Company PresentationSEB Annual Pharma & Biotech Seminar22 January 2020 Fredrik Tiberg, President & CEO

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 address key healthcare challenges

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Unique FluidCrystal®nanotechnologies• In-house developed with strong IP• New generation long-acting depot technology• Validated in 20 clinical trials and byapproved products

Two Phase 3 programs• Late-stage pipeline with 10 innovative clinical programs in addiction, pain, oncology, endocrine and CV disease

• Growing early stage opportunities

4

Camurus in brief

Approved medicinesWeekly and monthly Buvidal®

for the treatment of opioiddependence

Own commercialorganizationFully operational in Europe and Australia

PartnershipsR&D collaborations, licensing and royalty arrangements withnumerous companies

Experiencedmanagement and dedicatedteams

LISTED ON NASDAQ STO; TICKER CAMX MARKET CAP

~ SEK 4.8 billion EMPLOYEES: 120 HQ: Lund, SwedenREG. OFFICES: Cambridge, Mannheim, Paris, Sydney

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Camurus 2019 highlights

• Buvidal launch initiated in EU and Australia• Clear path to final US approval of Brixadi™ 1 December 2020

following FDA’s grant of Braeburn’s Citizen Petition • Growing evidence base for Buvidal with new Phase 3 publication

and superiority outcomes in DEBUT study vs standard of care• Start of two Phase 3 studies of CAM2029 in acromegaly• Marketing approval application for CAM2038 in chronic pain

under preparation in the EU• License agreement with Ra Pharma for long-acting zilucoplan • SEK 700 million raised in gross proceeds to drive Buvidal®

launches and late-stage pipeline developments to the market

Buvidal® launch 2019• Sales started in 7 markets in the EU and

Australia• Pricing & reimbursement in key markets‒ Australian government supports affordable

access to Buvidal® as part of a $40 million package

• Fully operational commercial infrastructure • Effective product distribution

First full year sales report 12 February 2020

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

6

Easy to administer Rapid onset & long-acting release Applicable across substance classes

Good safety and tolerability profile Unique lipid compositions Strong intellectual properties

H2O

drug

bloo

dco

nc.

FluidCrystal® in situ gel formation

Sources: Tiberg F, et al. Chapter in Long Acting Injections and Implants, Advances in Delivery Science and Technology 2012; Tiberg F, et al. OnDrugDelivery 2010; Tiberg F, et al. Drug Del. Sci. Tech., 21 (1) 101-109 2011.

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Weekly and monthly buprenorphine depots

Illustration of population pharmacokinetic profiles for Buvidal vs sublingual buprenorphine

Source: Albayaty M, Linden M, Olsson H, Johnsson M, Strandgarden K, Tiberg F. Adv Ther. 2017;34(2):560–575; Buvidal: EPAR - Public assessment report, December 2018. Available at: https://www.ema.europa.eu/en/documents/assessment-report/buvidal-epar-public-assessment-report_en.pdf

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.

Weekly Buvidal vs. daily sublingual buprenorphine Weekly vs. monthly Buvidal

Individualized weekly and monthly treatment for opioid dependence

Buvidal® / Brixadi™

Opioid dependence – escalating global health crisis

• Largest society burden of all drugs1

• 35 million opioid users worldwide1

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

• Investment in treatment brings substantial value and saves lives

• Significant limitation with current daily medications– Diversion, misuse, overdosing, poor retention,

burdens and stigma of daily buprenorphine and methadone medications

Sources: 1UNODC, World Drug Report 2019; 2.EMCDDA 2018, National Records of Scotland, Centers for Disease Control and Prevention 3Frazier at al, 2017, Journal of the American Medical Association; 4Crow D. Financial Times.com, accessed on March 13, 2018, https://www.ft.com/content/d22e742c-e65c-11e7-97e2-916d4fbac0da 9

Mounting opioid overdose deaths2

0

5

10

15

20

25

30

Scotland

USA

SwedenUKFinland

Germany

Australia

Dru

g ov

erdo

se d

eath

s pe

r 100

,000

, age

gro

up 1

5-64

#1 cause of death for people under 50 in the US2,3

Recent US life expectancy decline largely due to opioids4

Buvidal® – first long-acting treatment of opioid dependence in the EU and Australia

Flexible-dose, weekly and monthly, subcutaneousbuprenorphine for treatment of opioid dependencewithin a framework of medical, social and phychologicaltreatment in adults and adolescents 16 years or over1

10Source: 1Buvidal Summary of Product Characteristics (SmPC), 2018

*

Less burden and stigma for patients

• Improved convenience and quality of life • Ability to live a more normal life

Safeguard against misuse overdosing and diversion

• Continuous blockade of effect of illicit opioids• Healthcare professional administration safeguards

against diversion, misuse and pediatric exposure

Demonstrated improved treatment outcomes

• Superiority versus standard of care with daily sublingual buprenorphine medications

• High retention in clinical trials and real worlds settings

Suitable for patients across treatment phases

• Individualized dosing for use across treatment phases: initiation, switching from daily medications and long-term maintenance treatment

Objective: Establish Buvidal as a new standard of care in opioid dependence

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Buvidal brings significant values over daily medications

Source: Buvidal Summary of Product Characteristics (SmPC), 2018

*

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Buvidal is well positioned against the competition

*Based on information in product labels

PRODUCT WEEKLY DOSING

MONTHLY DOSING

MULTIPLE DOSES

CHOICE OF INJECTION

SITES

SMALL NEEDLE

LOW VOLUMES

ROOM TEMP.

STORAGE

DAY ONE INITIATION

CLIN. DATA VS ACTIVE CONTROL*

LAUNCHED

23G

0.16 – 0.64mL

EU, AUSTRALIA

– – – – –19G

–0.5 – 1.5 mL

– – US

– – – – –20G

–3.4 mL

– – US

Long-acting injection treatments for opioid dependence

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Global commercialization strategy for Buvidal (Brixadi)

Source. 1World drug report 2019.

ESTIMATED

35 millionWORLDWIDE

OPIOID USERS 20171

Braeburn Braeburn option rightCamurus 1st entry markets Medison (Israel)Camurus

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Buvidal launch gaining momentum in EU & Australia 1

Launch sequence

HQLundSweden

CambridgeUK

ParisFrance

MannheimGermany

SydneyAustralia

Wave 1 markets Wave 3 marketsWave 2 markets Wave 4 expansion

0

10

20

30

40

50

Q1 Q2 Q3

MSE

K

Accumulated product sales YTD

Quarterly product sales

Initial sales Jan-Sept 2019

Launched in seven Wave 1 markets in 2019 ‒ Exceptional performance in Finland with >30% BPN

patient share end Q3 2019‒ Strong start in Norway and Australia after pricing and

reimbursement listings in Q3 2019‒ Accelerating uptake in Germany, Sweden, Denmark

and UK‒ Est. 2,500 patients treated with Buvidal end Q3 2019‒ 73% increase in sales Q3 vs Q2 2019‒ Very positive response by patients and physicians

2020 launches in Wave 2-3 markets‒ Austria, Spain, Italy, Benelux, Portugal, other EU

countries, and MENA following approvals of pricing and reimbursement

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~740,000 patients estimated suited for treatmentwith Buvidal® in the EU and Australia

1EMCDDA 2018 Drug report 2https://www.aihw.gov.au/reports/alcohol-other-drug-treatment-services/nopsad-2018/contents/introduction%C2%A0 3Camurus estimate 4Benyamina et al 2013 Heroin Addiction and Related Clinical Problems 14 (4): 65-80. 5Camurus data on file 2018, Patient qualitative study. 6Based on average daily price of USD 10/day and 270 treatment days/patient/year

Buprenorphine treated1,2

Methadonetreated ≤30 mg1-3

New treatment journeys

12 months1

Not in treatment due to rules and burden of

daily treatment1,4,5

Total potential

15 percent market penetration would correspond to annual sales of ~ SEK 3 billion6

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Growing Buvidal evidence base disseminated at conferences and in renown scientific journals

2019Q1 Q2 Q3 Q4

Global Conferences

European Conferences

National Conferences

Selected conferences where Buvidal data was presented in 2019

ASAMOrlando

ALBATROSParis

SSANewcastle

ICDDMadrid

K f SuchtmedMünich

Gef-med TFrankfurt

IOTODFrankfurt

Lisbon AddLisbon

CPDDSan Antonio

F Add PsychLondon

ISAMNew Delhi

APSADHobart

ATHSBiarritz

SIPaDRome

FederSerdMilan

Key publications1-5:

1Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2Frost et al, Addiction, 2019;114(8):1416-1426, 3Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 4Haasen, C, et al, J Subst Abuse Treat. 2017;78:22-29; 5Albayaty M, et al, Adv Ther. 2017 34(2):560-575

“CAM2038 compared to my previously prescribed sublingual buprenorphine treatment”

Much worse

Slightly worse

About the same

Slightly better

Much better83% POSITIVE

N=133

High treatment satisfaction by patients

Source: Frost et al, Addiction, 2019;114(8):1416-1426 17

Features rated as extremely important or much better (7 on scale 1-7) by majority of patients

Spares regular visits to the pharmacy Prevents others access to my medication Prevents accidental exposure to children Daily medication not required Improves my privacy as a patient Helps me not miss or skip medication dose Allowed to travel with no medication

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Additional trials to demonstrate utility and advantages of Buvidal

DEBUT

Day -28 to -1 Day 1 Week 24

Screening

Buvidal® Weekly & Monthly flexible dosing

Follow-upperiod

Week 26

BPN SoCflexible dosing

n=1201

R

UNLOC-T

Screening

Day 0 Day 1 Week 16 Week 48Week 4

Extended safetymonitoring

E

Methadone

Buvidal®Weekly

Buvidal®Monthly

n=1201

Buvidal®Monthly

‒ Prospective, non-randomized, open-label, case-comparison, multicenter trial in custodial settings

‒ 129 opioid dependent patients in eight prisons treated with Buvidal or methadone. Preliminary results in Q1 2020

‒ Primary objective to test safety, tolerability, diversion and HEOR‒ Secondary objectives to compare efficacy and QoL

‒ Prospective, randomized, open-label, active-controlled, multicenter study of Buvidal versus standard of care in120 adult outpatients with opioid dependence

‒ Study met both primary and secondary objectives• Superior TSQM global satisfaction score, p=0.0143• Significantly higher TSQM effectiveness and

convenience domain scores, p<0.0001

DEBUT – Depot Evaluation Buprenorphine Utilization Trial

Safety and feasibility of depot buprenorphine in NSW custodial settings (UNLOC-T)

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Brixadi™ – significant opportunity in the US

Source: 1. Centers for Disease Control and Prevention

3 434

4 881 6 143

7 288

8 739 9 849

10 790 11 612

12,48213,657

15 055

0

4 000

8 000

12 000

16 000

TRx

Volu

me

(000

s)

Buprenorphine Vivitrol Total

US treatment rates continue to rise• Tentative approval on 21 Dec. 2018• FDA revoked the orphan designation for

Sublocade™• Braeburn has clear pathway to marketing

authorization on December 1, 2020‒ Triggers $35m approval milestone for OUD to Camurus‒ $70m in sales milestones‒ Mid teen royalty on product sales

• Strong and competitive product label and commercial product availability

• All product requirements for successful launch are in place

• Commercial strategy addressed need for reliable, easy access to effective treatment

10%3-year CAGR

Buvidal® q1w OPIOID DEPENDENCE

CAM4072 GENETIC OBESITY DISORDERS - RHYTHM2

CAM2043 PULMONARY ARTERIAL HYPERTENSION

Brixadi® q1w OPIOID DEPENDENCE - BRAEBURN1

CAM2048/58 POSTOPERATIVE PAIN & PONV4 - BRAEBURN1

Brixadi® q4w OPIOID DEPENDENCE - BRAEBURN1

Buvidal® q4w OPIOID DEPENDENCE

CAM2032 PROSTATE CANCER

CAM2047 CINV3

1Braeburn holds the rights to North America; 2Developed by Rhythm Pharmaceuticals under a worldwide license to FluidCrystal®; 3Chemotherapy-induced nausea and vomiting; 4Postoperative nausea and vomiting;

PRODUCT PHASE 1-2 PHASE 3 REGISTRATION MARKET

MARKET

MARKET

CAM2038 q1w CHRONIC PAIN1

CAM2029 ACROMEGALY

CAM2038 q4w CHRONIC PAIN1

CAM2029 NEUROENDOCRINE TUMORS

PHASE 3

PHASE 3

PHASE 3

PHASE 2

PHASE 2

PHASE 2

PHASE 1

TENTATIVE APPROVAL

TENTATIVE APPROVAL

PHASE 1

PHASE 1

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Broad and late-stage pipeline

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CAM2038 in chronic pain – large market with highunmet medical needs

Market opportunity in chronic pain Medical need addressed

• ~100 million Americans and ~75 million Europeans with chronic pain1,2

– 74 million patients with CLBP in 7MM in 20183

– At least 1 million high-risk CLBP patients in 7MM on doses > 99 mg morphine equivalents per day3

• Chronic pain estimated to cost US society USD +600 billion per year4

• Effective round-the-clock pain management, with potential of reduced risks of tolerance, dependency and respiratory depression

• HCP administration can improve treatment adherence and safeguards against diversion, misuse, abuse and child exposure

Key clinical results• CAM2038 met primary and key secondary Phase 3

endpoints in a pivotal enriched-enrollment and randomized withdrawal study

Next step • Regulatory submissions planned for H1 2020

Source: 1Relieving Pain in America: A Blueprint for Transforming Prevention, Care, Education, and Research (2011) https://www.nap.edu/read/13172/chapter/2; 2Pain Alliance Europe https://pae-eu.eu/activities-2/petition-on-chronic-pain-in-europe; 3Chronic Lower Back Pain (CLBP). Market Insights, Epidemiology, and Market Forecast-2028, Delveinsight, May 2019. 4Gaskin D, Richard P., J. Pain 2012; 13 (8): 715-724. MME: morphine milligram equivalent. 7MM – seven major markets

Improving lives of patients with neuroendocrine and pituitary disorders

CAM2029

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Acromegaly and neuroendocrine tumors (NET) combined represent a >$2bn market with a ‘sub-optimal duopoly’

Sources: 1GlobalData 2019 and Recordati Press Release 12 July 2019; 2Globe Life Sciences reports 2019; 3Financial reports and filings, Novartis & Ipsen, 2016–2018SSA – somatostatin analogue

NET

Acro

ESTIMATED

67,000ACROMEGALY & NET PATIENTS

TREATED WITH SSAs IN US / EU52

50,000patients

17,000patients

US$ 2.7 billionCURRENT SSA MARKET VALUE1,3

Sandostatin® LAR ® (octreotide) and Somatuline® Autogel ®

(lanreotide) are first-line medical therapy in acromegaly and NET

02505007501000125015001750200022502500

Somatuline® (Ipsen)

Sandostatin® LAR®(Novartis)

mUSD

Global sales

Significant limitations withcurrent SSA treatments

Difficult handling & administration− Need for regular visits at specialty clinics

or home nursing − IM or deep SC dosing− Large bore needles− No real self-administration option

Sub-optimal treatment response− Significant room for improving efficacy;

disease biomarkers in acromegaly and symptom and tumor control in NETs

Simple administration Potential for self-administration

• Ready-to-use prefilled syringe and autoinjector for enhanced convenience with option to self-administer

Potential for improved biochemicaland symptom control• Limited response with current SSA treatments in

acromegaly; ~25-45% biochemical control3,4

• Significant room for improvement of symptom and tumor control in patients with GI- NET

• Fast onset and long-acting release with500% higher bioavailibility vs octreotideLAR1

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

Strategy: Position CAM2029 as the gold standard somatostatin analogue across acromegaly and NET, offering the most convenient and effective treatment option

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CAM2029, octreotide SC depot, offers clear differentation and addresses the key market unmet needs

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; 3Carmichael JD, et al., J Clin Endocrinol Metab. 2014 May;99(5):1825-33; 4Melmed S, et al., Nat Rev Endocrinol. 2018 Sep;14(9):552-561

0

50

100

150

200

250

Day -28 - Day 0 Day 0 - Day 28 Day 28 - Day 56 Day 56 - Day 84

Tim

e w

eigh

ted

aver

age

(% o

f ULN

)

Patient 1 Patient 2 Patient 3Patient 4 Patient 5

IGF-1 in acromegaly patients Flushing and diarrhea in NET patient

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Phase 2 study indicates improved biochemical and symptom control when switching from Sandostatin® LAR to CAM2029

Analysis of data from Pavel M et al, Cancer Chemotherapy and Pharmacology, 2019; 83(2): 375–385GH, growth hormone; IGF-1, insulin-like growth factor 1; LAR, long-acting release; NET, neuorendocrine tumors

0

0,5

1

1,5

2

Day -28 - Day 0 Day 0- Day 28 Day 28 - Day 56 Day 56 - Day 84

Mon

thly

mea

nnu

mbe

rsym

ptom

s/da

y

Bowel movementsFlushings

Oct-LAR CAM2029 Oct-LAR CAM2029

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Top-level development program for CAM2029

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

Phase 1, SAD

Phase 1, MAD

Phase 1, MAD

Phase 2, MAD

2019 20212020 2022

Open-label, long-term safety study

ACRO Phase 3 LTSE

Placebo controlled Phase 3 study in SSA responders

ACRO Phase 3 PC Regulatory submissions

ACRO

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

NET Phase 3

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External market assessment of combined US/EU-5 peak sales for acromegaly and NET1

$60m

$145m

$120m

$180m

$180m

$245m

$240m

$435m$485m

$720m

$720m

$1,015m

Peak Sales for NETPeak Sales for Acromegaly Scenario 1CAM2029 is available as a pre-filled syringe (PFS) device with equivalent efficacy to current long-acting SSAs, with an assumed penetration of 10–20% in Acromegaly, and 10–15% in NET

Scenario 2Available both as PFS and as an autoinjector, with equivalent efficacy to current long-acting SSAs and an assumed penetration of 20–25%

Scenario 3Available both as PFS and as an autoinjector, with data suggesting superior efficacy over current long-acting SSAs, and an assumed higher penetration of 30–35%

Estimated potential peak sales range $300m – $1,260m, depending on product profile

+superiorefficacy

Source: Globe Life Sciences reports 2019; data on file

CAM20294th indication

CAM20293rd indication

Building an endocrinology franchise based on CAM2029 and related SSA assets

CAM2029 octreotide SC depot• Lead indications‒ Acromegaly‒ NET

• Potential additional indications‒ In-depth market assessments

of four prioritized indications

CAM4071 pasireotide SC depotCAM2049 somatostatin SC depot

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CAM2029NET

CAM2029Acromegaly

CAM4071Indication to

be announced

CAM2049Indication to be

announced

Inhibition of hemolysis following a single dose of zilucoplan FluidCrystal® in cynomolgus monkeys (n=4)

Ra Pharma: Complement-mediated disordersRhythm: Genetic disorders of obesity

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• Zilucoplan FluidCrystal SC depot‒ Treatment of generalized myasthenia gravis (gMG),

immune-mediated necrotizing myopathy (IMNM), and other serious complement C5 mediated disorders

• Preclinical PoC• Preparations for clinical

development ongoing• License agreement signed

with Ra Pharma July 2019 • UCB has agreed to acquire

Ra Pharma for $2.5 billionOct. 20192

• Setmelanotid FluidCrystal weekly SC depot‒ Treatment of POMC deficiency, LEPR deficiency, and

Bardet-Biedl syndrome obesity

• Phase 1b clinical milestone achieved‒ Plasma half-life ~120 hours ‒ Good tolerability

• Dose escalating Phase 2 study under completion • Positive Phase 3 data announced for daily

setmelanotide in POMC / LEPR deficiency Aug. 20191

Progress in partnerships

0

20

40

60

80

100

0 48 96 144 192

% H

emol

ysis

Time (h)

Source: 1Press release Rhythm Pharmaceuticals 7 August 2019; 2Press release UCB and Ra Pharmaceuticals 10 October 2019

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Multiple levers for growth and value creation on short and medium term

Buvidal®/Brixadi™

Pipeline

Corporate

• Establish leadership in opioid dependence treatment with Buvidal in Europe and Australia

• Support US market approval and launch of Brixadi by Braeburn, and continue geographic expansion through partnerships

• Drive late-stage development and to obtain regulatory approvals in chronic pain and acromegaly and NETs in 2 to 4 years

• Growing pipeline of innovative medicines in high unmet medical need areas and large market potential

• Expand the utilization of our FluidCrystal technology to new applications and therapy areas

• Develop sustained profitability through own sales, partnerships and business development

Camurus AB, Ideon Science Park, SE-223 70 Lund, Sweden info@camurus.com camurus.com

Thank You

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Key figures, Jan. – Sept.

Listed on Nasdaq STO (ticker CAMX)Market Cap: ~ SEK 4.8 billionEmployees: 130HQ: Lund, Sweden, Regional offices: Cambridge, Mannheim, Paris, SydneyAnalyst coverage: Carnegie Investment Bank, Erik Hultgård; Jefferies International, Harry Sephton, Svenska Handelsbanken, Peter Sehested

Contact us Learn more about Camurusir@camurus.com www.camurus.com

Sandberg Development43.0%

Gladiator8.2%

Fjärde AP-fonden6.3%Fredrik Tiberg

3.3%

Avanza Pension2.9%

Backahill2.3%

Catella2.0%

Svenskt Näringsliv1.4%

Others27.6%

Largest shareholders (31 December 2019)

*Cash flow from operations excl. change in working capital

Full Year Report 2019 to be issued 12 Feb. 2020

Financials Q3 2019MSEK

YTDMSEK

Net revenue 40.2 (19.6) 70.6 (41.5)

– Product sales 19.5 (0.3) 41.8 (6.2)

Operating result -77.4 (-56.4) -271.6 (-184.0)

Result after tax -62.7 (-43.8) -218.0 (-147.5)

Cash flow from operations*

-76.6 (-55.3) -267.7 (-180.5)

Cash 192.3 (216.3) 192.3 (216.3)