Creating a footprint in underserved niches

Carnegie Healthcare Seminar, Stockholm, March 15, 2018Peter Wolpert, CEO & Founder

Disclaimer

The purpose of this presentation (the "Presentation") is to provide an overview of Moberg Pharma AB (publ) (the "Company"). For the purposes of this notice, "Presentation" means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed during the Presentation meeting.

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Moberg Pharma - a leader in topical niche categories

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OTC Sales in the U.S.

• Distribution in all major retailers• #1 in nail fungus

#1 in liquid bandages#1 in pain relief sprays

Distributor sales

• #1-3 in many markets• 3 Top-50 partners

Mylan, Menarini, Endo

Innovation Engine

• MOB-015 - $250-500m• BUPI - $50-100m • Future market leaders in

their respective niches

5BRANDS

40+COUNTRIES PIPELINE ASSETS

2 PHASE 3

GLOBAL CONSUMER HEALTH

Q4 2017 - Highlights

Commercial Operations and Innovation Engine

Focus going forward

Our major brands grew double-digit in retail sales whichresulted in an improved EBITDA margin to 30%

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Commercial – strong development for Kerasal Nail® increased EBITDA

• Strong fourth quarter, a more streamlined product portfolio resulted in a gross margin of 72% and 30% EBITDA. Results in line with seasonal pattern

• Kerasal Nail® net sales grew by 44% in Q4. Favorable outcome on challenge to NAD will limit main competitor’s marketing in the U.S.

• Underlying demand is strong for Dermoplast® and New Skin®, with double-digit growth in retail sales. Opportunities identified to drive continued growth for both brands

• Balmex under divestment, $4.25m plus inventory, Capital gain $0.5m, close in April.

• Strong cash position

Innovation engine – Extensive action plan implemented to complete recruitment

• MOB-015 – Progressing according to the updated action plan and timeline announced in November, transition to new CRO well underway, with the goal of delivering strong results without further external financing.

• BUPI – Canadian patent approved. Evaluating possibilities to overcome local concern over phase 3 study application in India.

– Share from Direct sales continue to grow after acquisitions

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Majority of revenue from Consumer Health Sales in the U.S.

Channel Product Geographies

New Skin20%

Divested 8%

Distributors11%

Direct89%

Other 15%

Nalox / Kerasal Nail

35%

Dermoplast22%

Europe 5%

Americas90%

Distribution of revenue, January – December 2017

ROW5%

January - December 2017

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Increased sales and EBITDA following acquisitions

31%GROWTH

439MSEKNET SALES

108%UNDERLYING EBITDA GROWTH*

89MSEKEBITDA

20%EBITDA MARGIN

*) Excluding a capital gain in Q3 2017 of SEK 13 million from the divestment of Fiber Choice®. The comparative figures exclude a capital gain in Q2 2016 of SEK 41.1 million from the divestment of the Jointflex®, Fergon® and Vanquish®brands

October - December 2017

8

Strong Q4 results – in line with seasonal pattern

1%GROWTH

90MSEKNET SALES

124%EBITDA GROWTH

27MSEKEBITDA

30%EBITDA MARGIN

12%GROWTH

excluding divested/acquired assets

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Rapid growth

2010 2011 2012 2013 2014 2015 2016 2017

8

56

112

157

200

286

334

439Net Sales, MSEK

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Growth in Sales and EBITDA rolling 12 months

CONFIDENTIAL

• Long-term EBITDA margin target: 25%

Note significant divestments and acquisitions 2016 - 2017

Note significant acquisitions and divestments in 2016-2017:• JointFlex®, Fergon® and Vanquish® divested April 4, 2016• New Skin® PediaCare® and Fiber Choice® acquired July 8, 2016,

and PediaCare® divested Nov 24, 2016 • Dermoplast® acquired Dec 31, 2016• Fiber Choice® divested Aug 28, 2017

P&L – Strong gross margin and EBITDAQ4 2017

111) Research and development expenses – existing product portfolio includes R&D expenses for new product variants under existing brands, regulatory work and quality.2) Research and development expenses - future products includes R&D expenses for new product candidates, for example MOB-015.

Due to the rounding component, totals may not tally.

P&L Summary Oct-Dec Oct-Dec Full-year Full-year

(MSEK) 2017 2016 2017 2016Revenue 90 89 439 334Gross profit 65 61 314 233% 72% 68% 71% 70%

SG & A -31 -42 -114 -177R&D - existing product portfolio1) -2 -1 -6 -5Other operating income/operating expenses -1 0 13 43EBITDA Commercial Operations 31 18 106 94% 34% 20% 24% 28%

R&D & BD - future products2) -4 -5 -17 -16

EBITDA 27 12 89 78% 30% 13% 20% 23%

Depreciation/amortization -9 -5 -38 -16Operating profit (EBIT) 18 7 51 62

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Balance Sheet and Cash Flow

(MSEK) Dec 31, 2016 Dec 31, 2017

AssetsIntangible fixed assets 1 000 980Property, plant and equipment 1 1Financial assets - -Deferred tax asset 10 9Total non-current assets 1 011 990

Inventories 42 27Trade receivables and other receivables 93 87Cash and bank balances 86 119Total current assets 221 233

TOTAL ASSETS 1 232 1 223

Equity and liabilitiesEquity 562 552Long-term interest-bearing liabilities 589 591Deferred tax liability 7 7Current non-interest-bearing liabilities 75 74

TOTAL EQUITY AND LIABILITIES 1 232 1 223

Stronger cash flow in Q4 thanks to:

• Tied-up capital decreased due to lower inventories after divestments and further optimization of working capital

• Divestment of Balmex for $4.25 million (ca 35 MSEK) plus inventory value, expected to close in April

Q4 2017 - Highlights

Commercial Operations and Innovation Engine

Focus going forward

Commercial operations - Focus on major brands

Direct sales – driving organic growth for major brands

Main growth drivers are Kerasal Nail®, New Skin®, and Dermoplast®, representing >80% of net sales and an even higher share of profitability

• Kerasal Nail® +44% in Q4 vs year ago. US retail sales grew 17%.

• Successful invigoration of New Skin® resulted in 21% growth in retail sales Q4 (+18%, L52W)

• Dermoplast® +13% growth in retail sales1). Inventory effects throughout 2017 from the takeover. Targeted growth plan to be launched in 2018

Distributor sales – sales in 40 markets

• Market leader or Top 3-positions in Nordics, several EU and Asian countries

• Strong fourth quarter. Focus to stabilize revenues going forward

1) Note that approximately 60% of sales of Dermoplast® are through hospitals, which means that retail sales data do not provide as complete a picture as for other brands.

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• #1 Brand in the Fungal Nail category in the U.S.

• Retail sales grew 17% in Q4 as well as L52W, excellent impact also in Q4 from Q2-Q3 focused marketing/sales plan

• December NAD outcome resulted in major limitations of the marketing for main competitor

• 2018 test launch of Kerasal Nail® for psoriasis patients with nail problems

• Excellent clinical data published in 20171 supports stronger claims and use for nail psoriasis, to be launched in select other markets

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17% growth for Kerasal Nail in the U.S. in Q4

76% 94%VISIBLE IMPROVEMENT

AFTER 1 WEEKS

1Title: Early visible improvements during K101-03 treatment: an open-label multicenter clinical investigation in patients with onychomycosis and/or nail psoriasis Link: http://www.karger.com/DOI/10.1159/000478257

VISIBLE IMPROVEMENT AFTER 8 WEEKS

• The #1 OTC liquid bandage brand in the U.S. An antiseptic which kills germs and dries rapidly to form a clear protective cover

– Liquid and Spray available

– Distribution for Spray expanded in 2017 to Walmart and Walgreens

• Retail sales grew 21% in Q4 and 18% L52W, excellent impact also in Q4 from Q2-Q3 focused marketing/sales plan

– A nationwide television campaign “Mr Cut” was launched in June, which drove strong growth and effects lasting through Q4

– For 2018, we intend to leverage the 2017 success, optimize marketing, and increase digital presence

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New Skin retail sales grew by 21% in Q4

Please note that there is about a one-month lag before increased consumer sales produce an effect on net sales.

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Double-digit growth just made Dermoplast the #1 selling pain relieving spray in U.S. retail

• The #1 pain relieving spray in U.S. retailContains maximum strength Benzocaine

– No touch application, available with and without antibacterial

– 60% of sales to Hospitals and 40% in Retail. Used for skin-related pain and itch problems

– Acquired Jan 1, 2017. Distribution expanded at Walmart and CVS

• Retail sales grew by 14% in Q4 (+13%, L52W)

– In 2017, detailed market analysis of opportunities in hospital and retailchannels and a growth strategy has been developed. Consumers arepassionate about the product as evident from high social media activity

– In 2018, will launch a targeted marketing plan, with digital focus to leverage the strong interest and strengthened positioning

Please note that there is about a one-month lag before increased consumer sales produce an effect on net sales.

MOB-015 – targeting leadership in onychomycosis

18Source: Moberg Pharma analysis and estimate

• Topical formulation delivering high concentrations of terbinafine through the nail

• Target profile: Rapid visible improvement, superior cure rates and safe

• Two Phase-3 studies ongoing in North America and Europe, enrolling in total 800 patients

• Progressing towards target to complete enrollment in North American study in the summer of 2018 and European study in H2 2018

• Patent protection until 2032, granted in USA, EU, and Japan

• Estimated annual sales potential: USD 250–500 million

0

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

2022E2021E2020E2019E2018E20172016201520142013

Market – 5m TRx expected in US Rx Onychomycosis by 2022

Generics

Branded Topicals(Jublia, Kerydin)

All products

Jublia & Kerydin launched in 2014 and peaked in 2015 with extensive promotion, Jublia at $338m

Source: Symphony Health, Moberg Pharma analysis, assuming 3% growth 2018E-2022E

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MOB-015 – Net Sales potential of $250-500 million

X

Market potential for MOB-015

• US Rx potential: $170-300+ million (5 million units à $1700/unit for WAC branded topicals before GTN discount)

• Other Rx markets, e.g. Japan and Canada: $50-100 million

• OTC markets in EU and RoW: Ca $50-100 million (3.5-7 million units à $15/unit)

$million 60% 50% 40% 30%

5% 170 213 255 298

7.5% 255 319 383 446

10% 340 425 510 595

15% 510 638 765 893Mar

ket

shar

e, T

Rx

Gross-to-Net discount

5-7.5% market share of 5 million x $1700 with 50-60% discount off

= $170-300+ million in net sales for the US market

Results from Phase 2 - 24/25 completed study

• 45 µg/g TBF in nail bed (Median) = 40 x Oral

• 1610 µg/g TBF in nail (Median) = 1000 x Oral

• 1520 pg/mL TBF in plasma (Max) = 1000 x lower than Oral

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Phase 2 – results demonstrated efficacy and safety

X

MYCOLOGICAL CURE

40%

MYCOLOGICAL CURE AT 60 W*

54%

100%

MYCOLOGICAL CURE AT 24 W

NEGATIVE CULTURE AT 60 W

* 54% of patients completing the treatment (13 of 24), 52% of FAS (13 of 25) and 60% of PPAS (12 of 20)** Means 10% or less clinical involvement *** Post-hoc analysisSource: Moberg Pharma data on file, MOB-015 phase II study

Results 24 weeks 60 weeks

Mycological cure and almost cured or cured** 29%

Mycological cure 40% 54%*

Negative culture 100%

Clear nail growth*** >4,5 mm

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Aiming at a superior product profile

Superior Cure Rates, Rapid Visible Improvement and safety is key to prescribers (n=89)**:

• 62% would prefer MOB-015 vs 6-15% for other topicals

• 65% would prefer MOB-015 alone or in combination with oral terbinafine, vs 24% oral terbinafine only

• 72% try to avoid using oral terbinafine due to patient concerns over liver toxicities

Note: For MOB-015, the above describes the outcome Management targets in ongoing Phase 3 trials. Source for Jublia data is Jublia Prescriber Information, Rev 09/2016* Refers to publications on ciclopirox and amorolfine. Many other OTC products have not conducted or published 52w trials** Source: HCP survey with 89 prescribers, dermatologists and podiatrists in the U.S., April 4, 2017

X

MYCOLOGICAL CURE

Mycologicalcure

Complete cure

Visible improvement

24W 52W 52W 4W

MOB-015 Target >50% 60-70% 20-30% >50%

Jublia - 54% 15-18% N/A

Penlac & Current OTCs* Ca 30% 6-8% or less N/A

Target Product Profile for mild-moderate nails vs Jublia

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Current Rx treatment alternatives in the U.S.

X

TreatmentFDA

Approval Complete cure rate

Ciclopirox (Penlac) 1999 5.5-8.5%

Efinaconazole (Jublia) 2014 15-18%*

Tavaborole (Kerydin) 2014 7-9%

Terbinafine (Lamisil) 1996 38-54%

Itraconazole 1995 14-26%

Fluconazole Off-label 37-48%

Main topical branded competitor

Adverse events associated with oral treatments

Source: An open, single center pilot study of efficacy and safety of topical MOBO15B in the treatment of distal subungual onychomycosis, Faergemann et al, poster presentation at American Academy of Dermatology, March 2016; 54% of the patients completing the study were mycologically cured. Mycological cure for FAS was 52% and for PPAS 60% Source: Dermatology World, August 2017

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Example of successful treatment with MOB-015

Before After

Source: Moberg Pharma data on file, MOB-015 phase II study

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Example of successful treatment with MOB-015

Before After

Source: Moberg Pharma data on file, MOB-015 phase II study

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Example of successful treatment with MOB-015

Before After

Source: Moberg Pharma data on file, MOB-015 phase II study

BUPI - Providing better pain relief in the oral cavity

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“In Phase 2, BUPI provided 50% better pain relief in the mouth than standard pain treatment”

Targeting leadership in managing oral mucositis pain

28Source: Moberg Pharma analysis and estimate

• BUPI: Lozenge with bupivacaine, taste-masked

• Target profile: Better and longer pain relief than existing products

• Phase 3 application submitted by partner Cadila Pharmaceuticals.

• Patent protection until 2031, granted in EU and Canada

• Applications in progress in the USA

• Estimated annual sales potential: USD 50–100 million

• Cadila funds one Phase 3 trial

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BUPI demonstrated efficacy and safety in Phase 2

0

10

20

30

40

50

60

70

BUPI Control

baseline average max VAS

0

5

10

15

20

25

30

35

40

BUPI Control

baseline average max VAS

VAS Score (Highest of Mouth/Pharynx) VAS Score in Mouth only

-40% -49%

Strong Phase 2 data recently published, significantly better pain relief than standard treatment, n=39

• Control group had access to oral painkillers, morphine and lidocain mouthwash

• Primary endpoint: 31% less pain in BUPI group (Highest VAS score in mouth/pharynx, p=0,0032)

• In Mouth only: 50% less pain in BUPI group (p=0,0002)

Q4 2017 - Highlights

Commercial Operations and Innovation Engine

Focus going forward

Continued focus to deliver on Strategy

We focus on maximizing the potential in our portfolio; through organic growth as well as realizing the substantial value of our pipeline

Commercial

➢ Building on strong 2017 growth for Kerasal Nail and New Skin in the U.S., and test launch Kerasal® for nail psoriasis. Stabilize nail fungus sales in EU/RoW.

➢ Launching growth plan for Dermoplast®

➢ Increase digital presence for key brands

Pipeline assets

➢ MOB-015 – Finalizing Phase 3 studies and preparing commercialization

➢ BUPI – Evaluating strategies to solve local concern over phase 3 study in India

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Creating shareholder value – investment case

32

Commercial niche player

Growing and profitable business

Late-stage pipeline

Strong team and track record

TMTM

TM