Jefferies Virtual Healthcare Conference 1 June 2021

Corporate presentationDelivering better treatments for patients with severe and chronic diseases

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

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Long-acting medications addressing key healthcare challenges

4

Experiencedmanagement & dedicated teams

Camurus snapshot

Rapidly growing commercial stage company• Fully operational infrastructure in Europe and Australia

• Buvidal® to date available in 15 countries• Strong sales performance and growth

Market approvalsWeekly and monthly Buvidal® for opioid dependence

PartnershipsR&D collaborations, licensing and royalty arrangements with pharmautical and biotech companies

Unique FluidCrystal®nanotechnologies• New generation long-acting depot technology

• Validated in +25 clinical trials and by approved products

LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP ~ SEK 11 billion EMPLOYEES: 146 HQ: Lund, Sweden REGIONAL OFFICES: Cambridge, Mannheim, Sydney

Broad late-stage pipeline• +10 innovative clinical programs in addiction, pain, endocrine disorders and oncology

• Three Phase 3 programs• Advancing early- and mid-stage candidates

5

Recent business progress

•Strong commercial execution with Buvidal‒ Expanding sales and commercial infrastructure‒ Initiating diversification and prelaunch preparations for new products

•Advancing pipeline‒ Successful life-cycle management and new regulatory approvals‒ Two ongoing Phase 3 studies of CAM2029 in acromegaly ‒ Phase 3 study of CAM2029 in neuroendocrine tumors (NET) starting‒ Several early-stage clinical programs and partnerships advancing

•Positive financial performance ‒ Strong revenue growth and improved financial results ‒ Solid cash position with no loans‒ On track for profitability in 2022

1Total revenue SEK 680 – 750 million, whereof product sales SEK 620 – 680 million, and the operating result SEK -120 – 0 million excluding a USD 35 million milestone payment on approval of Brixadi™ in the US

6

Opioid dependence – worsened crisis during the pandemic

• Largest society burden of all drugs1

‒ High need for better access to care and new treatment alternatives

‒ Investment in treatment brings substantial value and saves lives

• New funding initiatives‒ President Biden recently issued a US$1.5 billion

initiative for substance use treatment and prevention2

‒ Scottish Government initiative £250m investment to tackle drug death crisis3

• Significant limitations with current daily medications‒ Diversion, misuse, risk of overdose, poor retention,

burdens and stigma of daily buprenorphine and methadone medications

1United Nations: World drug report 2020; 2www.thenationalcouncil.org/wp-content/uploads/2021/03/American-Rescue-Plan-Act-MH-SUD-Provisions..pdf?daf=375ateTbd56; 3www.gov.scot/news/more-than-gbp-250-million-for-drug-deaths-emergency/

Escalating overdose deaths during COVID-19

12 Month-ending Provisional Number of Drug Overdose Deaths in the US4

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

100 000

Nu

mb

er o

f d

eath

s in

th

e U

S

12 month-ending period

All drugs

Opioids

Start lockdowns

4 https://www.cdc.gov/nchs/nvss/vsrr/drug-overdose-data.htm

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Buvidal® – flexible long-acting treatment of opioid dependence

1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773;2Frost et al, Addiction, 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. Introduction of Long-Acting Depot Buprenorphine in Prison - the UNLOC-T Study. Presented at CPDD Virtual Meeting June 22-24, 2020

Weekly and monthly, subcutaneous buprenorphine for individualized treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents 16 years or over1

Buvidal provides significant benefits to patients and society‒ Improved treatment outcomes and patient satisfaction1-3

‒ Reduced treatment burden and improved quality of life2

‒ Diminished diversion, misuse and pediatric exposure4

‒ Reduced treatment costs in the criminal justice system5

“Buvidal becamemy way out”Justin, Buvidal patient in Australia

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11

20

30

49

76

94

104

124

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

20202019 2021

Strong growth for Buvidal despite pandemic challenges

Consistent double-digit quarter-by-quarter growth‒ Exceptional uptake in Australia and the Nordics‒ Progress in the UK, Germany, Spain and other markets‒ COVID-19 remains a barrier on many markets

Buvidal market expansion continues‒ Available in 15 countries in Europe, Australia and MENA‒ P&R applications in new markets‒ 8 launches planned in 2021

Successful life-cycle management and growing scientific evidence ‒ New approvals and important scientific publications‒ Increasing media coverage

;

Product sales by quarter (MSEK)

MENA – Middle East and North Africa; P&R – price and reimbursement

35% Average Q/Qgrowth rate

9

New Zealand ~5,500 patients2,3

Market authorization received PMA initiated

Netherlands ~10,000 patients in opioid

dependence treatment1

Launch expected in Q2 2021

France >179,000 patients1

Positive HEOR assessment by Haute Autorité de Santé

Preparing for launch in Q3 2021

Croatia and Slovenia >8,000 patients1

Preparing for launch Q3 2021

1EMCDDA 2020; 2Office of the Director of Mental Health and Addiction Services Annual Report 2018 and 2019; 3New Zealand Practice Guidelines for Opioid Substitution Treatment 2014

Italy ~70,000 patients1

PMA ongoing

Buvidal market expansion continues

Portugal >17,000 patients1

Preparing for launch in Q2/Q3 2021

Switzerland 10,000 patients1

Marketing approval received Launch expected in Q2/Q3 2021

Launch sequenceWave 1& 2 Launched

Wave 3 marketsWave 4 markets

MENA Early access program in three countries Several regulatory submissions

progressing

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Buvidal scientific evidence base translated into significant patient benefits

Growing evidence base

• From RCTs to real-life studies• 25 peer-reviewed scientific

publications1

• 123 conference presentations

Strong supported claims

• Superior treatment outcome versus daily sublingual buprenorphine

• Flexible, individualized treatment according to patients’ needs

• Improved treatment satisfaction and quality of life of patients

Increasing media attention

• Benefits of Buvidal recognized by wider society2

• Powerful patient stories in national and regional media3

“…make available long acting treatments in both community & prison” Nicola Sturgeon, First Minister, Scotland, 21 Jan 2021

1Including Lintzeris, N. et al.; JAMA Netw Open 2021 May 3;4(5):e219041; Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773;Frost et al, Addiction, 2019;114(8):1416-1426; and Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 2Including www.gov.scot/publications/update-drugs-policy/; 3Including www.bbc.com/news/uk-scotland-54433312, www.itv.com/news/granada/2021-05-19/the-game-changer-meds-helping-tackle-opioid-addiction;

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Study met primary endpoint demonstrating superiority for TSQM global satisfaction1

Compelling data from head-to-head DEBUT studySuperior patient satisfaction, reduced treatment burden and higher quality of life

•DEBUT – Depot Evaluation Buprenorphine Utilization Trial‒ Randomized, multi-site, open-label, active-controlled study

of Buvidal vs standard of care in 120 adult outpatients with opioid dependence to compare patient reported outcomes (PROs)

‒ Primary endpoint: patient reported TSQM† global satisfaction score

‒ Secondary endpoints (selected): other treatment satisfaction domains, treatment burden, quality of life, and opioid related behaviors

1. Lintzeris N. et al, JAMA Network Open 2021 May 3;4(5):e219041. * Statistically significant p-value ≤ 0.05TSQM – Treatment satisfaction questionnaire for medication ; SL – sublingual; BPN – buprenorphine; SOC – Standard of Care

Scheduled Visit Statistic Buvidal SL BPN SOC†Difference

(Buvidal - SL BPN)p-value

Baseline (Mean) 71.2 73.8 - -

Week 24 (LS Mean) 82.5 74.3 8.2 .01

Treatment period (LS Mean) 82.4 73.8 8.6 .001

w0 w12 w24

Side Effects Score

w0 w12 w24

Effectiveness Score

* *

40

50

60

70

80

90

100

w0 w12 w24

Mea

n TS

QM

sco

re

Global satisfactionscore

CAM2038SL BPN

* *

w0 w12 w24

Convenience Score

* *

Buvidal

Primary endpoint First secondary endpoints

RFollow-up

period

Buvidal Weekly & Monthly

BPN SoC

Day -28 to -1 Week 24

n=120

Flexible dosing

Screening

Day 1 Week 26

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REGION PARTNER NO OF PATIENTS ESTIMATED PEAK SALES

EUAustralia LAUNCH INITIATED IN 2019

~1.3 millionHIGH-RISK

OPIOID USERS1

€300 million2

North America

>2 millionDIAGNOSED WITH OPIOID USE DISORDER IN THE US3

$600-1,200 million4, 5

Middle East& North Africa EARLY ACCESS PROGRAMS

INITIATED IN 2020

>300,000WITH OPIOID DEPENDENCE6

€25-75 million5

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

Global strategy for Buvidal (Brixadi™)

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Significant opportunity in mid- to late-stage pipeline

Phase 1 Phase 2 Phase 3 Registration Market

CAM2043Pulmonary arterialhypertension

CAM2029Polycystic liver disease

CAM2029Acromegaly

Brixadi™Opioid use disorder (US)1

Buvidal®Opioid dependence

CAM2047Chemotherapy-inducednausea and vomiting

CAM2032Prostate cancer

CAM2029Neuroendocrine tumors

Buvidal® 160mgOpioid dependence

episil® oral liquidOral mucositis

CAM2048Postoperative pain

CAM2043Raynaud’s phenomenon

CAM2038Chronic pain

CAM4071Endocrine disorders

CAM4072Genetic obesity disorders2

1 Licensed to Braeburn. 2 Licensed to Rhythm Pharmaceuticals

Opioid dependence & Pain

Rare diseases

Oncology & Supportive care

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CAM2038 Chronic pain‒ Pre-submission meeting

held with EU Rapporteur‒ Regulatory submission

to EMA planned in H2 2021

Buvidal (Brixadi) lifecycle management and geographic expansion

•New approvals‒ Market authorization approval in

Switzerland and New Zealand ‒ Approval of 160mg monthly dose

and direct initiation in Australia‒ Approval of 160mg dose in EU

•Regulatory filings‒ Four MAAs under review in MENA;

Priory Review granted in Saudi Arabia‒ Early access programs ongoing in three

MENA countries‒ Further submissions planned in 2021

•Brixadi™ in the US‒ FDA issued Braeburn a Complete

Response Letter (CRL) for the Brixadi NDA on 1 December 2020

‒ Braeburn has worked with their contract manufacturer to address the CRL issues

‒ Waiting for confirmation of NDA resubmission and new PDUFA date for Brixadi – expected in H2 2021

CHMP - EMA Committee for Medicinal Products for Human Use; MENA – Middle East and North Africa; NDA – New Drug Application; PDUFA – Prescription Drug User Fee Act

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CAM2029 – octreotide subcutaneous depot in Phase 3 development

•Innovative medicine in late-stage development for the treatment of rare diseases; acromegaly, neuroendocrine tumors and polycystic liver disease.

•Designed for enhanced efficacy and patient convenience

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CAM2029 opportunity addresses key unmet medical needs in the SSA market

•Somatostatin analogues (SSAs) are first-line medical therapy in acromegaly and neuroendocrine tumors (NET)

•But there are significant limitations with current SSA treatments‒ Difficult handling & administration‒ Sub-optimal exposure / treatment response

•CAM2029 offers simplified dosing and possibility of self-administration‒ Ready-to-use prefilled syringe and pen

device for enhanced convenience with option for self-administration

•Potential for improved biochemical, symptom and tumor control‒ 500% higher bioavailability vs octreotide

LAR1

‒ Well maintained or improved biochemical and symptom control indicated with CAM2029 in acromegaly and NET patients2

Source: 1Tiberg F, Br J Clin Pharmacol. 2015 Sep;80(3):460-72; 2.Pavel M et al, Cancer Chemotherapy and Pharmacology 2019; 83:375–385; 3 GlobalData 2020, excluding pasireotide sales

US$ 2.8 billionCURRENT SSA

MARKET VALUE3

Somatuline® Autogel®Sandostatin® LAR®

0

500

1000

1500

2000

2500

3000

mUSD

SSA annual sales

Sandostatin® LAR® (octreotide):

Somatuline® Autogel® (lanreotide):

CAM2029:

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Three late-stage programs with CAM2029

PK – pharmacokinetic; PD – pharmacodynamic

- 2020 20222021 2023

Regulatory submissions

ACRO

Autoinj. PK

Four clinical trials completed in healthy subjects and patients characterizing PK, PD and safety (N=249)

NET Phase 3

PLD Phase 2/3

NET Phase 3

Active controlled Phase 3 study in patients with metastatic, well differen-tiated GEP-NET

Randomized, double-blind, placebo-controlled study in SSA responders

ACRO Phase 3 PC ACRO Phase 3 LTSE

Open-label, long-term safety study in partial and full responders

PLD Phase 2/3

Placebo-controlled Phase 2 study in patients with polycystic liver disease (PLD)

Autoinjector PK

PK bridging study of prefilled syringe and autoinjector devices

IND NET Ph. 3

ACRO Phase 3 LTSE

ACRO Phase 3 PC

18

R

Double-blind treatment phase

Possibility to roll-over to long-term safety study

CAM2029 once monthly

Placebo

4-8 weeksscreening

Week 24Endpoint assessment

N=782:1 Rescue with standard of care

Prior treatment with octreotide or lanreotide

Week 1Open label treatment phase

Roll-over patients from efficacy study

N=70

4-8 weeksScreening

Week 24

CAM2029 once monthly

New patientsN=70

Prior treatment with octreotide or lanreotide

Week 52Week 1

•Efficacy trial‒ Phase 3, randomized, double-blind, placebo-controlled,

multi-center trial to assess efficacy and safety of CAM2029 ‒ 78 patients, full SSA responders‒ Regulatory requirements for efficacy data met‒ Primary endpoint: Proportion of patients with mean IGF-1

levels ≤ 1x upper limit of normal (ULN) at w22 and w24‒ Study ongoing and recruiting

Two ongoing pivotal Phase 3 studies of CAM2029 in acromegaly

•Long-term safety trial‒ Phase 3, open-label, single arm, multi-center trial to

assess the long-term safety and efficacy of CAM2029‒ ≥ 100 patients exposed to CAM2029 for 12 months

• Roll-over patients from HS-18-633 and• ‘New patients’ (partial SSA responders, irradiated patients, and full

SSA responders)

‒ Primary endpoint: Safety profile (adverse events)

‒ Study ongoing and recruiting

HS-18-633 HS-19-647

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GEP-NET Phase 3 trial under start-up

Phase 3, randomized, open-label, active-controlled multi-center trial to assess efficacy and safety of CAM2029 versus octreotide LAR or lanreotide ATG in patients with GEP-NET‒ Approximately 300 patients with GEP-NET randomized 1:1

‒ Primary endpoint: superiority of treatment with CAM2029 versus standard of care as determined by progression free survival in patients with GEP-NET

‒ Study starting

* GEP – gastroenteropancreatic; NET – neuroendocrine tumors

•Patient population‒ Adult patients with

histologically confirmed advanced (unresectable and/or metastatic) and well-differentiated NET of GEP origin Follow-up period

ROption to switch to CAM2029

(if primary endpoint met)

Treatment period

Survival follow-up

CAM2029

Active comparator

Screening Endpoint assessment

Week 1

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CAM2029 status and milestones

•Acromegaly Orphan drug designation in the EU Two phase 3 studies ongoing NDA/MAA submissions late 2022 Pre-launch activities initiated

•Neuroendocrine tumor Registration program for GEP-NET

aligned with FDA and EMA

Phase 3 study starting

•Polycystic liver disease program FDA scientific advice meeting PRO questionnaire in development Start Phase 2/3 study

•Prefilled pen development Clinical study ongoing Fully validated for Phase 3 and

commercial use mid-2021

•New indications CAM2029 is being considered for

additional indications Go / No Go decision and potential

clinical study start in 2021

1Globe Life Science market research. Data on file. 2Assuming CAM2029 prefilled pen presentation and efficacy non-inferior to current long-acting SSA-products; 3Assuming CAM2029 prefilled pen presentation and efficacy superior to current long-acting SSA-products; 4No currently available medical treatments

Estimated CAM2029 peak sales potential in the US and EU5:1

US$ 1.1-1.6 billion

Acromegaly2

US$ 120-180 million

Neuroendocrine tumors3

US$ 720-1015 million

Polycystic liver disease4

US$ 265-415 million

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H2 2021 Results CAM2029 prefilled pen

– autoinjector – PK study

Start CAM2029 Phase 2/3 in PLD

Start CAM4072 Phase 3 program (Rhythm)

Phase 2 results CAM2043 in Raynaud’s phenomenon

MAA submission CAM2038 in chronic pain

Brixadi US approval in opioid use disorder

2022 Results CAM2029 Phase 3

efficacy study

Results CAM2029 Phase 3 long-term safety study

NDA/MAA submission CAM2029 for acromegaly

MAA approval and launch of CAM2038 chronic pain

Recent and anticipated news flow 2021/22

H1 2021 Buvidal market approval

in New Zealand

Line-extension approvals of Buvidal in EU and Australia

Publication of DEBUT and UNLOC-T study data

Sustainability award

Start Phase 3 GEP-NET study

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Strategies for continued value creation

Commercialization• Establish leadership in opioid

dependence treatment in Europe, Australia and RoW

• Support US launch of Brixadi

• Initiate pre-launch activities in chronic pain and acromegaly

Innovation and pipeline• Advance our late-stage pipeline

programs in neuroscience, endocrinology and oncology

• Continue invest in patient centric innovation and differentiated clinical programs

• Develop our leading FluidCrystal technology platform and partnerships

Corporate development• Expand our commercial footprint

• Deliver on key catalysts for robust, sustained growth

• Develop profitability through own sales, partnerships, business development and M&A

Camurus AB │ Ideon Science Park, SE-223 70 Lund, SwedenP +46 46 286 57 30 │ info@camurus.com │ camurus.com

Appendix

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Key figures first quarter 2021

MSEK Jan – Mar 2021

Jan – Mar 2020

Change Jan – Dec 2020

Total revenues 126 49 +155% 336

whereof product sales 124 49 +156% 323

Operating expenses 136 117 +16% 508

Operating result -26 -77 +66% -205

Result for the period -22 -62 +64% -167

Result per share, before and after dilution, SEK -0.40 -1.19 +66% -3.18

Cash position 428 291 +47% 462

25

Positive first quarter financial development

0

20

40

60

80

100

120

140

Q1 2019 Q1 2020 Q1 2021

Product sales

Other revenues

+155%

MSEK

Revenue Operating results

-140

-120

-100

-80

-60

-40

-20

0Q1 2019 Q1 2020 Q1 2021

+66%

MSEK

0

20

40

60

80

100

120

140

Q1 2019 Q1 2020 Q1 2021

AdministrationSales and marketingResearch and development

MSEK

Operating expenses

+16%

26

Shareholders

Shareholders as of 30 April 2021 Number of shares % of capital % of votes

Sandberg Development AB 22,000,692 40.6 40.6

Fjärde AP-fonden 3,330,676 6.1 6.1

Gladiator 2,167,026 4.0 4.0

Avanza Pension 1,794,547 3.3 3.3

Fredrik Tiberg, CEO 1,696,788 3.1 3.1

Didner & Gerge Fonder 1,517,016 2.8 2.8

Svenskt Näringsliv 1,100,000 2.0 2.0

Backahill Utveckling 826,491 1.5 1.5

Lancelot Avalon 775,000 1,4 1.4

State Street Bank and Trust 545,591 1.0 1.0

Afa Försäkring 531,000 1.0 1.0

Camurus Lipid Research Foundation 505,250 0.9 0.9

Cancerfonden 500,000 0.9 0.9

CBNY – Norges Bank 470,780 0.9 0.9

Enter fonder 457,561 0.8 0.8

Other shareholders 16,017,018 29.5 29.5

In total 54,235,190 100.0 100.0

Shareholder distribution

40.6%

4.0%6.1%

3.3%3.1%2.8%

2,0%

1.5%

1.4%

1.0%

1,0%0.9%0.9%

0.9%

0.8%

29.5%

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Experienced and committed management team

Agneta SvedbergVP Clinical & Regulatory Dev.

In Company since: 2015Holdings:12,000 shares & 50,000 subscription warrants

Fredrik Tiberg, PhDPresident & CEO, Head R&D

In Company since: 2002Holdings:1,696,788 shares & 165,000 warrants

Education: M.Sc. in Chemical Engineering, PhD in Physical Chemistry, Lund University

Previous experience: Professor in Physical Chemistry at Lund University, Visiting Professor at Oxford University, Institute for Surface Chemistry (Section head).

Eva Pinotti-Lindqvist Chief Financial Officer

In Company since: 2014Holdings:45,124 shares & 17,009 warrants

Education: Bachelor’s of Science in Economics, Lund University

Previous experience: Chief Financial Officer at EQL Pharma, Nordic Market Analyst at Nordic Drugs, Finance Consultant at Poolia

Richard JamesonChief Commercial Officer

In Company since: 2016Holdings:20,490 shares & 88,000 warrants

Education: B.Sc. in Applied Biological Sciences from University West of England

Previous experience: General Manager, UK & Nordics for Reckitt Benckiser (2010 – 2013) and Area Director Europe, Middle East and Africa for Indivior (2013 – 2016).

Fredrik Joabsson, PhD Chief Business Dev. Officer

In Company since: 2001Holdings:45,463 shares & 35,000 subscription warrants

Torsten Malmström, PhD Chief Technical Officer

In Company since: 2013Holdings:45,363 shares & 8,000 subscription warrants

Annette MattssonVP Regulatory Affairs

In Company since: 2017Holdings:12,000 subscription warrants

Andrew McLeanVP Corporate Development& Senior Counsel

In Company since: 2021Holdings: -

Peter Hjelmström, MD, PhDChief Medical Officer

In Company since: 2016Holdings: -

Maria LundqvistHead of Global HR

In Company since: 2021Holdings: -

Education: MD, PhD and Associate Professor from Karolinska Institutet, Postdoctoral fellowship at Yale University

Previous experience: More than 15 years of experience from the pharmaceutical industry, including as Medical Director at Orexo and Head of Clinical Science at Sobi

Education: M.Sc. in Chemistry, PhD in Physical Chemistry, Lund University

Previous experience: More than 20 years of experience in pharmaceutical R&D, business development and alliance management.

Education: Bachelor of Pharmacy, Uppsala University and Business Economics, Lund University

Previous experience: More than 25 years of experience within regulatory affairs, including European RA Director/Global RA Lead at AstraZeneca and Global RA Lead at LEO Pharma.

Education: Bachelor of Laws (LL.B (Hons)), Aberystwyth University and College of Law, Guildford (Law Finals)

Previous experience: General Counsel, Company Secretary & Chief Compliance Officer at Kyowa Kirin International, International Business Lawyer at Recordati SpA, Head of Legal Affairs at Shire Pharmaceuticals

Education: B.Sc: in Business and Economics, Uppsala University

Previous experience: More than 20 years of experience of leadership roles within Human Resources, including HR Director Nordics at Teva Pharmaceuticals and HR positions at Tetra Pak, Vestas and AstraZeneca.

Education: M.Sc. in Chemistry, PhD in Inorganic Chemistry, Lund University

Previous experience: More than 20 years of experience from pharmaceutical R&D including Director Pharmaceutical Development at Zealande Pharma, Director of Development at Polypeptide, Team Manager at AstraZeneca.

Education: M.Sc. In Radiophysics and B.Sc. In Medicine from Lund University, Executive MBA from ExecutiveFoundation Lund

Previous experience: More than 25 years of experience in drug development, incl. as COO at Zealand Pharma, CEO of Cantargia, Senior VP Clinical Development at Genmab.

2828

Reiterated Outlook 2021

•Full year 2021 guidance*

•Revenue

•SEK 680 – 750 million

•whereof product sales

•SEK 620 – 680 million

•Operating result

•SEK -120 – 0 million

• * Constant exchange rates from January 2021

•Key assumptions

•Revenue • Excludes a potential $35m milestone for

final approval of Brixadi in the US• Product sales estimate based on end of

2020 Buvidal patient numbers, a similar uptake as in 2020, and market expansion

• Uncertainty relating to COVID-19 impacts

•Expenses• Incremental R&D investments, including

in CAM2029 Phase 3 programs • Investments in market expansion for

Buvidal with launches in Wave 3 markets• Limited organizational expansion

29

Injection of liquidformulationusing prefilled syringe or autoinjector

Slow release of drug

Drug release and biodegradation of gel matrix to full resolution

Encapsulatingliquid crystal gel triggered by water uptake

time

Easy and convenient administration Rapid onset & long-acting release Applicable across substance classes

Adopted to prefilled syringes and autoinjectors Manufacturing by standard processes Strong intellectual property

H2O

dru

gb

lood

conc

.

Sources:Tiberg F, et al. Chapter in Long Acting Injections and Implants, Advances in Delivery Science and Technology 2012; Tiberg F, et al. OnDrugDelivery2010; Tiberg F, et al. Drug Del. Sci. Tech., 21 (1) 101-109 2011.

Leading FluidCrystal® extended-release technology

CONFIDENTIAL