Almirall S.A.

Investor Presentation • Jan 11, 2022

40th Annual J.P. Morgan Healthcare Conference

January 2022

Disclaimer

This document has been prepared by Almirall, S.A. (the "Company") exclusively for use during the presentation. This document includes only summary information and does not intend to be comprehensive. This document may not be disclosed or published or used by any person or entity for any reason without the prior, express written consent of the Company. Information in this document about the price at which securities issued by the Company have been purchased or sold in the past, or information about the yield on securities issued by the Company, cannot be relied upon as a guide to the future performance of the Company's securities.

Forward looking information, opinions and statements contained herein are based on the Company's estimates (using assumptions that the Company believes to be reasonable) and on sources believed to be reliable by the Company, but have not been verified by independent experts. The Company does not warrant the completeness, timeliness or accuracy of any such information, opinions and statements, and, accordingly, no reliance should be placed on them in this connection.

Certain statements contained herein that are not historical facts are forward-looking statements.

Such forward-looking statements are based on current expectations and projections about future events and are subject to various risks and uncertainties, many of which are difficult to predict and are beyond the control of the Company. Therefore, actual results may differ materially from those discussed in, or implied by, such forwardlooking statements. Except to the extent required by the applicable law, the Company expressly disclaims any obligation to revise or update any forward-looking statements, the expectations of the Company, the conditions or circumstances on which the forwardlooking statements are based, or any other information or data included herein.

This document does not constitute an offer or invitation to acquire or subscribe for securities, in accordance with the provisions of the restated text of the Securities Market Act approved by the Royal Legislative Decree 4/2015, of 23 October 2015. Furthermore, this document does not constitute a purchase, sale or swap offer, nor a request for a purchase, sale or swap offer for securities, or a request for any vote or approval in any other jurisdiction.

January 2022

Today's agenda

We are a global biopharmaceutical company focused on medical dermatology, passionate about science and committed to transform patients' life.

Our Noble Purpose

Transform the patients' world by helping them realize their hopes and dreams for a healthy life.

Our Commitment

1. Bring medical dermatology solutions that impact patients' lives

2.

Be the Partner of choice for companies that require focus, agility and broad experience

3.

Enhance our focus on innovation by investing in transformative therapies that meet patients needs

A research-focused biopharmaceutical dermatology leader

5

J.P. Morgan Healthcare Conference 2022 1. As of 1 September 2021. 2. As of 31 December 2020.

Internationally experienced leadership team driving long-term stakeholder value

J.P. Morgan Healthcare Conference 2022 2. As of 31 December 2020.

Dermatology, an attractive medical and commercial space

Skin diseases affect millions of people worldwide, collectively exceeding the prevalence of conditions such as obesity, hypertension, and cancer

Chronic dermatologic diseases can have a substantial negative impact on patients' health-related quality of life and significantly affect health care costs

Sizable global market sales with expected double digit growth Growth expected to be pipeline-driven (especially in biologics)

Worldwide net sales, \$ B(1)

(1) Net sales are based on Evaluate Pharma's indication-specific sales which are indicative of market expectations and have a degree of uncertainty. Evaluate Pharma classifies Actinic Keratosis as a Miscellaneous Cancer and Onychomycosis as a Fungal Infection. Other Dermatological category includes total sales related to skin indications per Evaluate Pharma's classification, less sales related to Psoriasis, Atopic Dermatitis and Acne

Why dermatology?

Sharpened strategic focus on areas of high unmet medical needs

The trusted partner for dermatologists and their patients

• Maximizing current portfolio through expanding and commercializing dermatological therapies in key markets.
• Continuing to further research in immune-inflammatory diseases such as atopic dermatitis, psoriasis, alopecia areata and vitiligo.
• Focusing on expanding our expertise within non melanoma skin cancer diseases such as actinic keratosis*, basal cell carcinoma and squamous cell carcinoma.
• Exploring the field of dermatological rare diseases with high unmet needs.

*pre-cancerous lesion

Successful transformation into a medical dermatology company

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Who is Almirall?

Strong position across significant dermatology indications

Aiming for accelerating sales growth in the coming years

	Psoriasis			Atopic Dermatitis	Actinic keratosis		Acne	Onychomycosis
				Lebrikizumab				Efinaconazole
Administration medical therapy	Sub-cutaneous (Biologic)	Oral	Topical cream	Sub-cutaneous (Biologic)	Topical gel	Topical	Oral	Topical treatment	Topical treatment
Key Markets
Launch	✓ Rolling-out across EU	✓ Rolling-out across EU	EU 2022	2023*	✓ 2011	✓ US: Feb 2021 EU: H2 2021	✓ Jan 2019	2023*	✓ Acquired (2016)
SEVERE / MODERATE / MILD					MILD / MODERATE			MODERATE / MILD

* Assuming timely regulatory approvals.

Promising late-stage Pipeline Why

(1) Already received marketing authorization, through the decentralized procedure, in Czech Republic, Denmark, France, Norway, Spain and the UK with the name Wynzora® and with the name Winxory® in Austria; (2) Working with partner Eli Lilly who have the US rights to decide the best approach to phase 3b that fits for the US and EU needs; (3) Depending on regulatory pathway.

dermatology?

Lebrikizumab Why

Almirall to leverage strong commercial footprint with EU rights

(1) Atopic Dermatitis

Fostering long-term innovation

Global rights to develop and commercialize anti-IL1RAP monoclonal antibody (mAb) for autoimmune dermatology diseases

ISB 880: First-in-class asset ready to start Phase 1

• Anti-IL-1RAP antagonist mAb
• IND ready (H1 2022)
• Potential to have superior clinical efficacy than competitors
• Opportunity for ISB 880 to be positioned across broad disease indications
• Ambition to globally develop and commercialize ISB-880 for autoimmune dermatology diseases

Why dermatology?

Our key priorities Our key

1. Invest in product launches to drive significant mid-term revenue acceleration.

1. Focus on innovation by strengthening the pipeline.

3.

Steady roll-out of innovative products in key franchises with strong footprint in European markets.

4.

Opportunistic inorganic growth while maintaining a prudent financial policy & solid liquid position.

Thank You

Appendices

Well established and performing portfolio of general medicine and OTC products

Top 10 proprietary and in-licensed products

Based on Net Sales

			Origin
Principal brand (Product active ingredient)	Therapeutic area	Pathological indication	Propritetary	In-Licensed	Net sales for the year ended Dec 31, 2020 (€ in millions)	Approximate % of Net Sales
Ebastel franchise (Ebastine)	Respiratory	Allergy	✓		57.5	7.1%
Ciclopoli franchise	Dermatology	Onychomycosis	✓		48.5	6.0%
Tesavel/Efficib (Sitagliptin/ sitagliptin + Metformin)	Gastrointestinal/ Metabolism	Diabetes		✓	47.3	5.9%
Ilumetri	Dermatology	Psoriasis		✓	43.9	5.4%
Sativex franchise	Nervous System	Multiple sclerosis		✓	35.0	4.3%
Crestor	Cardiovascular System	Huyperlipidemia		✓	33.8	4.2%
Almax	Gastrointestinal	Heartburn	✓		31.4	3.9%
Skilarence	Dermatology	Psoriasis	✓		28.8	3.6%
Decoderm franchise (Fluprednidene)	Dermatology	Mycotic dermatitis	✓		27.6	3.4%
Tazorac	Dermatology	Psoriasis	✓		20.5	2.5%
Total					374.3	46.4%

For further information, please contact:

Pablo Divasson del Fraile Investor Relations & Corporate Comms. Tel. +34 93 291 3087 pablo.divasson@almirall.com

Or visit our website: www.almirall.com