Slide 1: Third quarter 2025 results
Third quarter 2025 results Audiocast presentation 6 November 2025
Slide 2: Forward looking statements
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-look
Slide 3: Agenda
Agenda • Business highlights Company participants • Financial performance Fredrik Tiberg, PhD • Commercial development President & CEO, CSO Anders Vadsholt • R&D pipeline update Chief Financial Officer • Key take-aways Richard Jameson • Q&A Chief Commercial Officer 3
Slide 4: Business highlights
Business highlights
Slide 5: Third quarter highlights
Third quarter highlights Financial & Commercial Advancing corporate execution R&D pipeline development • Total revenues grew 18% YoY (25% • Buvidal quarterly sales grew 8% YoY • Oczyesa® market approval in the UK CER) to SEK 567 million (15% at CER) to SEK 455 million for the treatment of acromegaly
Slide 6: Financial performance
Financial performance
Slide 7: Solid revenue growth and profitability
7 Solid revenue growth and profitability Revenue Profit before tax MSEK MSEK Cash position 2000 1000 1801 SEK 3.5 billion 806 +28% vs Q3 2024 800 1500 +37% 1342 1314 600 567 +120% Q3 1000 400 366 567 480 +18% 245 500 384 200 165 +48% 110 0 0 2023 2024 2025 2023 2024 2025 One-time revenues YTD One-ti
Slide 8: Reported Q3 profit and loss
Reported Q3 profit and loss CER YTD CER MSEK Jul – Sep Change Change Jan – Sep Change YTD Change YTD 2025 vs. 2024 vs. 2024 2025 vs. 2024 vs. 2024 Total revenues 567 +18% +25% 1,801 +37% +43% Gross margin 528 5bps 25bps 1,681 67bps 94bps 93.1% 93.4% Marketing and distribution costs -142 +27% +35% -3
Slide 9: Improved cash position
Improved cash position MSEK 43 221 -61 3,515 -31 -5 3,347 Cash end Q2 25 Operating activities Stock option program Working captial Investing activities Other Cash end Q3 25 Cash Operating ESOP Working Investing Other Cash end Q2 2025 activities 22/26 Capital activities end Q3 2025 . 9
Slide 10: Revised financial outlook FY2025
Revised financial outlook FY2025 Previous outlook Revised outlook SEK 2.7 – 3.0 billion SEK 2.3 – 2.6 billion Revenue + 45 – 61% vs. 2024 + 23 – 39% vs. 2024 SEK 0.9 – 1.2 billion SEK 0.9 – 1.2 billion Profit before tax + 63 – 117% vs. 2024 + 63 – 117% vs. 2024 •Key consideration for the revised rev
Slide 11: Commercial development
Commercial development
Slide 12: Buvidal – slowing growth in the quarter
Buvidal – slowing growth in the quarter •Sales impacted by access barriers •Quarterly sales ‒ Net sales SEK 455 million, +8% YoY (+15% at CER), MSEK and -3% (-3% at CER) QoQ 500 485 469 470 455 ‒ In-market growth was +3% QoQ 421 400 • Positive in Australia, Norway, Spain, France 400 366 364 • Flatte
Slide 13: Strategies to improve patient access
Strategies to improve patient access •Growing real-world evidence base to demonstrate value Recent publications1-4 ‒ 250+ scientific publications ‒ Wider socioeconomic outcomes presented •Compelling economic models ‒ Health and social economic models published ‒ Highlighting the positive value of tr
Slide 14: Encouraging trend for Brixadi in the US
Encouraging trend for Brixadi in the US •Increasing quarterly sales Brixadi royalty by quarter ‒ Royalty grew 91% YoY (100% at CER) to MSEK 111 MSEK ‒ Quarterly growth 25% (20% at CER) 120 111 •Increasing market share in the US 100 ‒ Brixadi reached est. ~30% share of LAIB segment 83 89 ‒ LAIB at ~8
Slide 15: Pipeline update
Pipeline update
Slide 16: Octreotide SC depot, CAM2029
Octreotide SC depot, CAM2029 CAM2029 is a long-acting octreotide in development for three serious rare disease indications Acromegaly Gastroenteropancreatic neuroendocrine tumors (GEP-NET) Polycystic liver disease (PLD) Designed for enhanced efficacy and patient convenience vs. current somatostatin
Slide 17: Comprehensive CAM2029 clinical program
Comprehensive CAM2029 clinical program Positive results 5 completed Positive results Positive results Phase 1 and 2 Open label extension clinical trials characterizing PK, PD and Fully recruited safety in Open label extension healthy subjects and Fully recruited Positive results patients Open label
Slide 18: CAM2029 GEP-NET update
CAM2029 GEP-NET update Recent scientific symposium at NANETS1 Subcutaneous Octreotide Randomized Efficacy in Neuroendocrine TumOrs SORENTO Phase 3 start Q4 2021 SORENTO fully enrolled Q4 2023 Target number PFS events exp. mid to late 2026 (revised based on accruals) 18
Slide 19: SORENTO assessing CAM2029 superiority in PFS vs SoC in patients with GEP-NET
SORENTO assessing CAM2029 superiority in PFS vs SoC in patients with GEP-NET •Randomized, active-controlled Phase 3 study •Primary endpoint ‒ Randomized, multi-center, open-label, active-controlled ‒ Superiority in progression free survival, PFS, vs. standard of Phase 3 study of CAM2029 vs. long-act
Slide 20: CAM2029 PLD update
CAM2029 PLD update Polycystic liver Safety and efficacy TriAl with subcutaneous Octreotide 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 20
Slide 21: Second Oczyesa approval in acromegaly
Second Oczyesa® approval in acromegaly ACROINNOVA Phase 3 program completed European commission granted marketing authorization for Oczyesa 30 June 2025* MHRA approved marketing authorization for Oczyesa in the UK 28 August 2025* NDA resubmission with potential new PDUFA H1 2026 *Oczyesa®, octreotid
Slide 22: Oczyesa - the first monthly subcutaneous octreotide depot
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 Convenient and easy self- L
Slide 23: Initiating the European launch of Oczyesa
Initiating the European launch of Oczyesa •Start in wave 1 countries Oczyesa 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 Norway every year Sweden
Slide 24: Launch in Germany 1 November 2025
LAUNCH IN GERMANY 1 NOVEMBER 2025 Individuals shown are AI generated models, not real patients 24
Slide 25: Considerable opportunity in Germany
Considerable opportunity in Germany ~2,000 target patients in Germany1-5 Market potential in Germany ‒ SRL acromegaly annual sales ~EUR 50 million6 • Prevalence Incidence ~5,000 – 10,000 ~270-330/year German physician’s positive to Oczyesa profile Acromegaly register Not in register “It will make it
Slide 26: Early-stage programs
Early-stage programs Several early-stage programs advancing All patients completed Phase 1 study of monthly semaglutide (CAM2056) Topline clinical results in November 2025 Partnership with Eli Lilly for long-acting incretins progressing 26
Slide 27: Key take-aways
Key take-aways
Slide 28: Robust third quarter results despite challenging market conditions
Robust third quarter results despite challenging market conditions Strong profitability and cash-flow Stable Buvidal sales in Europe and Australia Brixadi showing sustained high growth in the US UK approval of Oczyesa in acromegaly Launch readiness for Oczyesa in Germany Advancement of long-acting i
Slide 29: Q&A
Q&A Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com
Slide 30: Shareholders and analyst coverage
Shareholders and analyst coverage Shareholders as of 30 September 2025 Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.5 30.5 Analysts Fourth Swedish National Pension Fund 2,808,776 4.7 4.7 DNB Carnegie Swedbank Robur Fonder 2,564,932 4.3 4.3 Erik Hultgård Fredrik Tibe
Slide 31: Experienced and committed management team
Experienced and committed management team Fredrik Tiberg, PhD Education: M.Sc. in Chem. Eng., Lund Institute of Technology, Anders Vadsholt Education: M.Sc. In Corporate Law and Economics, President & CEO, CSO PhD and Assoc. Prof. Physical Chemistry, Lund University. Chief Financial Officer Copenhag
Slide 32: Broad and diversified product portfolio and pipeline
Broad and diversified product portfolio and pipeline Approved products Phase 1 Phase 2 Phase 3 Registration Market Buvidal® Opioid dependence EU, AUS, MENA Brixadi® Opioid use disorder1 US Oczyesa® Acromegaly EU Approved 30 June 2025 Key pipeline programs CAM2029 Acromegaly US CAM2029 GEP-NET2 CAM20
Slide 33: Progress of clinical study of CAM2056
Progress of clinical study of CAM2056 •CAM2056 – once monthly FluidCrystal semaglutide Completed preclinical program met target profile All patients completed treatment in Phase 1 study of CAM2056 in overweight or obese participants Top-line results expected November 2025 Potential indications CAM20