Slide 1: Full year and fourth quarter 2025 results
Full year and fourth quarter 2025 results Audiocast presentation 12 February 2026
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 Company participants • Introduction and highlights Fredrik Tiberg, PhD President & CEO, CSO • Financial performance Anders Vadsholt • Commercial development Chief Financial Officer • R&D pipeline update Richard Jameson Chief Commercial Officer • Key take-aways • Q&A 3
Slide 4: Camurus snapshot
Camurus snapshot Rapidly growing Unique FluidCrystal® commercial stage company technology platform • Established in Europe and Australia • Commercially validated – expanding to the US • License agreement with Eli Lilly • Leader in opioid dependence treatment for long-acting incretins Advancing late-
Slide 5: Business highlights
Business highlights
Slide 6: Key accomplishments in 2025
Key accomplishments in 2025 Global leadership in long-acting treatments of opioid dependence Continued progress with Buvidal® and Brixadi® Approvals of Oczyesa® in the EU and UK and first launch in Germany Establishment of US commercial infrastructure in the US License agreement with Eli Lilly & Co.
Slide 7: Revenue growth and high profitability
Revenue growth and high profitability •Revenues •Profit before tax MSEK MSEK 2 500 1 000 933 2265 800 2 000 1868 1717 600 549 553 1 500 400 1 000 956 200 601 73 500 0 -112 0 -200 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 7
Slide 8: Fourth quarter performance
Fourth quarter performance Commercial Advancing Financial & execution R&D pipeline corporate development • Global leadership position in long- • Oclaiz NDA for acromegaly • Total revenues decreased 16% YoY acting opioid dependence treatment resubmitted to the FDA (3% CER) to SEK 464 million* – PDUFA
Slide 9: Financial performance
Financial performance
Slide 10: Reported Q4 profit and loss
Reported Q4 profit and loss CER YTD CER MSEK Oct – Dec Change Change Jan – Dec Change YTD Change YTD 2025 vs. 2024 vs. 2024 2025 vs. 2024 vs. 2024 Total revenues 464 -16% -3% 2,265 +21% +30% Gross margin 428 -181bps -19bps 2,109 +4bps +50bps 92.2% 93.1% Marketing and distribution costs -137 -12% -4%
Slide 11: Improved cash position
Improved cash position MSEK 3800,0 144 3750,0 3726,0 -46 -6 3700,0 3650,0 7 111 3600,0 3550,0 3515,0 3500,0 3450,0 3400,0 Cash Operating Operating activities ESOP Working Working capital Investing Other Other Cash Cash end2025 end Q3 Q3 25 activities ESOP 22/26 22/26 Capital Investing activities act
Slide 12: Financial Outlook 2026
Financial Outlook 2026 •Key considerations ‒ Market conditions in current macroeconomic environment • Anticipated market dynamics and competitive developments • Pricing conditions and reimbursement landscape • Clinical progress and regulatory outcome • Macroeconomic uncertainties Full year 2026 outl
Slide 13: Commercial development
Commercial development
Slide 14: Buvidal – in market double-digit YoY growth
Buvidal – in market double-digit YoY growth •Reported sales UK distributor change •Patients in treatment with Buvidal* ‒ Q4 sales were SEK 341 million, down 27% YoY 80 000 (17% at CER)* ~70,000 ‒ Annual sales were SEK 1,751 million, up 6% (12% at CER) Patients in treatment with Buvidal* •Underlying
Slide 15: Significant growth opportunity for Buvidal in larger European countries
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 access markets •High potential, limited access mar
Slide 16: Focus on high-potential, limited access markets
Focus on high-potential, limited access markets •Policy affair programs gaining wide stakeholder support •UK •Germany ‒ Recent reports supporting ‒ Change in remuneration increased uptake of LAIB system proposed ‒ Demand increasing for ‒ Growing support for LAIB expanded access access ‒ Wide stakeho
Slide 17: Brixadi market performance in the US
Brixadi market performance in the US •High double-digit growth Brixadi royalty by quarter ‒ Royalty in Q4 2025 up 47% (82% at CER) vs Q4 2024 MSEK • Up 10% (14% at CER) vs previous quarter 140 ‒ Full-Year royalty and sales up 87% (113% at CER) vs 2024 122 • Brixadi est. market share ~30% of LAIB seg
Slide 18: Oczyesa - launching the first monthly subcutaneous octreotide depot
Oczyesa® - launching 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 ea
Slide 19: Positive start of the Oczyesa launch in Germany
Positive start of the Oczyesa launch in Germany •Launch in Germany started in November 2025 Oczyesa wave 1 countries ‒ Promising initial response from patients and HCPs • Product profile resonates with patients and physicians • Specialist sales team out in the market ‒ >20 patients in treatment with
Slide 20: Gearing up for Oclaiz US launch mid-2026
Gearing up for Oclaiz US launch mid-2026 •Camurus’ US team launch ready ‒ Core team has focused on • Market research and planning • Brand development • Go-to-market strategy • Market access and pricing • Advocacy and engagement • Distribution US LAUNCH • Execute sales marketing plan • PDUFA date 10
Slide 21: Pipeline update
Pipeline update
Slide 22: 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 23: 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 24: Oclaiz NDA resubmission with PDUFA date in Q2 2026
Oclaiz NDA resubmission with PDUFA date in Q2 2026 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* Oclaiz NDA resubmission for treatment of acromegaly, accep
Slide 25: 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 25
Slide 26: 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 in March 2026 26
Slide 27: Positive results from Phase 1b study of monthly semaglutide
Positive results from Phase 1b study of monthly semaglutide More rapid and greater reduction of body weight, A1c and fasting glucose compared to weekly semaglutide Well tolerable with a consistent safety profile* 27 * Dose escalation well tolerated up to highest initiation in group 5, which showed t
Slide 28: Phase 1b study of once-monthly semaglutide
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 Part A n=16 0.25mg 0.5mg 1.0mg 1.7mg 2.4mg Wegovy Group
Slide 29: Greater reductions in body weight and blood glucose levels with CAM2056
Greater reductions in body weight and blood glucose levels with CAM2056 Weight reduction A1c reduction Day 29 Day 57 Day 85 Day 29 Day 57 Day 85 0 0,2 HbA1c change from baseline (%) Body weight change from baseline (%) -1,6 0,03 0,01 -2,7 0 -5 -0,10 -0,12 -5,3 -5,2 -0,2 -8,0 -0,4 -0,38 -9,3 -10 -0,4
Slide 30: Next steps – CAM2056
Next steps – CAM2056 •Preparation for Phase 2b study 2026, including ‒ Dose initiation and escalation schedule established in Phase 1b study ‒ Extended treatment exposure to establish long term safety ‒ FDA advisory meeting ‒ Expected study start H2 2026 •Parallel preparations for Phase 3 ‒ Progress
Slide 31: Strategic priorities in 2026
Strategic priorities in 2026
Slide 32: Clear path to sustainable value creation
Clear path to sustainable value creation Commercial execution Pipeline with Partnerships and M&A excellence blockbuster potential opportunities • Strengthen market leadership • Securing US approval of Oclaiz • Progressing partnerships in opioid dependence treatment • SORENTO read-out in GEP-NET with
Slide 33: 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 34: Shareholders and analyst coverage
Shareholders and analyst coverage Shareholders as of 31 January 2026 Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.5 30.5 Analysts Fourth Swedish National Pension Fund 2,929,277 4.9 4.9 DNB Carnegie Swedbank Robur Fonder 2,303,858 3.9 3.9 Erik Hultgård Handelsbanken
Slide 35: 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