VIFOR PHARMA

IR PRESENTATION

PRESENTATION

July 2018

© Vifor Pharma July 2018 2

VIFOR PHARMA

VISION

Global Leader

in Iron Deficiency, Nephrology

and Cardio-Renal Therapies.

© Vifor Pharma

Experienced

leadership team

July 2018

AGENDA

1

Proven track record Leading portfolio

in target disease areas

Three mid-term

strategic growth drivers

Investments Strong 2017 performance

and 2018 outlook

2 3

4 5 6

3

© Vifor Pharma July 2018 4

1) Vifor Fresenius Medical Care Renal Pharma

EXPERIENCED LEADERSHIP TEAM 1

Christoph Springer

Chief Strategy Officer Etienne Jornod

Executive Chairman

Stefan Schulze

President and COO

Colin Bond

Chief Financial Officer

Dario Eklund

Chief Commercial Officer

Scott Garland

President, Relypsa

David Bevan

CEO, VFMCRP1) and

Chief Marketing Officer

Michael Puri

Chief Human

Resources Officer

© Vifor Pharma

PROVEN TRACK RECORD

CORPORATE TIMELINE AND STRATEGY

2000 2010

2015

2020

BECOMING GLOBAL LEADER

IN IRON DEFICIENCY AND

ENTERING INTO NEPHROLOGY

BECOMING GLOBAL LEADER

IN NEPHROLOGY AND ENTERING

CARDIO-RENAL DISEASE AREA

• 2000: Venofer® US FDA approval

• 2007: Launch of Ferinject®

• 2008: Acquisition Aspreva

• 2008: Creation of EU affiliates

• 2009: Acquisition OM Pharma

• 2010: Creation of VFMCRP

• 2013: Injectafer® – FDA approval

• 2013: Launch of Velphoro®

• 2015: Mircera® License

• 2015: Veltassa® License

• 2016: Four Licensing Deals

• 2016: Relypsa Acquisition

• 2017: Galenica Santé IPO

• 2017: Vadadustat License

• 2017: Veltassa® EU approval

• 2017: Mircera® license expansion

• 2018: CR845 License

2

BUILDING IRON PORTFOLIO

AND INTERNATIONAL EXPANSION

July 2018 5

© Vifor Pharma

Own

Products

In-licensed

Products

LEADING PORTFOLIO IN TARGET DISEASE AREAS

1) Pre-commercial products

3

CARDIO-RENAL NEPHROLOGY IRON DEFICIENCY

Avacopan1) CCX1401)

1)

Vadadustat1)

July 2018 6

CR8451)

© Vifor Pharma

THREE MID-TERM STRATEGIC GROWTH DRIVERS 4

Ferinject® Exploit the Potential through Market Awareness

Veltassa® Build a Blockbuster

Vifor Fresenius Medical Care Renal Pharma Grow and Enhance Value

July 2018 7

© Vifor Pharma

Switzerland

Australia

New Zealand

Sweden

Germany

Turkey

Spain

France

UK

Italy

US

3%

38%

37%

20%

21%

77%

40%

22%

25%

63%

38%

246

94

37

34

31

25

24

21

20

18

10

8

1) Based on Quarterly IQVIA MIDASTM panel, GERS, Insight Health, Q4-2017 2) 100 mg eq./1’000 population

MAT Ferinject® Volume Per Capita2) MAT Ferinject® In-Market Volume Growth

Launch Date

2008

2011

2012

2008

2007

2013

2009

2011

2008

2012

2013

FERINJECT®

SIGNIFICANT MARKET OPPORTUNITY REMAINS1)

4

July 2018

© Vifor Pharma July 2018

FERINJECT®

A BLOCKBUSTER BY 2020 4

2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2017

Europe US ROW

FAIR-HF

study

(cardio)

FERGI-COR

study

(gastro)

PREFER study

(fatigue)

New EU

guidelines:

nephro, cardio,

gastro, onco

FIND-CKD

study (ND-

CKD)

Injectafer

approved

in the USA

CONFIRM-

HF study

(cardio)

New ESC

guidelines

(cardio)

EFFECT-HF

study (cardio)

Approval

in EU / CH

First launch

in Germany

Intensifying

promotional

effort by

Daiichi Sankyo

New EU onco

guidelines

Launch in

CH, UK,

Spain

1) Based on Quarterly IQVIA MIDASTM panel, GERS, Insight Health, DLI, data at constant exchange rate (average 2017) 2) In the Top 10 Markets

9

New EU

onco

guidelines

FERINJECT® IN-MARKET SALES1) (MCHF)

16 38 58 81 123

163

240

375

537

695 • Global i.v. iron market totalled CHF 1,564 million in 2017, growth of 12.7% vs. 2016

• Ferinject® responsible for 90.3% of the total value growth of the i.v. iron market in 2017

• The market share of Ferinject® in value was 50.6% in December 20172)

© Vifor Pharma July 2018

FERINJECT®

THE BLOCKBUSTER PLAN 4

10

Therapeutic

areas with high

unmet need

• Heart Failure

• Gastroenterology

• Nephrology

• Patient Blood Management

Strong

partnerships

• Partnering with leading

companies in and outside

of Europe

Geographic

expansion

• Japan (2019)

• China (2021)

• Key pharmerging markets

Life Cycle

Management

• Clinical data (AFFIRM-AHF,

HEART-FID)

1 3

2 4

© Vifor Pharma

VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA

THE RATIONALE

1) Pre-commercial products

4

STRONG IRON AND PHARMA EXPERTISE

GLOBAL LEADER IN DIALYSIS

Avacopan1) CCX1401)

55% Stake

45% Stake

Vadadustat1)

July 2018 11

CR8451)

© Vifor Pharma

VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA

CURRENT PORTFOLIO 4

July 2018 12

1) Pre-commercial products

CARDIO-RENAL

MANAGEMENT

MINERAL & BONE

MANAGEMENT

ANAEMIA

MANAGEMENT

KIDNEY

PROTECTION

Avacopan1)

1)

Vadadustat1)

CR8451)

CCX1401)

CKD-ASSOCIATED

COMPLICATIONS

© Vifor Pharma

VELTASSA®

OVERVIEW OF KEY FEATURES

1) SmPC = summary of product characteristics

4

13 July 2018

RAASi enabling

Included in SmPC1) in Europe

Room temperature storage

US: 3 months / EU: 6 months

High safety profile

Limited undesirable effects

Mode of action

Calcium-based, non-absorbed

Broad use

Acute & Chronic

52-weeks data

AMETHYST-DN study

© Vifor Pharma

MORTALITY AND CARDIAC ARREST IN IN-HOSPITAL EVENTS VS SERUM K+

VELTASSA®

ADDRESSES LIFE THREATENING UNMET MEDICAL NEED 4

July 2018 14

Hypokalemia Hyperkalemia Normal

Death

60

AM

I patients

with

in-h

ospital events

(%

)

Post admission serum potassium level (mean, mEq/L)

3.0 3.5 4.0 4.5 5.0 5.5

0

DISEASE BACKGROUND

Prevalent in CKD and CHF

patients

Asymptomatic

Inhibits use of renin

angiotensin aldosterone

inhibitors (RAASi)

Disease awareness is

underdeveloped

© Vifor Pharma

VELTASSA®

TOTAL US DEMAND PER BUSINESS DAY (BD) 4

15 July 2018

-

100

200

300

400

500

600

Dem

and (

boxes)

per

BD

Dem

an

d (

bo

xes)

per

BD

• US net sales of USD 52.7 million in 2017

• Wholesale acquisition cost of USD 750 for a 30-count

carton as of 31 December 2017

• 85% of lives covered, Medicare coverage increased to

44% as of 31 December 2017

• Amber study expected to be completed in 2018

© Vifor Pharma July 2018

R&D INVESTMENTS

“MILESTONE 2020” STRATEGIC PLAN

1) Iron overload; leveraging iron metabolism expertise 2) Earlier launch possible due to EMA conditional marketing approval 3) Filing expected by the end of 2019

PHASE 1 PHASE 2 PHASE 3 COMMERCIAL PHASE 4

Own

Products

In-licensed

Products

Ferroportin

inhibitor1)

Avacopan

CCX140

2019 2)

2019

AFFIRM-AHF

Paediatric

AMBER

DIAMOND

Vadadustat3)

16

Anti-infectives

5

CR845

© Vifor Pharma

FY

2016

FY

2017

Change

vs. 2016

Net sales 1,167.0 1,342.1 +15.0%

Other income 100.4 91.6 -8.8%

Gross profit 821.6 915.8 +11.5%

EBITDA 322.2 280.4 -13.0%

Veltassa® launch and ramp-up costs -112.6 -231.5 N/A

EBITDA excluding launch and ramp-up

costs of Veltassa® 434.7 511.8 +17.7%

July 2018 17

P&L OVERVIEW (IN CHF MILLION) 6

• Net sales increase of 15.0%

driven by Ferinject®/Injectafer®,

Veltassa® and Velphoro®

• Veltassa® launch and ramp-up

costs tightly controlled

• EBITDA excluding Veltassa®

costs increase of 17.7% due to

sales leverage and cost

containment

© Vifor Pharma

EBITDA

372.9 322.2

280.4

112.6 231.5

372.9

434.7

511.8

2015 2016 2017

NET SALES BY BRANDS

325.7 302.1 324.0

7.4 51.7 43.2 54.4 80.8 108.9 125.0

110.3 206.8

328.6

339.9 250.9

349.5

435.6

935.4

1,167.0

1,342.1

2015 2016 2017

SALES & EBITDA OVERVIEW (IN CHF MILLION)

THREE-YEAR TREND

18

1) 2016 net sales include only four months following the acquisition of Relypsa on 1 September 2016; Veltassa® FY 2016 net sales amounted to CHF 12.3m 2) 2015 data are restated without Vifor Consumer Health

1)

6

July 2018

Ferinject®

Mircera®

Veltassa®

Others

Velphoro®

Venofer®

2)

Veltassa®

ramp-up

costs

2)

© Vifor Pharma

CHF 191.1 MILLION CASH POSITIVE NET OF DEBT

2,629.0 2,651.1

220.0 245.6 184.0

232.0

575.0 572.1

655.0 425.1

4,263.0 4,125.9

30.06.2017 31.12.2017

EQUITY RATIO OF 80.8%

3,215.0 3,332.5

333.0 204.5

387.0 449.3

328.0 139.6

4,263.0 4,125.9

30.06.2017 31.12.2017

July 2018 19

BALANCE SHEET OVERVIEW (IN CHF MILLION)

CASH POSITIVE NET OF DEBT

Cash & Cash

Equivalents

Inventories

Property &

Equipment

Goodwill & Intangibles

Receivables & Other

Long Term Liabilities

Other Current Liabilities

Current Financial

Liabilities

Shareholder’s Equity

6

© Vifor Pharma

GUIDANCE 2018

1) CHF 2.00 / share after the 1:10 split

6

In 2018 at constant exchange rates Vifor Pharma net sales are expected to grow

by more than 10% and reported EBITDA by more than 20%.

In 2020 net sales are expected to exceed CHF 2 billion and EBITDA to reach a high triple-digit

level.

For 2018 and 2019, the dividend is expected to be at the same level1) as for 2017. From 2020

onwards, the payout ratio is targeted at 35% of net income.

20 July 2018

© Vifor Pharma July 2018 21

OUTLOOK 2018

CLINICAL

PRODUCT

LAUNCHES

PARTNERING

Veltassa®: Completion of the Amber study for treatment with resistant hypertension

Veltassa®: Initiation of the Diamond outcome study for RAASi enabling

Ferroportin inhibitor: Completion of Phase I study

6

Veltassa® commercial launch in key European countries

Avacopan approval in Europe late 2018 / early 2019

Veltassa® partnering in Japan

Partnering the Japanese rights for CCX 140

IN-LICENSING Completion of one additional in-licensing deal during the course of 2018

© Vifor Pharma

CONTACT INFORMATION

Colin Bond – CFO

Phone: +41 58 851 83 53

Email: colin.bond@viforpharma.com

Investor Relations

Julien Vignot – Head Investor Relations

Phone: +41 58 851 66 90

Email: julien.vignot@viforpharma.com

July 2018 22

© Vifor Pharma

DISCLAIMER

Certain statements, beliefs and opinions in this presentation are forward-looking, which reflect the Company’s or, as

appropriate, the Company’s directors’ current expectations and projections about future events. By their nature, forward-

looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to

differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and

assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude

of factors including, but not limited to, changes in demand, competition and technology, can cause actual events,

performance or results to differ significantly from any anticipated development. Forward-looking statements contained

in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities

will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update

or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change

in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the

Company nor its advisers or representatives nor any of its of their parent or subsidiary undertakings or any such person’s

officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors

nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this

presentation or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-

looking statements, which speak only as of the date of this presentation.

July 2018 23