Company Presentation Cowen & Co. 40th Annual Health Care Conference 2 March 2020, Boston, MA 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 LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP Camurus in brief ~ SEK 4.5 billion EMPLOYEES: 130 HQ: Lund, Sweden REG. OFFICES: Cambridge, Mannheim, Sydney, Paris ® Unique FluidCrystal Two Phase 3 programs nanotechnologies • Late-stage pipeline with 10 innovative • In-house developed with strong IP clinical programs in addiction, pain, • New generation long-acting depot technology oncology, endocrine and CV disease • Validated in 20 clinical trials and by • Growing early stage opportunities approved products Approved medicines Own commercial Partnerships Experienced Weekly and monthly Buvidal® for organization R&D collaborations, management the treatment of opioid Fully operational in licensing and royalty and dedicated dependence Europe and Australia arrangements with numerous companies teams 3 Operational highlights 2019 Buvidal® launch Buvidal® NDA filed initiated in EU (Finland, CAM2029 Phase 3 study Buvidal launched in in New Zealand Sweden, Germany, UK initiated in acromegaly Norway and Australia and Denmark) FDA grants Citizen Petition allowing Brixadi™ on the US Rights issue License agreement Start of CAM2029 market in Dec 2020 Phase 3 long- SEK 403 million with Ra Pharma for Directed share issue term safety study long-acting zilucoplan SEK 300 million Publication of Buvidal® Phase 3 long-term DEBUT and Buvidal® receives Superior patient outcomes safety data in Addiction UNLOC-T clinical pricing and received in DEBUT RCT trials fully enrolled reimbursement in CAM2038 chronic pain Partnership with and successfully key markets Phase 3 safety study NewBridge for Buvidal completed completed in 12 MENA countries 2019 2020 4 Buvidal® / Brixadi™ Individualized weekly and monthly treatment for opioid dependence Opioid dependence – escalating Mounting opioid overdose deaths2 global health crisis 30 • Largest society burden of all drugs1 1 Scotland • 35 million opioid users worldwide 25 • High need for better access to care USA and new treatment alternatives 20 • Investment in treatment brings substantial value and saves lives 15 • Significant limitation with current daily Australia 10 medications Sweden – Diversion, misuse, overdosing, poor retention, burdens UK Finland and stigma of daily buprenorphine and methadone 5 medications Germany 0 Drug overdose deaths per 100,000, age group 15-64group age 100,000, per deaths overdoseDrug #1 cause of death for people under 50 in the US2,3 Recent US life expectancy decline largely Sources: 1UNODC, World Drug Report 2019; 2.EMCDDA 2018, National Records of Scotland, Centers for Disease Control and due to opioids4 Prevention 3Frazier at al, 2017, Journal of the American Medical Association; 4Crow D. Financial Times.com, accessed on March 13, 2018, https://www.ft.com/content/d22e742c-e65c-11e7-97e2-916d4fbac0da 6 Buvidal® – first long-acting treatment of opioid dependence in the EU and Australia Flexible-dose, weekly and monthly, subcutaneous buprenorphine for treatment of opioid dependence within a framework of medical, social and phychological treatment in adults and adolescents 16 years or over1 Source: 1Buvidal Summary of Product Characteristics (SmPC), 2018 7 Buvidal brings significant values over daily medications Less burden and stigma for • Improved convenience and quality of life patients • Ability to live a more normal life • Continuous blockade of effect of illicit opioids Safeguard against misuse • Healthcare professional administration safeguards overdosing and diversion against diversion,* misuse and pediatric exposure • Superiority versus standard of care with daily sublingual Demonstrated improved buprenorphine medications treatment outcomes • High retention in clinical trials and real worlds settings • Individualized dosing for use across treatment phases: Suitable for patients across initiation, switching from daily medications and long-term treatment phases maintenance treatment Objective: Establish Buvidal as a new standard of care in opioid dependence Source: Buvidal Summary of Product Characteristics (SmPC), 2018 8 Buvidal is well positioned against the competition 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 –0.64mL – – – – – – – – US 19G 0.5 – 1.5 mL – – – – – – – – US 20G 3.4 mL *Based on information in product labels 9 Camurus’ global strategy for Buvidal® (Brixadi™) REGION PARTNER NO OF PATIENTS PEAK MARKET POTENTIAL EU ~1.3 million ~€300 million2 Australia HIGH-RISK OPIOID USERS1 North >2 million $0.6-1.2 billion4, 5 America DIAGNOSED WITH OPIOID USE DISORDER IN THE US3 Middle East & >300,000 €25-75 million5 North Africa 6 (Israel) WITH OPIOID DEPENDENCE Source: 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; 10 Buvidal launch continues in EU & Australia HQ Launched in seven Wave 1 markets in 2019 Lund Sweden Finland, Sweden, Germany, UK and Denmark during Q1 2019 Cambridge Australia and Norway in Q3 2019 after pricing and UK reimbursement listings 2020 market expansion in Wave 2-3 markets Paris Launches planned in Austria, Spain, Italy, Benelux, and France other EU countries following market access approvals MENA region through partnership with NewBridge Mannheim Germany Launch sequence Sydney Wave 1 markets Wave 3 markets Australia Wave 2 markets Wave 4 expansion 11 Strong Buvidal finish in 2019 lays foundation for continued growth during 2020 Buvidal 2019 key takeaways Initial product sales 2019 Buvidal 2020 strategy 80 Exceptional start in Finland with 72.1 • Increase market share and >40% BPN share in 12 months 70 patient base in Wave 1 markets Strong start in Norway and 60 • Expand to new geographies Australia 50 • Establish Buvidal as preferred Accelerating uptake in Germany, 41.9 treatment choice MSEK 40 Sweden, Denmark and UK 30 4000 patients in treatment at 22.4 20 end of 2019 11.1 10 Sales guidance FY 2020 Very positive response from MSEK 0 patients and HCPs Q1 Q2 Q3 Q4 – Buvidal product sales 240 – 280 High retention in treatment, Quarterly product sales estimated 80-90% in first year Accumulated product sales YTD 12 Brixadi™ – significant opportunity in the US • Tentative approval 21 Dec. 2018 ~40% of US oral buprenorphine 1 • FDA has granted Citizen Petition and revoked the prescriptions are 7 days or less orphan designation for Sublocade™ Brixadi™ • Clear path to final approval on Dec 1, 2020 Monthly ‒ Triggers $35m approval milestone for OUD Sublocade™ ‒ $70m in sales milestones 28 days+ 7 days Rx 34% ‒ Mid teen royalty on net product sales Rx 40% most common • All product requirements in place for a successful launch 26% • Strategy addresses the need for reliable, easy Brixadi™ access to an effective treatment of OUD 8–27 days Weekly / • Double-digit market growth and urgent need for Rx Monthly high-quality treatments of OUD Source: 1. Symphony Health Patient Source, 2017 13 New studies demonstrate benefits and superiority of Buvidal® versus standard treatments DEBUT – Depot Evaluation Buprenorphine UNLOC-T – Safety and feasibility of depot buprenorphine Utilization Trial in New South Wales custodial settings ‒ Randomized, open-label, active-controlled study of Buvidal vs ‒ Prospective, non-randomized, open-label, multicenter study in 129 standard of care in 120 adult outpatients with opioid dependence OUD patients treated with Buvidal or methadone in eight prisons. ‒ Study met both primary and secondary objectives ‒ Primary objective to test safety, tolerability, diversion and HEOR • Superior TSQM global satisfaction, p=0.0143 ‒ Secondary objectives to compare efficacy and QoL • Significantly higher TSQM effectiveness and convenience ‒ Positive preliminary results in Q4 2019; resulted in resource domain scores, p<0.0001 allocation and scale-up in NSW prisons DEBUT Buvidal® Weekly & UNLOC-T Buvidal® Buvidal® Buvidal® Monthly flexible dosing Weekly Monthly Monthly Screening R Follow-up Screening E period n=1201 BPN SoC n=1201 Methadone Extended safety