Company presentation Jefferies 2019 Healthcare Conference June 4, 2019 New York, NY 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 value drivers • In-house developed with strong IP Unique FluidCrystal® • New generation long-acting depot technology nanotechnologies • Validated in 20 clinical trials and by approved products Broad, late-stage • 10 clinical programs in addiction, pain, oncology, R&D pipeline endocrinology, obesity and CV Approved • Weekly and monthly Buvidal® approved in the EU commercial products and Australia for treatment of opioid dependence Listed on Nasdaq STO; ticker CAMX Market Cap: ~ USD 350 million ® Own commercial • Fully operational for Buvidal launches in Europe Cash position: ~ USD 43 million (Q1 ‘19) and Australia organization Employees: 115 • Braeburn Pharmaceuticals, Rhythm, Solasia Pharma, HQ: Lund, Sweden Partnerships Medison… Regional Offices: Cambridge, Mannheim, Paris, Sydney Experienced management and dedicated teams 3 Recent highlights EU and Australian approvals of Buvidal® , weekly and monthly SC EU and Australian launch of buprenorphine depots, for the treatment of opioid dependence Buvidal® in opioid dependence US tentative approval of Brixadi™ for opioid use disorder • Initiated in the Nordics, Braeburn initiated court proceedings to overturn US market Germany and the UK exclusivity and seek immediate market approval of Brixadi™ • Positive market signals Expansion of the evidence base for Buvidal® with DEBUT and UNLOC-T clinical studies in out-patient and criminal justice settings • Launch being expanded in the EU and Australia with pricing Publication of Phase 3 long-term safety results in Addiction and reimbursement approvals Positive Phase 3 results for CAM2038 in chronic pain • Fully operational commercial Phase 3 readiness for CAM2029, octreotide SC depot, in teams in all market acromegaly Rights issue of USD 42 million in gross proceeds • Effective product distribution 4 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 INJECTION: COMPLETE RESOLUTION >20 CLINICAL TRIALS SPC+GDO+SOLVENT+DRUG SECONDS HOURS WEEKS / MONTHS 5 Tiberg F, Johnsson M, Jankunec M et al., Chemistry Letters 2012; 41(10): 1090-1092; Tiberg F, Johnsson M., J. Drug Delivery Science Techn. 2011; 21 (1): 101-1 FluidCrystal – Long-acting peptide release Immediate release pasireotide (Signifor®) Pasireotide FluidCrystal® (CAM4071) 10 10 Pasireotide IR 600 ug Pasireotide FluidCrystal 20 (SC thigh, n = 94) 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 6 Weekly and monthly buprenorphine depots Illustration of population pharmacokinetic profiles for Buvidal vs sublingual buprenorphine Weekly Buvidal vs. Daily sublingual buprenorphine Weekly vs. Monthly Buvidal Population PK analysis and modelling 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. 7 Clinically documented compounds + FluidCrystal® technology 8 Advancing product pipeline PRODUCT PHASE 1-2 PHASE 3 REGISTRATION MARKET Buvidal® q1w OPIOID DEPENDENCE MARKET Buvidal® q4w OPIOID DEPENDENCE MARKET Brixadi® q1w OPIOID DEPENDENCE - BRAEBURN1 TENTATIVE APPROVAL Brixadi® q4w OPIOID DEPENDENCE - BRAEBURN1 TENTATIVE APPROVAL CAM2038 q1w CHRONIC PAIN1 PHASE 3 CAM2038 q4w CHRONIC PAIN1 PHASE 3 CAM2029 ACROMEGALY PHASE 1-2 CAM2029 NEUROENDOCRINE TUMORS PHASE 1-2 CAM2032 PROSTATE CANCER PHASE 1-2 CAM4072 GENETIC OBESITY DISORDERS - RHYTHM2 PHASE 1-2 CAM2043 PULMONARY ARTERIAL HYPERTENSION PHASE 1-2 CAM2047 CINV3 PHASE 1-2 CAM2048/58 POSTOPERATIVE PAIN & PONV4 - BRAEBURN1 PHASE 1-2 1. Braeburn holds the rights to North America; 2. Developed by Rhythm Pharmaceuticals under a worldwide license to FluidCrystal®; 3. Chemotherapy-induced nausea and vomiting; 4. Postoperative nausea and vomiting; 9 Buvidal®/Brixadi™ Weekly and monthly buprenorphine depots Game-changer in opioid dependence treatment Opioid dependence – escalating global health crisis Mounting US opioid overdose deaths2 (thousands) • Largest society burden of all drugs1 70 From other drugs 60 • 34 million opioid users worldwide1 Opioid overdose 50 • High need for better access to care 40 and new treatment alternatives 30 • Investment in treatment brings substantial 20 value and saves lives 10 • Significant limitation with current daily 0 medications 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 #1 cause of death for people under 50 in the US 30:1 non-fatal to fatal overdoses3 Recent US life expectancy decline largely 4 Source: 1. UNODC, World Drug Report 2017; 2. Center for Disease Control & Prevention 2018; 3. Frazier at al, 2017, Journal of due to opioids the American Medical Association; 4. Crow D. Financial Times.com, accessed on March 13, 2018, https://www.ft.com/content/d22e742c-e65c-11e7-97e2-916d4fbac0da 11 Buvidal® – first long-acting injection treatment of opioid dependence in the EU and Australia • Buvidal® is indicated (EU) for treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents from 16 years • Individualized dosing for use across treatment phases: initiation, switching from daily medications and long-term maintenance treatment • Superiority versus daily standard treatment with daily buprenorphine/naloxone included in clinical outcomes • Removes burdens and stigma of daily medication • HCP administration safeguards against diversion, misuse and pediatric exposure Source: Buvidal Summary of Product Characteristics (SmPC), 2018 12 INTERNAL USE ONLY. NOT TO BE CONSIDERED BRIEFING MATERIAL FOR REPRESENTATIVES. Buvidal brings unique values to patients and HCPs CHOICE OF ROOM CLIN. DATA WEEKLY MONTHLY MULTIPLE SMALL LOW DAY ONE PRODUCT INJECTION TEMP. VS ACTIVE DOSING DOSING DOSES NEEDLE VOLUMES INITIATION SITES STORAGE CONTROL* * 23G 0.16 – 0.64 mL – – – 19G– 0.5 ––1.5 mL – – – – – – –20G 3.4– mL – – – *Based on product label information. 13 ® Strong clinical data for Buvidal Key publications versus daily standard treatment Non-inferior and Superior efficacy demonstrated in pivotal Phase 3 study versus standard daily SL BPN/NX1 High Treatment Retention ~70% at 48 weeks2 Blockade of Opioid Effects from the first dose3 Effective suppression of withdrawal and cravings1,2,3 Safety Profile comparable to SL BPN/NX except for mild and moderate injection site reactions1,2 No Opioid Overdoses reported across clinical studies for participants treated with Buvidal®1,2,3,4,5 High Patient Satisfaction including versus SL BPN2 1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addiction, 2019 in press, 3Walsh et al, JAMA Psychiatry 4 5 2017;74(9):894-902; Haasen, C, et al, J Subst Abuse Treat. 2017;78:22-29; Albayaty M, et al, Adv Ther. 2017 34(2):560-575; 14 6SL BPN sublingual buprenorphine/naloxone High satisfaction amongst patients “CAM2038 compared to my previously prescribed sublingual buprenorphine treatment” 83% Much better Features rated as extremely important POSITIVE or much better (7 on scale 1-7) by Slightly better majority of patients Spares regular visits to the pharmacy About the same N=133 Prevents others access to my medication Prevents accidental exposure to children Daily medication not required Slightly worse Improves my privacy as a patient Helps me not miss or skip medication dose Much worse Allowed to travel with no medication 15 Source: Poster presentation ASAM 2018. Phase 3 Long-Term Safety Study HS-14-499,