Camurus Ab · OMXSTO:CAMX
Camurus Ab — Investor Presentation (September 2026)
39 slides from Camurus Ab's investor presentation, September 2026
Slide 1: Company presentation
Company presentation September 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: Camurus snapshot
Camurus snapshot Rapidly growing Unique FluidCrystal® commercial stage company technology platform Leader in opioid dependence treatment. Commercially validated with a broad Commercial infrastructure in Europe and range of applications Australia, building out to the US Advancing late-stage pipeline
Slide 4: Significant recent progress
Significant recent progress PIPELINE PARTNERSHIPS STRONG FINANCIALS Oczyesa® launched Lilly long-acting incretins Double-digit growth • EU and UK approvals in 2025 • Entered license collaboration in • High profitability – operating • First launch in Germany in 2025 – recently expanded to margin 42%
Slide 5: Growth and high profitability
Growth and high profitability •Revenues •Operating result MSEK MSEK 2,500 1,000 2265 874 2,000 1868 800 Positive 2026 outlook* 1717 600 526 Revenues 1,500 469 SEK 2.6 – 2.9 billion 400 Midpoint + 21% vs. 2025 1,000 956 200 Operating result 601 73 500 0 SEK 0.9 – 1.2 billion Midpoint + 20% vs. 2025 -
Slide 6: FluidCrystal long-acting release technology
FluidCrystal® long-acting 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 biod
Slide 7: Commercial portfolio
Commercial portfolio
Slide 8: Buvidal – effective opioid dependence treatment
8 Opioid dependence Buvidal® – effective 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 1 SmPC Buvidal 8
Slide 9: Buvidal has demonstrated significant benefits to patients and society
Opioid dependence 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 ex
Slide 10: Strengthened market leadership for Buvidal
Opioid dependence Strengthened market leadership for Buvidal 77,000 patients in treatment at end-June 2026 Buvidal sales 77,000 80,000 19% in-market growth Q2 2026 vs. Q2 2025 70,000 60,000 >80% share of LAI segment in Australia 50,000 40,000 •Strong Q2 2026 performance 30,000 ‒ Solid double-digit g
Slide 11: Brixadi gaining share in growing US market
Opioid dependence Brixadi® gaining share in growing US market +42% net revenue growth Q2 2026 vs Q2 2025 Brixadi royalty and unit share MSEK 150 +20% net revenue growth Q2 vs Q1 2026 2024 2025 122 127 111 >30% 2026 106 share of US LAIB segment (e-units)1 100 89 83 74 •Gaining share in an expanding m
Slide 12: Oczyesa – our new long-acting octreotide subcutaneous depot
Oczyesa® – our new long-acting octreotide subcutaneous depot 5-fold bioavailability vs octreotide Convenient and easy self- LAR with potential for improved administration to improve efficacy1,2,5 patients’ treatment experience1-3 Autoinjector pen with a hidden, Stored at room temperature and thin (2
Slide 13: Oczyesa launch momentum in Europe
Oczyesa launch momentum in Europe •Sales in Germany continued according to plan Oczyesa wave 1 countries in acromegaly ‒ Continued positive patient and physician feedback ‒ Focus for H2 2026: broaden adoption toward a double-digit share of SRL-treated acromegaly patients Sweden •Expanding across wav
Slide 14: R&D pipeline
R&D pipeline
Slide 15: Broad and diversified R&D pipeline
Broad and diversified R&D pipeline R&D pipeline programs Preclinical Phase 1 Phase 2 Phase 3 Registration Market CAM2029 Acromegaly US CAM2029 GEP-NET1 CAM2029 Polycystic liver disease CAM2038 Chronic pain2 CAM4071 Endocrine disorders CNS CAM2056 Metabolic diseases Rare diseases Lilly collaboration
Slide 16: 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 17: 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 pen
Slide 18: 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 19: 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 20: SORENTO Phase 3 study of CAM2029 in GEP-NET progressing
SORENTO Phase 3 study of CAM2029 in GEP-NET progressing •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-acting octreotide or car
Slide 21: CAM2029 – one drug, three indications
CAM2029 – one drug, three indications Acromegaly GEP-NET PLD Approved in EU and UK SORENTO Phase 3 advancing POSITANO Phase 2 positive MARKETED / FILED PHASE 3 PHASE 2 COMPLETE Self-administered, patient- Largest randomized SRL study Positive Phase 2 results friendly profile in GEP-NET to date – pri
Slide 22: CAM2029 – differentiated therapy, large market potential
CAM2029 – differentiated therapy, large market potential Acromegaly — Est. peak sales* GEP-NET — Est. peak sales* $180 – 280 million $1.5 – 2+ billion Shared benefits Acromegaly GEP-NET ● ~5X bioavailability vs. octreotide LAR ● EU and UK approved (Oczyesa) ● Largest SRL trial in NET (SORENTO, n=332
Slide 23: Early-stage programs
Early-stage programs Several early-stage programs advancing CAM2056 once-monthly semaglutide Partnership with Lilly for long-acting incretins Collaboration with Gubra on long-acting PTH analog 23
Slide 24: 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 25: Greater reductions in body weight levels with CAM2056
Greater reductions in body weight levels with CAM2056 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 25 Data on file
Slide 26: CAM2056 and early R&D programs
CAM2056 and early R&D programs CAM2056 Partner programs Monthly depot of semaglutide Long-acting incretins with Lilly Positive Phase 1b data Partnership entered Jun 2025 announced in Nov 2025 Covers dual GLP-1/GIP and triple – Superior body weight and GLP-1/GIP/glucagon agonists with HbA1c reduction
Slide 27: 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 ‒ Includes
Slide 28: Strategic priorities going forward
Strategic priorities going forward
Slide 29: 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 • SORENTO readout in GEP-NET • Progressing partnerships with in opioid dependence treatment • Start of Phase 2b for CAM2056
Slide 30: Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com
Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com
Slide 31: Shareholders and analyst coverage
Shareholders and analyst coverage Shareholders as of 31 August Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.2 30.2 Analysts Fourth Swedish National Pension Fund 2,791,193 4.6 4.6 DNB Carnegie Handelsbanken fonder 1,730,543 2.9 2.9 Erik Hultgård Handelsbanken Vanguar
Slide 32: 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 Low risk severe and chronic diseases has a clear positive sustainability impact by Morningstar Sustainalytics •Creating value while m
Slide 33: 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 34: 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 35: Highlight of German opportunity in acromegaly
Highlight of German opportunity in acromegaly ~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
Slide 36: Positive results from ACROINNOVA – 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 37: 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 38: POSITANO met the primary endpoint in double-blind randomized part
POSITANO met the primary endpoint in double-blind randomized part •POSITANO study design •Primary endpoint met •CAM2029 improvements of: ‒ 53-week randomized, placebo- ‒ 4.3% reduction in height- ‒ PLD symptoms (PLD-S score vs controlled, three-arm study adjusted total liver volume vs baseline) ‒ Op
Slide 39: Positive top-line results from Phase 1b study of CAM2056
Positive top-line results from Phase 1b study of CAM2056 •Faster and greater reduction of body weight, A1c and fasting glucose CAM2056 produced superior 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; tre