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Photocure ASA

Investor Presentation • May 23, 2017

3714_rns_2017-05-23_0fadac35-bc7c-4c4b-89e3-a67cb8ec45e2.pdf

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PHOTOCURE ASABUILDING A SPECIALTY PHARMA COMPANY

RESULTS FOR FIRST QUARTER 2017

23 MAY 2017

Kjetil Hestdal, MD, President & CEOErik Dahl, CFO

DISCLAIMER

The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Photocure ASA ("the Company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets where Photocure is or will be operating, IP risks, clinical development risks, regulatory risks, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors we refer to Photocure's Annual Report for 2016. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in this information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Photocure disclaims any and all liability in this respect.

KEY OBJECTIVES AND ACHIEVEMENTS

KEY OBJECTIVES

1Q KEY ACHIEVEMENTS

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Hexvix/Cysview Update

HEXVIX/CYSVIEWA SIGNIFICANT GLOBAL SPECIALTY BRAND

  • • Value of in-market sales of Hexvix/Cysview in the first quarter increased YoY 7% to NOK 65 million
  • • Hexvix/Cysview global in-market volume increased YoY 10% in the first quarter
  • • Overall franchise EBITDA first quarter at NOK 4.9 million, EBITDA margin of 14%

Global in-market value NOK mill (LTM)

HEXVIX/CYSVIEWPROGRESS UPDATE IN USA

  • • Photocure own sales revenue in the US in 1Q increased 32% –
  • Driven by YoY in-market volume growth of 28% in first quarter
  • • Permanent Blue Light Cystoscope placements of 89 at the end of quarter, increase of 6 since end of 2016
  • Current hospital base includes major high volume hospitals –
  • BLCC is available in approximately 70% of all the National Comprehensive Cancer Network (NCCN) member institutions
  • • Initiated our US strategic investment plan which includes doubling our sales organization and increased marketing activities
  • • Continued efforts to obtain reimbursement, with preparations ongoing for introduction of a new bill

Maximizing the US Cysview opportunity is essential to Photocure's strategy to create a Specialty Pharmaceutical Company in Urology

HEXVIX/CYSVIEWPHASE 3 SURVEILLANCE STUDY SHOWED SIGNIFICANT CLINICAL BENEFITS

Phase 3 Surveillance Study Conclusions

  • • BLFCC significantly improves the detection of patients with recurrent bladder cancer (21.5%, p<0.0001)
  • • BLCC significantly improves the detection of patients with CIS (34.6%, p<0.0001)
  • • Tumor detection was improved in 46.2% of patients who underwent repeat BLCC
  • •Repeat use of BLCC is safe
  • • Patients found it worthwhile to undergo BLFCC (92.7%) and BLCC (87.0%) and would recommend it to others
  • • BLFCC should be used for patients in surveillance of their bladder cancer recurrence and for management in the OR
  • • Planned to file supplemental NDA for BLFC with Cysview to FDA by end of 2017

Late-Breaking Presentation at AUA

CYSVIEW US NEW CLINICAL DATA THROUGH CLINICAL REGISTRY

BLC with Cysview Clinical Registry Study ResultsBLCC Registry Poster

  • • Bladder Cancer Registry Study in the US was presented at AUA Poster session "Blue Light Cystoscopy for the diagnosis of Urothelial Bladder Cancer: results from a prospective multicenter registry"
  • Largest Bladder Cancer Study in the US.
  • The results are from 9 centers included 1325 lesions, from 517 procedures in 426 patients. –
  • BLC significantly increased the detection of CIS and papillary lesions over WLC alone and can result in upstaging and upgrading in about 13% of patients, which can affect patient outcomes.

CYSVIEW USINCREASED AWARENESS KEY FOR CONTINUED GROWTH

BLCC Patient and Urologists Awareness Campaigns

Media Campaigns

KOL interviews at AUA*

  • •Dr. Sia Daneshmand, MD
  • •Dr. Gary Steinberg, MD
  • •Dr. Joseph Liao, MD

E-newsletter on Bladder cancer and BLCC related topics

Publication in Uro Today: "TURBT More Important Than Ever"

•Authors: Ashish Kamat, MD and Kamal Pohar, MD

Key Market Awareness Campaign

Focused Blue Light Cystoscopy with Cysview (BLCC) awareness campaign in select high volume marketsKey Media Focus Markets (MSA's)

  • • Nashville
  • Physician and Patient media interviews completed
  • •Next planned cities: Los Angeles and Boston

Bladder Cancer Awareness Month

May 2017: Collaborating with BCAN, the Photocure is the national sponsor of the Bladder Cancer walk and the team participated in various Bladder Cancer walks across the US to increase awareness on bladder cancer

HEXVIXPERFORMANCE NORDICS

  • • Photocure own sales revenue in the Nordics decreased YoY 4% in first quarter –
  • Decrease in revenue caused by YoY in-market volume decline of 8% in first quarter and FX impact
  • A temporary loss of procedures through recent months related to reorganization of clinics and introduction of a new centralized IT system in Denmark
  • • Blue Light Flex Cystoscopy (BLFC) with Hexvix gets a foothold in the Nordic countries
  • 6 clinics in the Nordic region have routinely taken the procedure in use with additional clinics in the pipeline
  • A Nordic blue light flex register has been established to map experience, usefulness and real-world data with BLFC with Hexvix
  • Investigator initiated studies (IITs) ongoing at key hospitals in Denmark to provide additional clinical data

10

HEXVIX/CYSVIEWPARTNER PROGRESS

  • • Partner revenue increased 6% in 1Q to NOK 16.2 million
  • Driven by YoY in-market volume growth of 13% in first quarter
  • • Ipsen in EU: –
  • Strong visibility for Hexvix at European Association of Urology Congress
  • March "List en sus" delisting of Hexvix in France.
    • • Expect limited impact as strong support by French guidelines, Key Opinion Leaders, and strong Health Economic data to support obtaining a permanent future reimbursement (specific DRG code)
  • • BioSyent in Canada and Juno in Australia/New Zealand:
  • Sales uptake pending equipment outplacement and reimbursement –
  • Significant support from the urological community –
  • Local Canadian Health Economic analysis to be presented at the Canadian Urological Association annual meeting in June –
  • Australian application for reimbursement submitted
  • Response on MAA in New Zealand expected by the end of 2017 11

Cost of Bladder Cancer represents € 4.9 bn (Leal et al, 2016)

Cevira/Visonac Update

CEVIRA & VISONACPHASE 3 READY PRODUCTS WITH SIGNIFICANT SALES POTENTIAL

  • • Cevira - Breakthrough single use and fully integrated drug-device technology to satisfy high need for novel non-surgical therapies to treat global epidemic of HPV/HSIL populations
  • • Visonac – Novel topical non-antibiotic/non-isotretinoin treatment to satisfy high unmet medical need among patients with inflammatory, severe acne (IGA 4)
  • • Cevira and Visonac both phase 3 ready with Special Protocol Agreement on phase 3 program with FDA
  • • Cevira and Visonac both addressing large patient populations with significant unmet medical needs
  • • After a non-conclusive comprehensive partnering process, PHO will initiate a broad review of possible strategic alternatives for Cevira and Visonac

Financials

SEGMENT PERFORMANCEFIRST QUARTER 2017

Commercial franchise:

  • • Hexvix/Cysview total revenue increasing YoY 9% in the quarter, negatively impacted by FX movements. Revenue increase in constant currencies 14%
  • • First quarter total revenues negatively impacted by milestone revenues
  • • Increased operating expenses driven by sales & marketing in US
  • •EBITDA margin at 14% for the quarter

Development portfolio:

  • • Activities related to regulatory work and intellectual property. Cysview post marketing commitment phase 3 capitalized
  • • One-off items: Write down of Nedax lamp inventory and components
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CONSOLIDATED INCOME STATEMENTFIRST QUARTER 2017

  • • Total revenue increase YoY 5% first quarter.
  • Negatively impacted by milestone revenues
  • • Operating expenses increase 5% YoY first quarter
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  • Sales & marketing increase 9%, driven by US investments
  • Other Opex increase 3%
  • • Recurring EBITDA at NOK -4.2 million for the first quarter
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CASH FLOWFIRST QUARTER 2017

  • • Cash flow from operations first quarter NOK -10.8 million (Q1 2016 NOK -9.3 million)
  • Working capital impact NOK -3.7 million
  • • Cash flow from investments first quarter NOK -3.0 million (Q1 2016 NOK -5.1 million)
  • Includes investments of NOK 4.0 million in development expenses
  • • Net cash flow first quarter NOK -13.8 million (Q1 2016 NOK -13.4 million)
  • •Quarter end cash balance at NOK 155.5 million
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BALANCE SHEETPER 31 MARCH 2017

  • • Non current assets include NOK 29.9 million in investments in tangible and intangible assets and deferred tax asset of NOK 48.4 million
  • •No interest bearing debt
  • • Shareholder's equity of NOK 245.9 million. Equity ratio of 88%
  • • Photocure held 809 own shares at end of the quarter
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Outlook

KEY OBJECTIVES AND ACHIEVEMENTS

KEY OBJECTIVES

1Q KEY ACHIEVEMENTS

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