Slides
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January 2026 Company presentation
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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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3 Camurus at a glance Rapidly growing commercial stage company • Leader in opioid dependence treatment • Established in Europe and Australia – expanding to the US Unique FluidCrystal® technology platform • Commercially validated • License agreement with Eli Lilly for long-acting incretins Advancing late-stage pipeline with blockbuster potential • Prospect for multiple new approvals in endocrinology and rare disease indications Strong operational and financial performance • Rapid financial growth • Sustainable profitability since 2022 Listed on Nasdaq Stockholm Ticker CAMX; Employees: 290+0+
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4 -362 -207 -112 73 549 553 -500 0 500 1 000 106 336 601 956 1717 1868 0 500 1 000 1 500 2 000 2 500 2019 2021 2023 2025 •Profit beforetax Strong financial development One-time revenue related to Brixadi US approval Revenues excl. one-times for Brixadi US approval One-time revenue related to Brixadi US approval Profit before tax excl. Brixadi US approval revenue •Revenues Full year 2025 guidance* Revenue SEK 2.3 – 2.6 billion + 23 – 39% vs. 2024 Profit before tax SEK 0.9 – 1.2 billion + 63 – 117% vs. 2024 2019 2020 2021 2022 2023 2024 2025E 2019 2020 2021 2022 2023 2024 2025E * *
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5 Significant recent progress MENA – Middle East and North Africa; GEP-NET – gastroenteropancreatic neuroendocrine tumors; PLD – polycystic liver disease Commercial execution Advancing R&D pipeline Corporate development • Global leadership in long-acting treatment of opioid dependence • Continued progress with Buvidal in Europe, Australia and MENA • Strong growth momentum with Brixadi in the US • Oczyesa® launched in Germany • Established own commercial infrastructure in the US • Oczyesa® approved in the EU and UK for the treatment of acromegaly • Oclaiz US NDA resubmission acceptance – PDUFA date 10 June 2026 • Phase 3 SORENTO study of CAM2029 advancing in neuroendocrine tumors • Positive Phase 2b results for CAM2029 in polycystic liver disease • Positive Phase 1b results for CAM2056 in overweight /obesity • Solid financial performance and high profitability • Meaningful investment in R&D • Strong cash position ~ SEK 3.5 bn – no debt • License agreement with Lilly for FluidCrystal® long-acting incretins • Collaboration and license agreement with Gubra for long-acting PTH analog
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6 by Morningstar Sustainalytics Score 19.7 Low risk Creating sustainable impact •Advancing innovation and access to medicines ‒ Camurus’ commitment to improving the lives of patients with severe and chronic diseases has a clear positive sustainability impact •Creating value while minimizing environmental footprint ‒ Delivering patient and societal benefit while minimizing environmental footprint and risks across the value chain •Focused strategy across the value chain ‒ Structured efforts across four areas: patients, people, planet, and responsible business •Top-tier ESG rating performance ‒ Strong results in leading ESG ratings reflect high standards in sustainability, ethical business practices, and long-term risk management Learn more at camurus.com/sustainability ESG rating results:
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7 Source; 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. FluidCrystal® extended-release technology Easy and convenient administration Rapid onset & long-acting release Controlled by composition, liquid crystal phase structure and biodegradation Applicable across substance classes Compatible with prefilled syringes, auto- injector pens, and other advanced devices Manufacturing by standard processes Injectionof liquid formulationusing autoinjectorpen or prefilled syringe Slowrelease of drug Drugrelease and biodegradation of gel matrix to full resolution Encapsulating liquidcrystalgel triggeredby wateruptake time H2O drug blood conc.
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8 Broad and diversified product portfolio and pipeline 1Licensed to Braeburn Pharmaceuticals in North America; 2GEP-NET – Gastroenteropancreativneuroendocrinetumors; 3Licensed to Rhythm Pharmaceuticals worldwide; 4PAH – Pulmonaryarterialhypertension; 5CINV – Chemotherapy-inducednauseaand vomiting CNS Rare diseases Oncology& supportivecare Other clinical stage programs include CAM2032 (prostate cancer), CAM2043 (PAH4), and CAM2047 (CINV5) CAM4072 Genetic obesity disorders3 CAM4071 Endocrine disorders CAM2056 Metabolic diseases (q4w semaglutide) CAM2038 Chronic pain CAM2029 Acromegaly CAM2029 GEP-NET2 CAM2029 Polycystic liver disease Key pipeline programs US Phase 1 Phase 2 Phase 3 Registration Market EU, UK, AUS, MENA US Approved products Buvidal® Opioid dependence Brixadi® Opioid use disorder1 CAM2043 Raynaud’s phenomenon EU, UKOczyesa® Acromegaly
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9 0 20 000 40 000 60 000 80 000 100 000 120 000Number of deaths in the US 12 month-ending period Opioid dependence– an escalating global health crisis •Largest society burden of all drugs1 ‒ 60 million opioid users worldwide1 ‒ Escalating US opioid overdose deaths2 •High need for better access to care and new treatment alternatives •Significant limitation with current daily medications ‒ Burdens and stigma of daily medications, limited treatment compliance, medication diversion, misuse and unintended pediatric exposure 1United Nations: World drug report 2024; 2www.cdc.gov/nchs/nvss/vsrr/ drug-overdose-data.htm High US overdose death rate 12 Month-ending Provisional Number of Drug Overdose Deaths in the US2 All drugs Opioids
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10 10 1 SmPCBuvidal Justin, Buvidal patient in Australia •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 – game changing opioid dependence treatment “Buvidal became my way out”
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11 Buvidal has demonstrated significant benefits to patients and society Superior treatment outcome and patient satisfaction1-4 Blocks subjective opioid effects from first dose2 Reduces treatment burden and improve quality of life4,5 Decrease risk of diversion, misuse and pediatric exposure6,7 Provides cost savings8 1Lofwallet al. JAMA Int. Med. 2018;178(6); 764-773; 2Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 3Frost , M., et al. Addiction. 2019;114(8):1416-1426. doi: 10.1111/add.14636; 4Lintzeris, N., et al. JAMA Network Open. 2021;4(5):e219041. doi:10.1001/jamanetworkopen.2021.9041, 5Barnett et alDrug and AlcoholDependence2021; https://doi.org/10.1016/j.drugalcdep.2021.108959; 6EPAR for Buvidal; 7Dunlop, A. J., et al. Addiction. 2021. https://doi.org/10.1111/add.15627; 8Dunlop, A. Oralpresentation at CPDD June 2020.
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12 8 26 45 58 83 74 89 111 0 20 40 60 80 100 120 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 MSEK Global leadership in long-acting opioid dependence treatment •Wide and growing access to Buvidal and Brixadi ‒ Available across four continents ‒ Large opportunity and high medical need •Solid growth of Buvidal in Europe and Australia ‒ Double-digit growth for six consecutive years ‒ Estimated 67,000 in treatment with Buvidal in Europe and Australia end of September 2025 ‒ Target more than 100,000 patients on Buvidal in 2027 •Increasing Brixadi market share in the US ‒ Camurus’ licensee Braeburn launched in Sep 2023 ‒ Strongest launch ever in therapy area ‒ Brixadi est. peak market potential > USD 1 bn1 LAIB – long-acting injectable buprenorphine 1Company estimate 2024 2025 2023 Salesat CER Brixadi royalty by quarter Buvidal sales by year 72 323 594 936 1 299 1 654 0 500 1 000 1 500 2019 2020 2021 2022 2023 2024 MSEK
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13 Buvidal expansion opportunities in 2026 •Growing scientific evidence base and health economical studies ‒ 250+ scientific publications demonstrating Buvidal / Brixadi value ‒ Health and socioeconomic models highlighting positive value of treatment1 •Government affairs and access initiatives ‒ Ongoing processes and discussions to widen access •Changing competitor dynamics in ex-US markets ‒ From 2026 Buvidal will be the only long-acting treatment option for opioid dependence in Europe and MENA •Key scientific conferences in 2026 Recent key publications1-3 1 Peterson et al. J of Addict Med 2024; 2Sayers C and Mogford D. Substance Abuse & Rehabilitation 2025; 3 Montgomery et al. BMJ Open 2025 Q1/Q2 2026 Q3/Q4 2026 International National ASAM 23-27 Apr San Diego, US ALBATROS 9-11 Jun Paris, FR RCPsych AC&E 15-18, Jun Liverpool, UK APP 12-14 Mar Fremantle, AUS Suchtmedizin 5-7 Nov Leipzig, DE ISAM 1-3 Oct Rotterdam, NE CPDD 13-17 Jun Portland, US ASPAD 8-11 Nov Perth, AUS RCGP & AP 26-27 Feb Liverpool, UK Addiction Z 27-28 May Gold Coast, AUS EUROPAD 22-24 May Bucharest, ROM
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14 Octreotide SC depot, CAM2029 CAM2029 is a long-acting octreotide in development for three serious rare disease indications Acromegaly Gastroenteropancreatic neuroendocrine tumors (GEP-NET) Polycysticliver disease (PLD) Designed for enhanced efficacy and patient convenience vs. current somatostatin receptor ligands (SRLs)
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15 1. Tiberg F, et al., BrJ ClinPharmacol. 2015; 80(3): 460-472; 2. Constantdose; 3. Pavel M , et al., Cancer Chemotherapyand Pharmacology2019; 83: 375-383; 4. Adelman D et al. Adv Ther. 2020;37(4):1608-19. CAM2029 designed to address key limitations of current first-generation SRLs Ready-to-use FluidCrystal® technology Rapid onset and long-acting octreotide release1 5-fold octreotide bioavailability vs Sandostatin LAR with potential for improved efficacy1-3 State-of-the-art, pre-filled autoinjector pen enabling convenient patient self-administration Subcutaneous administration with thin needle (22-gauge, 12.5mm) Room temperature storage
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16 0,1 1 10 100 0 7 14 21 28 Octreotide concentration (ng/mL) Time (days) Steady state pharmacokinetic profiles CAM2029 20mg q4w (PK model) Sandostatin IR 0.5mg TID (PK model) Sandostatin LAR 20mg q4w (observed) CAM2029 provideshighSRL exposure ~5x higher octreotide plasma exposure for CAM2029 vs. Sandostatin LAR ‒ CAM2029 octreotide plasma levels in the range of immediate release octreotide SRL – somatostatin receptor ligand; PK – pharmacokinetic; IR – immediate release; LAR – long-acting release; TID – three times per day; q4w – every 4 weeks Data on file
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17 Openlabelextension Comprehensive CAM2029 clinical program Timelines are indicative. PK – Pharmacokinetic; PD – Pharmacodynamic; RCT – Randomized control trial; LST – Long-term safety trial; ACRO – Acromegaly, GEP-NET – Gastroenteropancreatic neuroendocrine tumors; PLD – Polycystic liver disease; SRL – Somatostatin receptor ligands ACROINNOVA 2 Phase 3 LST Open label, long-term safety and extension trial in partial and full SRL responders ACROINNOVA 1 Phase 3 RCT Randomized, double-blind, placebo-controlled trial in SRL responders SORENTO Phase 3 RCT Active controlled Phase 3 trial in patients with metastatic/ unresectable GEP-NET POSITANO Phase 2/3 RCT Randomized, double-blind, placebo-controlled Phase 2/3 trial in patients with PLD 5 completed Phase 1 and 2 clinical trials characterizing PK, PD and safety in healthy subjects and patients Openlabelextension Openlabelextension Fully recruited Fully recruited -2023 Positive results Positive results Positive results Positive results 2024 2025 2026 2027 2028
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18 •Acromegaly is a rare, slowly progressive, chronic and serious condition typically caused by a tumor of the pituitary gland and overproduction of growth hormone. This results in excess growth of bones and tissue and a range of other symptoms and, if untreated, to premature death. A patient-centric acromegaly treatment
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19 •Superiority achieved ‒ 77.2% vs. 37.5% patients with IGF-1 ≤1 ULN with CAM2029 versus placebo, p=0,00018 •IGF-1 levels well controlled •CAM2029 improved ‒ Treatment convenience ‒ Acromegaly quality of life ‒ Patient satisfaction •CAM2029 was well tolerated ‒ Safety profile comparable to well established profile for first generation SRLs ‒ Most AEs were mild or moderate and transient injection site reactions and gastrointestinal side-effects ‒ No serious reactions related to CAM2029 Positive results from ACROINNOVA 1 – CAM2029 provided robust biochemical control •ACROINNOVA 1 study design ‒ 24-week, randomized, double blind, placebo-controlled Phase 3 study •Patient population ‒ Biochemically controlled on first-generation SRL* *IGF-1 ≤ULN and mean GH <2.5 μg/L at screening, on stable octreotide LAR or lanreotide ATG for ≥ 3 months 0,6 0,8 1 1,2 1,4 1,6 -4 0 4 8 12 16 20 24 Mean IGF-1/ULN Weeks CAM2029 (N=48) Placebo (N=24) R 24 Placebo (n=24) CAM2029 (n=48) 0 Weeks 1
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20 -2 -1 0 1 0 8 16 24 32 40 48 Symptom score, changefrom baseline Weeks •Improved acromegaly symptoms with CAM2029 •ACROINNOVA 2 results ‒ Reinforcing long-term safety and effectiveness in ACROINNOVA 1 ‒ Increased response rate from SoC baseline in new recruited patients ‒ Roll-over placebo patients from ACROINNOVA 1 regained IGF-1 control with CAM2029 •Improved patient reported outcomes for CAM2029 vs standard-of-care baseline ‒ Treatment satisfaction ‒ Quality of life ‒ Injection experience Positive topline results from ACROINNOVA 2 •ACROINNOVA 2 study design ‒ 52-week, open-label safety study with further extension •Patient population ‒ New patients; uncontrolled or controlled with IGF-1<2xULN ‒ Patients who completed ACROINNOVA 1 CAM2029 new patients in ACROINNOVA 2 24 CAM2029 new in ACROINNOVA 2 (n=81) 0 Weeks CAM2029 (n=36) CAM2029 (n=18) Roll-over from CAM2029 in ACROINNOVA 1 52 Roll-over from placebo in ACROINNOVA 1 2
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21 Positive ACROINNOVA 2 extension study data Improved biochemical response for patients during treatment with CAM2029 TSQM – treatment satisfaction questionnaire for medication * Transferred to standard-of-care (SoC) – either octreotide LAR or lanreotide Autogel – after completion of ACROINNOVA 2 main part. When ACROINNOVA extension study started, patients were reinvited to join study for another year on CAM2029. Time on SoC between 15 to 95 weeks (median 35 weeks) 48 61 35 59 0 20 40 60 80 100 Baseline Week 50/52 Extension start Week 102/104 Proportion of responders(% IGF-1≤1xULN) Intermediate treatment with standard-of-care* SoC baseline w50/52 w102/104Extension start ACROINNOVA 2 main part ACROINNOVA 2 extension Reinvited patients after intermediate treatment with SoC* N=23 N=23 N=23 N=22 63 79 84 0 20 40 60 80 100 Baseline Week 50/52 Week 102/104 Proportion of responders(% IGF-1≤1xULN) Patients continuously on CAM2029 for 2 yrs ACROINNOVA 2 main part ACROINNOVA 2 extension SoC baseline w50/52 w102/104 N=19 N=19 N=19 N=19N=19
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22 Medical information and dissemination of ACROINNOVA results •Pre-launch activities ‒ Meeting with acromegaly stakeholders ‒ National and regional advisory board meeting ‒ Payer engagement and submissions ‒ Commercial and medical affairs readiness •Scientific conferences in 2025 1Endocrine Society’s annual meeting ENDO 2025, 12-15 July in San Francisco Rapid fire presentation, educational program and posters of ACROINNOVA results at ENDO1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 IPS 9-11 Jul San Francisco US ESPE/ESE 10-13 May Copenhagen DK NANETS 23-25 Oct Austin US ACRO NET AACE 15-17 May Orlando US ENETS 5-7 Mar Krakow PL ENDO 12-15 Jul San Francisco US ENEA 3-5 Dec Marseille FR DGE 19-21 Mar Baden-Baden DE
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23 Oczyesa - the first monthly subcutaneous octreotide depot1-3 Autoinjector pen Oczyesa is indicated for maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogues. 1 5-fold bioavailability vs octreotide LAR with potential for improved efficacy1,2,5 Stored at room temperature and ready to use1,4 Autoinjector pen with a hidden, thin (22-gauge) needle1,4 LAR – Long-acting release 1. Oczyesa® Summary of Product Characteristics (SmPC), Camurus AB, Sweden. June 2025; 2. Tiberg F et al. Br J Clin Pharmacol 2015;80:460–72; 3. Pavel M et al. Cancer Chemother Pharmacol 2019;83:375–85; 4. Ferone D et al. J Clin Endocrinol Metab 2025;110:1729–39; 5. GlatardA et al. Clin Pharmacokinet. 2025;64(7):1079-1092. Convenient and easy self-administration to improve patients’ treatment experience1-3 Internal photographic material
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24 Initiatingthe Europeanlaunchof Oczyesa •Attractive market opportunity in Wave 1 countries ‒ Significant switch opportunity from SoC • Est. 3,000 – 5,000 acromegaly patients on first generation SRL treatments • Additional 500 – 800 newly diagnosed patients start treatment every year • Notably, current estimates indicate significantly higher numbers, representing a potential upside •Positive response from physicians and patents ‒ Appreciated product profile and clinical evidence ‒ High willingness to switch to Oczyesa ‒ Promising initial response from payers •Teams ready to go ‒ ~10 sales representatives, 5 MSLs and 3 market access •Parallel PMA submissions in Wave 2 countries SoC – standard-of-care; SRL – somatostatin receptor ligand; Denmark GermanyUK Sweden Norway Oczyesa wave 1 countries
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25 LAUNCHED IN GERMANY 1 NOVEMBER 2025 Individuals shown are AI generated models, not real patients
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26 Highlight of German opportunity in acromegaly • High interest to switch to treatment with Oczyesa ‒ Physician indicate that initially 30 – 60% of patients are suitable for switching to Oczyesa ‒ Promising initial uptake since 1 November 2025 launch ~2,000 target patients in Germany1-5 Market potential in Germany ‒ SRL acromegaly annual sales ~EUR 50 million6 German physician’s positive to Oczyesa profile Sources: 1Akromegalie - DEXIMED – Deutsche Experteninformation Medizin, 2Orphanet: Akromegalie, 3EntwurfPoster_20050307_pj.cdr, 4Acroline-Behandlungsablauf.pdf, 5Akromegalie: Harte Daten; 6Company estimate; 7M3 Global Market Research (data on file) Prevalence ~5,000 – 10,000 Incidence ~270 – 330/year Acromegaly register ~2,950 patients Not in register ~2,000 – 7,000 Surgery (first line) 60 – 80% ~1,770 – 2,360 patients Post-op SRL therapy ~50% ~885 – 1,180 patients Total number with SRL therapy ~1,475 – 2,380 patients Directly start SRL 20 – 40% ~590 – 1,180 patients “It will make it possible to treat acromegaly much more effectively and with fewer complications.” “Very positive and very different from all the other treatments we have for acromegaly. Hopeful. Very, very good I would say.”
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27 •Neuroendocrine tumors are cancerous tumors originating from cells in the endocrine and nervous system. The tumors can occur throughout the body, most common they occur in the gastrointestinal tract and lungs. The disease can be chronic with serious symptoms and complications. Potential to become new standard of care for GEP-NET
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28 SORENTO Phase 3 study of CAM2029 in GEP-NET progressing •Randomized, active-controlled Phase 3 study ‒ Randomized, multi-center, open-label, active-controlled Phase 3 study of CAM2029 vs. long-acting octreotide or lanreotide in patients with GEP-NET ‒ Fulfills regulatory requirements for safety and efficacy •Patient population ‒ Patients with confirmed, advanced and well-differentiated GEP-NET of Grade 1 to Grade 3 – majority Grade 2 •Primary endpoint ‒ Superiority in progression free survival, PFS, vs. standard of care (first-line medical treatment), hazard ratio 0.65 ‒ Assessed after 194 documented PFS events •Secondary endpoints include ‒ Overall survival ‒ PROs (e.g., treatment satisfaction, quality of life) ‒ Safety •Recruitment completed end 2023 ‒ 332 patients enrolled across 12 countries, exceeded randomization target (302) PFS – progression free survival; SOC – Standard of Care; GEP-NET – gastroenteropancreatic neuroendocrine tumors; PRO - patient reported outcome; LAR – long-acting release; ATG - autogel R Primary endpoint CAM2029 Octreotide LAR or lanreotide ATG 0 Weeks N=332 1:1 6 10 44 31 16 14 13 49 14 12 76 47 2 4 7 8 4 4 3 11 4 4 15 13 0 20 40 60 80 # randomized patients # sites with randomized patients
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29 •Polycystic liver disease is a rare, genetic, and chronic disorder characterized by progressive growth of cysts in the liver, which can cause severe symptoms and result in impaired quality of life for patients. Positive results from POSITANO in polycystic liver disease
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30 Polycystic liver disease •Disease characteristics and prevalence ‒ Progressive growth of liver cysts of various sizes ‒ Estimated 37,000 target patients with symptomatic polycystic liver disease (PLD) in US, EU4 and UK1 ‒ No available pharmacological treatment for PLD •Treatment options ‒ Somatostatin receptor ligands show promise in clinical studies: decreasing liver volume, symptoms, and improving quality of life in symptomatic patients PLD 2-4 ‒ CAM2029 has orphan drug designation for ADPLD in EU and the US and ongoing applications for PLD associated with AKPKD 1Globe Life Sciences report 2020; data on file ; 2Gevers TJ, et al., Liver Int. 2015 May;35(5):1607-14.; 3Pisani A, et al., Clin Gastroenterol Hepatol. 2016 Jul;14(7):1022-1030.; 4van Aerts R, et al., Gastroenterology. 2019 Aug;157(2):481-491; 5Bergmann et al., Polycystic kidney disease. Nat Rev Dis Primers. 2018;4(1):50.; 6Abu‐Wasel et al., World J Gastroenterol. 2013;19:5775‐86 Epidemiology1 ADPKD PLD Target patients 185,000 patients (US, EU4, UK) 80% of ADPKD patients5 ~20% of the total ADPKD patients are symtomatic6 37,000 patients (US, EU4, UK)
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31 •Primary endpoint ‒ Liver volume change from baseline to week 53 compared to placebo •Key secondary endpoint ‒ Camurus’ developed PRO, PLD-S •Secondary endpoints ‒ Total liver cyst volume ‒ Total kidney volume in ADPKD patients ‒ PLD symptoms and quality of life ‒ Safety ‒ PK and immunogenicity POSITANO – Phase 2b study in PLD •Trial design ‒ 53-week randomized, placebo- controlled, three-arm study ‒ Open label extension for 120 weeks •Key eligibility criteria ‒ Symptomatic PLD (isolated or associated with ADPKD) ‒ htTLV ≥1800ml/m at screening PLD – polycystic liver disease, ADPKD – autosomal dominant polycystic kidney disease; htTLV-height adjusted total liver volume; PRO – patient reported outcome; PLD-S – PLD symptoms, 1Globe Life Science 2020 Week 53 CAM2029 dose group 1 Placebo 0 Double-blind randomized period R N=71 1:1:1 CAM2029 dose group 2 Open label extension / Safety follow-up CAM2029 open label extensionScreening Week 181
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32 -12 -10 -8 -6 -4 -2 0 2 Difference vs placebo in change from baseline in htTLV (%, mean and 95% CI) Week 13 Week 25 Week 53Baseline POSITANO met the primary endpoint Reduction in height adjusted total liver volume change with CAM2029 vs baseline Primary endpoint Combined, analysis of covariance, multiple imputation, intention-to-treat Sensitivity analysis I Combined, last observation carried forward, analysis of covariance, intention-to-treat Sensitivity analysis II Combined, mixed model repeated measures, intention- to-treat Main and sensitivity analyses for the primary endpoint Week 53 -10 0 10 Favors CAM2029 Favors placebo p-value 0.044 0.032 0.015 Treatment difference between CAM2029 groups and placebo -4.3 (-8.4, -0.1) -4.0 (-7.5, -0.4) -4.8 (-8.5, -1.0)
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33 -15 -10 -5 0 5 10 15 TLC change from baseline (mean and 95% CI) CAM2029 Placebo Week 13 Week 25 Week 53Baseline CAM2029 reduces liver cyst volume vs placebo Total liver cyst volume change from baseline Difference CAM2029 vs placebo Change from baseline at week 53 (%, mean, 95% CI) CAM2029 2.1 (-1.9, 6.2) Placebo 11.9 (5.2, 19.0) -20 -15 -10 -5 0 5 Difference vs placebo in change from baseline in TLCV (%, mean and 95% CI) Week 13 Week 25 Week 53Baseline Treatment difference at week 53 (%, mean, 95% CI) -8.7 (-15.2, -1.8)
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34 POSITANO topline results summary for CAM2029 • Reduction of liver volume growth vs placebo ‒ Primary endpoint supported by sensitivity analyses • Reduction of total liver cyst volume growth vs placebo • Kidney volume reduction indicated in patients with PLD associated with ADPKD • Improved PLD symptoms ‒ Reduction of PLD-S score versus baseline ‒ Improved symptoms indicated in several additional PROs (PLD-Q, PGI-S, CGI-S) • Robust decrease of IGF-1 vs placebo • Treatment generally well tolerated • Safety profile consistent with that of other injectable SRLs • No new or unexpected safety issues were identified • High study and treatment retention • All eligible patients entered the extension phase Efficacy conclusions Safetyprofile PLD-S – PolycysticLiver Diseasesymtoms; PLD-Q – PolycysticDiseaseQuestionnaire; PGI-S – Patient Global Impression of Severity;, CGI-S – clinicalglobal impression of severity
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35 CAM2029 recent milestones and expected progress ACROINNOVA Phase 3 program completed EC market approval in June 2025 MHRA UK approval in August 2025 Oczyesa first launch in Germany in November 2025 FDA NDA resubmission acceptance US PDUFA date 10 June 2026 SORENTO Phase 3 start Q4 2021 SORENTO fully enrolled Q4 2023 Target number PFS events exp. mid to late 2026 Orphan drug designation for PLD in EU and US Positive POSITANO study results in June 2025 Orphan designation for ADPKD in the US and EU End-of-phase 2 meeting with FDA early 2026 Polycystic liver Safety and efficacy TriAl with subcutaneous Octreotide Subcutaneous Octreotide Randomized Efficacy in Neuroendocrine TumOrs Pivotal randomized placebo controlled and long-term safety trials in acromegaly
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36 TERRITORY PATIENT POPULATION EST. PEAK PATIENT SHARE EST. PEAK SALES EU/AUS 16,5004 20 – 35% €30 – 65 million US 10,000 25 – 40% $150 – 280 million EU/AUS 68,0004 30% €300 – 400 million US 37,000 40% $1,200 – 1,500 million EU/AUS 15-18,0004 30 – 40% €80 – 100 million US 12-13,000 30 – 40% $200 – 300 million Significant sales potential for CAM2029 across indications ACRO1 NET1 PLD1 •CAM2029 peak sales estimates >2 billion USD across indications1-3 1Globe Life Science 2020-22, data on file; 2Assuming €10-12.5ks (EU/AUS) and $60-70K (US) per year net pricing in acromegaly, €15-20k (EU/AUS) and $80-100K (US) per year net pricing in NET, and €17.5k (EU/AUS) and $60K (US) per year net pricing in PLD 3Patient numbers extrapolated from EU4+UK estimates by assuming same prevalence across European countries and Australia
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37 Early-stage programs Several early-stage programs advancing Completed treatment in Phase 1b study of monthly semaglutide (CAM2056) Positive topline results announced Partnership with Eli Lilly for long-acting incretins progressing
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38 Phase 1b study of once-monthly semaglutide •Randomized Phase 1b study comparing CAM2056 with once-weekly semaglutide (Wegovy®) ‒ Assessing pharmacokinetics, pharmacodynamics and safety in 80 participants with overweight or obesity * Lower strength 5mg Study design 5mg End of treatment Day 1Screening Part A randomized Part B dose escalation R 0.25mg 0.5mg 1.0mg 1.7mg 2.4mg Day 29 Day 57 Day 85 Day 113 Day 140 1.25mg 5mg*2.5mg 1.25mg 2.5mg Group 1 Group 2 Group 3 Group 4 Group 5 Dosing occasion Wegovy CAM2056 CAM2056 2.5mg 5mg 10mg CAM2056 5mg 10mg 15mg CAM2056 n=16 n=16 n=16 n=16 n=16
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39 Weight and A1c reductions from baseline Weight reduction A1c reduction Data on file -1,6 -2,7 -5,2-5,3 -8,0 -9,3 -15 -10 -5 0 Body weight change from baseline (%) Weekly semaglutide Wegovy) CAM2056 Group 4 Day 29 Day 57 Day 85 0,03 0,01 -0,12-0,10 -0,38 -0,44 -0,8 -0,6 -0,4 -0,2 0 0,2 HbA1c change from baseline (%) Weekly semaglutide (Wegovy) CAM2056 Group 4 Day 29 Day 57 Day 85
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40 Positive top-line results from Phase 1b study of CAM2056 •Similar or greater reduction of body weight, A1c and fasting glucose CAM2056 produced dose-dependent PD response • Weight change from baseline to Day 85 was -9.3% for CAM2056 10 mg versus -5.2% for weekly semaglutide per label; treatment difference -4.1% (-7.1%, -1.1%), p=0.008 • Mean A1c change from baseline to Day 85 for CAM2056 10 mg was -0.44%; treatment difference vs weekly semaglutide -0.32% (-0.50%, -0.14%), p<0.001 Comparable Cmax at four times the dose of weekly semaglutide (Wegovy®) • Prolonged time to Cmax and extended release, consistent with monthly dosing •CAM2056 was well tolerable with a consistent safety profile Similar safety and tolerability to weekly semaglutide dosed according to label • No new or unexpected safety events • The most common adverse events were mild to moderate and transient GI events • Limited number of injection site reactions; all mild and transient Dose escalation was well tolerated up to highest initiation in group 5, which showed a tendency for more GI events Few discontinuations; 1-2 per CAM2056 group* vs 2 for weekly semaglutide Data on file;, LS means and estimated treatment differences including 95% confidence intervals were based on ANCOVAs including adjustment for baseline values, sex, age and height. GI – gastrointestinal, *Group 2-4 (Group 5 had 6 early discontinuations)
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41 Nextsteps – CAM2056 •Phase 2b study planned in 2026, including ‒ Dose initiation and escalation schedule established in Phase 1b study ‒ Extended treatment exposure to establish long term safety •Parallel preparations for Phase 3 ‒ Progress final product presentation ‒ Authority discussions Potential indications • Type 2 diabetes • Weight management • Inflammation • Neuropsychiatric disorders • Substance use disorders
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42 License agreement with Lilly on long-acting incretins •Partnership focused on long-acting therapies based on FluidCrystal and Lilly’s proprietary drug compounds ‒ Lilly obtained license to research, develop, manufacture and commercialize long- acting incretin products based on FluidCrystal ‒ Includes up to four Lilly proprietary drug compounds within the exclusivity scope: • Dual GIP and GLP-1 receptor agonists • Triple GIP, glucagon and GLP-1 receptor agonists • An option to include amylin receptor agonists •Camurus eligible to receive: ‒ Up to $290 million in license fees, development and regulatory milestone payments ‒ Up to $580 million in sales-based milestone payments ‒ Tiered mid-single digit royalties on global net product sales
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Strong news flow anticipated in 2026
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44 Key milestones in 2026 Brixadi/Buvidal market penetration in opioid use disorder Launches of Oczyesa/Oclaiz in key EU markets and the US SORENTO Phase 3 results for CAM2029 in GEP-NET Start of Phase 2b study of CAM2056 in obesity/overweight Progress in development partnerships with Lilly and Gubra Announcement of new programs and potential M&A
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Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com
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46 < Shareholders and analyst coverage Shareholders as of 30 December Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.8 30.8 Fourth Swedish National Pension Fund 2,929,277 4.9 4.9 Swedbank Robur Fonder 2,298,020 3.9 3.9 Handelsbanken fonder 1,506,898 2.5 2.5 Fredrik Tiberg, CEO 1,500,000 2.5 2.5 Vanguard 1,472,455 2.5 2.5 Carnegie Fonder 1,304,049 2.2 2.2 Capital Group 1,228,245 2.1 2.1 Avanza Pension 1,219,914 2.1 2.1 SEB Funds 975,002 1.6 1.6 Afa Försäkring 910,012 1.5 1.5 Länsförsäkringar Fonder 796,671 1.3 1.3 BlackRock 787,280 1.3 1.3 Norges bank 742,052 1.3 1.3 Jupiter Asset Management 718,809 1.2 1.2 Other shareholders 23,210,808 38.3 38.3 In total 59,880,184 100.0 100.0 Source: ModularFinance, Monitor report * Not commissionedby Camurus Analysts ABG Sundal Collier Georg Tigalonov-Bjerke Danske Bank Gonzalo ArtiachCastañon DNB Carnegie Erik Hultgård Handelsbanken SuzannaQueckbörner Jefferies Shan Hama Kempen Romy O’Connor Nordea Viktor Sundberg Pareto Dan Akschuti Stifel Oscar Haffen Lamm SEB Christopher Uhde Redeye* Richard Ramanius
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47 Experienced and committed management team PSP units – Performance Share Plan units Markus Johnsson Senior VP R&D In Company since: 2003-2017, 2021- Holdings: 16,000 shares and 2,918 PSP units Education: Ph.D. in physical chemistry and M.Sc. in chemistry from Uppsala University. Previous experience: More than 20 years of experience from pharmaceutical development and project management Fredrik Joabsson, PhD Chief Business Dev. Officer In Company since 2001 Holdings: 40,170 shares and 2,918 PSP units Education: M.Sc. in Chemistry, PhD in PhysicalChemistry, Lund University Previous experience: More than 20 years of experience in pharmaceutical R&D, business development, alliance management and investor relations. Richard Jameson Chief Commercial Officer In Company since: 2016 Holdings: 29,193 shares and 6,082 PSP units 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). Behshad Sheldon President Camurus Inc. In Company since 2024 Holdings: 1,000 shares, 2,000 employee options and 2,918 PSP units Education: B.Sc. in Neuroscience from University of Rochester Previous experience: More than 25 years of experience from the international pharma industry, including President & CEO of Braeburn Pharmaceuticals and senior positions within Smithkline Beecham, Bristol-Myers Squibb and Otsuka Pharmaceuticals. Agneta Svedberg VP Clinical Dev. In Company since: 2015 Holdings: 22,987 shares and 2,918 PSP units Education: M.Sc. In Radiophysicsand B.Sc. In Medicine from Lund University, ExecutiveMBA 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. Maria Lundqvist Head of Global HR In Company since 2021 Holdings: 2,918 PSP units 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. Annette Mattsson VP Regulatory Affairs In Company since: 2017 Holdings: 2,004 shares and 2,918 PSP units 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. Fredrik Tiberg, PhD President & CEO, CSO In Company since 2002 Holdings: 1,500,000 shares, 42,000 employee options and 13,500 PSP units Education: M.Sc. in Chem. Eng., Lund Institute of Technology, PhD and Assoc. Prof. Physical Chemistry, Lund University. Previous experience: More than 20 years executive leadership experience from the pharmaceutical industry. Prof Physical Chemistry, Lund University; Visiting Prof at Oxford University; Section Head, Inst. for Surface Chemistry. Anders Vadsholt Chief Financial Officer In Company since: 2025 Holdings: 2,300 PSP units Education: M.Sc. In Corporate Law and Economics, Copenhagen Business School, and MBA, University of Melbourne Previous experience: More than 25 years experience in corporate finance, venture capital, and the biotech industry, incl. Orphazyme A/S, MinervaX ApS, and Topotarget A/S. Alberto M. Pedroncelli Chief Medical Officer In Company since 2023 Holdings: 1,000 shares, 20,000 employee options and 1,500 PSP units Education: MD University of Milan. Ph. D. endocrinology post-graduate school University of London Previous experience: Head of Clinical Development and Medical Affairs Recordati, Senior Leadership positions Novartis, clinician and research fellow Dept. Endocrinology, University Hospital Bergamo, Italy Bo A. C. Tarras-Wahlberg VP Legal & Group General Councel In Company since 2024 Holdings: 2,918 PSP units Education: LLM from Lund University and studies at Queen Mary College Previous experience: More than 20 years of experience as lawyer and from international senior legal positions, incl. as Assoc. General Counsel at Baxter, Gambro, legal private practice and as law clerk at District Court. Susanne Lagerlund VP, Technical Operations In Company since 2023 Holdings: 250 shares and 2,618 PSP units Education: M. Sc. Chemical Engineering and studies Business Econoics, Lund University Previous experience: More than 30 years of experience from pharmaceutical industry, including Global Regulatory CMC Director at AstraZeneca, VP Regulatory Affairs at Cantargia, and Global Portfolio Lead at LEO Pharma.