Camurus

Interim / Quarterly Report • Jul 16, 2021

INTERIM REPORT FOR THE SECOND QUARTER 2021

"Significant progress on key objectives with increasing revenues, new regulatory approvals, and a potential US market authorization in 2021"

Camurus is an international science-led biopharmaceutical company committed to developing and commercializing innovative medicines for the treatment of severe and chronic conditions. New drug products with best-in-class potential are conceived based on the unique proprietary FluidCrystal® drug delivery technologies and its extensive R&D and sales expertise. Camurus' clinical pipeline includes product candidates for the treatment of cancer, endocrine diseases, pain and addiction, which are developed in-house and in collaboration with international pharmaceutical companies. Camurus' share is listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit camurus.com

• Total revenue amounted to SEK 138 (81) million, an increase of 71% (72% at CER1 )
• Product sales were SEK 137 (76) million, an increase of 80% (82% at CER)
• Sales growth was 10% (10% at CER) compared to the previous quarter
• For the period January to June, total revenues were SEK 264 (130) million, an increase of 103%, of which product sales were SEK 261 (124) million, an increase of 110%
• Cash at end of the quarter was SEK 422 million
• Market approval of a new higher dose (160mg) of Buvidal® in Australia, EU and UK
• Approval of direct initiation of treatment with Buvidal in Australia
• Updated NDA for Brixadi™ submitted by Braeburn to the US FDA
• FDA accepted the NDA filing and set a PDUFA date for market approval of Brixadi to 15 December 2021
• Results from the DEBUT study showing improved treatment results with Buvidal compared to daily standard treatment published in JAMA Network Open
• Results from the UNLOC-T study showing good treatment results with Buvidal in custodial setting published in the leading addiction journal Addiction
• Camurus awarded with the Carnegie Sustainability Award 2021
• The financial outlook for 2021 is maintained; total revenue SEK 680 750 million1,2, whereof product sales SEK 620 – 680 million, and operating result SEK -120 – 0 million1,2

1) At constant exchange rates in January 2021.

2) Excluding US\$35 million milestone payment on approval of Brixadi™ in the US.

MSEK	2021 Apr-Jun	2020 Apr-Jun	% ∆	2021 Jan-Jun	2020 Jan-Jun	% ∆	2020 Jan-Dec
Total revenue	138	81	71%	264	130	103%	336
whereof product sales	137	76	80%	261	124	110%	323
OPEX	179	102	75%	315	219	44%	508
Operating result	-60	-23	-156%	-86	-100	14%	-205
Result for the period	-48	-20	-142%	-70	-82	14%	-167
Result per share, before and after dilution, of SEK	-0.89	-0.39	-130%	-1.29	-1.58	18%	-3.18
Cash position	422	222	90%	422	222	90%	462

Total revenue SEK 138 million +71%

Product sales SEK 137 million +80%

Operating result SEK -60 million -156%

Financial analysts, investors and media are invited to attend a telephone conference and presentation of the results today at 2 pm (CET).

The conference call can also be followed by a link on camurus.com or via external link: https://financialhearings.com/event/13366

Positive second quarter and opportunity for market approval in the US

Camurus had a productive second quarter with increasing revenues, new regulatory approvals, progress in the development portfolio, and the publication of strong data in leading scientific journals. Product sales increased by 80% compared to the same quarter in 2020, and 10% compared to the first quarter of this year. The increase was weaker than expected, due to the continued impact of the COVID-19 pandemic on our markets in Europe and Australia. We expect to return to planned growth in the second half of the year as restrictions ease and Buvidal is launched in new markets. In the US, we are now looking forward to the possibility of Brixadi becoming available to US patients by the end of the year after the FDA set a target date for approval to December 15, 2021.

Camurus' total revenues during the second quarter increased to SEK 138 million and operating result was SEK -60 million. Operating expenses increased with 75% compared to previous year, linked to the progress of our registration programs of CAM2029 in acromegaly, neuroendocrine tumors and polycystic liver disease. For the interim period January-June, revenues amounted to SEK 264 million and operating result to SEK -86 million, an improvement of 14% compared to 2020.

With increasing product sales and further significant revenue opportunities in the near future, as well as a cash balance of SEK 422 million, we have a strong base to achieve our strategic goals for growth and to bring new drug candidates in our research portfolio to the market.

Continued growth of product sales - limited by the effects of the COVID-19 pandemic

Product sales during the second quarter were SEK 137 million, an increase of 80% compared with a strong second quarter in 2020.

During the second quarter, we saw good sales growth in established markets that were spared from significant consequences of the COVID-19 pandemic, while a temporary slowdown was seen in markets where closures and restrictions hindered direct contacts with prescribers and healthcare professionals, and patients access to clinics for new initiations were limited. The pandemic has also led to protracted processes for pricing and reimbursement and the granting of various approvals, which has pushed

launches for example in the Netherlands and Switzerland from the second to the third quarter.

With over 19,000 patients estimated in treatment with Buvidal at the end of the quarter, we have established a leading market position among long-term buprenorphine treatments in just over 2 years. The average market share of total number of patients in opioid dependence treatment in our existing markets is about 5%, ranging from approximately 2% in Germany and the UK, to between 10-20% in Scandinavia and Australia. In Finland, the patient share is now over 60% and more patients are getting access to treatment, driven by Buvidal.

In addition, during the quarter we prepared for launch of Buvidal in further seven European markets, including France, Switzerland and Benelux, which together have around 220,000 patients in opioid dependence treatment.1

Regulatory approvals and strengthened evidence base for Buvidal

During the quarter, we continued our efforts to establish Buvidal as evidence-based first choice for individualized treatment of opioid dependence. We received market approval for a higher 160mg dose of Buvidal in Australia, the EU and UK, which will start to be introduced on our markets during the third quarter. In Australia, an extension of the indication for Buvidal was also approved which allows direct initiation of treatment with Buvidal without the need for stabilization with daily dosed sublingual buprenorphine – as it is currently indicated in the EU.

The scientific evidence base for Buvidal was further strengthened with new publications in leading scientific journals. Results from the randomized, controlled DEBUT study published in JAMA Network Open showed significantly higher patient-reported satisfaction and quality of life with Buvidal compared to standard daily treatment. The UNLOC-T study, which was published in the leading addiction journal Addiction, showed positive treatment results and the benefits of using Buvidal in custodial setting.2,3

We have seen growing interest in Buvidal from governments, policy makers and media resulting in new initiatives and increased funding for innovative and "game-changing" treatments for opioid dependence. These have received wide coverage in published reports and in national and regional news.

Brixadi on its way to the US market

Important and welcome news during the quarter was the announcement that our US licensee Braeburn has submitted an updated New Drug Application (NDA) for market approval for Brixadi (the US tradename for Buvidal) to the Food and Drug Administration (FDA). The authority announced shortly afterwards that the filing had been accepted with a Prescription Drug User Fee Act (PDUFA) set for December 15, 2021.

In addition to the NDA review process, several investigator-lead clinical trials are also underway in the US, which together will include over 2,000 patients and contribute to an increased knowledge of the value of our treatment in various clinical applications.

With an estimated two million individuals diagnosed with opioid dependence, approximately ten million people misusing opioids, and 60,000 annual overdose deaths related to opioides, there is an urgent need for effective opioid treatment in the US.4 The opioid crisis has escalated during the COVID-19 pandemic and the Biden Government has taken important initiatives to curb the crisis, including allocating USD 1.5 billion for the prevention and treatment of opioid dependence.

"The scientific evidence base for Buvidal was further strengthened with new publications in leading scientific journals"

It is very gratifying that US patients, upon approval, will have access to a new effective treatment for opioid dependence which offers flexible weekly and monthly dosing that can be easily adapted to the individual's own needs. Based on our experience from Europe and Australia and interactions with experts in the US, we believe that Brixadi has the potential to gain a significant share of the opioid dependence market in the US.

Registration application and continued Phase 3 studies

During the quarter, we continued to prepare the application for market authorization of CAM2038 for the treatment of chronic pain. The goal is to submit the application to the European Medicines Agency (EMA) in the fourth quarter with the possibility of market approval during the second half of 2022.

In parallel, patient recruitment and treatment continued in our two Phase 3 studies of octreotide subcutaneous depot, CAM2029, in patients with acromegaly. Topline results from both studies are expected in 2022.

Preparations were also completed for start of a pivotal Phase 3 study of CAM2029 for the treatment of neuroendocrine tumors, where we expect the first patients to be enrolled and start treatment after the summer.

In addition, we are in the process of completing a bridging pharmacokinetic study of CAM2029 which characterizes pharmacokinetics, pharmacodynamics, and tolerability when dosing with our newly developed injection pen (autoinjector) and the prefilled syringe. Topline results from the single-dose part of the study are expected in then second half of 2021.

The recruitment of patients in the Phase 2 study of CAM2043 for treatment of Raynaud's phenomenon, expected to be completed later in the year, was also resumed.

Collaborative development projects, among others with Rhythm and UCB, continued to progress and we look forward to the start of the pivotal phase 3 program for setmelanotide weekly depot, CAM4072, for the treatment of patients with genetically determined obesity during the second half of the year.

Significant progress on key objectives

In the second quarter, Camurus made significant progress on key objectives with increasing revenues, new regulatory approvals, and a potential US market authorization in 2021.

Considering the challenging conditions in many of our markets , I am pleased with the results and proud of the commitment and goal-focused work done by our employees and partners to increase access to Buvidal. We are positive about the continued development and opportunity for accelerated growth during the second half of the year as we expect the impact of the pandemic to wane.

In addition, there are further significant opportunities for Buvidal in chronic pain, in our broad development portfolio and different partnerships.

The work of building Camurus' organization continues and during the quarter we had the pleasure of welcoming new skilled and experienced employees to the company, including Arnaud Vesin as general manager for France and Mozhgan Dorkhan as medical director for endocrinology. Furthermore, receiving the Carnegie Sustainability Award was a positive recognition of our joint long-term commitment to patients and society.

Fredrik Tiberg, President and Chief Executive Officer

"We are positive about the continued development and opportunity for accelerated growth during the second half of the year as we expect the impact of the pandemic to wane"

References

1. European Monitoring Centre for Drugs and Drug Addiction (EMCDDA), European Drug Report 2021: Trends and Developments. Accessible on: https:// www.emcdda.europa.eu/system/files/publications/ 13838/TDAT21001ENN.pdf

2. Lintzeris, N., et al. Patient-Reported Outcomes of Treatment of Opioid Dependence With Weekly and Monthly Subcutaneous Depot vs Daily Sublingual Buprenorphine. A Randomized Clinical Trial. JAMA Network Open. 2021;4(5):e219041. Doi:10.1001/ jamanetworkopen.2021.9041. Accessible on: https:// jamanetwork.com/journals/jamanetworkopen/ fullarticle/2779751.

3. Dunlop, A.J., et al. Treatment of opioid dependence with depot buprenorphine (CAM2038) in custodial settings. Addiction. 2021 Jun 29. doi: 10.1111/add.15627. Online ahead of print.

4. CDC, Centers for Disease Control and Prevention, Provisional Drug Overdose Death Counts. https:// www.cdc.gov/nchs/nvss/vsrr/drug-overdosedata.htm.

Products and Pipeline

Camurus has a broad and diversified product and pipeline portfolio of innovative medicines from earlystage development to marketed products. For the development of new drug candidates we combine our injection depot technology, FluidCrystal®, with active substances with clinically documented efficacy and safety profiles. As a result, new proprietary medicines with improved treatment outcomes and patient benefits can be developed both in a shorter time and to a lower costs, as well as with lower risk compared to the development of new chemical substances. The aim is to bring forward new treatments that make a real difference to patients, care givers, healthcare systems and society by contributing to substantial improvements in treatment outcomes, increased quality of life and effective utilization of healthcare resources. Focus is on the three disease areas i) opioid dependence and chronic pain, ii) rare diseases and iii) oncology and supportive care.

Approved medicines

Buvidal® – Opioid dependence

Opioid dependence is a serious, chronic, relapsing disease and a growing global health problem. Pharmacological treatment is often daily buprenorphine or methadone and whilst effective, these treatments have significant limitations, such as poor treatment adherence, misuse, medication diversion and accidental pediatric exposure.

Buvidal (buprenorphine) injection depot is used for the treatment of opioid dependence in adults and adolescents aged 16 years and over, within a framework of medical, social and psychological treatment. The long-acting subcutaneous treatment is available both as weekly and monthly formulations as well as in multiple dose options, offering flexibility and enables treatment to be modified to each patient's specific needs and circumstances. Buvidal gives both a fast onset and a long-acting effect, effectively reducing patients' withdrawal symptoms and cravings, and by blocking the effect of other opioids, has potential to protect against overdose.

The extensive clinical development programs leading to market approval demonstrated a significant improved treatment effect with Buvidal compared to daily administrated sublingual buprenorphine and also a favorable safety profile. Also, clinical studies have shown high patient satisfaction, treatment retention and a good safety profile similar to established profile for buprenorphine products, apart from mild to moderate injection site reactions.

STATUS Q2

The strong performance with Buvidal continued with further growth in established markets and new regulatory approvals of the 160mg monthly dose and direct treatment initiation on Buvidal in Australia, as well as approval of the 160mg monthly dose in the EU by the European Commission and approval in the UK. In the US, Camurus' licensee Braeburn resubmitted the New Drug Application (NDA) for Brixadi™* (buprenorphine) extended-release weekly and monthly injections to the US Food and Drug Administration (FDA), which was in response to the Complete Response Letter (CRL) received in December 2020. The NDA was accepted and the Prescription Drug User Fee Act (PDUFA) action date is set for 15 December 2021.

In addition, during the quarter the scientific evidence for Buvidal further strengthened with publication in the JAMA Network Open of the 24-week, randomized, controlled DEBUT study, showing superior patient reported treatment satisfaction as well as statistically reduced treatment burden and improved quality of life with Buvidal versus treatment with daily sublingual buprenorphine. Furthermore, the UNLOC-T study was published in Addiction, showing positive treatment results for Buvidal when used within custodial setting.

* Brixadi™ is the US trade name for Camurus' product Buvidal®

Pipeline products

CAM2038 – Chronic pain

CAM2038 is being developed to provide round-the-clock pain relief. While decreasing the risk of respiratory depression and fatal overdoses associated with full l u-opioid agonists, CAM2038 has at the same time the potential to protect against misuse, abuse and diversion. CAM2038 is primarily addressing needs for opioid experienced patients on high doses – there are currently more than 1 million patients in the US, Europe and Japan on daily opioid doses of 99 mg morphine equivalents or more.

CAM2038 has been evaluated in a pivotal Phase 3 study in opioid experienced patients with chronic low-back pain, in which the study met both the primary and first secondary endpoints. The subsequant long-term safety study also included patients with other chronic pain conditions. Study results demonstrated a safety profile of CAM2038 generally consistent with the known safety profile of buprenorphine and no unexpected adverse events were observed.

STATUS Q2

Preparation of the regulatory application in the EU is continued with planned submission to EMA in the second half of 2021.

CAM2029 – Acromegaly, NET and PLD

CAM2029 is a long-acting subcutaneous depot of octreotide in late-stage development for the treatment of acromegaly and neuroendocrine tumors (NET). CAM2029 provides significantly higher octreotide bioavailability and octreotide exposure with the potential for improved treatment efficacy, compared to current market leading product. CAM2029 is developed to enable easy self-administration by patients, using a prefilled syringe with automatic needle cap or a prefilled pen device.

CAM2029 has been studied in four Phase 1 and 2 studies, in acromegaly and NET patients as well as in healthy volunteers, with positive results. Two pivotal Phase 3 studies in patients with acromegaly are currently ongoing and an additional Phase 3 study for the treatment of neuroendocrine tumors has recently been initiated.

STATUS Q2

Recruitment and treatment of patients in the two ongoing Phase 3 studies for the treatment of acromegaly continued during the quarter. Overall results from the pivotal efficacy study and the safety study are expected in 2022.

Earlier this year, FDA issued a IND Safe to Proceed Letter for start of a pivotal Phase 3 study of CAM2029 for the treatment of NET. The preparations for the start of the study have now been completed. Randomization and treatment of patients in the Phase 3 study is expected to start after the summer of 2021.

An IND application for a Phase 2/3 study for the treatment of polycystic liver disease (PLD) has been submitted to the FDA.

CAM2043 – Pulmonary arterial hypertension and Raynaud's phenomenon

CAM2043 is a long-acting subcutaneous treprostinil formulation developed as a patient-friendly and effective treatment option for people with pulmonary arterial hypertension (PAH) or Raynaud's phenomenon (RP). Besides providing less frequent administration and avoid the need for continuous infusion, CAM2043 can reduce the risks associated with current parenteral products for PAH, such as infusion related reactions, or the limitations caused by continuously having to carry an infusion pump. CAM2043 has been investigated in a completed open-label Phase 1 trial.

STATUS Q2

The Phase 2 clinical study of CAM2043 for the treatment of Raynaud's phenomenon was reinitiated after being temporarily stalled due to the COVID-19 lockdown in the UK. The study recruitment is ongoing and the study is expected to be completed within 2021. In parallel, planning and preparation for further clinical development of CAM2043 in RP and PAH indications is ongoing.

CAM4072 – Genetic obesity disorders

CAM4072 is a weekly formulation of the MC-4 agonist setmelanotide, developed together with our partner Rhythm Pharmaceuticals for the treatment of a range of rare genetic disorders of obesity. During the summer 2020, positive results were reported from a Phase 2 study for CAM4072. Study results in healthy volunteers with severe obesity demonstrated that treatment effect with the weekly formulation were comparable to the effect achieved with daily injections of setmelanotid.

Rhythms' short-acting formulation of setmelanotide, Imcivree™, was approved by the FDA in November 2020 for the treatment of rare obesity disorders related to proopiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1), or leptin receptor (LEPR) deficiency. This was followed by positive CHMP opinion end May 2021, recommending marketing authorization approval within the EU for setmelanotide for treatment of obesity and control of hunger associated with POMC, PCSK1 and LEPR deficiency.

Rhythm is preparing for start of the pivotal Phase 3 clinical program for CAM4072 during the second half of 2021.

CAM2032 – Prostate cancer

CAM2032 is a long-acting subcutaneous leuprolide depot candidate for the treatment of prostate cancer. It is developed for convenient self-administration by patients and has been successfully evaluated in two Phase 2 studies in prostate cancer. Additional potential indications for CAM2032 include endometriosis and precocious puberty. During the quarter, a collaborative project was initiated with a partner for evaluation and possible furthter development of the product candidate.

CAM2047 – Chemotherapy-induced nausea and vomiting (CINV)

CAM2047 is being developed as a long-acting subcutaneous granisetron depot for the treatment of both acute and delayed chemotherapy-induced nausea and vomiting (CINV), a side effect experienced by a large number of cancer patients. CAM2047 has been successfully evaluated in a completed Phase 1 trial.

CAM2048 – Postoperative pain

CAM2048 is a buprenorphine depot formulation for the treatment of postoperative pain providing rapid onset of action and therapeutic levels of buprenorphine over a couple of days. CAM2048 is being developed in collaboration with Braeburn Pharmaceuticals and has been evaluated in a completed Phase 1 trial.

CAM4071 – Endocrine disorders

CAM4071 is a long-acting formulation of pasireotide, a substance currently approved for the treatment of Cushing's syndrome and acromegaly as a second line treatment. CAM4071 has been studied in a completed dose escalating Phase 1 study, which evalutated pharmacokinetics, pharmacodynamics and safety in healthy volunteers.

During the second quarter, we completed the formulation optimization of CAM4071 in regards to long-term stability and now have a fomulation for continued clinical development.

CAM4083 – Myasthenia gravis and other serious tissue-based complement-mediated disorders

CAM4083 is a long-acting formulation of the complement protein C5-inhibitor zilucoplan, which is being developed by our partner UCB for the treatment of generalized myasthenia gravis and other serious tissue-based complementmediated disorders. During the quarter, preparations for the start of the clinical development program continued.

Medical device

episil® – Oral mucositis

episil® oral liquid is used for the treatment of inflammatory and painful conditions in the oral cavity, such as oral mucositis (OM) - a common side effect of cancer treatment. When in contact with the buccal membrane, episil transforms into a thin protective layer of gel, offering effective pain relief for up to 8 hours. episil oral liquid is based on Camurus' FluidCrystal topical bioadhesive technology.

Sales and distribution of episil are conducted via in-house marketing in Sweden, Finland, and the UK, and through distribution partners in other countries, including Japan, China, South Korea and Australia.

In May 2021, Camurus' partner Solasia Pharma K.K announced that episil has been included in the first OM guidelines released in China. In the guidelines, developed by the Chinese Society of Clinical Oncology (CSCO), episil is recommended as standard treatment for OM.

CAMURUS INTERIM REPORT FOR 12 THE SECOND QUARTER 2021

Financial statements

Revenues

Total revenues during the quarter amounted to MSEK 137.9 (80.9), an increase by 71 percent (72 percent at CER1 ).

Product sales were MSEK 136,6 (75.8), corresponding to an increase of 80 percent (82 percent at CER) compared to Q2 2020 and an increase by 10 percent (10 percent at CER) compared to the previous quarter.

Half-year total revenues were MSEK 263.8 (130.2), up 103 percent compared to the same period 2020. Product sales were MSEK 260,9 (124.4), up 110 percent. For further information, see Note 4.

Operating result

Marketing and distribution costs in the quarter were MSEK 55.5 (41.9), and for the half-year MSEK 100.0 (84.1), an increase primarily linked to launches and product sales of Buvidal® in Europe and Australia as well as expansion to new markets.

Administrative expenses for the quarter were MSEK 6.2 (9.9) and for the halfyear MSEK 16.0 (16.3).

R&D costs, including depreciation and amortization of tangible and intangible assets, were MSEK 117.0 (50.2) and for the half-year MSEK 198.9 (118.9). The increase compared to previous year is mainly linked to the progress in the three ongoing pivotal Phase 3 programs of CAM2029 for the treatment of acromegaly, neuroendochrine tumors and polycystic liver disease.

As an effect of the increased costs, primarily within R&D, the operating result for the quarter amounted to MSEK -59.8 (-23.3), and for the half-year MSEK -86.1 (-100.3).

Financial items and tax

Financial items in the period were MSEK -0.3 (-0.3) and MSEK -0.6 (-0.7) for the first half of the year.

Tax in the quarter was MSEK 11.7 (3.7) and for January-June MSEK 16.4 (19.4), an income mainly representing deferred tax for the reported loss during the period.

Result for the period

The result for the period amounted to MSEK -48.4 (-20.0) and for the half-year MSEK -70.3 (-81.5). Earnings per share, before and after dilution, were SEK -0.89 (-0.39) and for the the half-year SEK -1.29 (-1.58).

Cash flow and investment

Cash flow from operating activities, before change in working capital, amounted to MSEK -56.0 (-22.2) and MSEK -80.0 (-97.4) for the half-year.

The change in working capital affected the cash flow by MSEK 14.7 (-44.0) in the quarter and during the half-year by MSEK -22.0 (-34.5).

Cash flow from investing activities in the quarter was MSEK -1.3 (-0.7) and MSEK -1.6 (-1.3) year to date.

From financing activities cash flow was MSEK 38.4 (-1.1) in the quarter which mainly relates to exercise of warrants in TO2018/2021. During the half-year it was MSEK 65.3 (-2.2) and relates both to exercise of warrants in TO2018/2021 and to payments for exercise of TO2017/2020 in December 2020, which were received by the company during the first quarter 2021.

Financial position

The cash position for the group as of 30 June, 2021 was MSEK 421.9 (222.0). There were no loans as of 30 June, 2021 and no loans have been taken up since.

Consolidated equity as of 30 June, 2021 was MSEK 819.7 (549.6). The difference compared to last year is due to the result for the period, the directed share issue in July 2020, and the exercise of warrants in the warrant programs TO2017/2020 and TO2018/2021.

Total assets for the group were MSEK 1,046 (723).

Parent company

The company's total revenue in the quarter amounted to MSEK 133.4 (82.6) and in the first half year MSEK 253.5 (135.1). The result after tax in the quarter was MSEK -51.2 (-20.8) and for January-June MSEK -76.1 (-85.8).

On 30 June, 2021, equity in the parent company amounted to MSEK 757.8 (499.5) and total assets to MSEK 929.3 (629.4), of which MSEK 380.1 (190.0) were cash and cash equivalents.

Acquisitions

During the quarter a wholly owned subsidiary was established in Austria.

Camurus' share

Camurus' share is listed on Nasdaq Stockholm.

At the end of the period, the total number of shares and votes was 54,538,571 (51,636,858). The difference compared to last year relates to the directed share issue completed in July 2020 and new shares issued through exercise of warrants in the subscription warrant program TO2017/2020 during fourth quarter 2020 and TO2018/2021 during the second quarter 2021.

Currently Camurus has four long-term share-based incentive programs ongoing for the company's employees; three subscription warrant programs and one employee option program which was launched 10 June, 2021. During the quarter and January-June, earnings after tax was negatively impacted by MSEK 0.9 and MSEK 2.5 after tax respectively related to the stay-on bonus the participants receive as part of the subscription warrant program. Corresponding impact, without any cash flow effect, for the employee option program was MSEK 1.6 during both the quarter and the first half-year. For further information about the programs, see Note 2.3.

Personnel

At the end of the period, Camurus had 140 (132) employees, of whom 77 (77) were within research and development and medical affairs, 48 (43) within business development and marketing and sales, while 14 (11) were within administration. The number of employees, in terms of full-time equivalents, amounted to 127 (118) during the quarter and 125 (115) during the first six months.

Financial outlook for 2021

The financial outlook for 2021 is maintained based on the expected product sales and revenue growth in the second half of the year as the impacts of COVID-19 continue to wane: Total revenue SEK 680 – 750 million, whereof product sales SEK 620 – 680 million, and an operating result SEK -120 – 0 million.

The outlook is based on exchange rates in January 2021 and excludes milestone payments related to the approval of Brixadi™ in the United States.

Audit

This report has not been reviewed by the company's auditor.

Forward-looking statements

This report includes forward-looking statements about expected and assumed future events, such as start of new development programs and regulatory approvals, and financial performance. These events are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from previous judgements.

Financial calendar 2021

Q3 2021 4 November, 2021

Further information

For further information, please contact: Fredrik Tiberg, President and CEO Tel. +46 46 286 46 92, e-mail: ir@camurus.com

The Board of Directors and the CEO certify that this interim report gives a true and fair view of the company's and groups' operations, financial position and results and describes significant risks and uncertainties that the company and the subsidiaries included in the group face.

Lund, Sweden, 14 July, 2021

Camurus AB

Per-Olof Wallström Chairman of the Board

Hege Hellström Board Member

Kerstin Valinder Strinnholm Board Member

Behshad Sheldon Board Member

Jakob Lindberg Board Member

Ole Vahlgren Board Member Fredrik Tiberg President and CEO, Board Member

This interim report has not been reviewed by the company's auditors.

KSEK Note	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Total revenue 4	137,895	80,872	263,792	130,168	335,997
Cost of goods sold	-20,592	-4,376	-36,264	-12,156	-35,284
Gross profit	117,303	76,496	227,528	118,012	300,713
Operating expenses
Marketing and distribution costs Administrative expenses	-55,453 -6,205	-41,948 -9,861	-99,987 -16,014	-84,123 -16,324	-171,821 -97,581
Research and development costs	-116,957	-50,249	-198,948	-118,905	-238,678
Other operating income	1,526	2,240	1,302	1,090	2,135
Operating result	-59,786	-23,322	-86,119	-100,250	-205,232
Finance income	43	55	85	109	194
Finance expenses	-330	-371	-662	-763	-1,541
Net financial items	-287	-316	-577	-654	-1,347
Result before tax	-60,073	-23,638	-86,696	-100,904	-206,579
Income tax 9	11,684	3,678	16,433	19,392	39,314
Result for the period1) 5	-48,389	-19,960	-70,263	-81,512	-167,265
Other comprehensive income
Exchange-rate differences	-607	-920	705	-480	-1,390
Comprehensive income for the period	-48,996	-20,880	-69,558	-81,992	-168,655

1) All attributable to parent company shareholders.

Earnings per share based on earnings attributable to parent company shareholders for the period (in SEK per share)

	2021	2020	2021	2020	2020
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Earnings per share before dilution, SEK	-0.89	-0.39	-1.29	-1.58	-3.18
Earnings per share after dilution, SEK	-0.89	-0.39	-1.29	-1.58	-3.18

For more information about calculation of earnings per share, see Note 5.

Presently, the company has four long-term share-based incentive programs active.

For further information see page 15 Camurus' share, and Note 2.3.

KSEK Note	30-06-2021	30-06-2020	31-12-2020
ASSETS Fixed assets
Intangible assets
Capitalized development expenditure	34,980	36,798	36,597
Tangible assets
Lease assets	22,350	25,264	25,094
Equipment	8,751	9,930	8,805
Financial assets
Deferred tax receivables	9 324,909	278,376	305,116
Total fixed assets	390,990	350,368	375,612
Current assets
Inventories
Finished goods and goods for resale	58,880	54,023	69,345
Raw material	47,000	28,230	42,004
Total inventories	105,880	82,253	111,349
Current receivables
Trade receivables	101,974	46,438	52,191
Other receivables	16,345	13,834	35,490
Prepayments and accrued income	8,649	8,482	7,663
Total current receivables	6 126,968	68,754	95,344
Cash and cash equivalents	421,894	222,004	461,793
Total current assets	654,742	373,011	668,486
TOTAL ASSETS	1,045,732	723,379	1,044,098

KSEK Note	30-06-2021	30-06-2020	31-12-2020
EQUITY AND LIABILITIES
EQUITY
Equity attributable to
parent company shareholders
Share capital	1,364	1,291	1,356
Other contributed capital	1,838,871	1,412,659	1,797,084
Retained earnings, including
comprehensive income for the period	-1,020,557	-864,336	-950,999
Total equity 10	819,678	549,614	847,441
LIABILITIES
Long-term liabilities
Lease liabilities	17,836	20,705	20,387
Social security costs for employee options	326	–	–
Total long-term liabilities	18,162	20,705	20,387
Short-term liabilities
Trade payables	31,603	31,366	20,712
Lease liabilities	5,101	4,444	5,094
Income taxes	7,505	4,807	2,839
Other liabilities	17,118	8,831	11,219
Accrued expenses and deferred income	146,565	103,612	136,406
Total short-term liabilities 6	207,892	153,060	176,270
TOTAL EQUITY AND LIABILITIES	1,045,732	723,379	1,044,098

		Share	Other contri buted	Retained earnings, inc. compr. inc. for	Total
KSEK	Note	capital	capital	the period	equity
Opening balance 1 January, 2020		1,291	1,412,687	-782,344	631,634
Comprehensive income for the period		–	–	-81,992	-81,992
Transactions with shareholders
Warrants issued		–	-28	–	-28
Closing balance 30 June, 2020		1,291	1,412,659	-864,336	549,614
Opening balance 1 January, 2020		1,291	1,412,687	-782,344	631,634
Comprehensive income for the period		–	–	-168,655	-168,655
Transactions with shareholders
Directed share issue		50	299,950	–	300,000
Exercise of warrants TO2017/2020		15	91,850	–	91,865
Issuance costs, net after deferred tax		–	-16,163	–	-16,163
Warrants issued		–	8,761	–	8,761
Closing balance 31 December, 2020		1,356	1,797,084	-950,999	847,441
Opening balance 1 January, 2021		1,356	1,797,084	-950,999	847,441
Comprehensive income for the period		–	–	-69,558	-69,558
Transactions with shareholders
Exercise of warrants		8	40,681	–	40,689
Employee share options program		–	1,262	–	1,262
Issuance costs, net after deferred tax		–	-399	–	-399
Warrants issued		–	243	–	243
Closing balance 30 June, 2021	10	1,364	1,838,871	-1,020,557	819,678

KSEK Note	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Operating activities
Operating profit/loss before financial items	-59,786	-23,322	-86,119	-100,250	-205,232
Adjustments for non-cash items 8	4,624	2,585	7,619	5,054	11,551
Interest received	43	55	85	109	194
Interest paid	-330	-371	-662	-763	-1,541
Income taxes paid	-509	-1,165	-904	-1,575	-3,580
Cashflow from operating activities before change	-55,958	-22,218	-79,981	-97,425	-198,608
in working capital
Increase/decrease in inventories	3,358	-45,200	5,469	-49,161	-78,257
Increase/decrease in trade receivables	-8,308	-4,841	-49,783	-11,647	-17,400
Increase/decrease in other current receivables	-5,321	-9,001	-9,268	-9,253	-2,663
Increase/decrease in trade payables	-17,549	10,398	10,891	13,979	3,325
Increase/decrease in other current operating liabilities	42,531	4,645	20,724	21,557	54,771
Cash flow from changes in working capital	14,711	-43,999	-21,967	-34,525	-40,224
Cash flow from operating activities	-41,247	-66,217	-101,948	-131,950	-238,832
Investing activities
Acquisition of intangible assets	-296	-241	-296	-652	-2,358
Acquisition of tangible assets	-988	-430	-1,318	-658	-968
Cash flow from investing activities	-1,284	-671	-1,614	-1,310	-3,326
Financing activities Amortization of lease liabilities	-1,283	-1,105	-2,551	-2,181	-4,782
Share issue after issuance cost	39,714	–	67,617	–	343,873
Warrants issued	–	-28	243	-28	8,761
Cash flow from financing activities	38,431	-1,133	65,309	-2,209	347,852
Net cash flow for the period	-4,100	-68,021	-38,253	-135,469	105,694
Cash and cash equivalents at beginning of the period	427,822	291,301	461,793	358,744	358,744
Translation difference in cash flow and liquid assets	-1,828	-1,276	-1,646	-1,271	-2,645
Cash and cash equivalents at end of the period	421,894	222,004	421,894	222,004	461,793

KSEK Note	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Net sales	133,436	82,587	253,544	135,161	337,004
Cost of goods sold	-19,146	-5,657	-31,215	-16,451	-42,107
Gross profit	114,290	76,930	222,329	118,710	294,897
Operating expenses
Marketing and distribution costs	-58,940	-45,231	-108,198	-92,708	-186,937
Administrative expenses	-6,246	-9,911	-16,107	-16,320	-97,946
Research and development costs	-114,816	-49,442	-194,608	-117,454	-232,394
Other operating income	1,212	1,753	1,192	347	1,037
Operating result	-64,500	-25,901	-95,392	-107,425	-221,343
Interest income and similar items	43	55	85	109	193
Interest expense and similar items	-24	-8	-25	-11	-15
Result after financial items	-64,481	-25,854	-95,332	-107,327	-221,165
Result before tax	-64,481	-25,854	-95,332	-107,327	-221,165
Tax on result for the period 9	13,264	5,086	19,271	21,564	43,543
Result for the period	-51,217	-20,768	-76,061	-85,763	-177,622

Total comprehensive income is the same as result for the period, as the parent company contains no items that are recognized under other comprehensive income.

KSEK Note		30-06-2021	30-06-2020	31-12-2020
ASSETS
Fixed assets
Tangible assets
Equipment		8,615	9,759	8,661
Financial assets
Interests in group companies		3,403	2,317	2,577
Deferred tax assets	9	332,468	286,716	313,096
Total fixed assets		344,486	298,792	324,334
Current assets
Inventories
Finished goods and goods for resale		51,002	47,671	58,947
Raw material		47,000	28,230	42,004
Total inventories		98,002	75,901	100,951
Current receivables
Receivables subsidiaries		6,772	10,472	10,256
Trade receivables		82,422	36,060	36,247
Other receivables		7,924	8,780	32,413
Prepayments and accrued income		9,648	9,414	8,663
Total current receivables		106,766	64,726	87,579
Cash and bank deposit		380,091	190,004	429,290
Total current assets		584,859	330,631	617,820
TOTAL ASSETS		929,345	629,423	942,154

KSEK Note	30-06-2021	30-06-2020	31-12-2020
EQUITY AND LIABILITIES
EQUITY
Restricted equity
Share capital (54,538,571 shares)	1,364	1,291	1,356
Statutory reserve	11,327	11,327	11,327
Total restricted equity	12,691	12,618	12,683
Unrestricted equity
Retained earnings	-984,054	-806,432	-806,432
Share premium reserve	1,805,257	1,379,045	1,763,470
Result for the period	-76,061	-85,763	-177,622
Total unrestricted equity	745,142	486,850	779,416
Total equity 10	757,833	499,468	792,099
LIABILITIES
Untaxed reserves
Depreciation/amortization in excess of plan	3,486	3,486	3,486
Total untaxed reserves	3,486	3,486	3,486
Long-term liabilities
Liabilities to subsidiaries	572	572	572
Social security fees employee share
options program	252	–	–
Total long-term liabilities	824	572	572
Short-term liabilities
Trade payables	25,419	29,011	16,628
Other liabilities	12,524	5,825	6,120
Accrued expenses and deferred income	129,259	91,061	123,249
Total short-term liabilities	167,202	125,897	145,997
TOTAL EQUITY AND LIABILITIES	929,345	629,423	942,154

Key figures, MSEK	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Total revenue	138	81	264	130	336
Operating expenses	-179	-102	-315	-219	-508
Operating result	-60	-23	-86	-100	-205
Result for the period	-48	-20	-70	-82	-167
Cash flow from operating activities	-41	-66	-102	-132	-239
Cash and cash equivalents	422	222	422	222	462
Equity	820	550	820	550	847
Equity ratio in group, percent	78%	76%	78%	76%	81%
Total assets	1,046	723	1,046	723	1,044
Weighted average number of shares, before dilution	54,349,123	51,636,858	54,292,362	51,636,858	52,678,479
Weighted average number of shares, after dilution	55,887,516	53,557,081	55,764,282	53,557,616	54,615,059
Earnings per share before dilution, SEK	-0.89	-0.39	-1.29	-1.58	-3.18
Earnings per share after dilution, SEK	-0.89	-0.39	-1.29	-1.58	-3.18
Equity per share before dilution, SEK	15.08	10.64	15.10	10.64	16.09
Equity per share after dilution, SEK	14.67	10.26	14.70	10.26	15.52
Number of employees at end of period	140	132	140	132	134
Number of employees in R&D at end of period	77	77	77	77	77
R&D costs as a percentage of operating expenses	65%	49%	63%	54%	47%

Cash and cash equivalents Cash and cash bank balances

Equity ratio, percent Equity divided by total capital

Weighted average number of shares, before dilution Weighted average number of shares before adjustment for dilution effect of new shares

Weighted average number of shares, after dilution Weighted average number of shares adjusted for the dilution effect of new shares

Earnings per share before dilution, SEK Result divided by the weighted average number of shares outstanding before dilution Earnings per share after dilution, SEK Result divided by the weighted average number of shares outstanding after dilution

Equity per share before dilution, SEK Equity divided by the weighted average number of shares at the end of the period before dilution

Equity per share after dilution, SEK Equity divided by the weighted average number of shares at the end of the period after dilution

R&D costs as a percentage of operating expenses Research and development costs divided by operating expenses, excluding items affecting comparability (marketing and distribution costs, administrative expenses and research and development costs)

Note 1 General information

Camurus AB, corp. ID No. 556667-9105 is the parent company of the Camurus group and has its registered office based in Lund, Sweden, at Ideon Science Park, 223 70 Lund. Camurus AB group's interim report for the second quarter 2021 has been approved for publication by the Board of Directors and the chief executive officer.

All amounts are stated in SEK thousands (KSEK), unless otherwise indicated. Figures in brackets refer to the year-earlier period.

Note 2 Summary of key accounting policies

The consolidated financial statements for the Camurus AB group ("Camurus") have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, as well as the Swedish Financial Reporting Board's Recommendation RFR 1 Supplementary Accounting Rules for groups, and the Swedish Annual Account Act.

This interim report has been drawn up in accordance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and RFR 1 Supplementary Accounting Rules for groups.

The parent company statements have been prepared in accordance with the Annual Accounts Act and recommendation RFR 2 Accounting for legal entities from the Swedish Financial Reporting Board. The application of RFR 2 means that the parent company in the interim report for the legal entity shall apply all EU-approved IFRS standards and statements as far as possible within the framework of the Annual Accounts Act, the Pension Obligations Vesting Act (Tryggandelagen) and taking into consideration the relationship between accounting and taxation. The parent company's accounting policies are the same for the group, unless otherwise stated in Note 2.2.

The most important accounting policies that are applied in the preparation of these consolidated financial statements are detailed below and are the same and consistent with those used in the preparation of Annual Report 2020, see camurus.com/Investors/Financial Reports.

As of this report, IFRS 2 is applied to the employee stock option program decided on by the Annual General Meeting on May 6, 2021, see Note 2.3.

2.1 BASIS OF PREPARATION OF REPORTS

2.1.1 Changes to accounting policies and disclosures

No new or revised IFRS standards, with any material impact on the group, have come into force.

2.1.2 Derivatives

Derivatives are reported in the balance sheet on the transaction day and are valued at fair value, both initially and in subsequent revaluations at the end of each reporting period. The group does not apply hedge accounting and all changes in the fair value of derivative instruments are reported directly in the income statement as Other operating income or Other operating expenses. Derivatives are reported in the balance sheet as Other receivables and Other liabilities.

2.2 PARENT COMPANY'S ACCOUNTING POLICIES

The parent company applies accounting policies that differ from those of the group in the cases stated below.

Internally generated intangible assets

All expenses that relate to the development of internally generated intangible assets are recognized as expenses as they arise.

Interests in subsidiaries

Interests in subsidiaries are reported at cost, less any impairment losses. The cost includes acquisition-related expenses and any additional considerations. When there is an indication that interests in subsidiaries have decreased in value, a calculation is made of the recoverable amount. If this amount is lower than the reported amount, an impairment is carried out. Impairment losses are recognized under the item "Result from interest in group companies".

Group contributions

Group contributions paid by the parent company to subsidiaries and group contributions received from subsidiaries by the parent company are recognized as appropriations.

Financial instruments

IFRS 9 "Financial instruments" addresses the classification, measurement and recognition of financial assets and liabilities and is applied with the exceptions that RFR2 allows, i.e. at amortized cost.

Derivatives with a negative fair value are reported in the balance sheet as Other liabilities and changes in the fair value of derivative instruments are reported directly in the income statement on the line Other operating income or Other operating expenses. Derivatives with a positive fair value are reported at the lower of acquisition value and fair value.

2.3 SHARE-BASED PAYMENT

2.3.1 Subscription warrant programs

Camurus has three long-term incentive programs active for the company's employees. The programs were adopted by the Annual General Meeting (AGM) in 2018, 2019 and 2020.

The warrants are valued by an independent institute in accordance with Black&Scholes model and are acquired by the participants at market value.

As part of the program, the participants receive a threepiece stay-on bonus from the company in form of gross salary additions equivalent to the amount paid by the participant for the subscription warrants. The stay-on bonus is conditional on continued employment. Costs including social security fee, are based on how much has been earned, and are expensed over the vesting period. Expenses are recognized as personnel cost in the income statement.

2.3.2 Employee option program

At the Annual General Meeting on 6 May, 2021, it was decided to implement Incentive Program 2021/2024 based on employee stock options for the company's employees. The options are granted free of charge and have a term of approximately 3

years from the grant date. Once vested, the options can be exercised during the period 1 June - 16 December, 2024 (exercise period) provided that the participant is still employed. Each vested option gives the holder the right to acquire one share in Camurus at a pre-defined price corresponding to 130 percent of the volume-weighted average price for the company's share on Nasdaq Stockholm during the ten trading days immediately following the company's AGM 2021 whereby the price was set at SEK 263.50. The incentive program comprises a maximum of 1,215,500 employee stock options.

The fair value of the service that entitles to the allotment of options through the program is reported as a personnel cost with a corresponding increase in equity. The total amount to be expensed is based on the fair value of the employee stock options granted, including the share target price, and that the employee remains in the company's service during the exercise period. The total cost is reported over the vesting period. At the end of each reporting period, the company reconsiders its assessment of how many options are expected to be exercised and the difference is reported in the income statement and a corresponding adjustment is made in equity. As a basis for allocating social security contributions, a revaluation of fair value is continuously made for the employee stock options earned at the end of each reporting period. Social security contributions are reported as personnel costs and the corresponding provision is made under long- or short-term liabilities depending on the remaining term.

In June, a total of 1,069,150 employee options were granted, of which 60,000 to the CEO, 225,000 other senior executives and 784,150 other employees.

Calculation of fair value of employee stock option programs

The fair value of the option when implementing the program has been calculated using Black & Scholes' valuation model, which takes into account the exercise price, the term of the option, the share price on the allotment date and the expected volatility in the share price and risk-free interest for the option. The fair value of the employee stock option was set at SEK 61.18 in connection with the implementation of the program on 10 June, 2021.

For further information about this program, see the minutes from the 2021 Annual General Meeting published on the company's website, www.camurus.com.

Summary of ongoing incentive programs (number of shares)

Below is a summary of the total number of shares that granted subscription warrants and employee options may entitle to as of 30 June, 2021. Full exercise of allotted warrants and employee stock options as of 30 June, 2021 corresponding to a total of 2,171,368 shares would result in a dilution of shareholders with 3.98 percent. If decided, but not granted employee options, a further total of 146,350, are fully exercised, it would result in a total dilution of shareholders of 4.25 percent.

Change in existing incentive programs	Number of shares granted instruments may entitle to
1 January, 2021	1,404,599
Granted instrument
TO2020/2023	1,000
31 March, 2021	1,405,599
Change during the seccond quarter 2021
Granted instruments
Incentive Program 2021/2024	1,069,150
Exercised instruments
TO2018/2021	-303,381
Total change	765,769
Number of shares granted instruments may	2,171,368
entitle to as of 30 June, 2021

Program	Number of shares subscribed warrants entitles to	Potential dilution of the sub scribed warrants and options	Subscription period	Strike price SEK, for sub scription of shares upon exercise	Market value3)	Number of employees partici pating in the program
TO2018/2021	304,1841,2)		0.56%1,2) 15 May 2021- 15 Dec 2021		133.401) 14 May 2018: 12.83 SEK 20 Aug 2018: 9.94 SEK	46
TO2019/2022	597,4592)		1.10%2) 15 May 2022- 15 Dec 2022	98.90	3 Jun 2019: 11.10 SEK	63
TO2020/2023	200,5752)		0.37%2) 15 May 2023- 15 Dec 2023	169.50	17 Aug 2020: 44.70 SEK 14 Dec 2020: 50.70 SEK 10 Mar 2021: 75.50 SEK	40
TO2021/2024	1,069,150	1.96%	1 Jun 2024- 16 Dec 2024	263.50	10 Jun 2021: 61.18 SEK	129
Total	2,171,368	3.98%

1) After recalculation of the warrants in TO2018/2021 (after exercise in May 2021), which was called for in accordance with the terms of the programs due to the rights issue in March 2019. Prior to recalculation, the total number was 2,146,251, corresponding to a dilution effect of 3.94 percent.

2) No further allocation can be made.

3) Market valuation in accordance with the Black&Scholes model. Data used in the valuation are volatility in the share, dilution effect, subscription price at exercise, interest rate and the term for the warrants.

Note 3 Significant risks and uncertainties

The company management makes estimates and assumptions about the future. Such estimates can deviate considerably from the actual outcome, since they are based on various assumptions and experiences.

The estimates and assumptions that may lead to the risk of significant adjustments to reported amounts for assets and liabilities relate mainly to measurement and allocation of revenues and costs in connection with licensing agreements and deferred tax receivables. Risks in ongoing development projects comprise technical and manufacturing related risks (including products failing to meet set specifications post manufacturing), safety and effect-related risks that can arise in clinical trials, regulatory risks relating to non-approval or delays of clinical trial applications and market approvals, and commercial risks relating to the sale of proprietary and competing products and their development on the market, as well as IP risks relating to approval of patent applications and patent protection. In addition, there are risks relating to the development, strategy and management decisions of Camurus' partners. There is also a risk that differences of opinion will arise between Camurus and its partners or that such partners do not meet their contructual commitments.

Camurus pursues operations and its business on the international market and the company is therefore exposed to currency risks, since revenues and costs arise in different currencies, mainly AUD, EUR, GBP, NOK, SEK and USD. As of 30 June, 2021, Camurus has managed part of the risk with currency derivatives forward contracts.

The group reports a deferred tax asset of MSEK 324.9 as of 30 June, 2021. The deferred tax asset is calculated on the basis that Camurus AB's entire losses carried forward will be utilized against taxable surpluses in the future. The basic circumstance leading the company to make this assessment is that the company, for the development of new drug candidates, utilizes its own proprietary and regulatory validated long-acting FluidCrystal® injection depot. By combining this technology with already existing active drug substances whose efficacy and safety profile previously has been documented, new proprietary drugs with improved properties and treatment results can be developed in shorter time, at a lower cost and risk compared to the development of completely new drugs.

Accounting for deferred tax assets according to IFRS requires that it is probable that taxable surpluses will be generated in the future which the losses carried forward can be used against. In addition, a company that has reported losses in recent periods must be able to demonstrate convincing factors that taxable profits will be generated. The progress made in the development of CAM2038 for the treatment of opioid dependence (Phase 3 studies and regulatory approvals) and success in previous projects using FluidCrystal injection depot is what convincingly suggests that the company will be able to utilize its losses carried forward. The fact that the company has reported losses is natural in an industry where it takes considerable time to develop and launch new products, even when these are based on a proven technology and substances that are well-proven. The company sees the European Commission and Australian TGA's approvals of Buvidal® for treatment of opioid dependence in November 2018 and the launch and ongoing sale of Buvidal in EU and Australia as further validation of FluidCrystal injection depot, and are events that confirm the likelihood assessments made by the company when determening the amount of the deferred tax asset. The fact that the company's partner Braeburn received a Complete Response Letter from the FDA for Brixadi™ in December 2020, does not change the assessment. During the quarter, Braeburn submitted the updated NDA application and FDA announced that PDUFA action date is set to 15 December, 2021.

Future revenues will mainly be generated from Camurus' own sales organization in markets where Camurus have own commercialization capabilities, and through partnerships for markets where Camurus has outlicensed FluidCrystal and/or product candidates or products, such as Buvidal.

Losses carried forward are only reported in Sweden and without any due dates based on current tax legislation in Sweden.

A more detailed description of the group's risk exposure is included in Camurus Annual Report 2020 (The Director's Report).

The Board of Directors has not changed its outlook on future developments in relations to their outlook published in the interim report for the first quarter 2021.

Note 4 Segment information

The highest executive decision maker is the function responsible for allocating resources and assessing the operating segments results. In the group this function is identified as the CEO based on the information he manages. As the operations in the group, i.e. the development of pharmaceutical products based on Camurus' technology platform, is organized as an integrated unit, with similar risks and opportunities for the products and services produced, the entire group's business constitutes one operating segment. The operating segment is monitored in a manner consistent with the internal reporting provided to the chief operating decision maker. In the internal reporting to the CEO, only one segment is used.

Group-wide information

To follow is a breakdown of revenues from all products and services.

Revenues allocated by products and services	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Sales of development related
goods and services	1,296	5,117	2,896	5,736	9,036
Licensing revenues and
milestone payment	–	–	–	63	4,428
Product sale1)	136,599	75,755	260,896	124,369	322,533
Total	137,895	80,872	263,792	130,168	335,997
Revenues allocated by geographical area	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Europe	83,199	50,279	160,503	82,246	205,768
(whereof Sweden)	(9,537)	(2,828)	(16,885)	(5,227)	(14,389)
North America	647	5,043	1,290	5,721	13,224
Asia including Oceania	54,049	25,550	101,999	42,201	117,005
Total	137,895	80,872	263,792	130,168	335,997

Revenues during the quarter of approximately MSEK 50.2 (23.0) relate to one single external customer.

99.8 (99.8) percent of the group's fixed assets are located in Sweden.

Note 5 Earnings per share

a) Before dilution

Earnings per share before dilution is calculated by dividing the result attributable to shareholders of the parent company by a weighted average number of ordinary shares outstanding during the period. During the period, no shares held as treasury shares by the parent company have been repurchased.

b) After dilution

In order to calculate earnings per share after dilution, the number of existing ordinary shares is adjusted for the dilutive effect of the weighted average number of outstanding ordinary shares. The parent company has one category of ordinary shares with anticipated dilution effect in the form of warrants and options. For this category, a calculation is made of the number of shares that could have been purchased at fair value (calculated as the average market price for the year for the parent company's shares), at an amount corresponding to the monetary value of the subscription rights linked to outstanding warrants and options. The number of shares calculated as above are compared to the number of shares that would have been issued assuming the warrants and options are exercised.

KSEK	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Result attributable to parent company shareholders Weighted average number	-48,389	-19,960	-70,263	-81,512	-167,265
of ordinary shares outstanding (thousands)	54,349	51,637	54,292	51,637	52,678

KSEK	2021 Apr-Jun	2020 Apr-Jun	2021 Jan-Jun	2020 Jan-Jun	2020 Jan-Dec
Result attributable to parent company shareholders	-48,389	-19,960	-70,263	-81,512	-167,265
Weighted average number of ordinary shares
outstanding (thousands)	54,349	51,637	54,292	51,637	52,678
Adjustment for warrants
and options (thousands)	1,538	1,920	1,472	1,921	1,937
Weighted average number of	55,888	53,557	55,764	53,558	54,615
ordinary shares used in
calculation of earnings per
share after dilution (thousands)

Note 6 Financial instruments – Fair value of financial assets and liabilities

All of the group's financial instruments that are measured at amortized cost are short-term and expire within one year. The fair value of these instruments is deemed to correspond to their reported amounts, since discounting effects are minimal.

Financial assets and liabilities in the group that are reported at fair value consist of derivatives (currency futures). All derivatives are included in level 2 when valuing at fair value, which means that fair value is determined using valuation techniques that are based on market information as much as possible, while company-specific information is used as little as possible. All significant input data required for the fair value measurement of an instrument is observable. The fair value of forward exchange contracts is determined as the present value of future cash flows based on exchange rates for forward exchange contracts on the balance sheet date.

Balance sheet assets, KSEK	30-06-2021	30-06-2020	31-12-2020
Trade receivables	101,974	46,438	52,191
Payment not yet received regarding
exercise of warrants	–	–	27,427
Derivatives - currency futures
(part of Other receivables)	1,257	–	–
Cash and cash equivalents	421,894	222,004	461,793
Total	525,125	268,442	541,411
Balance sheet liabilities, KSEK	30-06-2021	30-06-2020	31-12-2020
Trade payables	31,603	31,366	20,712
Other liabilities	190	190	190
Total	31,793	31,556	20,902

Note 7 Related party transaction

There were no related party transactions outside of the Camurus group during the period.

No receivables or liabilities existed as of 30 June, 2021.

Note 8 Information on cash flow

2021 Apr-Jun

2020 Apr-Jun

Depreciation 3,036 2,585 6,031 5,054 11,551 Employee options 1,588 – 1,588 – – Total 4,624 2,585 7,619 5,054 11,551

2021 Jan-Jun

2020 Jan-Jun

2020 Jan-Dec

Adjustment for non-cash items:

KSEK

Note 9	Tax
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Tax income for the quarter amounted to MSEK 11.7 (3.7), primary attributable to the negative result.

Note 10 Equity

The change in equity for the quarter is mainly attributable to the loss during the period and the subscription of new shares through the warrant program TO2018/2021.

This information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation and to the Securities Markets Act. The information was submitted for publication, through the agency of the chief executive officer, 07.00 AM (CET) on 15 July, 2021.

Camurus AB | Ideon Science Park, SE-223 70 Lund, Sweden P +46 46 286 57 30 | F +46 46 286 57 39 | info@camurus.com | camurus.com