Slide 1: Second quarter 2025 results
Second quarter 2025 results Audiocast presentation 17 July 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 Jon Garay Alonso • R&D pipeline update CFO • Key take-aways Anders Vadsholt • Q&A Incoming CFO Richard Jameson Chief Commercial Officer 3
Slide 4: Business highlights
Business highlights
Slide 5: Strong second quarter performance
Strong second quarter performance Financial & Commercial Advancing corporate execution R&D pipeline development • Record revenues of SEK 676 million, • Increased market shares in opioid • Oczyesa® approved in the EU for the up 52% YoY dependence treatment treatment of acromegaly • Profit before tax
Slide 6: Financial performance
Financial performance
Slide 7: Robust revenue growth and record-high profitability from operations
7 Robust revenue growth and record-high profitability from operations Revenue Profit before tax MSEK MSEK Cash position 1500 600 561 SEK 3.3 billion 1234 500 +30% vs Q2 2024 457 1000 958 +48% 400 381 +179% 835 Q2 307 674 676 300 +52% 201 500 445 200 +195% 104 100 0 0 Q2 FY Q2 FY Q2 FY Q2 FY Q2 FY Q2
Slide 8: Reported Q2 profit and loss
Reported Q2 profit and loss CER YTD CER MSEK Apr – Jun Change Change Jan – Jun Change YTD Change YTD 2025 vs. 2024 vs. 2024 2025 vs. 2024 vs. 2024 Total revenues 676 +52% +65% 1,234 +48% +54% Gross margin 634 106bps 146bps 1,153 99bps 132bps 93.9% 93.0% Marketing and distribution costs -134 +2% +6%
Slide 9: Strong cash position and maintained guidance
Strong cash position and maintained guidance MSEK 27 126 3,347 -27 -5 Full year 2025 outlook 349 maintained Revenue SEK 2.7 – 3.0 billion + 45 – 61% vs. 2024 2,878 Profit before tax SEK 0.9 – 1.2 billion + 63 – 117% vs. 2024 Cash Operating Operating ESOP Working Working Capital Investing Other Other
Slide 10: Commercial development
Commercial development
Slide 11: Buvidal – strengthened LAI leadership position
Buvidal – strengthened LAI leadership position •Increased market shares •Quarterly sales ‒ Net sales Q2 2025 was SEK 470 million; +17% YoY MSEK • Sales at CER grew 26% YoY and 3% QoQ 500 485 469 470 ‒ Estimated 65,000 patients in treatment with Buvidal 421 400 end of June 2025 400 366 364 346 •Growt
Slide 12: Returning growth of Brixadi in the US
Returning growth of Brixadi in the US •Brixadi revenue increased 100% YoY (131% at CER) Brixadi royalty by quarter ‒ +21% quarter-on-quarter (+32% at CER) MSEK 100 •Easing headwinds 89 83 ‒ Prescription authorizations and the winding down of 80 the continuous enrollment provision 74 ‒ Diminished imp
Slide 13: R&D update
R&D update
Slide 14: Oczyesa EU approval
Oczyesa® EU approval CHMP positive opinion for Oczyesa® 15 April 2025 European commission granted marketing authorization for Oczyesa® 30 June 2025* Preparation for launch in the first EU-markets early Q4 2025 *Oczyesa®, octreotide subcutaneous depot, for the maintenance treatment in adult patients
Slide 15: Dissemination of scientific results for CAM2029
Dissemination of scientific results for CAM2029 •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 ‒ Commercial and med
Slide 16: 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 17: 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. 17 CONFIDENTIAL
Slide 18: 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 19: POSITANO – Phase 2b study in PLD
POSITANO – Phase 2b study in PLD •Trial design •Primary endpoint ‒ 53-week randomized, placebo-controlled, ‒ Liver volume change from baseline to week 53 vs to placebo three-arm study ‒ Open label extension for 120 weeks •Secondary endpoints ‒ Camurus’ developed PRO, PLD-S •Key eligibility criteria
Slide 20: 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 21: 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 22: 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 23: 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 Positive results from SOR
Slide 24: Early-stage programs
Early-stage programs Several early-stage programs advancing All patients dosed i Phase 1 study of monthly semaglutide (CAM2056) Topline clinical results in Q4 2005 New partnership entered with Eli Lilly for long-acting incretins 24
Slide 25: 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 26: Successful second quarter
Successful second quarter Record revenues Buvidal patient increase in Europe and RoW Regained momentum for Brixadi in the US EU approval of Oczyesa® in acromegaly Positive POSITANO results for CAM2029 in PLD Partnership with Lilly for long-acting incretins based on FluidCrystal® 26
Slide 27: 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 28: Shareholders and analyst coverage
Shareholders and analyst coverage Shareholders as of 30 June 2025 Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.6 30.6 Analysts Fourth Swedish National Pension Fund 2,808,776 4.7 4.7 DNB Carnegie Swedbank Robur Fonder 2,518,251 4.2 4.2 Erik Hultgård Fredrik Tiberg, C
Slide 29: Experienced and committed management team
Experienced and committed management team Fredrik Tiberg, PhD Education: M.Sc. in Chem. Eng., Lund Institute of Technology, Jon Garay Alonso Education: Bachelor in Business Administration by President & CEO, CSO PhD and Assoc. Prof. Physical Chemistry, Lund University. Chief Financial Officer Univer
Slide 30: 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