Slide 1: First quarter 2026 results
First quarter 2026 results Audiocast presentation 12 May 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: Business highlights
Business highlights
Slide 5: Underlying market growth with key milestones approaching
Underlying market growth with key milestones approaching Financial & Commercial Advancing corporate execution R&D pipeline development • Total revenues SEK 533 million, • Reported Buvidal® sales down 13% YoY, • Oclaiz NDA accepted for review by the - 5% (+3% at CER) YoY and +15% QoQ while in-market
Slide 6: Financial performance
Financial performance
Slide 7: Reported Q1 profit and loss
Reported Q1 profit and loss CER MSEK Jan – Mar Change Change 2026 vs. 2025 vs. 2025 Total revenues 533 -5% +3% 496 Gross margin -4% +2% 93.0% Marketing and distribution costs -130 +13% +21% Administrative expenses -47 +13% +13% Research and development costs -138 +5% +10% Other operating income 0 -9
Slide 8: Further enhanced cash position
Further enhanced cash position MSEK 4 000 25 3 900 171 -9 2 3876,0 -39 Full year 2026 outlook 3 800 reiterated 3726,0 3 700 Revenues SEK 2.6 – 2.9 billion* 3 600 Midpoint + 21% vs. 2025 Operating result 3 500 SEK 0.9 – 1.2 billion* 3 400 Midpoint + 20% vs. 2025 Cash Operating Operating activities ES
Slide 9: Commercial development
Commercial development
Slide 10: Buvidal – continued in-market growth
Buvidal – continued in-market growth •Sales in line with assumptions for 2026 guidance • Est. number of patients in treatment with Buvidal ‒ Buvidal net sales Q1 2026 was SEK 422 million • Reported sales grew 24% vs previous quarter (+24% at CER), 80 000 73 000 however, down 13% vs. Q1 2025 (7% at C
Slide 11: Brixadi market performance in the US
Brixadi market performance in the US •Strong YoY growth with seasonality effects Brixadi royalty and unit share by quarter ‒ Royalty in Q1 SEK 106 million, up 44% (59% at CER) MSEK LAIB share1 ‒ Performance softened due to annual authorization 140 2024 Share of LAIB 70% renewals and payor mix dynami
Slide 12: Oczyesa launch momentum in Europe
Oczyesa launch momentum in Europe •Positive development in Germany Oczyesa wave 1 countries ‒ First full quarter sales of SEK 4 million • Product profile resonates with patients and physicians ‒ ~50 patients in treatment with Oczyesa end-March 2026 • Representing ~2.5% patient share Norway Sweden ‒
Slide 13: 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 14: R&D pipeline update
R&D pipeline update
Slide 15: CAM2029 status and pipeline progress in Q1 2026
CAM2029 status and pipeline progress in Q1 2026 Acromegaly GEP-NET PLD Pivotal randomized placebo controlled Subcutaneous Octreotide Randomized Polycystic liver Safety and efficacy and long-term safety trials in acromegaly Efficacy in Neuroendocrine TumOrs TriAl with subcutaneous Octreotide ACROINNO
Slide 16: CAM2056 and early R&D programs
CAM2056 and early R&D programs CAM2056 Early-stage partner programs Positive Phase 1b data Long-acting incretins with Eli Lilly announced in Nov 2025 Partnership entered Jun 2025 Type B meeting with the FDA Covers dual GLP-1/GIP and triple regarding development GLP-1/GIP/glucagon agonists with progr
Slide 17: Strategic priorities going forward
Strategic priorities going forward
Slide 18: Clear path to continued value creation
Clear path to continued value creation Commercial execution Advancing pipeline Partnerships and M&A excellence with high potential opportunities • Strengthen market leadership • US approval decision for Oclaiz • Progressing partnerships with in opioid dependence treatment • SORENTO readout in GEP-NE
Slide 19: 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 20: Shareholders and analyst coverage
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 Analysts Fourth Swedish National Pension Fund 2,929,277 4.9 4.9 DNB Carnegie Swedbank Robur Fonder 1,948,007 3.3 3.3 Erik Hultgård Handelsbanken Vanguar