Creating a footprint in underserved niches

Investor Presentation, November 10, 2016 Anna Ljung, CFO

Disclaimer

Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time and Moberg Pharma does not undertake to update, complete, revise or keep current the information or statements contained herein. In the event such risks or uncertainties materialize, Moberg Pharma’s results could be materially affected.

The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of pharmaceutical research and product development, manufacturing and commercialization, the impact of competitive products, patents, legal challenges, government regulation and approval, Moberg Pharma’s ability to secure new products for commercialization and/or development and other risks and uncertainties detailed from time to time in Moberg Pharma’s interim or annual reports, prospectuses or press releases.

The information in this presentation does not constitute an offer to sell or an invitation to buy securites in Moberg Pharma.

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Moberg Pharma in brief

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Innovation Engine • MOB-015 - Phase 3

$250-500m potential • BUPI - Ph 3 preparation

$50-100m potential MOB-015 Target: Future market leader in Nail Fungus

Financial Overview • Market Cap 825 MSEK (OMX:MOB) • Net Sales trending to SEK 450m ($55m) - incl Q3 acquisition • Long-term EBITDA target 25% • 36 FTEs in Sthlm and NJ

Direct Sales • U.S. OTC operations • 6 brands in all major

retailers • U.S. market leader in nail

fungus

Distributor sales • 40+ countries • 3 top 50 partners

Mylan, Menarini, Endo

Growth Strategy • Organic and M&A • Innovation Engine • Brand & IP Equity

Q3 2016 - Highlights

Commercial Operations and Innovation Engine

Focus next 12 months

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Q3 2016 – Significant growth in Sales & Profitability

42%

61% 56% GROWTH

DIRECT SALES

DISTRIBUTOR SALES

104.1MSEK NET SALES

110% GROWTH

29MSEK EBITDA

28% EBITDA MARGIN

Q3 2016 – Excellent Progress

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Commercial

• 29% market share for Kerasal Nail in the U.S (L26W*) - All-Time High

• Growth in all distribution channels

• Acquired brands contributed significantly to sales and profitability

– Integration progressing according to plan

Innovation engine

• Phase 3 enrollment initiated for MOB-015 in North America & Europe

• EU patent for BUPI

Financial

• Initiated process to gain increased flexibility in debt financing for additional acquisitions

Source: Symphony IRI, U.S. retail sales of nail fungus products excluding private label in Multi Outlet Stores *L26W/E 10/2/16 vs YAGO

The rapid growth continues

Product Sales, MSEK

- fueled by a major brand acquisition in July and strong Q3 results

2010 2011 2012 2013 2014 2015 2016

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56

112

157

200

276

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– Launches in Asia drive RoW product sales

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Majority of revenue from direct OTC sales

Channel Product Geographies

Distributors 24%

Direct 76%

Other 40%

Nalox / Kerasal Nail

53%

Divested 7%

ROW 15%

Europe 7%

Americas 78%

Distribution of revenue, January – September 2016

P&L summary Q316

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1) 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 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year (MSEK) 2016 2015 2016 2015 2015 Revenue 104 67 245 232 286 Gross profit 72 49 172 177 214 % 69% 73% 70% 76% 75%

SG & A -40 -31 -135 -116 -142 R&D - existing product portfolio1) -1 -1 -4 -5 -6 Other operating income/operating expenses 2 1 43 4 4 EBITDA Commercial Operations 33 18 76 60 68 % 31% 27% 31% 26% 24%

R&D & BD - future products2) -4 -4 -10 -18 -22 EBITDA 29 14 66 42 46 % 28% 21% 27% 18% 16%

Depreciation/amortization -6 -3 -11 -8 -11 Operating profit (EBIT) 23 11 55 34 35

Three brands acquired for $40 million

• Expected EBITDA contribution ca $5 million (12m post-closing)

• Expected to double sales of our U.S. franchise

• Non-dilutive financing. Financed by available cash resources and bond loan

• Sold through our established sales channels in the U.S, primarily through chain drugstores and mass retailers, such as:

– Closed on July 7

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Acquisition of brands from Prestige

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

• Fiber Choice is a line of fiber supplements

• PediaCare has strong equity for pediatric products, in cough cold/analgesics

Additional acquisition opportunities - Several attractive acquisition opportunities are under evaluation

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Option to acquire Dermoplast from Prestige Brands • Moberg has secured an exclusive option, to the end of 2017, to acquire Dermoplast, an attractive

dermatology brand from Prestige Brands

– Currently the no. 2 brand and no 1. pharmacist recommended brand, in the $33.7 million U.S. retail pain relief sprays market.

– Dermoplast holds 21% market share in retail, and is growing L52W. Additional Hospital business

– Total net sales ca $12m Moberg has called for a bondholders’ meeting through written procedure to gain additional flexibility in debt-financing of acquisitions • Proposed a one-time adjustment of the debt incurrence test which aims to increase the company’s flexibility

in conjunction with a potential acquisition

• Received irrevocable undertakings to vote in favor of the proposal from institutional investors comprising 33% of the outstanding bonds – 2/3 majority is required

• Outcome of the bondholders’ meeting will be announced on or about November 25th, 2016

Source: Symphony IRI, Brand ranking according to Pharmacy Times Prestige Brands Earnings call, Nov 3, 2016

Q3 2016 - Highlights

Commercial Operations and Innovation Engine

Focus next 12 months

Focus on strategic brands in the U.S.

Strategic brands

• Kerasal® and Emtrix® - Foot care

• New Skin - Antiseptic liquid

• Balmex® - Diaper rash

• Domeboro® - Derma/Skin irritation

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Mature brands

• PediaCare® - Pediatric cough cold

• Fiber Choice® - Prebiotic fiber supplements

Scalable infrastructure – Marketing U.S OTC brands

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Retailers/Wholesalers Contract Manufacturers Sales Force

Logistics

Sales and marketing/Brand Management

Note: Largest retailers and whole-salers only, not an all inclusive list.

All-Time High market share in 2016

• New packaging, commercial and website launched in March • Very positive reception from consumers and trade, ATH market share • Note: there is a lag of at least one month between growth in

consumer sales and effects on net sales

– in U.S. for Kerasal Nail following successful relaunch

Source: Symphony IRI, U.S. retail sales of nail fungus products excluding private label in Multi Outlet Stores *L26W/E 10/2/16 vs YAGO

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29% +2% 29% 24%

MARKET SHARE* CATEGORY GROWTH* VALUE GROWTH*

Growth potential in Asia

• Sales in ca 40 markets

• Market leader or top 3 position in Nordics, several EU and Asian countries

• Growth in all markets Q3 2016: – RoW growth 88% – Europe growth 158%

• Asian launches progress well

• Launches initiated in Japan and Taiwan

• Direct sales launch initiated in the UK

– for Distributor Sales

16 Note: Three largest distributors only, not an all inclusive list.

Pipeline assets – target leadership in two niches – Building on Topical drug delivery know how

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Pipeline Asset

Indication

Status

Peak sales potential, m$

USP

MOB-015 Onychomycosis Phase 3 started Q316

250-500 Topical terbinafine with fast visible improvement and superior cure rates

BUPI Oral Mucositis and oral pain

Phase 3 preparation

50-100 Lozenge formulation with effective pain relief for 2-3 hrs(vs 0,5 hrs for competition)

Source: Moberg Pharma analysis and estimate

MOB-015 target: Market leadership in Nail Fungus

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• MOB-015 builds on Emtrix/Kerasal nail, adds terbinafine

• Phase 3: – Managed by leading Derm CROs ProInnovera (EU) and TKL (US/CA) – Primary endpoint: Complete Cure after 52w – Manufacturing partner Colep co-invests in MOB-015

• Phase 2 demonstrated efficacy and safety

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%

1000X 40X 54% MYCOLOGICAL CURE MORE TERB IN NAIL BED VS ORAL MORE TERB IN NAIL VS ORAL

BUPI - Providing better pain relief in the oral cavity

Product & Indication

• BUPI (bupivacaine lozenge) for oral pain relief (mouth and throat) – 1st indication: Oral Mucositis in cancer

patients. Large unmet need. – Potential for other indications:

Burning Mouth, Sjögren’s, Endoscopy – EU patent with term to 2031,

pending in U.S. and Canada

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Sales potential and Next steps

• Peak Sales potential estimated to $50-100m (whereof OM $20-25m)

• Phase 3 preparations in Europe (Moberg) and India (Cadila Pharmaceuticals)

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

Source: Poster presentation at International Association for the Study of Pain (IASP), Japan, September 2016. Moberg Pharma analysis and estimate

Q3 2016 - Highlights

Commercial Operations and Innovation Engine

Focus next 12 months

Positive momentum in 2016

Targets set for 2016 have been delivered • Acquire additional brands • Initiate phase 3 studies for MOB-015 • Strengthen lead brand – Kerasal Nail - in U.S. • Broaden international distribution

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- 2016 was an investment year

Why invest in Moberg Pharma – Strategy for Shareholder value

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Commercial niche strategy enables a growing and profitable base business

Pipeline with large potential and at reasonable risk - Proven molecules limit TTM, cost and risk

Acquisition strategy with substantial value potential - 6 transactions since 2012

Strong Team and track record