Company presentation

September 2018 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’ pillars of success

Unique FluidCrystal® • In-house developed with strong IP protection delivery technology • Validated in +20 clinical trials

• +10 clinical programs in opioid , pain, Broad, late-stage , obesity, endocrine and CV disease R&D pipeline • Potential FDA/EMA/TGA approvals in 2018

Emergent • Fully operational for planned European and commercial Australian launches of CAM2038 early 2019 Listed on Nasdaq STO (ticker CAMX) • All key functions in place organization Market Cap: SEK ~3.7 billion Cash position: SEK 199 million (Q2 2018) • Braeburn Pharmaceuticals, Rhythm,… Strong partnerships Employees: 85 • Provides external validation HQ: Lund, Sweden Regional offices: Cambridge, Mannheim, Paris, Sydney Experienced management and dedicated teams

3 Broad and diversified specialty pharma pipeline

PARTNER PRODUCT PRECLINICAL PHASE 1-2 PHASE 3 REGISTRATION 1 CAM2038 q1w OPIOID DEPENDENCE REGISTRATION

1 CAM2038 q4w OPIOID DEPENDENCE REGISTRATION

1 CAM2038 q1w CHRONIC PAIN PHASE 3

1 CAM2038 q4w CHRONIC PAIN PHASE 3

CAM2029 ACROMEGALY PHASE 1-2

CAM2029 NEUROENDOCRINE TUMORS PHASE 1-2

CAM2032 PHASE 1-2

CAM2047 CINV3 PHASE 1-2

1 CAM2048/58 POSTOPERATIVE PAIN & PONV4 PHASE 1-2

CAM2043 PAH5 PHASE 1-2 2 CAM4072 GENETIC OBESITY PHASE 1-2

CAM4071 UNDISCLOSED INDICATION PHASE 1-2 1. Rights to North America, 2. Worldwide rights, 3. induced nausea and vomiting, 4. Postoperative nausea and vomiting, 5. Pulmonary arterial hypertension

4 Significant near-term and recent news flow

PRODUCT EVENT TIME CAM2038 Opioid dependence CRL issued by FDA √ January 2018 Publication of pivotal Phase 3 results √ May 2018 NDA resubmitted to the FDA √ May 2018 FDA assigned PDUFA goal date of 26 December √ July 2018 CHMP opinion Q3 2018 MAA approval decision Australia Q4 2018 MAA approval decision EU Q4 2018 NDA approval decision US Q4 2018 CAM2038 Chronic pain Phase 3 pivotal efficacy results Q3 2018 Phase 3 long-term safety results H1 2019 CAM2029 Acromegaly / NET Exclusive rights to CAM2029 regained from √ July 2018 Phase 3 manufacturing preparations completed Q4 2018 CAM2043 PAH / 2nd indication Phase 1 SAD and MAD results √ May 2018 CTA/IND submission Phase 2 study Q4 2018 5 Long-acting medications address key healthcare challenges

6 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 : COMPLETE RESOLUTION CLINICAL TRIALS SPC+GDO+SOLVENT+DRUG

SECONDS HOURS WEEKS / MONTHS

7 FluidCrystal® – Long-acting pasireotide release

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 8 Clinically documented compounds + validated proprietary technology

9 CAM2038

Weekly and monthly depots Potential 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 years PRICE TAG FOR US OPIOID CRISIS3 Study indicates 30:1 non-fatal to fatal overdoses4 US recent life expectancy decline largely due to 5 Source: 1. UNODC, World Drug Report 2017; 2. Center for Disease Control & Prevention 2016; 3. The Council of Economic 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 11 CAM2038 has a strong and differentiated product profile1

CHOICE OF • Flexible weekly and monthly dosing WEEKLY MONTHLY MULTIPLE INJECTION DOSING DOSING DOSES enables individualized treatment SITES aligned with “Best Clinical Practice” guidelines     • Removes risks, burden and stigma 8 doses of daily medication and addresses compliance issues SMALL LOW ROOM TEMP. COMPELLING • HCP administration safeguards NEEDLE VOLUMES STORAGE CLINICAL DATA against diversion, misuse and pediatric exposure     • Potential for best-in-class treatment 23 gauge 0.16 – 0.64 mL

Source: 1. CAM2038 is an investigational medicinal product and is currently not approved in any market 12 Strong data from comprehensive Recent scientific publications clinical program of CAM2038

• Non-inferior and superior Phase 3 efficacy vs daily sublingual buprenorphine/naloxone • Blockade of opioid effects from the first dose • Effective suppression of withdrawal and cravings • Safety profile comparable to SL buprenorphine with no unexpected safety findings • No opioid overdoses across clinical studies for patients treated with CAM2038 • High patient satisfaction

Source: Haasen, C, et al, J Subst Abuse Treat. 2017 Jul;78:22-29; Albayaty M, et al, Adv Ther. 2017 Feb;34(2):560-575; Walsh et al, JAMA Psychiatry 2017;74(9):894-902; Lofwall MR, et al. JAMA Internal Medicine. Published Online: May 14, 2018 13 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

14 Source: Poster presentation ASAM 2018. Phase 3 Long-Term Safety Study. Long-acting injectable opioid dependence market

Long-acting buprenorphine injectables

PRECLINICAL PHASE I PHASE II PHASE III REGISTRATION APPROVAL

US Est. Q4 2018 Camurus/ Europe Est. Q4 2018 Braeburn CAM2038 Weekly & Monthly Australia Est. Q4 2018

US Approved Nov 2017 Indivior Sublocade™ Monthly Europe N/A Australia Est. Mid-2019

Long-acting naltrexone injectables

Alkermes Vivitrol 2017 sales $269M2 US Approved 2010

Source: 1. Indivior, Q1 Financial Reults, May 2, 2018; 2. GlobalData 2018 15 Preparing for CAM2038 launch on key global markets

ESTIMATED 15 million OPIOID DEPENDENT INDIVIDUALS GLOBALLY1

Camurus primary markets Camurus Braeburn Braeburn option right Medison (Israel)

Source. 1. Data for 2010 by Degenhardt et al., Addiction, 2014. 16 Braeburn ready for US launch of CAM2038 for OUD

Positive market dynamics for CAM2038 Key drivers • Rapidly worsening opioid crisis, high medical need and high disease awareness Minimize payer barriers and maximize patient access to CAM2038 • Payers under pressure to increase access to treatment due to extreme economic burden – $500 billion • High patient satisfaction with CAM2038 High conversion of patients from measured in Phase 3 study and reported daily oral treatment to CAM2038 and anecdotally initiation of new patients • Good support by physicians and KOLs • Encouraging payor response and discussions • US long-acting buprenorphine market potential Establish CAM2038 as the estimated to >USD 3 billion1 based on preferred OUD treatment option patient/prescription share of 25%

Source: 1. Camurus estimate based on Symphony Health, PHAST Integrated Monthly, and monthly Sublocade™ price ($1580), Indivior plc ; LAI – long acting injectables 17 Significant market potential for CAM2038 on Camurus’ own markets

High physicians’ willingness to prescribe CAM2038 (EU5)1

86% 94% 96% 96% 86% n=52 n=51 n=50 n=50 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 77,500 patients 148,868 patients 75,964 patients 61,954 patients 161,388 patients

Physicians’ willingness to prescribe CAM2038 Anticipated share of patients on CAM2038 q4w if available Anticipated share of patients on CAM2038 q1w if available

Market potential for LAIs in Europe and Australia estimated to €180m – €250m2

Source: 1. Market access dynamics in opioid addiction, Decision Resources 2015; 2. Camurus estimate 18 Leading commercialization platform being established in Europe and Australia

HQ • Experienced international leadership in place Lund on key markets Sweden ‒ General managers, market access, medical affairs, marketing and sales managers

Cambridge • Total expected EU/AUS headcount ~120 UK Regions • High pre-launch activity Northern Europe ‒ Payer access, medical affairs and marketing Central Europe ‒ Distribution and patient access Paris Southern Europe ‒ Country operating models France Australia ‒ Policy and education ‒ Phase 4 studies and LCM in progress

Mannheim Sydney Germany Australia

19 Phase 3 efficacy results for CAM2038 in second potential indication of chronic pain expected shortly

SECOND Management of moderate-to-severe chronic pain … INDICATION

FORMULATION Subcutaneous buprenorphine depots based on FluidCrystal®

KEY FEATURES • Weekly and monthly durations • Round the clock pain relief 1 IN 5 INDIVIDUALS SUFFERING • Effective blockade of euphorigenic and sedative opioid effects FROM CHRONIC PAIN2 • Flexible and individualized dosing • Safeguard against misuse and diversion CHRONIC PAIN ESTIMATED MARKET SIZE Global chronic low back pain market ~$6 bn1 DEVELOPMENT • Three phase 1/2 trials completed STATUS • Phase 3 pivotal study with safety extension study ongoing ~$560-635bn • Top-line efficacy results expected Q3 2018 ANNUAL COST TO SOCIETY3 • Long-term safety results expected in Q4 2018

PARTNER Braeburn Pharmaceuticals (in North America)

Source: 1. Research N Reports 2018, Chronic Low Back Pain Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2017-2025 20 Camurus has multiple additional product candidates in clinical development

PRODUCT PRE-CLINICAL PHASE1-2 PHASE 3

CAM2029 ACROMEGALY PHASE 1-2

CAM2029 NEUROENDOCRINE TUMORS PHASE 1-2

CAM2032 PROSTATE CANCER PHASE 1-2

CAM2047 CHEMOTHERAPY INDUCED NAUSEA & PAIN PHASE 1-2

CAM2048/20581 POSTOPERATIVE PAIN & POSTOPERATIVE NAUSEA & PAIN PHASE 1-2

2 CAM4072 GENETIC OBESITY PHASE 1-2 PHASE 1-2

CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1-2

Undisclosed internal project candidates

Early stage collaborations with pharma and biotech partners

1. North American rights licensed to Braeburn, 2. Developed by Rhythm Pharmaceuticals under a worldwide license from Camurus

21 Long-acting octreotide for acromegaly and NET

CAM2029 update Somatostatin analogs market expected to exceed US$ 3.5 billion in 20241

• 20 years of strong market growth for somatostatin SOMATOSTATIN ANALOGUE SALES1 analogues (SSAs) mUSD ‒ 12% CAGR 2500 Somatuline® (Ipsen) 2250 Sandostatin® LAR® (Novartis) • Use in niche endocrinology and oncology indications 2000 ‒ Acromegaly 1750 1500 ‒ Neuroendocrine tumors 1250 ‒ Cushing’s disease (pasireotide) 1000 750 • NET and acromegaly accounted for >80% of the market 500 share for SSAs in 2016 250 0 ‒ Majority of global sales in the US market1 • US prices for long-acting SSAs range from $51,000 to $146,000 WAC / year3 • Small and concentrated prescriber base

Source: 1. GlobalData 2017; 2. Hexa Research 2018 and company estimates; 3. US weighted average cost for 23 mid-range doses, 2018 CAM2029 – Next generation octreotide depot

Product Product Route of Self-administration presentation administration

CAM2029 Ready-to-use SC prefilled syringe  12.5 mm, ≥22G needle

Sandostatin® LAR® Reconstitution system IM – (vial, diluent) 40 mm, 20G needle

Somatuline® Autogel® Ready-to-use Deep SC – prefilled syringe 20 mm, 18-19G needle

Note: 1) Illustrative; final product configuration may be different. 24 Positive results in four clinical studies of CAM2029

• Dose proportional long-acting octreotide release supporting 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

Four completed clinical studies  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 25 Pharmacokinetic and pharmacodynamic profile of CAM2029 vs Sandostatin® LAR®

Pharmacokinetic profile Pharmacodynamic profile 5X HIGHER BIOAVAILABILITY 100 250 THAN SANDOSTATIN® LAR®

10 200

1 150 (ng/mL) (ng/mL) 0.1 100 EFFECTIVE 1 plasma concentration - IGF 0.01 50 SUPPRESSION

Octreotide plasma concentration 0 14 28 42 56 70 84 0 14 28 42 56 70 84 OF Time (days) time (days) IGF-1 CAM2029 20 mg Sandostatin LAR, 30 mg CAM2029 20 mg Sandostatin LAR, 30 mg INSULIN GROWTH FACTOR-1

Source: Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72 26 Biochemical control indicated in acromegaly patients after switching from Sandostatin LAR to CAM2029

Insulin growth factor-1 (IGF-1) plasma levels

250

200

Sandostatin® LAR® CAM2029 150 1.3xULN

100

50

Number Time weighted average (% of ULN) 0 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

Source: 1. Company data from Phase 2 study HS-12-455 27 CAM2029 status and next steps

 Manufacturing and  GMP manufacturing  Initiation of stability of commercial of clinical Phase 3 Phase 3 NET scale, technical batches  batches program

H2 2018 H1 2019 H2 2019

 Design of pivotal  IND/CTA submissions for Phase 3 program acromegaly Phase 3 efficacy + safety ext. study

New SSA program 2019  Start clinical development of second innovative long-acting SSA product candidate – new target indication

28 Long-acting treprostinil for treatment of PAH

CAM2043 update

29 Large and concentrated PAH market with significant unmet medical needs

PAH market by drug class1

10.0% 4.0% Endothelin Receptor PAH is a progressive, life-threatening heart/lung disease Antagonists • Untreated life expectance less than 3 years Prostacyclin & Prostacyclin Analogues • Orphan indication, about 60,000 diagnosed patients in the US, 44.7% 41.2% PDE5 Inhibitors EU and Japan1 Large concentrated market sGC Stimulators • PAH market is ~USD 3.8 bn in 7 major markets1 1 ‒ Treprostinil sales ~ USD 1.0 billion TREPROSTINIL PRODUCT SALES1 • Only ~50 accredited PAH centers in the US2 1500 Significant limitations of current infusion treatments • Need for complex extra-corporal pump device, complication 28%3 1000 - limits convenience and quality of life 500 • Infusion site pain in 85% of patients, 32% requiring opioids; infusion site reactions 83% with 39% being severe4 0 • Severe infections, e.g. sepsis, related to infusion3 2011 2012 2013 2014 2015 2016 Remodulin Tyvaso Orenitram

Source: 1. Opportunity Analyzer: Pulmonary Arterial Hypertension, GlobalData 2017. 2. Pulmonary Hypertension Association, 30 2017; 3. Remodulin® US label; 4. Simonneau et al., Am J Respir Crit Care Med. 2002 Mar 165(6):800-4, Long-acting treprostinil for treatment of pulmonary arterial hypertension – CAM2043

Single dose pharmacokinetic profiles Key features ® 10 1 mg • FluidCrystal injection depot technology 2.5 mg 5 mg • Ready-to-use formulation in prefilled syringe 10 mg 1 • Convenient once-weekly subcutaneous dosing

• No need for complex extracorporal pump systems 0.1 Treprostinil plasma • No risk of infusion site related infections and sepsis concentration (ng/mL)

0.01 0 1 2 3 4 5 6 7 Time (days)

Key results from completed clinical Phase 1 study  Dose proportional, long-acting release of treprostinil  Steady state accumulation factor ~2  Good safety profile with no unexpected or serious adverse events 31 Camurus positioned for significant value creation

• Large de-risked pipeline in multi-billion dollar specialty markets • Several potential levers for significant value creation – including potential near-term product approvals on major markets • Lean and effective commercialization platform established for the launch of CAM2038 in Europe and Australia • Strong development and commercialization partnerships • Track record of successful business development • Potential for significant near-term milestones and sales revenues

32 Thank you!

Camurus AB, Ideon Science Park, SE-223 70 Lund, Sweden [email protected] camurus.com Experienced and committed management team

Fredrik Tiberg, PhD, Prof. 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

34 Key Shareholding (31 July 2017) Financial summary Other Sandberg 32,1% Development AB 53,2% Catella MSEK H1 2018 H1 2017 FY 2017 Fondforvaltning 2,8%

Net Sales 22.0 36.3 54.3 Swedbank Robur Fonder 3.3% Operating result -127.6 -110.3 -243.5 Fredrik Tiberg Gladiator 3.9% 4,7% Result after tax -103.8 -86.1 -190.6 Earnings per share Listed on Nasdaq STO (ticker CAMX) SEK before and after -2.78 -2.31 -5.11 Market Cap: SEK ~3.7 billion dilution Monthly OPEX: SEK ~25 million (2017) Cash position 199.1 413.4 314.5 Cash position: SEK 199 million (Q2 2018) Employees: 85 HQ: Lund, Sweden Regional offices: Cambridge, Mannheim, Paris, Sydney

35