Slides
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Audiocast presentation 5 November 2026 Third quarter 2026 results
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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 allof 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 Agenda • Introduction and highlights • Financial performance • Commercial development • R&D pipeline update • Key take-aways • Q&A Company participants Fredrik Tiberg, PhD President & CEO, CSO Anders Vadsholt Chief Financial Officer Richard Jameson Chief Commercial Officer
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Third quarter highlights
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5 PDUFA – Prescription Drug User Fee Act Commercial execution Advancing R&D pipeline • Product sales SEK 582 million +28% vs Q3 2025 • Brixadi® royalties SEK 137 million +23% vs Q3 2025 • Brixadi reached first sales milestone USD 15 million, recognized in Q4* • Oczyesa® sales SEK 8 million, +83% vs Q2 2026; launched in Sweden in Q3 • FDA acceptance of CAM2029 NDA in acromegaly with PDUFA 18 Dec 2026 • SORENTO Phase 3 study in GEP-NET progressing to plan • Oczyesa approved for the treatment of acromegaly in Australia and Canada* • First dosing in CAM2056 Phase 2b study in obesity and overweight* • Bioequivalence shown for CAM2029 from US manufacturing site* * Occurred after the period Financial & corporate development • Total revenues SEK 724 million, +28% vs Q3 2025 • Operating result SEK 322 million, +40% vs Q3 2025 • Operating margin 44% • Cash position SEK 4.4 billion Broad-based growth and strong earnings
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Financial performance
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7 142 230 322 0 100 200 300 400 Operating result 0 200 400 600 800 Revenue 0 100 200 300 400 OPEX Financially strongest quarter to date MSEK Q3 2024 Q3 2025 Q3 2026 Buvidal sales Oczyesa sales Royalties (Brixadi) Other Q3 2024 Q3 2025 Q3 2026 MSEK MSEK Q3 2024 Q3 2025 Q3 2026 724 567 298 356 480 304 Research and development costs Administrative costs Market and distribution costs Other
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8 329 0 -4 -41 0 4069 4353 Cash end Q2 26 Operating activities ESOP 22/26 Working Capital Investing activities Other Cash end Q3 26 3 400 3 500 3 600 3 700 3 800 3 900 4 000 4 100 4 200 4 300 4 400 4 500 Positive cash flow . MSEK Operating activities ESOP 22/26 Working Capital Other Cash end Q3 2026 Cash end Q2 2026 Investing activities
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9 Capital allocation and 2026 investment priorities •Capital allocation priorities ‒ Fund organic growth – commercial scale-up and continued R&D investment ‒ Preserve balance sheet strength and flexibility ‒ Continue business development – partnerships and new opportunities •2026 investment priorities ‒ Increase of MSEK 100 for scaling up US operations for the anticipated launch of Oclaiz , compared to prior MSEK 200 ‒ R&D expenditures are expected to increase by ~MSEK 50, compared to prior MSEK 150 ‒ Continued investment in secondary manufacturing capacity . Full year 2026 outlook reiterated Expected to finalize in the upper half of the intervals Revenues SEK 2.6 – 2.9 billion* Midpoint + 21% vs. 2025 Operating result SEK 0.9 – 1.2 billion* Midpoint + 20% vs. 2025 * At constant exchange rates
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Commercial development
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11 81,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Buvidal – strong sales growth •Record quarterly sales ‒ Q3 2026 net sales of SEK 574 million (455), +26% YoY • +10% vs the previous quarter • In-market growth of +26% vs Q3 2025 and +5% vs Q2 2026 ‒ Est. 81,000 patients in treatment with Buvidal end-Sep 2026 • On track to reach our ambition of 100,000 patients in treatment with Buvidal at the end of 2027 •Positive trends ‒ UK growth driven by improved access in prisons • Recently allocated funding reaching community settings slower than expected, but direction positive ‒ Nordics benefiting from expanded access • Continued switches from daily treatment ‒ LAIB switch initiated in Australia • Transfer from another LAIB began toward the end of the quarter ‒ Positive performance also in Germany, France, and Spain •Est. number of patients in treatment with Buvidal CER – constant exchange rate; YoY – year-on-year; LAIB – long-acting injectable buprenorphine 2025 20262024
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12 83 74 89 111 122 106 127 137 0 20 40 60 80 100 120 140 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Brixadi royalty by quarter Brixadi market performance in the US •Continued growth ‒ Royalty in Q3 2026 SEK 137 million (111), +23% YoY, +8% QoQ •First sales milestone triggered ‒ Brixadi net sales in 2026 exceeded USD 300 million • Triggering one-time payment of USD 15 million to be recognized in Q4 2026 •Significant investments by Braeburn ‒ US commercial and medical organization has significantly expanded •Growing LAIB segment ‒ US LAIB segment now ~USD 1.3 billion annualized • ~11% of total OUD buprenorphine market – substantial conversion runway ‒ Brixadi estimated equivalent unit share ~32% of LAIB segment1 CER – constant exchange rate; YoY – year-on-year; LAIB – long-acting injectable buprenorphine; OUD – opioid use disorder 1Estimated equivalent units share (accounting for posology) based on preliminary company data MSEK 2025 20262024
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13 Oczyesa progress in Germany and launch in Sweden •Sales in Germany continued according to plan ‒ Third quarter sales of SEK 8 million, +83% QoQ ‒ Positive patient and physician feedback remains • Patient share in Germany increased to ~5% •Launch in Sweden in September ‒ First 10 patients in treatment •UK formulary inclusions expected in Q4 •Building the evidence base ‒ Non-interventional real-world safety and patient reported outcome study ongoing •New approvals ‒ Marketing authorization approvals in Australia in August and Canada in October SRL – somatostatin receptor ligand 1Camurus estimate based on prevalence and incidence data.; 2Camurus data on file GermanyUK Sweden Norway Oczyesa wave 1 countries in acromegaly Significant opportunity in wave 1 markets – Est. 3,000–5,000 acromegaly patients currently on SRL SoC1 – Additional 500–800 new patients start treatment every year 1 – Market research indicates 30–60% willing to switch to Oczyesa 2
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R&D pipeline update
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15 Acromegaly GEP-NET PLD Polycystic liver Safety and efficacy TriAl with subcutaneous Octreotide Subcutaneous Octreotide Randomized Efficacy in Neuroendocrine TumOrs CAM2029 status and progress in Q3 2026 NDA – New Drug Application; PDUFA - prescription drug user fee act; GEP-NET – gastroenteropancreatic neuroendocrine tumors; PFS – progression-free survival; PLD – polycystic liver disease; ADPKD – autosomal-dominant polycystic kidney disease; FDA – US food and drug administration Pivotal randomized placebo controlled and long-term safety trials in acromegaly ACROINNOVA Phase 3 program completed Approved in EU, UK, Australia, Canada US NDA resubmission accepted for review; PDUFA date 18 Dec. 2026 Secondary US site: GMP inspected, bioequivalence shown SORENTO Phase 3 start Q4 2021 SORENTO fully enrolled Q4 2023 Target number of 194 PFS events est. around year-end 2026 Topline Phase 3 results expected in Q1 2027 Positive POSITANO Phase 2 study results Orphan designation for PLD and ADPKD in the US and EU End-of-phase 2 meeting with FDA in March 2026 Results from POSITANO extension study by end-2026 Next steps informed by extension study data and context of SORENTO results
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16 CAM2056 Early-stage partner programs CAM2056 and early R&D programs FDA – US Food and Drug Administration; GLP-1 – glucagon-like peptide 1; GIP - glucose-dependent insulinotropic polypeptide; PTH – parathyroid hormone Positive Phase 1b data announced in Nov 2025 Type B meeting with the FDA Completion of regulatory submission package for Phase 2b study Phase 2b study initiated Development of final product design (including autoinjector pen device) Long-acting incretins with Eli Lilly Partnership entered Jun 2025 Covers dual GLP-1/GIP, and triple GLP- 1/GIP/glucagon agonists with FluidCrystal Lilly exercised option to include amylin agonists in June 2026 Three ongoing parallel programs Long-acting PTH analog with Gubra Partnership entered Dec 2025 Lead PTH-analogue candidate selected Preclinical development
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17 Phase 2b study of once-monthly semaglutide •Randomized, double-blind, placebo-controlled Phase 2b study of CAM2056 ‒ Efficacy and safety of 36 weeks of treatment in 150 participants with obesity or overweight •Endpoints ‒ Primary endpoint: relative weight change at week 36 of CAM2056 20mg vs placebo ‒ Secondary endpoints include the proportion of participants achieving at least 5, 10, 15 and 20 percent weight reduction, and changes in glucose homeostasis, waist circumference, blood pressure and lipids •Study design •Results expected H1 2028 R 1:1:1 n=50 n=50 n=50 2 mg 5 mg 10 mg 15 mg 20 mg 2 mg 5 mg 10 mg CAM2056 CAM2056 Placebo Screening Week 0 Week 4 Week 12 Week 20 Week 36 End of treatment Dosing occasion
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Strategic priorities going forward
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19 Commercial succession from 1 January2027 Richard Jameson Chief Commercial Officer until 31 December 2026 – Camurus’ first commercial hire in 2016 – Built the commercial organization across Europe, Australia and MENA – Retires at year-end and continues as advisor Samantha Nickerson SVP International Commercial from 1 January 2027 – Joins Executive Management Team – With Camurus since 2020 as General Manager UK and Ireland; Benelux added 2023 – Led the UK to become one of Camurus’ larger markets with expanded patient access
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20 Clear path to continued value creation Commercial execution excellence Advancing pipeline with high potential Partnerships and M&A Supported by strong operations and financial performance • Strengthen market leadership in opioid dependence treatment • Launch continuing in acromegaly • Secondary manufacturer • Progressing partnerships with Lilly and Gubra • Potential new business development and partnering opportunities • SORENTO readout in GEP-NET • Phase 2b results for CAM2056 • US NDA for Oclaiz • New and expanded clinical programs • Sustainable profitability since 2022 • SEK 4.4 billion cash position
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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 Q&A
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22 < Shareholders and analyst coverage Shareholders as of 30 September Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.2 30.2 Fourth Swedish National Pension Fund 2,817,760 4.7 4.7 Handelsbanken fonder 1,727,450 2.9 2.9 Vanguard 1,640,005 2.7 2.7 Fredrik Tiberg, CEO 1,542,000 2.6 2.6 Swedbank Robur Fonder 1,465,767 2.4 2.4 AMF Pension & Funds 1,428,339 2.4 2.4 Avanza Pension 1,380,038 2.3 2.3 Camurus AB 1,050,000 1.7 1.7 Capital Group 1,010,726 1.7 1.7 Second Swedish National Pension Fund 902,211 1.5 1.5 Afa Försäkring 848,912 1.4 1.4 Carnegie Fonder 845,800 1.4 1.4 Third Swedish National Pension Fund 839,142 1.4 1.4 Two Seas Capital 814,573 1.4 1.4 Other shareholders 23,965,769 39.6 39.6 In total 60,559,184 100.0 100.0 Analysts DNB Carnegie Erik Hultgård Handelsbanken SuzannaQueckbörner Jefferies Shan Hama Nordea Mattias Häggblom Pareto Filip Wiberg Stifel Damien Choplain SEB Christopher Uhde ABG Sundal Collier Georg Tigalonov-Bjerke Van LanschotKempen Romy O’Connor Danske Bank Gonzalo ArtiachCastañon Redeye* Richard Ramanius Source: Modular Finance, Monitor report * Not commissioned by Camurus