Company presentation January 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 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 available in 14 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: 136 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 Camurus had a successful 2020 despite the challenges • Strong revenue growth, pipeline advancement and building of shareholder value • Established the significant value Buvidal brings to patients, HCPs, payors and society – as best-in-class treatment • Demonstrated successful commercialization of an innovative medicine across our markets 2020 guidance raised during the year • Expanded into new markets Expected FY net revenues • Accelerated recruitment in two Phase 3 studies of CAM2029 in acromegaly SEK 340 - 380 million, and prepared start of pivotal programs in additional indications whereof product sales SEK 310 – 340 million • Positive Phase 2 results for weekly setmelanotide for treatment of genetic Expected FY OPEX obesity with Rhythm SEK 505 – 525 million • Progress in our early R&D pipeline laid the ground for new value-adding clinical programs 8 Opioid dependence – escalating global health crisis • Largest society burden of all drugs1 Escalating overdose deaths • 58 million opioid users worldwide1 • High need for better access to care 1 200 and new treatment alternatives 1 000 • Investment in treatment brings substantial 800 value and saves lives 600 • Significant limitation with current daily medications 400 ‒ Diversion, misuse, risk of overdose, poor retention, 200 burdens and stigma of daily buprenorphine and methadone medications 0 Opioid related deaths in Scotland over the last 10 years2 1United Nations: World drug report 2020; National Records of Scotland https://www.nrscotland.gov.uk/statistics-and- data/statistics/statistics-by-theme/vital-events/deaths/drug-related-deaths-in-scotland/2019 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 “For me, Buvidal is a Buvidal provides significant benefits to patients and society revelation. I know that as ‒ Improved treatment outcomes and patient satisfaction1-3 long as I stay on Buvidal ‒ Reduced treatment burden and improved quality of life2 I’ve got a chance” ‒ Diminished diversion, misuse and pediatric exposure4 Sophie, Buvidal patient in Wales ‒ Reduced treatment costs in the criminal justice system5 1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addicti on, 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. Introduc ti on of Long-Acting Depot Buprenor phi ne in Prison - the UNLOC-T Study. Presente d at CPDD Virtual Meeting June 22-24, 2020 10 Strong growth of Buvidal in EU and Australia Increasing market shares Product sales by quarter ‒ Largest markets (Australia, Finland and Norway) MSEK 100 continue to expand 94.3 ‒ Growth accelerating in the UK, Germany, 90 80 Sweden, Denmark, Austria, and Belgium 75.8 ‒ Impacts of Covid-19 have been relatively limited 70 and effectively addressed 60 Estimated more than 12,000 patients in 50 48.6 Buvidal treatment end of September 2020 40 30 30.3 Buvidal now available in 14 countries 20 19.5 ‒ 12 countries in Europe and Australia, 10 11.0 11.3 latest launch Spain 0 ‒ 2 countries in MENA with Early Access Programs Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 * Measured by product sales 11 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 12 Regulatory progress and market expansion •New approval •Braeburn receives CRL in the US CAM2038 Chronic pain Market authorization approval by On the PDUFA date 1 Dec. 2020, Pre-submission meeting Swissmedic in December 2020 Braeburn received a complete held with EU Rapporteur response letter (CRL) from the FDA •Regulatory filings regarding the NDA for Brixadi™ for Regulatory submission Line-extension applications and label treatment of opioid use disorder to EMA planned in 2021 enhancements with EMA and TGA The CRL was related to quality Market authorization application, MAA, deficiencies identified in a pre-approval under final review in New Zealand inspection of Braeburn’s third party manufacturer •Availability of Buvidal in MENA Resolution of manufacturing issue, MAAs submitted in several MENA NDA resubmission and review by FDA countries – priority review granted in • Estimated 2 or 6-month NDA review Saudi Arabia period after resubmission Early access programs ongoing in three countries 13 Significant opportunity in mid- to late-stage pipeline Approved medicines Phase 1 Phase 2 Phase 3 Registration Market Buvidal® Opioid dependence Product candidates Brixadi™ Opioid Dependence1) CAM2038 Chronic pain CAM2029 Acromegaly CAM2029 Neuroendocrine tumors CAM2032 Prostate cancer CAM4072 Genetic obesity disorders2) CAM2043 Pulmonary arterial hypertension CAM2043 Raynaud’s phenomenon 1) Braeburn holds the rights to North America 2) Developed by Rhythm Pharmaceuticals under a CAM4071 Endocrine disorders worldwide license to FluidCrystal® CAM2047 CINV3) 3) CINV – Chemotherapy-induced nausea and vomiting CAM2048 Postoperative pain1) Medical device episil® Oral liquid Own approved medicines License collaborations Own product candidates 14 CAM2029 – long-acting subcutaneous octreotide in Phase 3 development •Innovative medicine in late-stage development for rare pitituary and neurendocrine disorders and tumors •Designed for enhanced efficacy and patient convenience 15 CAM2029 opportunity addresses key unmet medical needs in the SSA market •Somatostatin analogues (SSAs) are •CAM2029 offers simplified dosing and first-line medical therapy