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Moberg Pharma AB CREATING A FOOTPRINT IN UNDERSERVED NICHES Småbolagsdagen, June 13 2016 Peter Wolpert, CEO & Founder

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Disclaimer

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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’s interim or annual reports, prospectuses or press releases.

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TV commercial in China – regional launch ongoing H1 2016

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Net Sales grew to 286 MSEK (FY 2015) - U.S. OTC Sales operations - Products sold in 40+ countries - 35 FTEs in Sthlm and NJ

Focus in OTC/Dermatology/Topicals - Leading OTC SKU in Nail Fungus - MOB015 entering Ph 3, $250-500m potential - BUPI in Ph 3 preparation, $50-100m potential

M&A strategy – 4 acquisitions last 3.5 years

Strong cash position – 400 MSEK

Long-term financial target 25% EBITDA margin

Moberg Pharma CREATING A FOOTPRINT IN UNDERSERVED NICHES

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5x Sales Growth in the last 5 years

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(MSEK) Net Sales

EBITDA

2011 2012 2013 2014 2015

MilestonesProduct Sales

56 112

157 200

286

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25 46

-29 -16 -13

23 43 EBITDA

EBITDA excl.milestone paym.

Recent highlights

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Q116, Net Sales 69 MSEK (-5%), EBITDA 5% – Investing significantly in repositioning of key U.S. brand Kerasal Nail –

positive early response

– Asia key growth driver for Emtrix Distributor sales

Innovation engine – significant value driver – Full speed to start MOB-015 phase 3 in H216

– Excellent phase 2 data for BUPI in oral mucositis and license and

development agreement with Cadila Pharma

Secured significant funds for growth and acquisitions – SEK 300m Bond issue provides non-dilutive financing

– Divestment of non-core brands for USD 10m

– Focus on acquiring commercial assets, e.g. for U.S. OTC franchise and to fuel growth of strategic brands

Recent Highlights

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RoW 19%

Europe 8%

Americas 73%

Other 30%

Nalox/ Kerasal Nail 46%

Divested products

24%

Sales via distributors

30%

Direct OTC Sales 70%

Majority of revenue from direct OTC sales – Launches in Asia drives RoW growth

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Channels Products Geography

Distribution of revenue, January – March 2016

Commercial Operations

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Kerasal® - Foot care Emtrix®

Balmex® - Diaper rash

Domeboro® - Derma/Skin irritation

Strategic brands within topical Dermatology

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U.S. Relaunch of Kerasal Nail started in March … early consumer response is positive

New Packaging: March

New Commercial: March 7th

New Website: March 1st

…and other marketing activities

Increasing Market Share and Sales Growth (to consumers) • 22% (L52W 2015) 25% (L12W, April 17) • L12W growth (value) = +9% in a declining category Note: Not visible in Q1 Net Sales

Source: Symphony IRI, U.S. retail sales of nail fungus products excluding private label in Multioutlet Stores, April 17, 2016

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Ongoing launches drive growth in Distributor sales

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Sales in >40 markets, EU/Asia/Canada

Asian launches is key growth driver – Malaysia - Launch Q414 – Hong Kong - Launch H115 – Singapore - Launch H115 – China - Regional launch expanded H116 – Indonesia - Launch Q315 – Philippines – Launch Q415

Test launches initiated in several markets globally

Key partners:

Note: Three largest distributors only, not an all inclusive list.

Innovation Engine

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Innovation Engine

5 TRANSACTIONS LAST 3.5 YEARS

2 PIPELINE ASSETS PROGRESSING TO PHASE 3

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MOB-015 update - Phase 3 preparations ongoing, aim to start H216, NA study and European study - Colep, manufacturing partner, co-invests in the CMC development progressing well - Patents granted in U.S., Canada, EPO and many other territories, Patent term to at least 2033

Pipeline asset

Indication

Status

Peak sales potential, m$

USP

MOB-015 Onychomycosis Phase 3 preparation

250-500 Topical terbinafine with fast visible improvement and superior cure rates

BUPI Oral Mucositis and oral pain

Phase 3 preparation

50-100 Lozenge formulation with effective pain relief for 2-3 hrs(vs 0,5 hrs for competition)

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Pipeline assets - Building on Topical drug delivery know how

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MOB-015 – Business Case

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Peak Sales $250 – 500 million (Total market > $3 billion) Ph III costs Ca $15 million ROI case IRR > 100% rNPV > $100 – 200 million (risk-adjusted 50-100%) Conservative assumptions on Market share, up-fronts, milestones, royalties & WACC

Source: Moberg Pharma analysis, Wolters Kluvers, IMS

USPs Superior cure rates – Mycological and Clinical

Visible improvement within 2-4 weeks

Shorter treatment time – potentially 6 months

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MOB-015 vs Jublia – Target Product Profile for Phase 3 (20-50% affected nail area, mild-moderate)

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Myc. cure Complete cure Visual improvement Product 24W 52W 52W 4W MOB-015 (Target)

>50% 60-70% 20-30% >50%

Jublia - 54% 15-18% N/A

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Example of successful treatment with MOB-015

Before After

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Example of successful treatment with MOB-015

Before After

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BUPI update - Positive Phase 2 results for BUPI in Q116 - License/Dev Agreement with Cadila. Cadila conducts a Phase 3 trial in India, rights in India/Africa - Moberg sponsors one Phase 3 trial in Europe, co-financed by Eurostars grant

Pipeline asset

Indication

Status

Peak sales potential, m$

USP

MOB-015 Onychomycosis Phase 3 preparation

250-500 Topical terbinafine with fast visible improvement and superior cure rates

BUPI Oral Mucositis and oral pain

Phase 3 preparation

50-100 Lozenge formulation with effective pain relief for 2-3 hrs(vs 0,5 hrs for competition)

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Pipeline assets - Building on Topical drug delivery know how

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BUPI - providing 2-3 hours of pain relief for oral pain

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Great unmet need Oral Mucositis in cancer patients. Other: Burning Mouth, Sjögren’s, Endoscopy Peak Sales potential $50-100m, whereof the OM indication is $20-25m

Significant pain relief demonstrated in Phase 2, 32 patients treated for 7d 31% reduction of pain* in BUPI group vs Standard of Care, p = 0.0032 50% reduction of pain in mouth* (excluding Pharynx), p= 0.0002 No serious adverse events in BUPI group

* Mouth and Pharynx, 60 min post-administration of BUPI lozenge, VAS 35.14 in BUPI group vs. 50.94 in control ** VAS 17.93 in BUPI vs. 36.10 in control Source: Moberg Pharma Phase 2 data on file

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Management and Board with wide experience

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Management

Anna Ljung CFO 13 years experience, joined from start in 2006 CFO at start-ups from Karolinska Institutet

Board of directors

Kjell Rensfeldt VP R&D >20 years experience, joined in 2007 Clinical practise, Q-Med, BiogenIdec

Peter Wolpert CEO and Founder 20 years experience, founded the Company in 2006 McKinsey & Co, CEO at start-ups from Karolinska,

co-Founder Ibility AB and Viscogel AB

Martin Ingman VP Sales & marketing, ROW >20 years experience, joined in 2008 AstraZeneca, Q-Med, Carema

Jeff Vernimb GM North America >20 years experience, joined in 2014 Pfizer, Novartis, Insight Pharmaceuticals

Wenche Rolfsen Non-executive director since 2010 PhD and 30 years experience within R&D at Pharmacia Previous CEO of Quintiles Scandinavia AB Chairman: Index Pharmaceuticals AB, Sarsia Seed

Director: Stiftelsen Industrifonden, Swedish Match AB, Smartfish

Thomas Thomsen Non-executive director since 2014 Long time experience from FMCG and consumer

medicals. Previously managing positions at Johnson & Johnson Consumer, Reckitt Benckiser and Novartis.

Founder Value Impact United, non-executive/chairman: Symprove, The North Alliance, Alkalon

Geert Cauwenbergh Non-executive director since 2012 Long time experience within pharmaceuticals and product

development and marketing of dermatological products Current managing partner at Phases 123 LLC. Director:

RXI Pharmaceuticals, Cutanea Life Sciences and Alto Pharmaceuticals. Previous CEO of Barrier Therapeutics

Torbjörn Koivisto Non-executive director since 2009 Lawyer specialising in company law and contract law Previous experience from Mannheimer Swartling, Lindahl

and Bird & Bird Director: Forslid & Co AB, Kibion

Mattias Klintemar (Östersjöstiftelsen) Non-executive director since 2015 Long time experience within finance and technology Previous CEO Morphic Technologies, CFO Hexaformer,

Corporate finance ABG Sundal Collier and auditor/consultant Arthur Andersen

Director: Ceba/Oatly, Phoniro and Dilafor

Thomas Eklund Chairman since 2016 (director since 2015) Previous CEO of Investor Growth Capital, Chairman:

Global Health Partners AB, Swewet AB and Itrim AB, Director: Boule Diagonistics AB, Biotage AB, Neoventa Medical AB, Memira AB and Rodebjer Form AB

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Profitable base business provides cash flow

Pipeline with large potential - limited investment to create Phase 3 data by 2018 - Proven molecules limit development risk, cost and TTM - Will enable company to reach next level

Acquisition strategy creates additional value - 5 transactions in last 3.5 years - Team, systems and infrastructure in place to enable scale-up - SEK 400m funds secured to enable growth investments

Strong Team and track record. Built the company from scratch

Why invest in Moberg Pharma

Q&A