Slide 1: A Profitable, High-Growth Specialty Pharma Company
A Profitable, H i g h - G r o w t h S p e c i a l t y P h a r m a C o m p a n y Investor Presentation | MAY 2026 TSX:C P H | OT CQ X : C PH R F
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This document includes forward-looking statements within the meaning of applicable performance of its distributors and suppliers; the pharmaceutical industry is our operating results may fluctuate significantly; and our debt obligations securities laws. These forward-looki
Slide 3: What We Do – North American Focused Operations
What We Do North American Focused Operations MANAGE A PORTFOLIO OF PRESCRIPTION PRODUCTS CANADA Direct Product Sales ACQUIRE COMPLEMENTARY PRODUCTS THAT FULFILL UNMET MEDICAL NEEDS STRATEGICALLY MARKET AND DISTRIBUTE Cross PRODUCTS IN NORTH AMERICA Pollinate Approach OUT-LICENSE PRODUCTS INTERNATION
Slide 4: Our Portfolio
Our Portfolio CANADIAN PRODUCT PORTFOLIO U.S. ROYALTY PORTFOLIO 7% 33% Severe nodular acne (SUN Pharmaceuticals, U.S.) High cholesterol (ANI Pharmaceuticals, U.S.) Severe nodular acne (Launched Jul 2013) 2025 Revenue Enzyme inhibitor for hair growth Recent onset Atrial Fibriallation (“AF”) ~ $50M On
Slide 5: Strategic Advantages
STRATEGIC ADVANTAGES: ASSETS ACQUIRED – JULY 2024 • Natroba (spinosad) Single Application Treatment & Complete Cure Designation Topical Suspension 0.9% Established product in anti-parasitic market • Authorized Generic Spinosad FDA & Patent Exclusivity for scabies through 2033 Topical Suspension 0.9%
Slide 6: U.S. Anti-parasitic Market Opportunity
U.S. Anti-parasitic Market Opportunity Fills a ‘True Unmet Need’ U.S. Market Dynamic: Developed Resistance ✓ No Resistance to Lice or Scabies Medical literature & data ✓ Only Scabies product with "Complete Cure" widely available designation from the U.S. FDA Gross Rx Market Worldwide issue resul
Slide 7: Selected Financial Results
Selected Financial Results NEW PHASE OF REVENUE GROWTH Annual Net Revenue Q1 Fiscal Year (US $M) 50.5 All figures in US $M $50 (except per share amounts) 2026 2025 2025 2024 3.6 $40 33.4 Net Revenue $12.5 $12.0 $50.5 $33.4 $30 6.6 30.0 21.9 20.7 21.2 Gross Margin (1) 82.3% 76.0% 80.1% 72.2% $20 10.4
Slide 8: Operating Cash Flow and Capital Allocation
Operating Cash Flow and Capital Allocation Growth Capital Proven & Balanced Capital Allocation Track Record ✓ Strong operating cash flow and accumulation of cash ✓ Debt repayments provide a source of capital for further growth ✓ Substantial Issuer Bid (“SIB”) ✓ Debt repayments on the revolving credi
Slide 9: Growth Levers Ahead
Growth Levers Ahead 1 Maximize market share gains on lead products in Canada and the U.S. 2 In-license complimentary products to Canada and the U.S. Product Portfolio Out-license existing products to partners internationally 3 4 Cross pollinate existing products between Canada and the U.S. to maximi
Slide 10: Substantial Liquidity for Further Growth
Substantial Liquidity for Further Growth Accessed $nil $90M USD as of May 7, 2026 Growth capital available $65M $65M ✓ Low Leverage Profile Available Total Credit Facility as of May 7, 2026 ✓ Flexible Revolving Credit Facility + ✓ Tiered Rate = Low Cost of Capital $25M Additional Accordion Option TS
Slide 11: Capital Structure
Capital Structure CAPITALIZATION (May 7, 2026) 41% Mull family Shares Outstanding 25.4 Million 21% 1% 42% Management & Board of Directors Options/RSUs 1.5 Million Share Price (CAD) $17.87 CAD 31% Market Capitalization (CAD) ~$454 Million 6% Insider Ownership ParaPRO, former Natroba owner Institution
Slide 12: Value Drivers
Value Drivers 1 Consistent and Reliable Profitability ~55% average Adjusted EBITDA Margins1 2 Strong Balance Sheet ✓ Strong free cash flow contributing to growing cash balance ✓ Income generating assets ✓ Low leverage profile and available capacity on revolving credit facility 3 Smart Capital Alloca
Slide 13: Management Team
Management Team BOARD OF DIRECTORS CRAIG MULL Chairman CRAIG MULL BRYAN JACOBS RYAN MAILLING Interim Chief Executive Officer President Chief Financial Officer Craig Mull is an accomplished executive Bryan Jacobs is a seasoned financial leader Ryan Mailling has held progressive finance previously inv
Slide 14: Thank You
Thank You Contact: GRAHAM FARRELL +1.416.842.9003 Investor Relations ir@cipherpharma.com TSX: C P H | O TC QX : CP HR F 14