Company presentation

May 2021 2

Forward looking statements

This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product developments and regulatory approvals and financial performance.

Camurus is providing the following cautionary statement. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, unexpected contract, patent, breaches or terminations, government-mandated or market-driven price decreases, introduction of competing products, Camurus‘ ability to successfully market products, exposure to product liability claims and other lawsuits, changes in reimbursement rules and governmental laws and interpretation thereof, and unexpected cost increases.

Camurus undertakes no obligation to update forward-looking statements Long-acting medications addressing key healthcare challenges 4

Camurus snapshot

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

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

LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP ~ SEK 11 billion EMPLOYEES: 144 HQ: Lund, Sweden REGIONAL OFFICES: Cambridge, Mannheim, Sydney 5

Leading FluidCrystal® extended-release technology

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

Injection of liquid . formulation Encapsulating Slow release Drug release and conc using prefilled H2O liquid crystal gel of drug biodegradation of

syringe or triggered by blood gel matrix to full

autoinjector water uptake drug resolution time

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

FluidCrystal – Long-acting release

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

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

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

Weekly and monthly buprenorphine depots

Population pharmacokinetic profiles for Buvidal vs sublingual buprenorphine

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

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

Sources: Abstract presented at the Annual conference of the Society for the Study of Addiction-November 2018; Albayaty M, Linden M, Olsson H, Johnsson M, Strandgarden K, Tiberg F. Adv Ther. 2017;34(2):560–575. 8

Significant progress on key priorities

•Strong commercial development and progress with Buvidal • Expansion of the commercial platform in Europe and Australia • Successful life-cycle management and regulatory approvals • Growing scientific evidence for Buvidal across treatment settings and geographies •R&D and pipeline progress • Two advancing Phase 3 studies of CAM2029 in acromegaly • FDA allowance to start Phase 3 study in neuroendocrine tumors (NET) • Scientific advice meeting with FDA for Phase 2/3 study in polycystic liver disease (PLD) • Progress in our early projects and partnerships •Positive financial performance • Continued strong revenue growth • Improved financial result and robust cash position • Full year 2021 financial outlook reiterated1

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

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

medications Numberof deaths in the US 0 ‒ Diversion, misuse, risk of overdose, poor retention, burdens and stigma of daily buprenorphine and methadone medications 12 month-ending period

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

Buvidal® – flexible long-acting treatment of opioid dependence

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

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

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

 Product sales 124m SEK; up 156% vs Q1 2020, Product sales by quarter 20% vs last quarter MSEK ‒ Exceptional market penetration in Australia and Nordics 140 ‒ Good progress in UK, Germany and smaller markets 124 120 ‒ COVID-19 remains barrier for uptake across most markets 104 94  About 18,000 patients in treatment end of quarter 100 ‒ Excellent feedback on flexibility and ability to individualize 80 76 treatment across settings and geographies 60 49  Buvidal market expansion continues 40 30 ‒ Available in 15 countries in Europe, Australia and MENA 20 ‒ 8 new wave 3 market launches in 2021 20 11

0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021

MENA – Middle East and North Africa 12 ~740,000 patients suited for treatment with Buvidal in the EU and Australia

Buprenorphine Methadone New treatment Not in treatment due to Total potential treated1,2 treated 30 mg1-3 journeys rules and burden of 12 months1 daily treatment1,4,5 ≤ 15 percent market penetration correspond to annual sales of ~ SEK 3 billion66

1EMCDDA 2018 Drug report 2https://www.aihw.gov.au/reports/alcohol-other-drug-treatment-services/nopsad-2018/contents/introduction%C2%A0 3Camurus estimate 4Benyamina et al 2013 Heroin Addiction and Related Clinical Problems 14 (4): 65-80. 5Camurus data on file 2018, Patient qualitative study. 6Based on average daily price of USD 10/day and 270 treatment days/patient/year 13 Buvidal launches in Wave 3 markets being prepared

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

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

1EMCDDA 2020; 2Office of the Director of Mental Health and Addiction Services Annual Report 2018 and 2019; 3New Zealand Practice Guidelines for Opioid Substitution Treatment 2014 14 Growing scientific evidence base for Buvidal Selected publications in 20211-6 Presentations at Scientific Conferences in 2021

2021 Q1 Q2 Q3 Q4

International ASAM CPDD ISAM AAAP Conferences 22-24 Apr 19-23 Jun 28 Sep – 1 Oct 9-12 Dec Virtual Virtual Valetta, Malta Naples, USA

European IOTOD Nord Op Sym EUROPAD ALBATROS Conferences 16-17 Sep 7-9 Dec 7-9 Dec 26-27 Apr Uppsala, SE Paris, FR Paris, FR Virtual

National IMIA21 Subst.-Forum RCPysch Kon. Suchtmed. ATHS Beroendemed. SSA Conf. SIPaD 26-28 Feb 8-9 May 21-24 Jun 1-3 Jul 19-22 Oct 23 Oct 4-5 Nov 10-12 Nov Conferences Virtual Virtual Virtual Munich, DE Biarritz, FR Sweden Virtual Rome, IT (selected) Schmerz+Palliativ-Tag Adictologia Schmerzkon. SESP DGS-Kon. SEPD 10-13 Mar 21 May 20-23 Oct 28-30 Oct 5-7 Nov 25-27 Nov Virtual Virtual Mannheim, DE Madrid, ES Berlin, DE Seville, ES

SMMGP RCGP J Sociodrog Feder SerD APSAD Gefän.medizin 25-26 Mar 21-23 Oct 3-5 Nov 7-10 Nov 2-3 Dec Virtual Barcelona, ES Virtual Brisbane, AU Virtual

1 Lintzeris, N., et al. JAMA Network Open. 2021;4(5):e219041. doi:10.1001/jamanetworkopen.2021.9041; 2Weeks A, et al. Drug Alcohol Rev. 2021; https://doi.org/10.1111/dar.13291; 3Tay Wee Teck J, et al. Front Pharmacol. 2021; https://doi.org/10.3389/fphar.2021.631784; 4Hard B. Case reports in Psych. Vol. 2021, Article ID 6657350; 5Gross G, et al. Heroin Addict Relat Clin Probl. Jan 23, 2021; 6D'Onofrio G, et al. Contemp Clin Trials. 2021 Mar 15;106359 15 Compelling clinical evidence from head-to-head DEBUT study

•DEBUT – Depot Evaluation Buprenorphine Study met primary endpoint demonstrating superiority Utilization Trial for TSQM global satisfaction1 Difference ‒ Randomized, multi-site, open-label, active-controlled study Scheduled Visit Statistic Buvidal SL BPN SOC† p-value of Buvidal vs standard of care in 120 adult outpatients with (Buvidal - SL BPN) opioid dependence to compare patient reported outcomes Baseline (Mean) 71.2 73.8 - - (PROs) Week 24 (LS Mean) 82.5 74.3 8.2 ~0.01 ‒ Primary endpoint: patient reported TSQM† global satisfaction score Treatment period (LS Mean) 82.4 73.8 8.6 <0.01 ‒ Secondary endpoints (selected): other treatment satisfaction domains, treatment burden, quality of life, Primary endpoint First secondary endpoints opioid related behaviors and general health outcomes Global satisfaction Convenience Effectiveness Side Effects score Score Score Score 100 Buvidal Weekly & Monthly CAM2038Buvidal flexible dosing 90 SL BPN * * * * * 80 * Screening R Follow-up period 70 60 n=120 BPN SoC 50

flexible dosing Mean TSQM score 40 w0 w12 w24 w0 w12 w24 w0 w12 w24 w0 w12 w24 Day -28 to -1 Day 1 Week 24 Week 26

1. Lintzeris, N., et al. JAMA Network Open. 2021;4(5):e219041. doi:10.1001/jamanetworkopen.2021.9041. † Statistically significant p-value ≤ 0.05 TSQM – Treatment satisfaction questionnaire for medication ; SL – sublingual; BPN – buprenorphine; SOC – Standard of Care 16

Global strategy for Buvidal (Brixadi™)

REGION PARTNER NO OF PATIENTS MARKET POTENTIAL

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

North >2 million $0.6-1.2 billion4, 5 America DIAGNOSED WITH OPIOID USE DISORDER IN THE US3

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

1European Drug Report 2019; 2Camurus estimate; 3SAMHSA, Results from the 2017 National Survey on Drug Use and Health, Sep. 2018; 4Opioid Use Disorder: Opportunity Analysis and Forecasts to 2027, GlobalData 2018; 5Camurus estimates; 6World Drug Report and NewBridge estimate 17

Buvidal is well differentiated

Long-acting injection treatments for opioid dependence

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

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

US, Canada,  Australia – – – 19G– 0.5 ––1.5 mL – – –

 US – – – 20G– 3.4– mL – – –

*Based on information in product labels 18

Significant opportunity in mid- to late-stage pipeline

Phase 1 Phase 2 Phase 3 Registration Market

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

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

CAM2048 CAM2043 CAM2038 Postoperative pain Raynaud’s phenomenon Chronic pain

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

1 Licensed to Braeburn. 2 Licensed to Rhythm Pharmaceuticals 19 Buvidal (Brixadi) lifecycle management and geographic expansion

•New approvals •Brixadi™ in the US CAM2038 Chronic pain ‒ Market authorization approval in ‒ Complete response letter (CRL) issued ‒ Pre-submission meeting New Zealand by FDA for the Brixadi NDA on held with EU Rapporteur ‒ Approval of 160mg monthly dose 1 December 2020 ‒ Regulatory submission and direct initiation in Australia in ‒ Braeburn are working with their to EMA planned in May 2021 contract manufacturer to address the H2 2021 CRL issues and resubmit the NDA Regulatory filings • ‒ A new PDUFA date for the Brixadi NDA ‒ Positive CHMP opinion for approval is expected in H2 2021 of 160mg monthly dose in EU ‒ New US patent granted for Brixadi ‒ Four MAAs under review in MENA Weekly with expiry date July 2032 ‒ Early access programs ongoing in three countries ‒ Further submissions planned in 2021

CHMP - EMA Committee for Medicinal Products for Human Use; MENA – Middle East and North Africa; NDA – New Drug Application; PDUFA – Prescription Drug User Fee Act 20

CAM2029 – octreotide subcutaneous depot in Phase 3 development

•Innovative medicine in late-stage development for the treatment of rare diseases; acromegaly, neuroendocrine tumors and polycystic liver disease. •Designed for enhanced efficacy and patient convenience 21 CAM2029 opportunity addresses key unmet medical needs in the SSA market

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

Source: 1Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72; 2.Pavel M et al, Cancer Chemotherapy and Pharmacology 2019; 83:375–385; 3 GlobalData 2020, excluding pasireotide sales 22 Phase 2 pilot study indicates good or improved symptom control in NET patients

Pharmacokinetics in NET patients Flushing and diarrhea in NET patients

Steady-state pharmacokinetic profiles 100 Oct-LAR CAM2029 2 CAM2029 20mg q4w NET patients ss Bowel movements day OCT LAR 30mg q4w NET patients ss Flushings 1,5 10 symptoms/ 1

1 number

mean 0,5 PlasmaOCT conc (ng/mL)

0,1 Monthly 0 0 7 14 21 28 Day -28 - Day 0 Day 0- Day 28 Day 28 - Day 56 Day 56 - Day 84 Time (days)

Analysis of data from Pavel M et al, Cancer Chemotherapy and Pharmacology, 2019; 83(2): 375–385 GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors 23 Study also indicates well-maintained or improved biochemical control with CAM2029 in acromegaly

IGF-1 in acromegaly patients Growth hormone (GH) in acromegaly patients

Oct-LAR CAM2029 Oct-LAR CAM2029 250 8

200 6

150 1.3xULN 4 ULN 100 ULN 2 50 GH concentration (mg/mL)

0 0 Time weightedaverageof (% ULN) Day -28 - Day 0 Day 0 - Day 28 Day 28 - Day 56 Day 56 - Day 84 Day -28 - Day 0 Day 28 Day 56 Day 84

Patient 1 Patient 2 Patient 3 Patient 4 Patient 5 Patient 1 Patient 2 Patient 3 Patient 4 Patient 5

Analysis of data from Pavel M et al, Cancer Chemotherapy and Pharmacology, 2019; 83(2): 375–385 GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors 24

CAM2029 study program overview

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

- 2020 2021 2022 2023

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

PK – pharmacokinetic; PD – pharmacodynamic 25 Two ongoing pivotal Phase 3 studies of CAM2029 in acromegaly

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

HS-18-633 CAM2029 once monthly HS-19-647 Open-label treatment phase

Screening R Screening Roll-over patients Placebo once monthly from HS-18-633 New patients N=70 Prior treatment N=70 with octreotide N=78, 2:1 Prior treatment or lanreotide with octreotide Rescue with standard of care CAM2029 once monthly or lanreotide

4 - 8 Weeks Day 1 Double-blind treatment phase Week 24 4 - 8 Weeks Day 1 Week 24 Week 52 26

GEP-NET Phase 3 trial under start-up

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

HS-19-657 CAM2029

Primary endpoint Option to switch to CAM2029 PFS (Progression Screening R (if primary endpoint met) Survival follow-up Active comparator Free Survival)

Day 1 Treatment period Follow-up period

* GEP – gastroenteropancreatic; NET – neuroendocrine tumors 27

CAM2029 status and milestones

•Acromegaly •Autoinjector development Estimated CAM2029 ‒ Orphan drug designation in the EU ‒ Prefilled pen available for clinical trials peak sales potential 1 ‒ Two phase 3 studies ongoing ‒ Phase 1 clinical study ongoing in the US and EU5: ‒ NDA/MAA submission late 2022 ‒ Full validation ready in mid-2021 US$ 1.1-1.6 billion ‒ Pre-launch activities initiated •New indications 2 •Neuroendocrine tumor Acromegaly ‒ CAM2029 is being considered for US$ 120-180 million ‒ Registration program for GEP-NET additional indications aligned with FDA and EMA ‒ Go / No Go decision and potential clinical Neuroendocrine tumors3 IND safe to proceed letter received ‒ study start in 2021 US$ 720-1015 million from FDA for Phase 3 trial ‒ Study under start-up Polycystic liver disease4 •Polycystic liver disease program US$ 265-415 million ‒ FDA scientific advice on the clinical registration program in PLD ‒ Patient reported outcomes questionnaires in development

1Globe Life Science market research. Data on file. 2Assuming CAM2029 autoinjector presentation and efficacy non-inferior to current long-acting SSA-products; 3Assuming CAM2029 autoinjector presentation and efficacy superior to current long-acting SSA-products; 4No currently available medical treatments 28

Progress in Rhythm collaboration

Weekly setmelanotide Positive Phase 2 data2

Long-acting setmelanotide for treatment 12 )

of genetic obesity disorders mL ng / (  Immediate release setmelanotide, 9 IMCIVREE, approved by the FDA on 6 27 Nov 20201 Concentration

3

 Positive Phase 2 results for weekly Through setmelanotide depot (CAM4072) Mean announced in June 2020 0 1 2 3 4 5 6 7 8 9 10 11 12 • Weight loss and tolerability comparable Week to daily formulation over 12 weeks • Potential for improved convenience QD-3mg QW-10mg QW-20mg QW-30mg  Rhythm to initiate registrational trial Mean through drug concentrations for 20mg and for weekly formulation in H2 20212 30mg doses of CAM4072 similar to daily 3mg dose

1 https://ir.rhythmtx.com/news-releases/news-release-details/rhythm-pharmaceuticals-announces-fda-approval-imcivreetm; 2Rhythm Corporate Presentation – November 2020. https://ir.rhythmtx.com/static-files/fd4e0919-4d82-47e0-afe3-8cd9b5151490 29

Recent and anticipated news flow 2021/22

Start CAM2029 Phase 3 Start CAM2029 Phase 3 efficacy results study in GEP-NET Phase 2/3 in PLD CAM2029 in acromegaly

Results CAM2029 Start CAM4072 registration Results CAM2029 Phase 3 long- autoinjector PK study study program (Rhythm) term safety study in acromegaly

Buvidal EU/AU line Start new in-house Phase 2 results NDA/MAA extension approvals clinical program CAM2043 in Raynaud’s submissions CAM2029 for Publication of DEBUT MAA submission acromegaly and UNLOC-T data CAM2038 chronic pain

Buvidal third wave Brixadi US approval MAA approval market expansion CAM2038 chronic pain

2021 H1 H2 2022 30 Key strategies for value creation in short and medium term

Pipeline advancement • Late-stage development and new regulatory approvals for CAM2038 and CAM2029 • Grow our pipeline of innovative medicines and expand the use of our FluidCrystal® technology in areas of high unmet need and market potential

Commercialization Corporate development • Establish leadership in opioid • Continue to build our commercial dependence treatment in Europe infrastructure and add new and Australia products • Continued RoW expansion • Develop sustained growth and • Market approval and launch profitability through own sales, of Brixadi™ in the US partnerships, business • Pre-launch activities in acromegaly development and M&A and chronic pain 31

Camurus AB │ Ideon Science Park, SE-223 70 Lund, Sweden

P +46 46 286 57 30 │ [email protected] │ camurus.com 32

Key figures first quarter 2021

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

Total revenues 126 49 +155% 336

whereof product sales 124 49 +156% 323

Operating expenses 136 117 +16% 508

Operating result -26 -77 +66% -205

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

Cash position 428 291 +47% 462 33

Reiterated Outlook 2021

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

• Investments in market expansion for • * Constant exchange rates from January 2021 Buvidal with launches in Wave 3 markets • Limited organizational expansion 34

Shareholders

Shareholders as of 31 March 2021 Number of shares % of capital % of votes Shareholder distribution Sandberg Development AB 22,000,692 40.6 40.6 Fjärde AP-fonden 3,330,676 6.1 6.1 Gladiator 2,392,243 4.4 4.4 Avanza Pension 1,751,126 3.2 3.2 Fredrik Tiberg, CEO 1,696,788 3.1 3.1 29.7% Didner & Gerge Fonder 1,354,200 2.5 2.5 40.6% Svenskt Näringsliv 1,100,000 2.0 2.0 0.8% Backahill Utveckling 826,491 1.5 1.5 0.8% Lancelot Avalon 740,000 1,4 1.4 0.9% 0.9% State Street Bank and Trust 572,947 1.1 1.1 1,0% Afa Försäkring 531,000 1.0 1.0 6.1% 1.0% 1.5% 4.4% Camurus Lipid Research Foundation 505,250 0.9 0.9 1.3% 2.0% 2,0% 3.3% Cancerfonden 500,000 0.9 0.9 3.1% Enter fonder 457,561 0.8 0.8 CBNY – Norges Bank 444,780 0.8 0.8 Other shareholders 16,031,436 29.7 29.7 In total 54,235,190 100.0 100.0 35

Experienced and committed management team

Fredrik Tiberg, PhD Education: M.Sc. in Chemical Engineering, PhD in Physical Eva Pinotti-Lindqvist Education: Bachelor’s of Science in Economics, Lund President & CEO, Head R&D Chemistry, Lund University Chief Financial Officer University In Company since: 2002 Previous experience: Professor in Physical Chemistry at In Company since: 2014 Previous experience: Chief Financial Officer at EQL Pharma, Lund University, Visiting Professor at Oxford University, Nordic Market Analyst at Nordic Drugs, Finance Consultant Holdings:1,696,788 shares & Institute for Surface Chemistry (Section head). Holdings:45,124 shares & at Poolia 165,000 warrants 17,009 warrants

Richard Jameson Education: B.Sc. in Applied Biological Sciences from Peter Hjelmström, MD, PhD Education: MD, PhD and Associate Professor from Chief Commercial Officer University West of England Chief Medical Officer Karolinska Institutet, Postdoctoral fellowship at Yale University Previous experience: General Manager, UK & Nordics for In Company since: 2016 In Company since: 2016 Previous experience: More than 15 years of experience Reckitt Benckiser (2010 – 2013) and Area Director Europe, Holdings: - Holdings:20,490 shares & Middle East and Africa for Indivior (2013 – 2016). from the pharmaceutical industry, including as Medical 88,000 warrants Director at Orexo and Head of Clinical Science at Sobi

Fredrik Joabsson, PhD Education: M.Sc. in Chemistry, PhD in Physical Chemistry, Maria Lundqvist Education: B.Sc: in Business and Economics, Uppsala Chief Business Dev. Officer Lund University Head of Global HR University Previous experience: More than 20 years of experience in Previous experience: More than 20 years of experience of In Company since: 2001 In Company since: 2021 leadership roles within Human Resources, including HR Holdings:45,463 shares & pharmaceutical R&D, business development and alliance Holdings: - management. Director Nordics at Teva Pharmaceuticals and HR positions 35,000 subscription warrants at Tetra Pak, Vestas and AstraZeneca.

Annette Mattsson Education: Bachelor of Pharmacy, Uppsala University and Torsten Malmström, PhD Education: M.Sc. in Chemistry, PhD in Inorganic Chemistry, VP Regulatory Affairs Business Economics, Lund University Chief Technical Officer Lund University Previous experience: More than 25 years of experience Previous experience: More than 20 years of experience from In Company since: 2017 within regulatory affairs, including European RA In Company since: 2013 pharmaceutical R&D including Director Pharmaceutical Holdings:12,000 subscription Director/Global RA Lead at AstraZeneca and Global RA Holdings:45,363 shares & Development at Zealande Pharma, Director of Development warrants Lead at LEO Pharma. 8,000 subscription warrants at Polypeptide, Team Manager at AstraZeneca.

Andrew McLean Education: Bachelor of Laws (LL.B (Hons)), Aberystwyth Agneta Svedberg Education: M.Sc. In Radiophysics and B.Sc. In Medicine VP Corporate Development University and College of Law, Guildford (Law Finals) VP Clinical & Regulatory Dev. from Lund University, Executive MBA from Executive & Senior Counsel Previous experience: General Counsel, Company Secretary Foundation Lund & Chief Compliance Officer at Kyowa Kirin International, In Company since: 2015 Previous experience: More than 25 years of experience in In Company since: 2021 International Business Lawyer at Recordati SpA, Head of Holdings:12,000 shares & drug development, incl. as COO at Zealand Pharma, CEO of Holdings:- Legal Affairs at Shire Pharmaceuticals 50,000 subscription warrants Cantargia, Senior VP Clinical Development at Genmab.