Company Presentation

July 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 Camurus value drivers

• In-house developed with strong IP Unique FluidCrystal® • New generation long-acting depot technology nanotechnologies • Validated in 20 clinical trials and by approved products

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

• Weekly and monthly Buvidal® approved in the EU Approved Listed on Nasdaq STO; ticker CAMX commercial products and Australia for treatment of opioid dependence Market Cap: ~ 370 million USD Own commercial • Fully operational for Buvidal® launches in Europe Employees: 115 organization and Australia HQ: Lund, Sweden Regional Offices: Cambridge, Mannheim, • Braeburn Pharmaceuticals, Rhythm, Solasia Pharma, Paris, Sydney Partnerships Medison…

Experienced management and dedicated teams

3 Recent highlights

 EU and Australian approvals of Buvidal® , weekly and monthly SC buprenorphine depots, for the treatment of opioid dependence  Buvidal® launched in the Nordics, the UK, Germany and Australia EU and Australian launch of  US tentative approval of Brixadi™ for opioid use disorder Buvidal in opioid dependence  Braeburn initiated court proceedings to overturn US market • Launch initiated in Finland, exclusivity and seek immediate market approval of Brixadi™ Sweden, Denmark, Norway, Germany, the UK, and Australia  Expansion of the evidence base for Buvidal® with DEBUT and UNLOC-T clinical studies in out-patient and criminal justice settings • Fully operational commercial teams in all market  Publication of positive Phase 3 results in Addiction • Effective product distribution  Positive Phase 3 results from pivotal randomized study of CAM2038 for treatment of chronic pain  Phase 3 study preparations for CAM2029 for treatment of acromegaly completed  Rights issue of SEK 403 million

4 FluidCrystal® in situ gel formation

 Easy to administer  Good 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 INJECTION: COMPLETE RESOLUTION >20 CLINICAL TRIALS SPC+GDO+SOLVENT+DRUG

SECONDS HOURS WEEKS / MONTHS

5 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 – Long-acting peptide release

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

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

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. 7 Clinically documented compounds + FluidCrystal® technology

8 Advancing product 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 1-2

CAM2032 PROSTATE CANCER PHASE 1-2

CAM4072 GENETIC OBESITY DISORDERS - RHYTHM2 PHASE 1-2

CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1-2

CAM2047 CINV3 PHASE 1-2

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

9 Buvidal®/Brixadi™

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

Mounting US opioid overdose deaths2 (thousands) • Largest society burden of all drugs1 70 From other drugs 60 • 34 million opioid users worldwide1 Opioid overdose 50

• High need for better access to care 40 and new treatment alternatives 30

• Investment in treatment brings substantial 20 value and saves lives 10

• Significant limitation with current daily 0

medications 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

#1 cause of death for people under 50 in the US 30:1 non-fatal to fatal overdoses3 Recent US life expectancy decline largely 4 Source: 1. UNODC, World Drug Report 2017; 2. Center for Disease Control & Prevention 2018; 3. Frazier at al, 2017, Journal of due to opioids the American Medical Association; 4. Crow D. Financial Times.com, accessed on March 13, 2018, https://www.ft.com/content/d22e742c-e65c-11e7-97e2-916d4fbac0da 11 Buvidal® – first long-acting injection treatment of opioid dependence in the EU and Australia

• Buvidal® is indicated (EU) for treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents from 16 years • Individualized dosing for use across treatment phases: initiation, switching from daily medications and long-term maintenance treatment • Superiority versus daily standard treatment with daily buprenorphine/naloxone included in clinical outcomes • Removes burdens and stigma of daily medication • HCP administration safeguards against diversion, misuse and pediatric exposure

Source: Buvidal Summary of Product Characteristics (SmPC), 2018 12 INTERNAL USE ONLY. NOT TO BE CONSIDERED BRIEFING MATERIAL FOR REPRESENTATIVES. Buvidal brings unique values to patients and HCPs

CHOICE OF ROOM CLIN. DATA WEEKLY MONTHLY MULTIPLE SMALL LOW DAY ONE PRODUCT INJECTION TEMP. VS ACTIVE DOSING DOSING DOSES NEEDLE VOLUMES INITIATION SITES STORAGE CONTROL*    *      23G 0.16 – 0.64 mL  – – – 19G– 0.5 ––1.5 mL – – –  – – – –20G 3.4– mL – – –

*Based on information in product labels 13 Strong clinical data for Buvidal® versus daily standard treatment

Non-inferior and Superior efficacy demonstrated in pivotal Phase 3 study versus standard daily SL BPN/NX1 High Treatment Retention ~70% at 48 weeks2 Blockade of Opioid Effects from the first dose3

Effective suppression of withdrawal and cravings1,2,3

Safety Profile comparable to SL BPN/NX except for mild and moderate injection site reactions1,2

No Opioid Overdoses reported across clinical studies for participants treated with Buvidal®1,2,3,4,5 High Patient Satisfaction including versus SL BPN2 CONFIDENTIAL 1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addiction, 2019, on-line, 3Walsh et al, JAMA Psychiatry 4 5 2017;74(9):894-902; Haasen, C, et al, J Subst Abuse Treat. 2017;78:22-29; Albayaty M, et al, Adv Ther. 2017 34(2):560-575; 14 6SL BPN sublingual buprenorphine/naloxone High satisfaction amongst 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

15 Source: Poster presentation ASAM 2018. Phase 3 Long-Term Safety Study HS-14-499, data on file. Buvidal® scientific dissemination of results 2019

2019 Q1 Q2 Q3 Q4

Global Conferences ASAM CPDD ISAM 4-7 Apr 15-20 Jun 13-16 Nov Orlando, USA San Antonio, USA New Delhi, India

ALBATROS 5-7 Jun Paris, France

European Conferences IOTOD ICDD Lisbon Add 13-14 May 19-22 Jun 23-25 Oct Frankfurt, Germany Madrid, Spain Lisbon, Portugal

National Conferences F Add Psych ATHS APSAD 30 Apr – 1 May 1-4 Oct 10-13 Nov London, UK Biarritz, France Hobart, Australia

K f Suchtmed SSA Gef-med T 4-6 Jul 7-8 Nov 5-6 Dec Münich, Germany Newcastle, UK Frankfurt, Germany

Selected conferences where Buvidal® data will be presented 16 1 Buvidal® EU launch initiated

Wave 1 markets HQ ‒ Launched in Finland, Sweden, the UK, Lund Sweden Germany and Denmark from January to March 2019  Norway and Australia Q2 Cambridge ‒ Fully operative M&S teams in place on all markets UK Launch sequence • 65 heads, >80% customer facing Wave 1 markets ‒ Effective supply and distribution Wave 2 markets • Delivery to clinic <24h. Paris Wave 3 market growth France Wave 4 expansion Wave 2 markets  Austria, Spain, Italy, Benelux, France Q3 ’19 to Q1 ‘20 Mannheim  Israel – Medison Q1 ’20 Germany ‒ Key functions onboarded Sydney • Pricing and reimbursement Australia

17 ~740 000 patients estimated suited for treatment with Buvidal® i the EU and Australia

Buprenorphine Methadone New treatment Not in treatment due Total potential treated1 treated 30 mg,1,2 journeys to rules and burden of 12 months1 daily treatment1,3,4 ≤

15 percent market penetration corresponds to annual sales of ~ USD 300 million5

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. 5. 18 Based on average daily price of USD 10/day and 270 treatment days/patient/year Case story Finland – first launch market in Q1 2019

Status May 2019 - 4 months Observations

~ 300 Buvidal patients • High initial retention Finland ‒ New to treatment ‒ less than 10 patients (<5%) ‒ Conversion from sublingual have dropped out since launch POPULATION buprenorphine, both from film • High acceptance by patients 5.5 million and tablets ‒ Some conversions from methadone • Most patients currently on HIGH RISK weekly depot OPIOID USERS1 ~ 15% buprenorphine market share ~14,400 • No reported overdoses ~ 10% of total treated patients IN TREATMENT FOR OPIOID DEPENDENCE1 “Buvidal gives patients freedom to concentrate on ~3,300 ~2,100 ~1,200 life and recovery, instead of their medication” BUPREN. METHADONE Antti Mikkonen MD, CEO & Medical Director, Addiktum Oy

Source: 1. EMCDDA 2019, European Drug Report 19 Building on positive 12-week Buvidal® experience

Positive anecdotal feedback from HCPs Key ongoing activities • Buvidal® is easy to administer • Continued medical education to share evidence base and practical implementation of Buvidal® • Ability to individualize Buvidal® dosing is important • Driving HTA review processes • So far, very high treatment retention • Ensuring formulary inclusion and funding release and from patients • Supporting local treatment models and guidelines • Daily fluctuation and withdrawal ceased and patients feel stable all the time • In wave 2 markets, accelerating KOL engagement and distribution set-up • No anxiety or worries of missing, forget or loose their medicine • Less burden and more freedom

HTA: Health Technology Assesment 20 Making Brixadi™ available to US patients

• Tentative approval Brixadi™ on 21 Dec. 2018 Partnership with

• Final approval of monthly product subject to the Scope Opioid dependence and pain expiration of an exclusivity period until November 2020 – unless earlier resolved Region • Exclusive license for North America Financials • USD 24 million received in upfront and • Brixadi™ Weekly not blocked by exclusivity development milestone payments and could be approved and launched separately • Costs for pivotal clinical program covered by • Braeburn has initiated court proceedings to Braeburn • Remaining development milestones; overturn exclusivity and seeks immediate market – USD 35 million for opioid use disorder approval of Brixadi™ in the US – USD 17 Million for chronic pain ‒ Court decision expected in Q3 2019 • Mid-teen royalties on product sales + USD 75 million in sales milestones

21 CAM2038 in chronic pain – high unmet medical need market ~1 million CLBP high risk patients (>99 MME/day)5 Market • 100 million Americans and 75 million Europeans with chronic pain1,2 3 opportunity • 74 million patients with chronic low back pain (CLBP) in 7MM in 2018 27 873 • Chronic pain estimated to cost US society USD ~600 billion per year4 17 873 105 097 41 060 • Effective round-the-clock pain management, with potential for Medical need 54 945 reduced risks of developing of tolerance and dependence 61 041 addressed 653 995 • HCP administration can improve treatment adherence and safeguards against diversion, misuse, and child exposure

Key clinical • CAM2038 met primary and key secondary Phase 3 endpoints in a US Japan results pivotal enriched-enrollment and randomized withdrawal study Germany France – Superiority demonstrated for relief of average and worst pain intensity Italy Spain compared to placebo (P<0.0001, mITT). UK

Next steps • Results from Phase 3 long-term safety extension study in Q3 2019 • Meetings with health authorities in H2 2019 • Regulatory submissions planned for H1 2020

Source: 1. Global Industry Analysts, Inc. report 2011; 2. Pain Practice 2014, 14, 79-94; 3. Chronic Lower Back Pain (CLBP). Market Insights, Epidemiology, and Market Forecast-2028, Delveinsight May 2019. 22 4. Gaskin D, Richard P., J. Pain 2012; 13 (8): 715-724. 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 bioavailability errors and needle clogging (octreotide and • Increased evidence that higher plasma pasireotide) somatostatin analog levels can improve efficacy • Intramuscular or deep subcutaneous ‒ Only about half of acromegaly patients are injections with large needles (octreotide, controlled (IGF-1 and GH) lanreotide, pasireotide) • 57% and 67% for octreotide LAR • Inconvenient dosing with need for frequent • 47% and 48% for lanreotide depot physician office visits ‒ Significant room for improvement of symptom and tumor control in patients with GI- NET • No self-administration option for patients • 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 23 mUSD Somatuline® (Ipsen) 2500 CAM2029 – Initiatiating new Phase 3 program 2250 Sandostatin® LAR® 2000 (Novartis) 1750 1500 1250 1000 750 1 500 Market • Somatostatin analogue sales 2018: >USD 2.5 billion 250 0 opportunity • 20 years of market growth at 20% CAGR • Long-acting SSA US price-range: $51,000 to $146,000 WAC / year2 Medical need • Potential for enhanced efficacy and response rates in the treatment of acromegaly and NET addressed • Easy and convenient dosing, with option to self-administer Key clinical • Long-acting octreotide release demonstrated3 • Well maintained or improved biochemical 3 4 results • High octreotide exposure, ~500% vs S-LAR control indicated in patients with acromegaly • Rapid and sustained suppression of insulin • Well maintained or improved symptom control growth factor-1 (IGF-1)3 indicated in NET patients4

Next steps • 24-week, randomized, placebo controlled • 52-week, open-label Phase 3 safety and Phase 3 study to assess efficacy and safety tolerability study of CAM2029 in patients of CAM2029 in patients with acromegaly with acromegaly – Planned start early Q3 2019 – Planned start in Q3 2019

Source: 1. GlobalData 2019; 2. US weighted average cost for mid-range doses, 20183. Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72; 4. Pavel M et al, Cancer Chemotherapy and Pharmacology 2019; 83:375–385 24 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. 25 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 26 Further promising product candidates

CAM2043 – Pulmonary arterial hypertension CAM2072: Genetic disorders of obesity • Treprostinil SC weekly SC depot • Setmelanotid weekly SC depot ‒ Alternative to infusion with extracorporeal pump ‒ Treatment of POMC deficiency, LEPR deficiency, ‒ Target convenience and tolerability/safety and Bardet-Biedl syndrome obesity improvement • Phase 1b clinical milestone in 2018 • Positive Phase1 results in 2018 ‒ Plasma half-life ~120 hours ‒ Plasma half-life ~150 hours ‒ Good tolerability • Phase 2 start planned for Q4 2019 • Phase 2 study ongoing • PAH treprostinil market > USD 1 billion • Program conducted by Rhythm Pharma

1500 under license and collaboration agreement with Camurus 1000

500

Miljoner USD 0 2011 2012 2013 2014 2015 2016 2017 2018

Remodulin Tyvaso Orenitram

27 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 28 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. 29 CAM2043: target PAH population

Disease severity

WHO FC II WHO FC III WHO FC IV

Oral therapy Oral or inhaled Parenteral therapy therapy

CAM2043

30 Potential benefits of CAM2043 in PAH

1. CAM2043 may be introduced earlier in treatment with the potential for improved outcomes1 IMPROVED 2. More steady plasma profiles may improve efficacy versus oral and inhaled prostacyclin products SURVIVAL RATES 3. Improved convenience for patients with no need for FOR PATIENTS infusion pumps, thus eliminating risks of catheter-related INITIATING PROSTACYCLIN complications and pump user errors 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 HR 2.35, P>0.011 pumps and catheters during every day activities like exercising, taking 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. 31 Multiple levers for growth and value creation

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

Pipeline • Drive late-stage development and obtain regulatory approvals for CAM2038 in chronic pain and CAM2029 in acromegaly and NET • Build and expand our pipeline of innovative drug product candidates for treatment of serious and chronic disease Corporate • Strengthen and increase the utilization of our FluidCrystal® technology to new drugs and therapy areas – major advances • Develop long-term profitability through own sales, partnerships and business development

32 Outlook to 2021 – strong news flow expected

2019 2020 2021

Buvidal® 1st wave launches Buvidal® 2nd wave Buvidal® 3rd wave EU & Buvidal® geographic CAM2038 launch in in EU and Australia launches in EU RoW launches expansion chronic pain

Potential early US launch of Brixadi Expiry of Sublocade® US exclusivity

Commercial H1 H2 H1 H2

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

Commercial organization fully built-out in EU and Australia Out-licensing of clinical product candidates Sustained profitability New FluidCrystal® technology partnerships Milestone payments for Brixadi™ approval Three commercial stage Leadership in opioid dependence treatment in EU assets Corporate

33 Thank You

Camurus AB, Ideon Science Park, SE-223 70 Lund, Sweden [email protected] camurus.com Major Shareholders (31 March 2019)

Sandberg Financial overview Others Development 29.8% 46.3%

Avanza Pension 2.1% MSEK Q1 2019 FY 2018 Backahill Utveckling 2.3% Net revenue 18.5 (14.6) 49.3 - product sales Fredrik Tiberg 11.0 (3.0) 11.3 3.6%

Op. result Fjärde AP- Gladiator -84.4 (-46.4) -287.2 fonden 9.7% 6.3% Result after tax -76.6 (-36,3) -234.7 Listed on Nasdaq STO (ticker CAMX) Market Cap: SEK ~3.4 billion (USD ~360 million) Cash 406.6 (266.6) 134.4 Cash position: SEK ~407 million (31 Mar 2019) Employees: 115 Rights issue with gross proceeds of SEK 403 million HQ: Lund, Sweden completed in March 2019 Regional offices: Cambridge, Mannheim, Paris, Sydney

35 EU ABBREVIATED PRESCRIBING INFORMATION Buvidal® (buprenorphine) prolonged-release solution for injection Please refer to the Summary of Product Characteristics (SmPC) before prescribing.

Presentations: Prolonged-release solution for injection in pre-filled syringes containing buprenorphine for weekly injection (8 mg, 16 mg, 24 mg, 32 mg) or monthly injection (64 mg, 96 mg, 128 mg).

Indication: Treatment of opioid dependence within a framework of medical, social and psychological treatment. Treatment is intended for use in adults and adolescents aged 16 years or over.

Dosage and Administration: Administration of Buvidal® is restricted to healthcare professionals. Appropriate precautions, such as to conduct patient follow-up visits with clinical monitoring to the patient´s needs, should be taken when prescribing and dispensing buprenorphine. Take-home use or self-administration of the product by patients is not allowed. Precautions to be taken before initiation of treatment: To avoid precipitating symptoms of withdrawal, treatment with Buvidal® should be started when objective and clear signs of mild to moderate withdrawal are evident. For patients using heroin or short-acting opioids, the initial dose of Buvidal® must not be administered until at least 6 hours after the patient last used opioids. For patients receiving methadone, the methadone dose should be reduced to a maximum of 30 mg/day before starting treatment with Buvidal® which should not be administered until at least 24 hours after the patient last received a methadone dose. Buvidal® may trigger withdrawal symptoms in methadone-dependent patients. Initiation of treatment in patients not already receiving buprenorphine: Patients not previously exposed to buprenorphine should receive a sublingual buprenorphine 4 mg dose and be observed for an hour before the first administration of weekly Buvidal® to confirm tolerability to buprenorphine. The recommended starting dose of Buvidal® is 16 mg, with one or two additional 8 mg doses at least 1 day apart, to a target dose of 24 mg or 32 mg during the first treatment week. The recommended dose for the second treatment week is the total dose administered during the week of initiation. Treatment with monthly Buvidal® can be started after treatment initiation with weekly Buvidal®, in accordance with the dose conversion in Table 2 of the full SmPC and once patients have been stabilised on weekly treatment (four weeks or more, where practical). Switching from sublingual buprenorphine products to Buvidal®: Patients treated with sublingual buprenorphine may be switched directly to weekly or monthly Buvidal®, starting on the day after the last daily buprenorphine sublingual treatment dose in accordance with the dosing recommendations in the full SmPC. Maintenance treatment and dose adjustments: Buvidal® can be administered weekly or monthly. Doses may be increased or decreased and patients can be switched between weekly and monthly products according to individual patient’s needs and treating physician’s clinical judgement as per recommendations in the full SmPC. Following switching, patients may need closer monitoring. Assessment of long-term treatment is based on 48-week data. Supplemental dosing: A maximum of one supplemental Buvidal® 8 mg dose may be administered at an unscheduled visit between regular weekly and monthly doses, based on individual patient’s temporary needs. The maximum dose per week for patients who are on weekly Buvidal® treatment is 32 mg with an additional 8 mg dose. The maximum dose per month for patients who are on monthly Buvidal® treatment is 128 mg with an additional 8 mg dose. Missed doses: To avoid missed doses, the weekly dose may be administered up to 2 days before or after the weekly time point, and the monthly dose may be administered up to 1 week before or after the monthly time point. If a dose is missed, the next dose should be administered as soon as practically possible. Termination of treatment: If Buvidal® treatment is discontinued, its prolonged-release characteristics and any withdrawal symptoms experienced by the patient must be considered. If the patient is switched to treatment with sublingual buprenorphine, this should be done one week after the last weekly dose or one month after the last monthly dose of Buvidal® according to the recommendations in the full SmPC.

Method of administration: Buvidal® is intended for subcutaneous administration only. It should be injected slowly and completely into the subcutaneous tissue of different areas (buttock, thigh, abdomen, or upper arm), provided there is enough subcutaneous tissue. Each area can have multiple injection sites. A minimum of 8 weeks should be left before re-injecting a previously used injection site with the weekly dose.

Contraindications: Hypersensitivity to the active substance or to any of the excipients. Severe respiratory insufficiency. Severe hepatic impairment. Acute alcoholism or delirium tremens.

36 Special warnings and precautions for use: Care must be taken to avoid inadvertent injection of Buvidal®. The dose must not be administered intravascularly (intravenously), intramuscularly or intradermally. Intravascular such as intravenous injection would present a risk of serious harm as Buvidal forms a solid mass upon contact with body fluids, which potentially could cause blood vessel injury, occlusion, or thromboembolic events. To minimise the risk of misuse, abuse or diversion, appropriate precautions should be taken when prescribing and dispensing buprenorphine. Healthcare professionals should administer Buvidal directly to the patient. Take-home use or self-administration of the product by patients is not allowed. Any attempts to remove the depot should be monitored throughout treatment. The prolonged-release properties of the product should be considered during treatment including initiation and termination. In particular, patients with concomitant medicinal products and/or co-morbidities, should be monitored for signs and symptoms of toxicity, overdose or withdrawal caused by increased or decreased levels of buprenorphine. Buprenorphine should be used with care in patients with respiratory insufficiency. Buprenorphine may cause drowsiness particularly when taken together with alcohol or central nervous system depressants such as benzodiazepines, tranquilisers, sedatives, gabapentinoids or hypnotics. Buprenorphine is a partial agonist at the mu-opiate receptor and chronic administration can produce opioid dependence. Baseline liver function tests and documentation of viral hepatitis status are recommended prior to starting therapy. Buprenorphine products have caused precipitated withdrawal symptoms in opioid-dependent patients when administered before the agonist effects resulting from recent opioid use or misuse have subsided. Buprenorphine should be used with caution in patients with moderate hepatic impairment. Hepatic function should be monitored regularly whilst on treatment. The use of buprenorphine is contraindicated in patients with severe hepatic impairment. Caution is recommended when dosing patients with severe renal impairment. Caution should be exercised when co-administering Buvidal® with other medicinal products that prolong the QT interval and in patients with a history of long QT syndrome or other risk factors for QT prolongation. For management of acute pain during continued use of Buvidal®, a combination of use of opioids with high mu-opioid receptor affinity (e.g. fentanyl), non-opioid analgesics and regional anaesthesia might be necessary. Titration of oral or intravenous short-acting opioid pain medicinal products (immediate-release morphine, oxycodone or fentanyl) to the desired analgesic effect in patients treated with Buvidal® might require higher doses. Patients should be monitored during treatment. Interactions: No interaction studies have been performed with Buvidal®. See SmPC for precautions when co-administering buprenorphine with other drugs. Fertility, pregnancy and lactation: Buprenorphine should be used during pregnancy only if the potential benefit outweighs the potential risk to the foetus. Towards the end of pregnancy, buprenorphine may induce respiratory depression in the newborn infant even after a short period of administration. Buprenorphine and its metabolites are excreted in human breast milk and Buvidal® should be used with caution during breast-feeding. There are no or limited data on effects of buprenorphine on human fertility. Driving and operating machines: Buprenorphine has minor to moderate influence on the ability to drive and use machines when administered to opioid-dependent patients. The patient should be cautioned not to drive or operate hazardous machinery whilst taking this medicine until it is known how the patient is affected by the medicine.

Undesirable effects: The adverse reactions most frequently reported for buprenorphine are headache, nausea, hyperhidrosis, insomnia, drug withdrawal syndrome and pain. Very common (≥ 1/10): insomnia, headache, nausea, hyperhidrosis, drug withdrawal syndrome, pain. Injection site reactions: in the double-blind, phase 3 efficacy trial, injection site-related adverse reactions were observed in 36 (16.9%) of the 213 patients (5% of the administered injections) in the Buvidal® treatment group. The most common adverse reactions were injection site pain (8.9%), injection site pruritus (6.1%) and injection site erythema (4.7%). The injection site reactions were all mild or moderate in severity and most events were transient. See full SmPC for further details of adverse reactions.

Overdose: General supportive measures should be instituted, including close monitoring of respiratory and cardiac status of the patient. Symptomatic treatment of respiratory depression, following standard intensive care measures, should be instituted. The long duration of action of buprenorphine and the prolonged release from Buvidal®, should be taken into consideration when determining length of treatment needed to reverse the effects of an overdose.

Package quantities: Pack contains 1 pre-filled syringe with stopper, needle, needle shield, safety device and 1 plunger rod. Pre-filled syringes for weekly injection: 8 mg, 16 mg, 24 mg, 32 mg. Pre-filled syringes for monthly injection: 64 mg, 96 mg, 128 mg.

Marketing authorisation numbers: EU/1/18/1336/001, EU/1/18/1336/002, EU/1/18/1336/003, EU/1/18/1336/004, EU/1/18/1336/005, EU/1/18/1336/006, EU/1/18/1336/007.

Legal category: Prescription medicine. Further information is available from the Marketing Authorisation Holder: Camurus AB, Ideon Science Park, SE-223 70 Lund, Sweden. Phone: +800 2577 2577.

Date of preparation: December 2018. Internal approval number (from Veeva): INT-BUV-1800007. Adverse events should be reported according to national guidelines.

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