVR) >3 Wood units Enlarged right ventricle

Source: 1. World Symposium on Pulmonary Hypertension; 2. Adapted from: Hill NS. Pulmonary Hypertension Therapy. Summit Communications, LLC; 2006:9. 39 Prostacyclin drugs are potent in treating PAH but have several limitations

Limitations with current treatments

IV and SC infusion pumps Inhaled and oral • Complex programming and error prone filling • Not recommended for patients • Infusion system complications (in 28% of with severe PAH (WHO FC IV) patients in controlled clinical studies1) • Complex dosing schedules with • Infusion site pain in 85% of patients, 32% inhalation 4 x 3 minutes a day needing opioid painkillers2 • Sub-efficacious plasma drug • Non-aseptic technique can cause blood levels during night stream infection and sepsis which may lead • Patient inconvenience: daily to death cleaning of nebulizer • Patient inconvenience: ‒ Not water resistant ‒ Back-up pump needed 24 hours a day

Source: Adapted from ”Recent advances in targeting the prostacyclin pathway in pulmonary arterial hypertension” Eur Respir Rev 2015; 24: 630–641. 40 CAM2043 designed as convenient once-weekly subcutaneous treprostinil treatment

Key features • Predictable long-acting delivery of treprostinil over at least 7 days • FluidCrystal® injection depot technology • Ready-to-use formulation in prefilled syringe • Once-weekly subcutaneous dosing • No need for complex extracorporal pump systems • No risk of infusion site related infections and sepsis

Key results from completed clinical Phase 1 study  Dose proportional, long-acting release of treprostinil  Steady state accumulation factor ~2  Acceptable safety profile with no unexpected or serious adverse events 41 CAM2043 gives dose dependent and long-acting pharmacokinetics – Phase 1 SAD/MAD study

Single dose pharmacokinetic profiles1 Repeat dose pharmacokinetic profiles1

10 1 mg 10,0000 First dose 2.5 mg 5 mg Third dose 10 mg

1 1,0000

0,1 0,1000 Treprostinil plasma Treprostinil plasma concentration (ng/mL) concentration (ng/mL)

0,01 0,0100 0 1 2 3 4 5 6 7 0 1 2 3 4 5 6 7 Time (days) Time (days)

Source: 1. Camurus data on file 2018. Maximum dose exposure limited by healthy volunteer study population. Plasma concentration accumulation to steady state =2. 42 Safety observations in Phase 1 study

• 57 out of 60 enrolled subjects completed the study • Acceptable safety profile with no serious or unexpected adverse events reported • All adverse events were resolved during the study, including injection site reactions (eg pain, swelling and erythema) • No clinically relevant changes in vital signs, ECG or pulse oximetry or labs observed

43 CAM2043: target PAH population

Disease severity

WHO FC II WHO FC III WHO FC IV

Oral therapy Oral or inhaled Parenteral therapy therapy

CAM2043

44 Planned Phase 2 study of CAM2043 in PAH

A 12-week, open label, flexible dose Phase 2 study of weekly CAM2043 in patients with PAH

• PAH patients (class II-III) switched from oral or inhaled prostacyclin agonist therapy • Assessing efficacy, pharmacokinetics, safety and tolerability • Endpoints include exercise capacity, treatment satisfaction and PAH symptoms • Study to be performed under US IND

45 Potential benefits of CAM2043 in PAH

1. CAM2043 may be introduced earlier in treatment with the potential for improved outcomes1 2. More steady plasma profiles may improve efficacy versus oral IMPROVED and inhaled prostacyclin products SURVIVAL RATES 3. Improved convenience for patients with no need for infusion FOR PATIENTS pumps, thus eliminating risks of catheter-related complications and pump user errors INITIATING PROSTACYCLIN SC OR IV THERAPY EARLY 4. No risk of infusion related blood stream infections < 1 YEAR VS > 1 YEAR 5. Enhanced quality of life by not having to worry about pumps and catheters during every day activities like exercising, taking HR 2.35, P>0.011 a bath or sleeping 6. Eliminating burdens of pump system management

1 Bartolome S et al, American Journal of Respiratory and Critical Care Medicine 2018;197:A7587. 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

Start CAM2029 Phase 3 Start CAM2029 MAA submissions for MAA approval decision MAA approval for ACRO study Phase 3 NET study CAM2038 chronic pain for CAM2038 in EU CAM2038 in EU/AUS Buvidal® UNLOC-T Phase 3 results

R&D Start CAM2043 Phase 2 in PAH study completed CAM2029 ACRO H1 H2 H1 H2

Continued pipeline progress Out-licensing of own clinical product candidate Sustained profitability New technology licenses In licensing of complementing commercial asset Three commercial stage Commercial infrastructure built in EU and Australia assets Corporate

1Weekly Brixadi only until expiry of Sublocade product exclusivity November 2020 or other early resolution 47 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 multibillion dollar specialty markets • Multiple levers for value creation including near-term product approvals, partnerships and own commercialization • Ready for Buvidal® launches after approvals in Europe and Australia • Potential for significant near-term milestones, royalty and sales revenues

48 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 AB Fjärde AP-fonden 53,2% 2,3% Q3 Q3 Q1-Q3 Q1-Q3 MSEK FY 2017 Catella 2018 2017 2018 2017 Fondforvaltning 2,6%

Net Sales 19.6 12.5 41.5 48.8 54.3 Swedbank Robur Fonder 3,0% Operating result -56.4 -67.1 -184.0 -177.4 -243.5 Fredrik Tiberg Gladiator 3,9% 4,8% 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

50 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 Vice President, Business Vice President, Technical Development 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

51