Camurus : CEO Presentation (ceo presentation)

Annual General Meeting 2026

CEO presentation 28 May 2026

Camurus snapshot

Rapidly growing commercial stage company

Leader in opioid dependence treatment. Commercial infrastructure in Europe and Australia, building out to the US.

Unique FluidCrystal® technology platform

Commercially validated with a broad range of applications

Advancing late-stage pipeline with blockbuster potential

Prospect for multiple new approvals in rare disease and oncology indications

Strong operational and financial performance

Sustainable profitability since 2022

3

Listed on Nasdaq Stockholm Ticker: CAMX

~ 300 employees

2025 progress and highlights

PIPELINE

Oczyesa® approved

• EU and UK approval of our second commercial product

• First launch in Germany in November 2026

PARTNERSHIPS

Lilly long-acting incretins

• License agreement worth up to USD 870 million in milestones plus tiered royalties on sales

• Entered partnership with Gubra on long-acting PTH analog

GROWTH

21% revenue growth*

• SEK 2.3 billion in revenue

• Profit before tax up 69% to SEK 933 million

Continued growth of Buvidal® across Europe and Australia

Brixadi® royalties grew 87%

- gaining share in growing US market

Positive POSITANO Phase 2b and CAM2056 Phase 1b clinical results

Improved sustainability performance and ratings New HQ and labs

4 * At constant exchange rate (CER)

Growth and high profitability

MSEK

2 500

2 000

1 500

1 000

500

0

Revenues

2265

1868

1717

956

601

2021 2022 2023 2024 2025

MSEK

1 000

800

600

400

200

0

-200

Operating result

874

526

469

73

-111

2021 2022 2023 2024 2025

5

Positive 2026 outlook*

Revenues

SEK 2.6 - 2.9 billion

Midpoint + 21% vs. 2025

Operating result

SEK 0.9 - 1.2 billion

Midpoint + 20% vs. 2025

* Excl. potential licensing revenues from development partnerships

6

Continued advancement towards our vision 2027

Status after 3 of 5 years - end-2025

Vision 2027:

5x

Revenue growth to SEK 4.5 bn

US

Commercial infrastructure

4

R&D program approvals

~50%

Operating margin

Status today:

SEK 2.3 billion

Full year 2025

Launch-ready

Oclaiz US launch H2 2026

2 of 4

Brixadi US and Oczyesa EU/UK

39%

Full year 2025

Buvidal® - effective opioid dependence treatment

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

7 1 SmPC Buvidal

Strengthened market leadership for Buvidal in Europe and Australia

70,000 patients in treatment at end-2025 17% in-market growth in 2025 >80% share of LAI segment in Australia

Continued growth across Europe, Australia and MENA

• New funding framework in the UK

• Price approvals in further European markets

• Significant growth potential in larger European markets

• Goal of more than 100,000 patients in treatment by 2027

Buvidal sales

1 752

1 654

1 299

936

594

323

72

MSEK

1 500

1 000

500

0

2019 2020 2021 2022 2023 2024 2025

8 LAIB - long-acting injectable buprenorphine

Brixadi® gaining share in growing US market

+87% net revenue growth in 2025 ~32% share of US LAIB segment (e-units) >30% year-on-year growth of LAIB segment

Brixadi royalties

MSEK

396

212

9

500

400

300

Gaining share in an expanding market

• Estimated 6-7 million people with opioid dependence in the US,

  ~2 million in treatment1-4

• Braeburn increasing investments in patient-facing activities

• Estimated peak sales potential above USD 1 billion5

200

100

0

2023 2024 2025

9 LAIB - long-acting injectable buprenorphine

1Keyes KM, et al. Drug Alc. Dep. Reports 2022; 2CDC, Opioid Use Disorder: https://www.cdc.gov/dotw/opioid-use-disorder; 3Symphony Health Data ; 4SAHMSA 2025; 5Company estimate

10

Daniel, Buvidal

Patient benefits - our motive

CONFIDENTIAL

Mattias, Buvidal

Oczyesa® - our next medicine

US - LAUNCH READY

Oclaiz

awaiting FDA decision

• FDA accepted NDA resubmission

• PDUFA date 10 June 2026

• US commercial team ready for Q3 2026 launch

• Secondary manufacturer

EUROPE - LAUNCHED

Oczyesa® for acromegaly

• EU and UK approvals secured

• Launched in Germany Q4 2025 - strong early uptake

  11

• Planned roll-outs in additional European markets during 2026

R&D pipeline

Broad and diversified R&D pipeline

R&D pipeline programs

Preclinical

Phase 1

Phase 2

Phase 3

Registration

Market

CAM2029 Acromegaly CAM2029 GEP-NET1

CAM2029 Polycystic liver disease CAM2038 Chronic pain2

CAM4072 Genetic obesity diseases3 CAM2043 Raynaud's phenomenon CAM4071 Endocrine disorders CAM2056 Metabolic diseases

Lilly collaboration on long-acting incretins Gubra collaboration on PTH4 agonists

US

CNS

Rare diseases

Oncology

Other clinical stage programs include CAM2032 (prostate cancer), CAM2043 (PAH5), and CAM2047 (CINV6)

13 1GEP-NET - Gastroenteropancreatic neuroendocrine tumors; 2Licensed to Braeburn Pharmaceuticals in North America; 3Licensed to Rhythm Pharmaceuticals worldwide; 4PTH - parathyroid hormone; 5PAH - Pulmonary arterial hypertension; 6CINV - Chemotherapy-induced nausea and vomiting

Commercially validated FluidCrystal® technology

Easy and convenient administration Rapid onset & long-acting release

For peptide and small molecule drugs

Compatible with prefilled syringes and auto-injector pens

Scalable manufacturing

Injection of liquid formulation using autoinjector pen or prefilled syringe

H O

2

Encapsulating liquid crystal gel triggered by water uptake

Slow release of drug

Drug release and biodegradation of gel matrix to full resolution

time

Strong and updated patent portfolio

drug blood conc.

14 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.

CAM2029 designed for key unmet medical needs

Commercially validated 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

15 1. Tiberg F, et al., Br J Clin Pharmacol. 2015; 80(3): 460-472; 2. Constant dose; 3. Pavel M , et al., Cancer Chemotherapy and Pharmacology 2019; 83: 375-383; 4. Adelman D et al. Adv Ther. 2020;37(4):1608-19.

CAM2029 - one drug, three indications

Acromegaly

Approved in EU and UK

Self-administered, patient-friendly profile

Marketed as Oczyesa

• first launch in Germany

  NDA accepted for review

• US PDUFA date June 2026

Multiple presentations at ACE, ECE and ENDO

MARKETED / FILED

GEP-NET

SORENTO Phase 3 advancing

Largest randomized SRL study in GEP-NET to date

Active-controlled, head-to-head against standard of care

ENETS medical symposium in Krakow 4-6 March

Target number of 194 PFS events exp. H2 2026

PHASE 3

PLD

POSITANO Phase 2 positive

Positive Phase 2 results - primary endpoint met

End-of-phase 2 meeting with FDA completed

Next steps informed by FDA guidance and extension data

PHASE 2 COMPLETE

16 FDA - US Food and Drug Administration; NDA - New Drug Application; PDUFA - Prescription Drug User Fee Act; GEP-NET - gastroenteropancreatic neuroendocrine tumors; PLD - polycystic liver disease

Early-stage programs

Several early-stage programs advancing

CAM2056 once-monthly semaglutide Partnership with Eli Lilly for long-acting incretins

Collaboration with Gubra on long-acting PTH analog

17

CAM2056 and early R&D programs

CAM2056

Monthly depot of semaglutide

Positive Phase 1b data announced in Nov 2025 - Superior body weight and

HbA1c reduction vs Wegovy

- Comparable safety profile

Type B meeting with the FDA program

Phase 2b study planned start in H2 2026

Final product design (including autoinjector pen device)

Partner programs

Long-acting incretins with Eli Lilly

Partnership entered Jun 2025

Covers dual GLP-1/GIP and triple GLP-1/GIP/glucagon agonists with FluidCrystal

Progressing according to plan Option to include amylin agonists

Long-acting PTH analog with Gubra

Partnership entered Dec 2025

Development progressing according to plan

18 FDA - US Food and Drug Administration; GLP-1 - glucagon-like peptide 1; GIP - glucose-dependent insulinotropic polypeptide; PTH - parathyroid hormone

Strategic priorities in 2026

Building on a position of strength

Strong financial position and operational platform open additional strategic options for 2026 and beyond

SEK 3.9 billion

Cash position end-Q1 2026

Organic growth

High performing commercial teams and important products

Validated

FluidCrystal proven across multiple programs

R&D PORTFOLIO EXPANSION

Investing in the next wave

• New FluidCrystal programs into clinical development

• Expanding CAM2029 and CAM2056 programs

• Building in endocrinology, rare disease, and oncology

• New labs and scaling R&D capacity

M&A AND PARTNERING

Selective M&A to accelerate growth

• Assets with clear commercial fit

• Endocrinology, oncology, CNS, rare disease

• In-licensing, partnerships, acquisitions

• Disciplined criteria for preserved financial flexibiliy

20 CONFIDENTIAL

2026 - a potentially transformative year

Three near-term events that could redefine Camurus

June 2026

Oclaiz US approval

• Entry into US market with own commercial team

• Building on successful EU launch of Oczyesa

H2 2026

SORENTO readout

• Reach target number of PFS events for primary endpoint

• Potential to become new first line SoC for GEP-NET

• $2+ billion peak sales potential

  H2 2026

  CAM2056 Phase 2b

• Next stage of our once-monthly FluidCrystal based semaglutide

• Following the positive Phase 1 data presented in 2025

21

Thank you!

Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com

Shareholders and analyst coverage

Shareholders as of 30 April Number of shares % of capital % of votes

Sandberg Development AB	18,280,692	30.5	30.5
Fourth Swedish National Pension Fund	2,929,277	4.9	4.9
Swedbank Robur Fonder	1,948,007	3.3	3.3
Vanguard	1,624,495	2.7	2.7
Handelsbanken fonder	1,560,273	2.6	2.6
Fredrik Tiberg, CEO	1,542,000	2.6	2.6
Avanza Pension	1,314,839	2.2	2.2
Capital Group	1,290,822	2.2	2.2
Carnegie Fonder	1,168,281	2.0	2.0
Afa Försäkring	928,112	1.6	1.6
BlackRock	838,843	1.4	1.4
Jupiter Asset Management	737,348	1.2	1.2
Norges bank	727,171	1.2	1.2
Second Swedish National Pension Fund	629,211	1.2	1.2
Third Swedish National Pension Fund	616,582	1.0	1.0
Other shareholders	23,790,231	39.7	39.7
In total	59,989,184	100.0	100.0

23 Source: Modular Finance, Monitor report

* Not commissioned by Camurus

Analysts

DNB Carnegie

Erik Hultgård

Handelsbanken

Suzanna Queckbörner

Jefferies

Shan Hama

Nordea

Viktor Sundberg

Pareto

Dan Akschuti

Stifel

<

Oscar Haffen Lamm

SEB

Christopher Uhde

ABG Sundal Collier

Georg Tigalonov-Bjerke

Van Lanschot Kempen

Romy O'Connor

Danske Bank

Gonzalo Artiach Castañon

Redeye*

Richard Ramanius

24

Development of long-acting medications

Drug blood concentration

Typical short-acting release profile

Long-acting release profile

Therapeutic window

• Less frequent dosing

• Sustained therapeutic exposure

• Improved treatment compliance

• Improved efficacy and/or reduced side effects

• More convenient treatment

Time

Strategy for continued value creation

1. Maximizing the value of our marketed products

2. Expand and diversify our commercial portfolio

3. Accentuate growth through business development

Camurus' vision 2027

Sustainable value creation for all stakeholders:

5x

4 ~50%

25

Revenue growth to SEK 4.5 billion (vs. 2022)

Establishment of US commercial infrastructure

R&D program approvals

Operating margin

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

1Lofwall et 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 al Drug and Alcohol Dependence 2021; 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. Oral presentation at CPDD June 2020.

26

Significant growth opportunity for Buvidal in larger European countries

High access markets

• Australia, Nordics, Scotland and Wales

  • Average patient share 35% of total 100,000 treated patients

  • Continued double-digit growth expected in 2026

    High potential, limited access markets

• England, Germany, France and Spain

  • Single digit patient share of total 500,000 patients in treatment

  • Steady growth of ~20% expected in 2026

  • Large upside if funding situation is resolved in UK or France and when renumeration change is implemented in Germany

    Expansion markets

• Including IT, PT, AT, CH, BE, IE, SI and MENA

  • Single digit patient shares of total 100,000 patients

  • Expected growth in double-digit range in 2026 from smaller base

    High access markets

    Limited access, high potential markets Limited access, expansion markets

    27

    Comprehensive CAM2029 clinical program

    
    
    

    5 completed

    Phase 1 and 2 clinical trials characterizing PK, PD and safety in healthy subjects and patients

    Final results

    Open label extension

    
    
    

    Fully recruited

    Open label extension

    
    
    

    Fully recruited Final results

    Open label extension

    
    
    

    -2022

    2023

    2024

    2025

    2026

    2027

    ACROINNOVA 1 Phase 3 RCT

    Randomized, double-blind, placebo-controlled trial in SRL responders

    ACROINNOVA 2 Phase 3 LST

    Open label, long-term safety and extension trial in partial and full 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

    28 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

    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

Study design

n=16

R

n=16

n=16

Part A randomized

Part B

dose escalation

Screening

n=16

n=16

Day 1

Dosing occasion

1.25mg	2.5mg	5mg*	CAM2056
1.25mg	2.5mg	5mg	CAM2056
2.5mg	5mg	10mg	CAM2056
5mg	10mg	15mg	CAM2056

Day 29 Day 57 Day 85 Day 113 Day 140

End of treatment

Group 1

0.25mg

0.5mg

1.0mg

1.7mg

2.4mg Wegovy

Group 2

Group 3

Group 4

Group 5

29 * Lower strength 5mg

Greater reductions in body weight and blood glucose levels with CAM2056

Weight reduction A1c reduction

Day 29 Day 57 Day 85

-1,6

-2,7

-5,3

-5,2

-8,0

-9,3

Body weight change from baseline (%)

0

HbA1c change from baseline (%)

0,2

Day 29 Day 57 Day 85

0,03

0,01

-0,10

-0,12

-0,38

-0,44

0

-5

-0,2

-0,4

-10

-15

Weekly semaglutide Wegovy)

CAM2056 Group 4

-0,6

-0,8

Weekly semaglutide (Wegovy)

CAM2056 Group 4

30 Data on file