Slide 1: Company presentation
Company presentation December 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: Camurus snapshot
Camurus snapshot Rapidly growing Unique FluidCrystal® commercial stage company technology platform Leader in opioid dependence treatment Commercially validated with a broad with Buvidal® and Brixadi® weekly range of applications and monthly depots Advancing late-stage pipeline Strong operational and
Slide 4: Significant recent progress
Significant recent progress Commercial Advancing Corporate execution R&D pipeline development • Global leadership in long-acting • Oczyesa approved in the EU and UK • Solid financial performance with high treatment of opioid dependence for the treatment of acromegaly profitability • Double-digit Buv
Slide 5: Strong financial development
Strong financial development •Revenues •Profit before tax MSEK MSEK 2 000 1868 600 549 553 1717 Full year 2025 guidance 400 Revenue* 1 500 SEK 2.3 – 2.6 billion 200 + 23 – 39% vs. 2024 1 000 956 73 0 Profit before tax 601 500 -112 SEK 0.9 – 1.2 billion 336 -200 -207 + 63 – 117% vs. 2024 106 0 -400 -
Slide 6: Creating sustainable impact
Creating sustainable impact ESG rating results: •Advancing innovation and access to medicines Score 19.7 ‒ Camurus’ commitment to improving the lives of patients with severe and chronic diseases has a clear positive sustainability impact Low risk by Morningstar Sustainalytics •Creating value while m
Slide 7: FluidCrystal extended-release technology
FluidCrystal® extended-release technology Easy and convenient administration Applicable across substance classes Rapid onset & long-acting release Compatible with prefilled syringes, auto- injector pens, and other advanced devices Controlled by composition, liquid crystal phase structure and biodegr
Slide 8: 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, UK, AUS, MENA Brixadi® Opioid use disorder1 US Oczyesa® Acromegaly EU, UK Key pipeline programs CAM2029 Acromegaly US CAM2029 GEP-NET2 CAM2029 Polycystic
Slide 9: Opioid dependence – an escalating global health crisis
9 Opioid dependence – an escalating global health crisis High US overdose death rate •Largest society burden of all drugs1 12 Month-ending Provisional Number ‒ 60 million opioid users worldwide1 of Drug Overdose Deaths in the US2 ‒ Escalating US opioid overdose deaths2 120 000 Number of deaths in th
Slide 10: Buvidal – game changing opioid dependence treatment
10 Buvidal – game changing 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 “Buvidal became my way out” Justin,
Slide 11: Buvidal has demonstrated significant benefits to patients and society
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
Slide 12: Global leadership in long-acting opioid dependence treatment
Global leadership in long-acting opioid dependence treatment MSEK Buvidal sales by year 1 654 1 500 1 299 •Wide and growing access to Buvidal and Brixadi 1 000 936 ‒ Available across four continents 594 500 323 •Strong growth of Buvidal in Europe and Australia 72 ‒ Double-digit growth for six consec
Slide 13: Growing scientific evidence base
Growing scientific evidence base •Strong scientific support for Buvidal/Brixadi Recent key publications1-3 ‒ More than 240 scientific publications •Selected recent and planned scientific conference participation in 2025/26 Q3/Q4 2025 Q1/Q2 2026 International CPDD IMiA ATHS ASAM EUROPAD ALBATROS 14-1
Slide 14: 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 15: CAM2029 designed to address key limitations of current first-generation SRLs
CAM2029 designed to address key limitations of current first-generation SRLs Ready-to-use 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 pe
Slide 16: CAM2029 provides high SRL exposure
CAM2029 provides high SRL exposure ~5x higher octreotide plasma exposure for CAM2029 vs. Sandostatin LAR ‒ CAM2029 octreotide plasma levels in the range of immediate release octreotide 100 Steady state pharmacokinetic profiles CAM2029 20mg q4w (PK model) Octreotide concentration (ng/mL) Sandostatin
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: A patient-centric acromegaly treatment
A patient-centric acromegaly treatment •Acromegaly is a rare, slowly progressive, chronic and serious condition typically caused by a tumor of the pituitary gland and overproduction of growth hormone. This results in excess growth of bones and tissue and a range of other symptoms and, if untreated,
Slide 19: Positive results from ACROINNOVA – CAM2029 provided robust biochemical control
Positive results from ACROINNOVA 1 – CAM2029 provided robust biochemical control •ACROINNOVA 1 study design •Superiority achieved •CAM2029 improved ‒ 24-week, randomized, double blind, ‒ 77.2% vs. 37.5% patients with ‒ Treatment convenience placebo-controlled Phase 3 study IGF-1 ≤1 ULN with CAM2029
Slide 20: Positive topline results from ACROINNOVA 2
Positive topline results from ACROINNOVA 2 •ACROINNOVA 2 study design •Improved acromegaly •ACROINNOVA 2 results ‒ 52-week, open-label safety study symptoms with CAM2029 ‒ Reinforcing long-term safety and with further extension effectiveness in ACROINNOVA 1 •Patient population 1 ‒ Increased response
Slide 21: Positive ACROINNOVA extension study data
Positive ACROINNOVA 2 extension study data Improved biochemical response for patients during treatment with CAM2029 Patients continuously on CAM2029 for 2 yrs Reinvited patients after intermediate treatment with SoC* 100 100 Proportion of responders (% IGF-1≤1xULN) Proportion of responders (% IGF-1≤
Slide 22: Medical information and dissemination of ACROINNOVA results
Medical information and dissemination of ACROINNOVA results •Pre-launch activities Rapid fire presentation, educational program and ‒ Meeting with acromegaly stakeholders posters of ACROINNOVA results at ENDO1 ‒ National and regional advisory board meeting ‒ Payer engagement and submissions ‒ Commer
Slide 23: 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 LAR Convenient and easy self
Slide 24: 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 every year Norway • Nota
Slide 25: Launched in Germany November 2025
LAUNCHED IN GERMANY 1 NOVEMBER 2025 Individuals shown are AI generated models, not real patients 25
Slide 26: 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
Slide 27: Potential to become new standard of care for GEP-NET
Potential to become new standard of care for GEP-NET •Neuroendocrine tumors are cancerous tumors originating from cells in the endocrine and nervous system. The tumors can occur throughout the body, most common they occur in the gastrointestinal tract and lungs. The disease can be chronic with serio
Slide 28: 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 29: Positive results from POSITANO in polycystic liver disease
Positive results from POSITANO in polycystic liver disease •Polycystic liver disease is a rare, genetic, and chronic disorder characterized by progressive growth of cysts in the liver, which can cause severe symptoms and result in impaired quality of life for patients. 29
Slide 30: Polycystic liver disease
Polycystic liver disease •Disease characteristics and prevalence Epidemiology1 ‒ Progressive growth of liver cysts of various sizes ‒ Estimated 37,000 target patients with symptomatic ADPKD 185,000 patients polycystic liver disease (PLD) in US, EU4 and UK1 (US, EU4, UK) ‒ No available pharmacologica
Slide 31: POSITANO – Phase 2b study in PLD
POSITANO – Phase 2b study in PLD •Trial design •Primary endpoint •Secondary endpoints ‒ 53-week randomized, placebo- ‒ Liver volume change from baseline ‒ Total liver cyst volume controlled, three-arm study to week 53 compared to placebo ‒ Total kidney volume in ADPKD ‒ Open label extension for pati
Slide 32: POSITANO met the primary endpoint
POSITANO met the primary endpoint Reduction in height adjusted total liver volume change with CAM2029 vs baseline Main and sensitivity analyses for the primary endpoint Treatment difference between CAM2029 groups and placebo Week 53 Favors CAM2029 Favors placebo 2 baseline in htTLV (%, mean and 95%
Slide 33: CAM2029 reduces liver cyst volume vs placebo
CAM2029 reduces liver cyst volume vs placebo Total liver cyst volume change from baseline Difference CAM2029 vs placebo 5 baseline in TLCV (%, mean and 95% CI) CAM2029 Difference vs placebo in change from 15 Placebo 0 TLC change from baseline 10 (mean and 95% CI) 5 -5 0 -10 -5 Change from baseline a
Slide 34: POSITANO topline results summary for CAM2029
POSITANO topline results summary for CAM2029 Efficacy conclusions Safety profile • Reduction of liver volume growth vs placebo • Treatment generally well tolerated ‒ Primary endpoint supported by sensitivity analyses • Safety profile consistent with that of other • Reduction of total liver cyst volu
Slide 35: CAM2029 recent milestones and expected progress ahead
CAM2029 recent milestones and expected progress ahead 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 ACROINNOVA Phase 3 progra
Slide 36: Significant sales potential for CAM2029 across indications
Significant sales potential for CAM2029 across indications • CAM2029 peak sales estimates >2 billion USD across indications1-3 PATIENT EST. PEAK TERRITORY POPULATION PATIENT SHARE EST. PEAK SALES ACRO1 EU/AUS 16,5004 20 – 35% €30 – 65 million US 10,000 25 – 40% $150 – 280 million NET1 EU/AUS 68,0004
Slide 37: Early-stage programs
Early-stage programs Several early-stage programs advancing Completed treatment in Phase 1b study of monthly semaglutide (CAM2056) Positive topline results announced Partnership with Eli Lilly for long-acting incretins progressing 37
Slide 38: 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 39: Positive top-line results from Phase 1b study of CAM2056
Positive top-line results from Phase 1b study of CAM2056 •Similar or greater reduction of body weight, A1c and fasting glucose CAM2056 produced dose-dependent PD response • Weight change from baseline to Day 85 was -9.3% for CAM2056 10 mg versus -5.2% for weekly semaglutide per label; treatment di
Slide 40: Weight reduction from baseline
Weight reduction from baseline Day 29 Day 57 Day 85 0 Body weight change from baseline (%) -1,6 -2,7 -5 -5,3 -5,2 -8,0 -10 -9,3 Weekly semaglutide CAM2056 Group 4 -15 40 Data on file
Slide 41: Next steps – CAM2056
Next steps – CAM2056 •Phase 2b study planned in 2026, including ‒ Dose initiation and escalation schedule established in Phase 1b study ‒ Extended treatment exposure to establish long term safety •Parallel preparations for Phase 3 ‒ Progress final product presentation ‒ Authority discussions Potenti
Slide 42: License agreement with Lilly on long-acting incretins
License agreement with Lilly on long-acting incretins •Partnership focused on long-acting therapies based on FluidCrystal and Lilly’s proprietary drug compounds ‒ Lilly obtained license to research, develop, manufacture and commercialize long- acting incretin products based on FluidCrystal ‒ Include
Slide 43: Camurus progressing towards Vision 2027
Camurus progressing towards Vision 2027 – Diversifying the business though commercial expansion and pipeline advances – Adding inorganic growth though business development 5x Five-fold revenue growth Establishment of US (to SEK 4.5 billion) commercial infrastructure 4 ~50% Approvals for four R&D Ope
Slide 44: Significant near-term opportunities
Significant near-term opportunities Continued Buvidal growth in Europe and RoW Increasing Brixadi penetration in the US Oczyesa launch execution in Europe (first wave markets) US marketing approval of Oclaiz in acromegaly Clinical results for CAM2029 in GEP-NET Diversification through business devel
Slide 45: Camurus AB contact details
Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com
Slide 46: Shareholders and analyst coverage
Shareholders and analyst coverage Shareholders as of 28 November 2025 Number of shares % of capital % of votes Analysts ABG Sundal Collier Sandberg Development AB 18,280,692 30.8 30.8 Georg Tigalonov-Bjerke Fourth Swedish National Pension Fund 2,808,776 4.7 4.7 Danske Bank Swedbank Robur Fonder 2,25
Slide 47: 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