Company presentation November 2020 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 Corporate highlights Rapidly growing commercial Broad late-stage pipeline stage company • +10 innovative clinical programs in • Fully operational infrastructure in Europe addiction, pain, oncology, endocrine and Australia disorders and CV diseases • Buvidal® to date launched in 10 countries • Two ongoing Phase 3 studies • Strong growth of product sales • Advancing early stage opportunities 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 10 billion EMPLOYEES: 130 HQ: Lund, Sweden REGIONAL OFFICES: Cambridge, Mannheim, Sydney 5 Camurus‘ FluidCrystal® long-acting release technology has unique properties 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 Recent highlights • Strong improvement of results driven by Buvidal sales growth in EU and Australia since 2019 launch • Brixadi™under review by FDA for final US approval 1 December 2020 • Two ongoing Phase 3 studies of CAM2029 in Positive 2020 outlook acromegaly Expected FY net revenues1 SEK 340 - 380 million • Pivotal Phase 3 study of CAM2029 in NET aligned Expected FY OPEX2 with FDA SEK 505 – 525 million 1. Excluding the $35m milestone for final FDA • Positive Phase 2 results for weekly setmelanotide approval of Brixadi™ in he US 2. Without regards to the outcome of the ongoing • MSEK 300 raised in directed share issue arbitration process • Arbitration process with Braeburn1 1Camurus press release 15 June 2020 https://mb.cision.com/Main/13456/3134723/1264520.pdf 8 Opioid dependence – escalating global health crisis • Largest society burden of all drugs1 Covid-19 causing spike in opioid overdoses in the US • 58 million opioid users worldwide1 • High need for better access to care +42% and new treatment alternatives +29% • Investment in treatment brings substantial value and saves lives +16% +18% • Significant limitation with current daily medications -0.3% ‒ Diversion, misuse, overdosing, poor retention, burdens and stigma of daily buprenorphine and Jan Feb Mar Apr May methadone medications Increase of suspected overdoses per month during the pandemic compared to the same month in 20192 1United Nations: World drug report 2020; 2Washington Post https://www.washingtonpost.com/health/2020/07/01/coronavirus-drug- overdose/ and ODMAP 9 Buvidal® – flexible long-acting treatment of opioid dependence Flexible-dose, weekly and monthly, subcutaneous buprenorphine for treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents 16 years or over1 Launch initiated in Europe and Australia in 2019 1Buvidal Summary of Product Characteristics (SmPC), 2018 10 Buvidal provides significant benefits to patients and society • Improved treatment outcomes and patient satisfaction1-3 • Decreased treatment burden and stigma2 • Diminished diversion, misuse and pediatric exposure4 • Reduced treatment costs in the criminal justice system5 “CAM2038 compared to my previously prescribed sublingual buprenorphine treatment” “For me, Buvidal is a Much better 83% revelation. I know that as Slightly better POSITIVE long as I stay on Buvidal About the same N=1332 I’ve got a chance” Slightly worse Sophie, Buvidal patient in Wales Much worse 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 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 12 Global strategy for Buvidal (Brixadi™) REGION PARTNER NO OF PATIENTS PEAK 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 US PDUFA DATE 1 DEC 2020 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 13 Strong growth of Buvidal in EU and Australia Increasing market share Product sales by quarter ‒ Largest markets (Australia, Finland and Norway) continue to expand MSEK 100 ‒ Growth accelerating in the UK, Germany and Sweden 94.3 ‒ Covid-19 challenges with prescription authorizations 90 80 in Austria, lockdown of parts of Australia, and 75.8 protracted pricing and reimbursement processes 70 Estimated more than 12,000 patients in 60 treatment with Buvidal at the end of September 50 48.6 40 Buvidal now available in 12 countries 30 30.3 ‒ 10 countries in Europe and Australia 20 19.5 ‒ 2 countries in MENA with Early Access Programs 10 11.0 11.3 ‒ 2 additional EU launches expected before year end 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 * Measured by product sales 14 EU and Australia launch update Norway Iceland Finland Launched in Q3 2019 Launched in Q4 2020 First market to launch in Q1 2019 Buvidal now market leader Now market leader with >50% share Denmark Sweden KOL support driving change Reimbursement of Buvidal approved by TLV in May 20203 United Kingdom Scottish government delivers £1.9m budget to support Germany people in prison on ODT to Physician remuneration system transfer to Buvidal1 modified balancing reimbursement for Wales’ government supports different treatment modalities5 treatment with long-acting buprenorphine during Covid2 Austria Australia Launched in May 2020 after law Belgium change allowing injectable GPs allowed to Sales initiated in prison treatments for OD5 prescribe Buvidal from system during Q3 2020 1 April 2020 1. https://news.gov.scot/news/supporting-people-affected-by-drug-use; 2. https://gov.wales/wales-roll-out-once-month-injection-recovering-heroin-addicts-help-protect-nhs-staff; 3. https://www.tlv.se/beslut/beslut-lakemedel/begransad- subvention/arkiv/2020-05-19-buvidal-ingar-i-hogkostnadsskyddet-med-begransning.html; 4. https://www.kbv.de/html/1150_45794.php; 5 .Federal law for Austria issued 18 May 2020 Part II 215th regulation: Amendment of the drug regulation 15 Wave 2/3 planned countries Benelux France >22,000 patients in opioid >179,000 patients in opioid dependence treatment1 dependence treatment1 Launched in BE in Q3 2020 Final regulatory and pricing Preparing for NL launch