Press conference, August 11, 2015 at 15:00 a.m. (CET)

Dial-in number: SE: +46 8 566 427 00, US: +1 855 831 59 45

Peter Wolpert, CEO and Founder

MOBERG PHARMA AB (PUBL) Interim Report Jan-Jun 2015

Combining Commercial and Innovation Excellence to Develop Unique

Products for Underserved Niches

Disclaimer

1

Statements included herein that are not historical

facts are forward-looking statements. Such forward-

looking statements involve a number of risks and

uncertainties and are subject to change at any time.

In the event such risks or uncertainties materialize,

Moberg Pharma’s results could be materially

affected.

The risks and uncertainties include, but are not

limited to, 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,

Moberg Pharma’s ability to secure new products for

commercialization and/or development and other

risks and uncertainties detailed from time to time in

Moberg Pharma AB’s interim or annual reports,

prospectuses or press releases.

Highlights – Q215

3

Net sales grew by 60% to MSEK 92

(40% at fixed exchange rates) – Growth across all areas of the business

– Strong U.S. growth and launches in Asia key drivers

Profitability and cash flow improvement – EBITDA margin of 12% / 15%*

– EBITDA Commercial Operations of 18% / 21%* for Q2

– 17 MSEK in Operative cash flow

Acquisition of Balmex (diaper rash) – Sales exceeds 4 MUSD annually

– Consideration 33.3 MSEK (3.9 MUSD), financed by existing funds

Asian launch driving growth in distributor sales – China launch initiated

Innovation engine progress – Kerasal Nail EU patent granted

– Eurostars grant of MSEK 8.4 for BUPI

2015 Q2 Highlights

*Excluding accounting provisions related to incentive schemes

NOTE: EBITDA Commercial Operations does not include R&D and Business Development expenses

for future products outside existing brands

Net Sales, MSEK

Growth driving significant improvement in profitability

4

165.3 (+57%)

105.5

EBITDA, MSEK

EBITDA Commercial

Operations, MSEK

H1 2015

H1 2014

NOTE: EBITDA Commercial Operations does not include R&D and Business Development expenses

for future products outside existing brands

14%

17%

21%

25%

14.4

28.5 (+98%)

41.9 (+85%)

22.6

21 consecutive quarters of Sales growth

Product Sales, TTM, MSEK

5

0

50

100

150

200

250

300

Progress in Commercial Operations and Innovation Engine

7

Strategic brands

Kerasal® - Foot care

Emtrix®

Balmex ® - Diaper rash

Domeboro® - Derma/Skin irritation

Mature brands

Jointflex® - External analgesic

Vanquish® - Internal analgesic

Fergon® - Iron supplement

®

Focus on strategic brands

Acquired from Chattem (Sanofi) for $3.9 million

(MSEK 33.3)

– Sales trending above $4 million annually

– Deal financed with existing funds

Strong heritage in baby diaper rash with broad

distribution in major chains:

Brand integration fully underway. New

consumer campaigns slated for Q3/Q4

Brand extended into Adult Care in 2013, a small

but high potential market for treatment of rash

associated with adult incontinence

Closed Balmex acquisition on April 24

8

Distributor Sales well positioned for further growth

Note: Four largest distributors only,

not an all inclusive list.

9

Sales in >40 markets

Continued growth in Canada

Slight decline in Europe in Q2,

but H1 growth of 14%

Asian launches progresses well and rapid

growth of sales (incl. inventory build-up)

- Malaysia

- Hong Kong

- Singapore

- China

- Additional markets progressing

Large potential for 2015 and beyond

Pipeline assets - Building on Topical drug delivery know how

Pipeline

asset

Indication

Status

Peak sales

potential, m$

USP

MOB-015 Onychomycosis Ph III

preparation

250-500 Topical terbinafine with fast visible

improvement and superior cure rates

BUPI Oral Mucositis

and oral pain

Phase II 50-100 Lozenge formulation with effective

pain relief for 2-3 hrs(vs 0,5 hrs for

competition)

10

MOB-015 update - Phase II results enable a superior target profile vs U.S. Rx lead competitor (Jublia)

- US and EPO patents granted

- Phase III preparations progressing to enable start in 2016

- Discussions advancing with potential industrial/development partners.

Objective to maintain control of significant rights/value of the asset

BUPI update - 30 patients included in Phase II

- Topline results expected Q4 2015

MOB-015 – USPs, Strategy and market update

11

USPs Targets a superior profile, in mild to moderate onychomycosis

based on phase II data and experience from the OTC product

(>600 patients in clinical trials and >5 million units sold to date):

Superior cure rates – Mycological and Clinical

Shorter treatment time – potentially 6 months

First visible improvement within 2-4 weeks

Strategy Prepare Phase III to start in 2016

Ongoing discussions with partners. Objective to maintain control of asset

in key territories through phase III

U.S. Market Total market growing rapidly, driven by intense marketing of new Rx drugs

- TRx: +27% L52 weeks*

- Dollar: +46% L52 weeks*

Branded OTC market declined 11% in Q2 y/y**

1

2

3

*Wolters Kluver, data ending week of July 31, 2015

** U.S. retail sales of branded nail fungus products in Multioutlet Stores over L52 weeks ending June 14 , 2015,

SymphonyIRI

Financials

P&L summary – Sales growth and increased profitability

13

1) 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.

Due to the rounding component, totals may not tally.

P&L Summary

Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full-year

(MSEK) 2015 2014 2015 2014 2014

Revenue 92 57 165 105 200

Gross profit 72 45 128 83 151

% 78% 78% 78% 78% 75%

SG & A -51 -32 -85 -56 -106

R&D - existing product portfolio1) -3 -2 -4 -4 -7

Other operating income/operating expenses -2 0 3 0 6

EBITDA Commercial Operations 16 11 42 23 43

% 18% 19% 25% 21% 22%

R&D & BD - future products2) -3 -3 -10 -5 -12

EBITDA 11 7 29 14 25

% 12% 12% 17% 14% 13%

Depreciation/amortization -3 -2 -5 -4 -8

Operating profit (EBIT) 8 5 23 11 17

Other 15%

Nalox/ Kerasal Nail

62%

Kerasal 11%

JointFlex 11%

RoW 13%

Europe 16% Americas

71%

Sales via distributors

31%

Direct OTC Sales 69%

Majority of revenue from direct OTC sales – Launches in Asia

drives RoW product sales

14

Channels Products Geography

Distribution of revenue, January – June 2015

Revenue growth was 60% in Q2, Kerasal Nail and new products

main growth drivers

15

Revenue by channel Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full-year

(KSEK) 2015 2014 2015 2014 2014

Direct sales 67 38 114 72 139

Sales of products to distributors 25 20 49 32 59

Milestone payments 0 - 2 2 2

TOTAL 92 58 165 105 200

Revenue by product category Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full-year

(KSEK) 2015 2014 2015 2014 2014

Nalox/Kerasal Nail®, sales of products 61 36 102 62 113

Nalox/Kerasal Nail®, milestone payments 0 - 2 2 2

Kerasal® 9 8 18 17 29

JointFlex® 6 7 19 13 31

Other products 16 7 24 12 25

TOTAL 92 58 165 105 200

Due to the rounding component, totals may not tally.

Solid cash position, positive cash flow and low debt

16

Jan-Jun 2015 Jan-Jun 2014

Operative cash flow

+17 MSEK +3 MSEK

Cash position 35 MSEK 76 MSEK

Cash position inclusive of Balmex acquisition in April, consideration 33 MSEK (3.9 MUSD),

financed with existing funds

Focus next 12 months

18

Focus next 12 months PROVIDING UNIQUE PRODUCTS IN UNDERSERVED NICHES

Drive growth and EBITDA improvements

Fuel strong U.S growth

- Kerasal franchise and brand development

- Integration of Balmex

Grow Distributor Sales

- EU: Extended indication

- Launches in China/SE Asia, Mena

BD/Innovation Engine

- M&A focus on US OTC products

- MOB-015 partnering/ Phase III preparations

- BUPI: Pll study, pursue sales as unlicensed

drug/partner and Orphan Drug designation

Long-term target

Create shareholder value

through a focus on

profitable growth, targeting

a long-term EBITDA

margin of at least 25%

from 2016 and onwards.