© 2020 Biohaven Pharmaceuticals. All rights reserved. NYSE:BHVN

Ellie, living with migraine

2nd Quarter 2020 EarningsAugust 10, 2020

Cliff Bechtold, M.S. | Chief Operating Officer

Opening Remarks

Opening Remarks | Cliff Bechtold, M.S. Chief Operating Officer

Quarter Summary and Recent Events | Vlad Coric, M.D. Chief Executive Officer

2Q20 Financial Results | Jim Englehart, C.P.A. Chief Financial Officer

Commercial Events | BJ Jones, Chief Commercial Officer Migraine and Common Disease

R&D Update | Elyse Stock, M.D. Chief Medical Officer

Closing Remarks | Vlad Coric, M.D. Chief Executive Officer

Question and Answer Session

Agenda

3

Forward-Looking Statements and Non-GAAP

This presentation contains forward-looking statements within the meaning of “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including: statements about our plans to develop and commercialize our product candidates, the timing of ourplanned regulatory filings, the timing of and our ability to obtain and maintain regulatory approvals for our product candidates and the clinical potential utility of our product candidates, alone and as compared to other existing or potential treatment options. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements and from the Company's current expectations. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. The forward-looking statements in this presentation represent our views as of the date of this presentation. Subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no obligation to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Additional important factors to be considered in connection with forward-looking statements are described in the "Risk Factors" section of Biohaven's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on February 26, 2020 and Biohaven's QuarterlyReport on Form 10-Q for the quarter ended March 31, 2020, filed with the Securities and Exchange Commission on May 7, 2020.

This presentation refers to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations of non-GAAP financial results to the most directly comparable GAAP financial results are included at the end of this presentation.

During this call, presenters will make statements about our approved product Nurtec ODT. Safety information and the full prescribing information for Nurtec ODT can be found at Nurtec.com.

4

Vlad Coric, M.D. | Chief Executive Officer

Quarter Summaryand Recent Events

Company Achievements

52.6%New Brand Rx Market Share

$9.7M2Q Net Sales

141MCommercial

Covered Lives

22% Average Weekly

TRx Volume Growth

83%Commercial Coverage

6

Market Leadership within 16 Weeks of Launch

Growing Share in a Growth Market

Source: NBRx through 7/3, Symphony PrescriberSource, accessed 7/20; TRx through 7/10, Symphony PHAST, accessed 7/20

Nurtec ODT

Ubrelvy

CGRP Oral Class Growth

Nurtec ODT NBRx share 52.6%

Ubrelvy Launch

NurtecLaunch

7

Week ending

Broad Commercial Coverage

141M Covered Lives

83%COVERAGE

8

Oral CGRPs with Significant Growth Opportunity Ahead

Symphony Database: Cumulative NBRx Volume (1/24/20 - 7/10/20)

122,965

1,022,942

CGRP Orals Triptans

1,022,942

12%

9

The Only Quick-Dissolve Oral CGRP Antagonist that can…

eliminate migraine pain in minutes

get you back to normal function by one hour, and

last 48 hours after a single dose

Doing things differently…

15 sec

2H2021

Multiple Upcoming Regulatory and Pivotal Trial Milestones

2H2020 1H2021DRUG NAME INDICATION

sNDA FilingMigraine prevention Approval

Europe Filing 1QMigraine acute/prevention PMDA Meeting

Topline 1QAlzheimer's

TroriluzoleNCE prodrug of riluzole

Topline 4QSpinocerebellar ataxia

Topline 4QMultiple system atrophyVerdiperstatNCE oral MPO inhibitor ToplineAmyotrophic lateral sclerosis

2022

ZavegepantSmall molecule/NCE

Filing 4QMigraine (intranasal) Approval

ToplineObsessive-compulsive disorder

12

Strong Financial Position

August 2020 closed non-equity-based financings up to $950M

Jim Englehart, C.P.A. | Chief Financial Officer

2Q20 Financial Results

Second Quarter Results (Unaudited)GAAP Reported Non-GAAP Adjusted

Q2 2020 Q2 2019 Change Q2 2020 Q2 2019 Change

Product Revenue, net — Nurtec ODT $9.7 $ - $9.7

R&D expense 42.4 175.9 (133.5) 36.0 41.0 (5.0)

SG&A 124.8 23.2 101.6 119.5 16.0 103.5

Net loss (180.9) (211.1) 30.1 (150.0) (59.6) (90.4)

Net loss per share - basic and diluted $(3.08) $(4.67) $1.59 $(2.55) $(1.32) $(1.23)

Capital Position

Cash, including restricted cash, @ June 30, 2020 $263.9

Additional cash received or immediately available for draw on close of $950M Sixth Street & RPI financings in August 2020 $525.0

Note: See slides 29 – 30 for an explanation of our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP adjusted amounts shown

GAAP Reported Non-GAAP Adjusted$ Millions, except net loss per share - basis and diluted

15

Immediate access to $700M+ in capital

BJ Jones | Chief Commercial Officer Migraine and Common Disease

Commercial Events

Successful Launch Strategy

ENSUREaccess and affordability

ACTIVATEpatients

DRIVE healthcare practitioner awareness

17

Drive Healthcare Provider Awareness and Action

Quickly pivoted to HCP Virtual Engagements

Initiated Virtual Peer-to-Peer

Programs >50 Programs

per Week

10,800+ Prescribers and Growing

Extensive multi-channel approach to encourage word-of-mouth sharing of Nurtec ODT experience

Innovative Patient Activation to Drive Demand

March 25, 2020

Biohaven embraces digital to keep migraine launch on track despite COVID-19

19

Ensuring Access and Affordability

20

Early Success and Reasons to Believe

ENSUREaccess and affordability

ACTIVATEpatients

DRIVE healthcare practitioner awareness

Strong and Growing Base of Awareness and Trial

>75% Awareness among targets

>10K Unique writers

>600 New writers /week

High Share of Voice and Positive Consumer Response

Efficient blend of traditional, digital and social

Positive patient experiences spread through social channels

Broad Coverage and Access

83% Commercial Coverage (141MM lives)

$0 Co-pay (Commercial)

21

Elyse Stock, M.D. | Chief Medical Officer

R&D Update

MARKETED

CGRP Antagonist Franchise

PRECLINICAL PHASE 1 PHASE 2 PHASE 3PLATFORM | DRUG NAME

Filing for Approval

CALCITONIN GENE-RELATED PEPTIDE (CGRP)

GLUTAMATE

MYELOPEROXIDASE (MPO)

NOVEL PROGRAMS

US NURTEC ODT | Acute Migraine

NURTEC US | Migraine Prevention

COVID19 US | Respiratory Complications

US | Acute Migraine/Prevention

JAPAN | Migraine (Acute and Prevention)

EUROPE | Migraine (Acute and Prevention)

RimegepantSmall molecule/NCE

ZavegepantSmall molecule/NCE

ISRAEL | Acute Migraine

MIDDLE EAST | Acute Migraine

CHINA | Acute Migraine

UNDISCLOSED | Planned Migraine Adjacencies

UNDISCLOSED | Planned Non-Migraine Indications

UNDISCLOSED | Planned Non-Migraine Indications

23

MARKETED

Glutamate Modulation Program

PRECLINICAL PHASE 1 PHASE 2 PHASE 3PLATFORM | DRUG NAME

Filing for Approval

Obsessive-Compulsive Disorder (OCD)

Spinocerebellar Ataxia (SCA)

Neuropsychiatric Indications

Alzheimer’s Disease (AD)

TroriluzoleNCE prodrug of riluzole

BHV-5000/5500NCE NMDA antagonist

CALCITONIN GENE-RELATED PEPTIDE (CGRP)

GLUTAMATE

MYELOPEROXIDASE (MPO)

NOVEL PROGRAMS

24

MARKETEDPHASE 3

NOVEL PROGRAMS

MPO and Novel Preclinical Programs

PRECLINICAL PHASE 1 PHASE 2PLATFORM | DRUG NAME

Filing for Approval

Multiple System Atrophy (MSA)

Amyotrophic Lateral Sclerosis (ALS)

Not Disclosed

VerdiperstatNCE oral MPO inhibitor

UC1MTMetallothionein

CALCITONIN GENE-RELATED PEPTIDE (CGRP)

GLUTAMATE

MYELOPEROXIDASE (MPO)

ALSTDP43

25

Company Achievements

52.6%New Brand Rx Market Share

$9.7M2Q Net Sales

141MCommercial

Covered Lives

22% Average Weekly

TRx Volume Growth

83%Commercial Coverage

26

THANK YOU!

Appendix: Reconciliation of GAAP to Non-GAAP Financial Measures

Non-GAAP

Thousands, except share and per share amounts

2020 2019Reconciliation of GAAP to Non-GAAP adjusted research and development expense:GAAP research and development expense $42,425 $175,977

Less: non-cash share-based compensation expense (6,426) (10,330)Less: expense related to priority review voucher acquisition - (105,000)Less: accrued development milestone payments - (11,500)Less: one-time issuance of common shares to Fox Chase - (5,600)Less: commercial supply costs for Nurtec ODT - (2,548)

Non-GAAP adjusted research and development expense $35,999 $40,999

Reconciliation of GAAP to Non-GAAP adjusted selling, general and administrative expense:GAAP selling, general and administrative expense $124,802 $23,231

Less: non-cash share-based compensation expense (5,336) (7,224)Non-GAAP adjusted selling, general and administrative expense $119,466 $16,007

Three Months Ended June 30,

29

This presentation includes financial results prepared in accordance with accounting principles generally accepted in the United States (GAAP), and also certain non-GAAP financial measures. In particular, Biohaven has provided non-GAAP adjusted research and development expense, non-GAAP adjusted selling, general and administrative expense, non-GAAP adjusted net loss, and non-GAAP adjusted net loss per share, adjusted to exclude the items below. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, Biohaven believes the presentation of non-GAAP adjusted research and development expense, non-GAAP adjusted selling, general and administrative expense, non-GAAP adjusted net loss, and non-GAAP adjusted net loss per share, when viewed in conjunction with our GAAP results, provides investors with a more meaningful understanding of our ongoing operating performance. These measures exclude (i) non-cash share-based compensation that are substantially dependent on changes in the market price of our common shares, (ii) non-cash interest expense related to the accounting for our mandatorily redeemable preferred shares and liability related to sale of future royalties, which are in excess of the actual interest owed, (iii) changes in the fair value of our derivative liability, which does not correlate to our actual cash payment obligations in the relevant periods, (iv) losses from equity method investment, because it generates non-cash losses, which are based on the financial results of another company that we do not manage or control, (v) expense related to non-routine priority review voucher acquisition, (vi) non-routine accrued development milestone payments, and (vii) one-time issuance of common shares to Fox Chase.

We believe the presentation of these non-GAAP financial measures provides useful information to management and investors regarding Biohaven’s financial condition and results of operations. When GAAP financial measures are viewed in conjunction with these non-GAAP financial measures, investors are provided with a more meaningful understanding of Biohaven’s ongoing operating performance and are better able to compare Biohaven’s performance between periods. In addition, these non-GAAP financial measures are among those indicators Biohaven uses as a basis for evaluating performance, and planning and forecasting future periods. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation between these non-GAAP measures and the most directly comparable GAAP measures is provided below.

Non-GAAP (Continued)Thousands, except share and per share amounts

Reconciliation of GAAP to Non-GAAP adjusted net loss: 2020 2019GAAP net loss $(180,934) $(211,070)

Add: non-cash share-based compensation expense 11,762 17,554Add: non-cash interest expense on mandatorily redeemable preferred shares 6,993 3,955Add: non-cash interest expense on liability related to sale of future royalties 11,342 5,155Add: change in fair value of derivative liability (650) 1,263Add: loss from equity method investment 1,485 1,415Add: expense related to priority review voucher acquisition - 105,000Add: accrued development milestone payments - 11,500Add: one-time issuance of common shares to Fox Chase - 5,600

Non-GAAP adjusted net loss $(150,002) $(59,628)

Reconciliation of GAAP to Non-GAAP adjusted net loss per share — basic and diluted:GAAP net loss per share — basic and diluted $(3.08) $(4.67)

Add: non-cash share-based compensation expense 0.20 0.39Add: non-cash interest expense on mandatorily redeemable preferred shares 0.12 0.09Add: non-cash interest expense on liability related to sale of future royalties 0.19 0.11Add: change in fair value of derivative liability (0.01) 0.03Add: loss from equity method investment 0.03 0.03Add: expense related to priority review voucher acquisition - 2.32Add: accrued development milestone payments - 0.25Add: one-time issuance of common shares to Fox Chase - 0.12

Non-GAAP adjusted net loss per share — basic and diluted $(2.55) $(1.32)

Three Months Ended June 30,

30