Second quarter results 2020 Audiocast presentation 16 July 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 3 Agenda • Second quarter 2020 overview Company participants • Buvidal progress in EU & Australia Fredrik Tiberg, PhD President & CEO, Head R&D • Pipeline update • Key take-aways Eva Pinotti Lindqvist • Revised Outlook 2020 Chief Financial Officer • Q&A Richard Jameson Chief Commercial Officer 4 Continued strong performance in the second quarter 2020 • Continued strong Buvidal sales growth and expansion to second-wave markets • Full-year 2020 net revenue guidance raised • Request for final approval of Brixadi™ submitted to, and accepted by, the US FDA • Arbitration process initiated in England • Recruitment in CAM2029 Phase 3 studies reinitiated after Covid-19 stall • Positive Phase 2 data for Rhythm’s once- weekly drug candidate for obesity disorders o MSEK 300 raised in directed share issue 5 Financial overview second quarter 2020 Key figures Product sales by quarter MSEK Q2 2020 (Q2 2019) H1 2020 (H1 2019) MSEK Apr-Jun Δ Jan-Jun Δ 80 75.8 Total revenues 80.9 (11.9) +579% 130.2 (30.4) +328% 70 +56% whereof product sales 75.8 (11.3) +568% 124.4 (22.3) +458% 60 OPEX 102.1 (120.1) -15% 219.4 (219.5) 0% 50 48.6 40 Operating result -23.3 (-109.8) +79% -100.3 (-194.2) +48% +60% 30 30.3 Result for the period -20.0 (-87.6) +77% -81.5 (-155.3) +48% +55% 20 19.5 Result per share, before 11.0 11.3 +73% and after dilution, SEK -0.39 (-1.70) +77% -1.58 (-3.32) +53% 10 Cash position 222.0 (283.1) -22% 222.0 (283.1) -22% 0 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 6 Opioid dependence – escalating global health crisis • Largest society burden of all drugs1 Covid-19 causing spike in US opioid overdoses • 58 million opioid users worldwide1 +42% • High need for better access to care and new treatment alternatives +29% • Investment in treatment brings substantial +18% value and saves lives +16% • 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 US suspected overdoses per month during 2020 compared to the same month in 20192 1. United Nations: World drug report 2020; 2. Washington Post https://www.washingtonpost.com/health/2020/07/01/coronavirus-drug- overdose/ and ODMAP 7 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 Source: 1Buvidal Summary of Product Characteristics (SmPC), 2018 8 Continued strong growth of Buvidal •Increasing market share Buvidal sales increased by >50% for the fourth consecutive quarter Approx. 9,500 patients in treatment with Buvidal Covid-19 highlights advantages of long-acting treatment • Catalyst for transition from daily to depot treatment in both outpatient and criminal justice settings, but also limits access to HCPs •Improved market access Reimbursement approved by Swedish TLV Expanded prescriber base in Australia Physician remuneration system changed in Germany •Expansion in second-wave markets initiated Buvidal launched in Austria in May 2020 Belgium, Netherlands, Iceland and Spain next on track Patients in early access programs in MENA region * Measured by product sales 9 Regulatory progress with Buvidal® (Brixadi™) •Camurus’ regulatory submissions •Braeburn preparing for US launch Market authorization applications Clear path to final market approval, under review in New Zealand and after FDA granting Citizen Petition in Switzerland Nov. 2019 Line-extension application for label Request for final FDA approval of the enhancements submitted to EMA NDA for Brixadi accepted by FDA with PDUFA date 1 Dec. 2020 •Availability of Buvidal in MENA All product requirements in place for a final approval Market authorization application by FDA final approval of Brixadi Medison under review in Israel expected 1 Dec 2020 – triggering a Early access programs and regulatory $35 million milestone payment to filings initiated with collaboration Camurus partner NewBridge Pharmaceuticals 1. Camurus’ press release 15 June 2020 https://mb.cision.com/Main/13456/3134723/1264520.pdf 10 Growing scientific evidence base for Buvidal Important publications1-6 Presentations at Scientific Conferences in 2020 2020 Q1 Q2 Q3 Q4 International ASAM CPDD AAAP Conferences 2-5 Apr 10-13 Dec Virtual 20-24 Jun San Antonio, USA Virtual ISAM 13-16 Nov Victoria, Canada European IOTOD Nord Op Sym 24-25 Sept 1-2 Oct Conferences Virtual Uppsala, Sweden ALBATROS 27-29 Oct Paris, France National RCGP MDAP SFA Odensee Kon SIPaD RCGP H&J 30-31 Jan 12-13 Mar 6-7 Nov 11-13 Nov 25-26 Nov Conferences London, UK Paris, France Grundlsee, Aut Sorrento, Italy Newcastle, UK Encephale Fin S Add Med SSA SEPD S Esp San Pen 22-24 Jan 5-6 Mar 5-6 Nov 15-17 Nov 19-21 Nov Paris, France Helsinki, Finland Newcastle, UK Seville, Spain Madrid, Spain DGS konf Feder SerD J Sociodrog 30 Oct – 1 Nov 18-20 Nov 2-4 Dec 1Chappuy et al,Therapie. 2020 May 18:S0040-5957(20)30096-2; 2Hjelmström Berlin, Germany Rome, Italy Madrid, Spain et al, Drug Dev Ind Pharm 2020;46(1):1-7; 3Frost et al, Addiction, 2019;114(8):1416-1426, 4Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 5Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 6Albayaty et al, Adv Ther. 2017 34(2):560-575; 11 Compelling clinical evidence from head-to-head DEBUT study presented at CPDD •DEBUT – Depot Evaluation Buprenorphine Study met primary endpoint demonstrating superiority Utilization Trial for TSQM global satisfaction1 Difference ‒ Randomized, multi-site, open-label, active-controlled study Scheduled Visit Statistic Buvidal SL BPN SOC† p-value of Buvidal vs standard of care in 120 adult outpatients with (Buvidal - SL BPN) opioid dependence to compare patient reported outcomes Baseline (Mean) 71.2 73.8 - - (PROs) Week 24 (LS Mean) 82.5 74.3 8.2 0.0143 ‒ Primary endpoint: patient reported TSQM† global satisfaction score Treatment period (LS Mean) 82.4 73.8 8.6 0.0016 ‒ Secondary endpoints (selected): other treatment satisfaction domains, treatment burden, quality of life, Primary endpoint First secondary endpoints opioid related behaviors and general health outcomes Global satisfaction Convenience Effectiveness Side Effects score Score Score Score 100 Buvidal Weekly & Monthly CAM2038Buvidal flexible dosing 90 SL BPN * * * * * 80 * Screening R Follow-up period 70 60 n=120 BPN SoC 50 flexible dosing Mean TSQM score 40 w0 w12 w24 w0 w12 w24 w0 w12 w24 w0 w12 w24 Day -28 to -1 Day 1 Week 24 Week 26 1. Lintzeris N, Dunlop A, Haber P, Lubman D, Graham R, Hutchinson S, Hjelmstrom P, Svedberg A, Peterson S, Tiberg F. Results of the DEBUT Study – A Multisite, Open-Label RCT of Weekly and Monthly Depot Buprenorphine Injections (CAM2038) Vs. Daily Sublingual Therapy Investigating Patient Reported Outcomes in Treatment of Opioid Use Disorder. Presented at The College on Problems of Drug Dependence, (CPDD) Virtual Meeting June 22-24, 2020. † Statistically significant p-value ≤ 0.05 TSQM – Treatment satisfaction questionnaire for medication ; SL – sublingual; BPN – buprenorphine; SOC – Standard of Care 12 Buvidal highly cost-effective in the UNLOCT-T study – further studies under way •UNLOC-T – Safety and feasibility of depot •ARIDE – Addiction recovery among opioid- buprenorphine in NSW custodial settings dependent patients treated with injectable ‒ Prospective, non-randomized, open-label, multicenter study in subcutaneous depot buprenorphine 129 OUD patients treated with Buvidal or methadone in 8 prisons ‒ Non-randomized prospective non-interventional 1 observational study with control group design •Results (treatment-as-usual, TAU) performed in Germany The safety profile pf Buvidal was satisfactory with most AEs ‒ ‒ The primary objective is to evaluate quality of life. being mild in severity and no severe treatment related AEs Secondary objectives include satisfaction, illicit ‒ Treatment retention was high (81% at week 16) substance use, social participation and cost- ‒ Treatment costs with Buvidal was ~1/3 of daily methadone and effectiveness. ~1/10 of daily sublingual buprenorphine ‒ Patient recruitment started in March 2020 ‒ Following the study treatment with depot BPN in NSW prisons have expanded rapidly and now include over 640 patients Buvidal