A leader in topical niche categories

Redeye Investor After Work, 4 December 2018

Mark Beveridge, Vice President Finance

DisclaimerThe purpose of this presentation (the "Presentation") is to provide an overview of Moberg Pharma AB (publ) (the "Company"). For the purposes of this notice, "Presentation" means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed during the Presentation meeting.

This Presentation is not a prospectus or similar offer document. This Presentation does not purport to contain comprehensive or complete information about the Company and is qualified in its entirety by the business, financial and other information the Company is required to publish in accordance with the rules, regulations and practices applicable to companies listed on Nasdaq Stockholm (the "Exchange Information"). Any decision to invest in any securities of the Company should only be made on the basis of a thorough examination of the Exchange Information and an independent investigation of the Company itself and not on the basis of this Presentation. Neither this Presentation nor any of the Exchange Information has been independently verified by any other person unless expressly stated therein. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or opinions contained in this Presentation.

Except where otherwise indicated in this Presentation, the information provided herein is based on matters as they exist at the date of preparation of this Presentation and not as of any future date. All information presented or contained and any opinions expressed in this Presentation are subject to change without notice. None of the Company or any of its directors, officers, employees, agents, affiliates or advisers is under any obligation to update, complete, revise or keep current the information contained in this Presentation to which it relates or to provide the recipient of with access to any additional information that may arise in connection with it.

This Presentation contains "forward-looking" statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability or cost of financing, anticipated cost savings or synergies, the completion of strategic transactions and restructuring programmes, anticipated tax rates, expected cash payments, and general economic conditions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and they are subject to change at any time. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including risks associated with the inherent uncertainty of pharmaceutical research and product development, manufacturing and commercialization, the impact of competitive products, patents, legal challenges, government regulation and approval, the Company’s ability to secure new products for commercialization and/or development and other risks and uncertainties detailed from time to time in the Company’s interim or annual reports, prospectuses or press releases and other factors that are outside the Company's control. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

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Moberg Pharma in brief

Commercial business

Pipeline assets

Focus going forward

Strong commercial business and progressing pipeline assets

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Direct sales through all major U.S. retailers and distributor sales in 30+ markets, with

400+ MSEK in annual sales

Distributor sales

• #1-3 in many markets• 3 Top-50 partners

Mylan, Menarini, Endo

3#1-BRANDS

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IN PHASE 32 PRODUCTS

NAIL FUNGUS LIQUID BANDAGES PAIN RELIEF SPRAYS MOB-015 BUPI

Topical terbinafine against nail fungus

Bupivacaine lozenge against OM

Potential market leaders with $250-500m (MOB-015) and $100-200m

(BUPI) estimated sales potential

COMMERCIAL BUSINESS PIPELINE ASSETS

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Double-digit growth in sales and profitability

2010 2011 2012 2013 2014 2015 2016 2017 2018 9M

8

56

112

157

200

286

334

439Net Sales, MSEK

342 342MSEK

70MSEK

20%

NET SALES 9M 2018 (+16%*)

EBITDA 9M 2018 (+32%**)

EBITDA MARGIN 9M 2018

* Current portfolio only, Adjusted for acquisitions, divestments** Excluding capital gains

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Commercial Operations – Continued strong growth in sales and profitability

• Six separate transactions over the last two years have resulted in a synergistic portfolio of high margin niche brands with leading market positions and continued strong growth, improving the gross margin to 77%

• Distributor sales in line with plan to stabilize full-year levels for 2018. New agreement with Mundipharma in MEA/South Africa and progress in Russia, open new growth markets for Emtrix® in 2019

Innovation engine – approaching phase 3-results for MOB-015

• Completed enrollment for the North American phase 3-study. Strong momentum in European screening-process, expected to be finalized in the beginning of 2019

• Signed first license agreement for MOB-015 in Canada with Cipher Pharmaceuticals, confirming the market potential for our lead pipeline asset

• BUPI – U.S. patent approval has enabled dialogue with new partners in North America and Europe

Excellent progress commercially as well as in pipeline

Moberg Pharma in brief

Commercial business

Pipeline assets

Focus going forward

Commercial portfolio with double-digit growth

Direct sales – driving organic growth for key brands

Main growth drivers are Kerasal Nail®, New Skin®, and Dermoplast®, accounting for 90% of net sales and an even higher share of profitability

• Kerasal Nail® delivered outstanding sales performance over the past three years and continues to strengthen its #1 position. Consumption growth YTD was +20.3%

• Both Dermoplast® and New Skin® continue to expand their market leading positions, following successful campaigns and enhanced digital marketing including social media

• Continued strong response to Kerasal Intensive Foot Repair re-launch in May. Growth of 37.2% in retail sales (L12W) driven by continued promotion program.

Distributor sales – leading position in Nordics and other prioritized markets

• Focus to stabilize revenues in 2018 pending commercialization of MOB-015, new potential growth markets in Russia and MEA from 2019

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®

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16% organic growth YTD for Current Portfolio

CONFIDENTIAL

* Fiber Choice® divested Aug 28, 2017 and Balmex® divested April 27, 2018

Net revenue by product Jul-Sep Jan-SepPercentage changes Percentage changes

(SEK thousand) 2018 2017Fixed Rate

FX effect

Total 2018 2017Fixed Rate

FXeffect

Total

Kerasal Nail® 41,638 36,061 3 12 15 140,495 122,010 14 1 15

- of which direct sales 32,630 28,460 0 15 15 111,023 89,210 24 0 24

- of which to distributors 9,008 7,601 14 5 19 29,472 32,800 -13 3 -10

Dermoplast® 31,543 24,893 16 11 27 86,404 72,176 20 0 20

New Skin® 21,634 23,770 -17 8 -9 70,697 65,618 8 0 8

Other products 13,778 8,469 43 20 63 35,999 27,319 31 1 32

CURRENT PORTFOLIO 108,592 93,193 5 12 17 333,594 287,123 16 0 16

Divested products - 15,093 N/A N/A N/A 8,382 61,785 -86 0 -86

TOTAL NET REVENUE 108,592 108,286 -10 10 0 341,976 348,908 -2 0 -2

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Underlying EBITDA doubled over the last two years

CONFIDENTIAL

Long-term EBITDA margin target: 25%

– Note significant divestments and acquisitions 2016 - 2018

INVENTORY BUILD-UP

ADVERTISING STARTS

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Promotion peaks in Q2-Q3, higher profitability in Q4

Q1 Q2 Q3 Q4

Q3 Q4 HIGH SEASON/SALES PEAK

HIGH ADVERTISING COSTS

Direct sales• Many orders each month, advertising increases during high season (Q2-Q3)

Distributor sales• 2-3 orders/year for each market

HIGH SALES

MID ADVERTISING COSTS

SALES BENEFITING FROM HIGH SEASON ADVERTISING

LOW ADVERTISING COSTS

STRONG CASH FLOW/EBITDA

– The seasonality of our business

Note: Pie charts indicate seasonal variation of anticipated sales & marketing costs as share of revenue

P&L – Strong gross margin and EBITDAQ3 2018

121) Research and development expenses – existing product portfolio includes R&D expenses for new product variants under existing brands, regulatory work and quality.2) Research and development expenses - future products includes R&D expenses for new product candidates, for example MOB-015.

P&L Summary Jul-Sep Jan-Sep Full-year

(MSEK) 2018 2017 2018 2017 2017Revenue 109 108 342 349 439Gross profit 84 77 262 249 314% 77% 71% 77% 71% 71%

SG & A -57 -52 -183 -184 -214R&D - existing product portfolio1) -2 -1 -6 -4 -6Other operating income/operating expenses * 3 16 13 14 13* Of which are capital gains - 13 5 13 13EBITDA Commercial Operations 28 40 86 75 106% 26% 37% 25% 22% 24%

R&D & BD - future products2) -5 -4 -16 -13 -17EBITDA 23 36 70 62 89% 21% 33% 20% 18% 20%

EBITDA Excluding Capital Gains 23 23 65 49 76% 21% 21% 19% 14% 17%

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Balance Sheet – Cash reserves and operative cash flow finances MOB-015 Phase 3 investments

(MSEK) 2018.09.30 2017.09.30 2017.12.31

AssetsIntangible assets 1 019 957 980Property, plant and equipment 1 1 1Deferred tax asset 7 10 9Total non-current assets 1 027 968 990

Inventories 22 26 27Trade receivables and other receivables 77 80 87Cash and cash equivalents 121 121 119Total current assets 220 227 233

TOTAL ASSETS 1 247 1 195 1 223

Equity 580 539 552Non-current interest-bearing liabilities 594 591 592Deferred tax liability 8 8 5Current non-interest-bearing liabilities 65 57 74

TOTAL EQUITY AND LIABILITIES 1 247 1 195 1 223

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Kerasal Nail®: Strong consumption and net revenue growth

76% 94%VISIBLE IMPROVEMENT

AFTER 1 WEEKS

*Source: Symphony IRI, MULO, through September 9, 2018.

VISIBLE IMPROVEMENT AFTER 8 WEEKS

#1 Brand in the Fungal Nail category in the U.S.

• Continuing to outperform key competitors across the Nail Fungal Segment.

• YTD, consumption grew by +20%* and net revenue grew by +24%, driven by a successful and more efficient marketing program

• Kerasal Nail Psoriasis test launch in late May on Amazon only. Good learnings but small volumes so far

• Distributor sales in line with strategy to stabilize sales levels for full year, +14% in Q3 vs 2017

• New growth opportunities for Emtrix® in 2019 following new distribution agreement with Mundipharma in three markets in MEA, and the progress towards a registration in Russia.

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New Skin®: Expanding leader in the Liquid Bandage category

Please note that there is about a one-month lag before increased consumer sales produce an effect on net sales. *Source: Symphony IRI, MULO, through September 9, 2018

The #1 OTC liquid bandage brand in the U.S.

• An antiseptic which kills germs and dries rapidly to form a clear protective cover

• Liquid and Spray available

• Distribution for Spray expanded in 2017 to Walmart and Walgreens

Net revenue grew 8% in first 9M and consumtion outpacing last year

• Continues to outpace prior year (+11.5% YTD*)

• YTD revenues grew by +8% , Q3 sales (-17%) were affected by the warehouse move and the optimization of marketing spend

• Marketing mix refined in 2018 with larger share of digital and social and optimized timing of the spend

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Dermoplast®: Double-digit growth in response to growth plan

The #1 pain relieving spray in U.S. retail

• Contains maximum strength Benzocaine

• No touch application, available with and without an antibacterial

• 60% of sales to Hospitals and 40% in Retail. Used for skin-related pain and itch problems

• Acquired Jan 1, 2017. Distribution expanded at Walmart and CVS

Net revenue grew by 20% YTD, responding well to launched growth plan

• Net revenue increased by 31% in Q3 while retail sales grew by 14%* (L52W: +14.3%, L12W: 14.4%)

• Strong growth in response to growth plan launched In Q2, including a larger share of digital(social campaigns as well as initiatives targeting healthcare professionals

Please note that IRI only track retail sales and ca 60% of the sales for Dermoplast are in Hospitals. *Source: Symphony IRI, MULO, 52 and 12 weeks through June 17, 2018

Moberg Pharma in brief

Commercial business

Pipeline assets

Focus going forward

MOB-015 – targeting leadership in onychomycosis

18Source: Moberg Pharma analysis and estimate

Target profile: Better cure rates, fast visible improvement and shorter treatment• Topical delivering high concentrations of terbinafine through the nail

• Efficacy and safety demonstrated in Phase 2, incl. terbinafine levels in nail and nail bed

Two Phase-3 studies ongoing in North America and Europe (n = 750 - 800)• In September, the enrollment of 365 patients to the North American study was completed

• Recruitment in Europe is expected to be completed by the beginning of 2019

Patent protection until 2032, granted in US, EU, and Japan

Estimated annual sales potential: USD 250 - 500 million – first agreement signed

X

MYCOLOGICAL CURE AT 60 W54%

100%NEGATIVE CULTURE AT 60 W

>40XMORE TERBINAFINE IN NAIL BED

VS ORAL THERAPY

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MOB-015 – Attractive license agreement signed in Q3

Milestone confirming the significant market potential for our key pipeline asset

• In mid-September, an exclusive license agreement was signed with Cipher Pharmaceuticals in Canada

• Cipher will commercialize MOB-015 in Canada upon completed clinical studies and registration of the product, with responsibility for marketing, distribution and sales

• Moberg Pharma will receive development and regulatory milestones totaling USD 4.6 million, whereof USD 0.5 million is an up-front fee at the time of signing

• Pending commercial targets, Moberg Pharma is entitled to further milestone payments of USD 10 million as well as royalties and supply fees for delivered products, enabling an industry standard gross margin for Cipher

• The Canadian market for onychomycosis prescription drugs amounted to CDN 58 million in 2017, 72% of which were topical drugs, growing steady at 18.3% in 2017 and at a CAGR of 25.4% for the period 2014-2017

BUPI - Providing better pain relief in the oral cavity

20Source: Moberg Pharma analysis and estimates

Lead indication is Oral Mucositis after radio- or chemotherapy• BUPI: Lozenge with bupivacaine, taste-masked• Target profile: Better and longer pain relief than existing products

Superior Phase 2 data published, partnering discussions ongoing• Phase 3 preparations ongoing • Expanding partnering effort

Patent protection until 2032-2033 granted in USA, EU and Canada

Estimated annual sales potential: USD 100 – 200 million

Moberg Pharma in brief

Commercial business

Pipeline assets

Focus going forward

Continued focus to drive growth and deliver pipeline value

We focus on maximizing the potential in our portfolio; through organic growth as well as realizing the substantial value of our pipeline.

Commercial niche player – continuing to strengthen a growing and profitable business

• The streamlining of our portfolio has resulted in sustained growth as well as consistent improvements in profitability, as reflected in our EBITDA margin more than doubling from 10% to 22% over the last two years, excluding capital gains.

• We currently focus on the 2019 growth planning, maintaining the strong momentumfor all key brands

Pipeline assets – continuing to realize the potential

• Our pipeline has progressed significantly in 2018

• We continue to progress our phase 3-studies and commercialization plans for MOB-015 as well as broadening dialogues with current and new partners

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Creating shareholder value – investment case

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Commercial niche player

Growing and profitable business

Late-stage pipeline

Strong team and track record

TMTM

TM

Moberg Pharma AB (Publ)Gustavslundsvägen 42, 5 tr.

167 51 Brommamobergpharma.se