2nd Quarter 2021 Earnings - biohavenpharma.com

NYSE:BHVN

Ellie, living with migraine

© 2021 Biohaven Pharmaceuticals. All rights reserved.

Ellie, living with migraine

2nd Quarter 2021 EarningsAugust 9, 2021

Agenda

Opening Remarks | Caroline Dircks, Ph.D. Vice President Corporate Operations

Second Quarter Summary and Recent Events| Vlad Coric, M.D. Chief Executive Officer

2Q2021 Financial Results | Jim Engelhart, C.P.A. Chief Financial Officer

Commercial Events | BJ Jones, M.B.A. Chief Commercial Officer Migraine and Common Disease

R&D Update | Elyse Stock, M.D. Chief Medical Officer

Closing Remarks | Vlad Coric, M.D. Chief Executive Officer

Question and Answer Session

2AUGUST 2021 2ND QUARTER 2021 EARNINGS

Forward-Looking Statements and Non-GAAP

This presentation contains forward-looking statements within the meaning of “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including: statements about our plans to develop and commercialize our product candidates, the timing of our planned regulatory filings, the timing of and our ability to obtain and maintain regulatory approvals for our product candidates and the clinical potential utility of our product candidates, alone and as compared to other existing or potential treatment options. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements and from the Company's current expectations. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. The forward-looking statements in this presentation represent our views as of the date of this presentation. Subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no obligation to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Additional important factors to be considered in connection with forward-looking statements are described in the "Risk Factors" section of Biohaven's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 1, 2021, and Biohaven's subsequent filings with the Securities and Exchange Commission.

This presentation refers to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations of non-GAAP financial results to the most directly comparable GAAP financial results are included at the end of this presentation.

During this call, presenters will make statements about our approved product Nurtec ODT. Safety information and the full prescribing information for Nurtec ODT can be found at Nurtec.com.


Vlad Coric, M.D. | Chief Executive Officer

Second Quarter 2021 Summary & Recent Events

Company Achievements

2ND QUARTER 2021 EARNINGSAUGUST 2021 5

>875,000TRxs of NURTEC

to Date

55.9%New to Brand

Share

$93MNet Sales2Q2021

$200MTotal

Net SalesSince Launch

44.1%

3/13

3/27

4/10

4/24 5/

85/

22 6/5

6/19 7/

37/

177/

318/

148/

289/

119/

2510

/910

/23

11/6

11/2

012

/412

/18

1/1

1/15

1/29

2/12

2/26

3/12

3/26 4/

94/

23 5/7

5/21 6/

46/

18 7/2

7/16

Oral CGRP Class Continues to Show Robust Market Growth, Nurtec leads in NBRx share at 55.9%

KEY INSIGHTS• Nurtec TRx launch curve shows strong growth consistent with the class, with the brand steadily growing

NBRx leadership through the months of June and July to achieve 55.9% share • Oral CGRP market for migraine on track to reach blockbuster status in U.S. market alone

Source: TRx and NBRx through 7/16/21, IQVIA NPA-MD, accessed 7/26/2021

6

1/24

2/14 3/6

3/27

4/17 5/8

5/29

6/19

7/10

7/31

8/21

9/11

10/2

10/2

311

/13

12/4

12/2

51/

15 2/5

2/26

3/19 4/9

4/30

5/21

6/11 7/2

7/23

Total Rx Volume (7/30)

Ubrelvy Nurtec ODT

New to Brand Rx Share (7/16)

Ubrelvy

Nurtec ODT

21,23820,936

55.9%

1 2

Week ending Week ending

AUGUST 2021 2ND QUARTER 2021 EARNINGS

476,222

3,924,354

Oral CGRPs Have Significant Growth Opportunity Ahead vs Triptans

2ND QUARTER 2021 EARNINGS 7

2Q21

TriptansCGRP orals3

Cumulative TRx volume

2Q21

TRx Volume vs Triptans¹

11%

AUGUST 2021

Source: 1. TRX numbers cover 2Q2021, IQVIA SMART, accessed 8/4. 2. NBRx numbers cover 2Q2021, IQVIA XPO, accessed 7/27. 3. CGRP orals = Nurtec ODT & Ubrelvy.

121,508

577,863

2Q21 2Q21

TriptansCGRP orals3

Quarterly NBRx volume

NBRx Volume vs Triptans²

21%

Orals CGRPs Have Driven CGRP Growth in 2020 and 2021 (vs mAbs)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

5/25/18

6/25/18

7/25/18

8/25/18

9/25/18

10/25/18

11/25/18

12/25/18

1/25/19

2/25/19

3/25/19

4/25/19

5/25/19

6/25/19

7/25/19

8/25/19

9/25/19

10/25/19

11/25/19

12/25/19

1/25/20

2/25/20

3/25/20

4/25/20

5/25/20

6/25/20

7/25/20

8/25/20

9/25/20

10/25/20

11/25/20

12/25/20

1/25/21

2/25/21

3/25/21

4/25/21

5/25/21

6/25/21

CGRP Weekly TRx

Source: IQVIA SMART: TRx Volume to 7/16/2021, accessed 7/26/2021. 1. Oral CGRP = Ubrelvy, Nurtec ODT; 2. Injectable mAb = Emgality, Ajovy, Aimovig

8

Oral CGRP1

Injectable mAb2


Product Patent Awarded for ODT Formulation, Extends Company's IP for CGRP Platform into 2039

AUGUST 2021 2ND QUARTER 2021 EARNINGS 9

New patent awarded to the Company by the United States Patent and Trademark Office for our drug product, Nurtec ODT (rimegepant), in an ODT form

Covers rimegepant as well as other CGRP inhibitors

Patent expires in March 2039, not including possible extensions of up to 5 years

Unparalleled CGRP-Antagonist Franchise

Biohaven’s CGRP Platform


ORAL

Ph 3 preventionStarted 1Q21

Zavegepant

RAPID DISSOLVING

Launched 1Q20

Nurtec® ODT

MULTIPLE FORMULATIONS

BHV-3100Ph 1 started 2Q21

Advanced Leads4 Oral Follow-Ups

INTRANASAL

2nd Ph 3 trialunderway 4Q20

5ADVANCEDMOLECULES

Next-GEN CGRPs

CGRP Franchise: Near-Term Value Inflection Milestones

2ND QUARTER 2021 EARNINGS

SUBMISSION4Q21

TOP-LINE4Q22

MIGRAINE ACUTE APPROVED

MIGRAINE PREVENTIONAPPROVED

MIGRAINE PEDIATRICPHASE 3 START

MIGRAINE ULTRA-RAPID ACUTEINTRANASAL

MIGRAINE CHRONICORAL QDZAVEGEPANT

ZAVEGEPANT

AUGUST 2021 11

United Arab EmiratesAcute | APPROVED

IsraelAcute | APPROVED Kuwait

Acute | 4Q20

EuropeDual | 1Q21

Saudi ArabiaAcute | 1Q21

LebanonAcute | 3Q21

QatarAcute | 3Q21

BahrainAcute | 4Q20

JapanPh 2/3 | 4Q21China

Ph 3 | 4Q20

KoreaPh 3 | 4Q20

Rimegepant Global Regulatory Expansion in Migraine


Acute Migraine2APPROVALS

Acute and DualBy end of 2021

9SUBMISSIONS

OmanAcute | 3Q21

Neuroinnovation Pipeline: Near-Term Milestones


OBSESSIVE COMPULSIVE

DISORDER

TOP-LINE2H22

TRORILUZOLE

MULTIPLE SYSTEM

ATROPHY

VERDIPERSTAT

TOP-LINE 3Q21

AMYOTROPHIC LATERAL

SCLEROSIS

VERDIPERSTAT

COMPLETE ENROLLMENT 4Q21

SPINOCEREBELLAR ATAXIA

TRORILUZOLE

TOP-LINE1H22

AUGUST 2021 13

TAKE CONTROL OF MIGRAINE WITH

one medication

Ellie WActual Nurtec® ODT Patient

Jim Engelhart, C.P.A. | Chief Financial Officer

2Q21 Financial Results

Second Quarter Results (Unaudited)

16

$ Millions, except net loss per share — basis and dilutedGAAP Reported Non-GAAP Adjusted

Q2 2021 Q2 2020 Change Q2 2021 Q2 2020 Change

Product Revenue, net — NURTEC ODT $92.9 $9.7 $83.2

R&D expense 77.4 42.4 35.0 $67.7 $36.0 $31.7

SG&A expense 170.1 124.8 45.3 153.7 119.5 34.3

Net loss (210.6) (180.9) (29.7) (170.9) (150.0) (20.9)

Net loss per share — basic and diluted $(3.23) $(3.08) $(0.15) $(2.62) $(2.55) $(0.07)

Note: see slides 34-35 for an explanation of non-GAAP financial measures and a reconciliation of GAAP to Non-GAAP adjusted amounts shown

GAAP Reported


Non-GAAP Adjusted

Year-to-Date Results (Unaudited)

17

$ Millions, except net loss per share — basis and dilutedGAAP Reported Non-GAAP Adjusted

YTD 2021 YTD 2020 Change YTD 2021 YTD 2020 Change

Product Revenue, net — NURTEC ODT $136.8 $10.8 $125.9

R&D expense 184.5 98.5 86.0 $141.8 $85.8 $56.0

SG&A expense 329.6 220.4 109.2 284.6 204.4 80.2

Net loss (475.6) (353.9) (121.7) (359.3) (284.7) (74.6)

Net loss per share — basic and diluted $(7.48) $(6.15) $(1.33) $(5.65) $(4.94) $(0.71)

Note: see slides 34-35 for an explanation of non-GAAP financial measures and a reconciliation of GAAP to Non-GAAP adjusted amounts shown

GAAP Reported


Non-GAAP Adjusted

Capital Position ($ Millions)

18

Cash, cash equivalents, and marketable securities @ June 30, 2021 $368.0

Cash immediately available to draw from Sixth Street financing $225.0

Additional proceeds to be received over next 7 calendar quarters from RPI Series B preferred share issuances $164.8

Access to $590M+ in capital


BJ Jones, M.B.A. | Chief Commercial Officer Migraine and Common Disease

Commercial Events


49.6%

50.4%

40%

45%

50%

55%

60%

4/2

4/9

4/16

4/23

4/30 5/7

5/14

5/21

5/28

6/04

6/11

6/18

6/25 7/2

7/9

7/16

7/23

7/30

TRx Share

55.9%

44.1%

40%

45%

50%

55%

60%

4/2

4/9

4/16

4/23

4/30 5/7

5/14

5/21

5/28

6/04

6/11

6/18

6/25 7/2

7/9

7/16

7/23

7/30

NBRx Share

Source: IQVIA Market Dynamics, IQVIA NPA

AUGUST 2021 20

Prevention Approval

Prevention Approval

Ubrelvy

Nurtec ODT

Ubrelvy

Nurtec ODT

Nurtec® ODT Has Gained Significant Market Share in the Weeks Post Prevention Approval

Includes entire oral CGRP market

Significant Unmet Need


PREVENTION = TOO FEW, TOO LATE

DESPERATION FOR BETTER OPTIONS

THE INJECTION BARRIER IS REAL

15%of people who meet clinical criteria for Preventive treatment actually use it

84%of people taking a Preventive treatment wish there was a better option

65%of people do not want to receive an injection as a preventive medication


39MPeople with Migraine in US

19.5MDiagnosed with Migraine

500KNovel Injectables

1.1MTopiramate, Gabapentin, Tcas

7.0MRx Therapy

CURRENT INJECTIBLE PREVENTIVEMIGRAINE MARKET

BROADERPREVENTIVE MARKETOPPORTUNITY

ACUTE PLUS

ACUTE


Redefining the Prevention Market Opportunity

The First and Only Medication Proven to Treat and Prevent Migraine


ACUTE Treatment

PREVENTIVETreatment

DUAL-THERAPY MIGRAINE TREATMENT

Dissolving the line between acute and preventive treatment

Nurtec® ODT Provides New Hope


THE HALO FOR ACUTE IS REAL

HCPS ARE LIKELY TO RX FOR MULTIPLE USES

DESIRE FOR FLEXIBILITY

ACUTE 67%of patients say they want a drug that treats and prevents

85%of HCPs will Rx more for Acute as a result of Preventive indication

77%highly likely to Rx for persistent, every other day

60%also likely to prescribe for ‘intermittent’ or ‘preemptive’ use

HORMONAL CHANGES

STRESSWEATHER

Broad Commercial Coverage: High Impact Commercial PBM and Health Plan Wins

89%COVERAGE

235M+TOTAL COVERED LIVES IN ALL CHANNELS


I think my neurologist chose Nurtec over Ubrelvy because it’s also approved as a preventative in case I need one in the future. I’m only having like 4 migraine days a month right now but I was at 15+ for the last half of 2020.

— Alana

Nurtec ODT has literally changed my life. I never thought it would really work, especially something that just dissolved in my mouth, but it really does. I go from debilitating pain to relief in literally 30 minutes. By the 2 hour mark, I forgot I even had a migraine. I read the website and stories and I was ever so hopeful, but honestly didn’t believe it would work like that for me. I was hoping for, at best, a little relief with minimal side effects compared to the other prescription

medications. I write this now completely pain and side effect free. I cannot really describe how Nurtec has given me back my life.

Thank you so much!Melinda and family

Nurtec ODC has changed my life. I have suffered from migraines for decades and have tried countless migraine medications. I have never found the relief that this one pill achieves every single time. I no longer waste days in bed missing time with my family or missing time from work.

— Sabrina

Elyse Stock, M.D. | Chief Medical Officer

R&D Update

Expansion of CGRP Portfolio: Following the Science of CGRP


GLOBAL EXPANSION

CGRP MEDIATED: NON-MIGRAINE

DISEASES

EuropeJapanChinaKoreaMiddle East and Israel

Psoriasis AsthmaUndisclosed

MIGRAINE ADJACENCIES

ACUTE ANDPREVENTION

EXPANSION INTO PEDIATRICS

Child and Adolescent age groups

Post-traumatic HeadacheTrigeminal Neuralgia

Undisclosed

First and only migraine medication to treat and prevent

Multiple Opportunities Across Multiple Platforms


PLATFORM DRUG NAME OPPORTUNITIES

CALCITONIN GENE-RELATED PEPTIDE (CGRP)

RimegepantSmall molecule/NCE

• US NURTEC ODT | Acute Migraine• US NURTEC ODT | Migraine Prevention• EX-US (EU, Japan, China, Korea, Middle East, Israel)• Planned Migraine Adjacencies• Planned Non-Migraine Indications• Pediatrics

ZavegepantSmall molecule/NCE

• US |Intranasal: Acute Migraine• US | Oral: Prevention• COVID19 US | Respiratory Complications • Planned Non-Migraine Indications

BHV-3100Small molecule/NCE Phase 1 initiated

GLUTAMATETroriluzoleNCE prodrug of riluzole

• Spinocerebellar Ataxia (SCA)• Obsessive-Compulsive Disorder (OCD)

BHV-5000/5500NCE NMDA antagonist Neurologic/Neuropsychiatric Indications

MYELOPEROXIDASE (MPO) VerdiperstatNCE oral MPO inhibitor

• Multiple System Atrophy (MSA)• Amyotrophic Lateral Sclerosis (ALS)

BIOHAVEN LABSUC1MTMetallothionein

TDP43MATE

MODEARM

• Multiple myeloma• COVID-19• Undisclosed

NCE, new chemical entity; TDP-43: TAR DNA-binding protein 43 UC1MT: monoclonal antibody targeting extracellular metallothionein

We Follow the Science

Making streamlined and rational decisions based on well designed studies and the scientific data they generate


Rational and educated risk taking while maintaining

scientific integrity

Optimization of drug design and formulations

Fostering innovative partnerships and

collaborations

Nurturing and growing our internal talent

Keeping the patient at the center of all we do

Company Achievements

2ND QUARTER 2021 EARNINGSAUGUST 2021 31

>875,000TRxs of NURTEC

to Date

55.9%New to Brand

Share

$93MNet Sales2Q2021

$200MTotal

Net SalesSince Launch

THANK YOU!

Appendix: Reconciliation of GAAP to Non-GAAP Financial Measures

Non-GAAP Financial Measures (Unaudited)

This presentation includes financial results prepared in accordance with accounting principles generally accepted in the United States (GAAP), and also certain non-GAAP financial measures. In particular, Biohaven has provided non-GAAP adjusted research and development expense, non-GAAP adjusted selling, general and administrative expense, and non-GAAP adjusted net loss and adjusted net loss per share, adjusted to exclude the items below. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, Biohaven believes the presentation of non-GAAP adjusted research and development expense, non-GAAP adjusted selling, general and administrative expense, and non-GAAP adjusted net loss and adjusted net loss per share, when viewed in conjunction with our GAAP results, provides investors with a more meaningful understanding of our ongoing operating performance. These measures exclude (i) non-cash share-based compensation that is substantially dependent on changes in the market price of our common shares, (ii) non-cash interest expense related to the accounting for our mandatorily redeemable preferred shares and liability related to sale of future royalties, which are in excess of the actual interest owed, (iii) changes in the fair value of our derivative liability, which does not correlate to our actual cash payment obligations in the relevant periods, (iv) gains or losses from equity method investment, which are non-cash and based on the financial results and valuation of another company that we did not manage or control, (v) collaboration and license upfront expenses, which we do not believe are normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing, and (vi) non-routine accrued development milestone expenses.

We believe the presentation of these non-GAAP financial measures provides useful information to management and investors regarding Biohaven’s results of operations. When GAAP financial measures are viewed in conjunction with these non-GAAP financial measures, we believe investors are provided with a more meaningful understanding of Biohaven’s ongoing operating performance and are better able to compare Biohaven’s performance between periods. In addition, these non-GAAP financial measures are among those indicators Biohaven uses as a basis for evaluating performance and planning and forecasting future periods. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation between these non-GAAP measures and the most directly comparable GAAP measures is provided below.


$ Millions, except net loss per share — basic and diluted2021 2020 2021 2020

Reconciliation of GAAP to Non-GAAP adjusted research and development expense:GAAP research and development expense $77.4 $42.4 $184.5 $98.5

Less: non-cash share-based compensation expense (9.3) (6.4) (29.3) (12.7)Less: collaboration and license upfront expenses - - (7.9) -Less: accrued development milestone payments (0.5) - (5.5) -

Non-GAAP adjusted research and development expense $67.7 $36.0 $141.8 $85.8

Reconciliation of GAAP to Non-GAAP adjusted selling, general and administrative expense:GAAP selling, general and administrative expense $170.1 $124.8 $329.6 $220.4

Less: non-cash share-based compensation expense (16.3) (5.3) (45.0) (16.0)Non-GAAP adjusted selling, general and administrative expense $153.7 $119.5 $284.6 $204.4

Three Months Ended June 30, Six Months Ended June 30,

Non-GAAP Financial Measures (Unaudited) — Continued


2021 2020 2021 2020Reconciliation of GAAP to Non-GAAP adjusted net loss:GAAP net loss $(210.6) $(180.9) $(475.6) $(353.9)

Add: non-cash share-based compensation expense 25.6 11.8 74.3 28.6Add: non-cash interest expense on mandatorily redeemable preferred shares - 7.0 7.9 12.6Add: non-cash interest expense on liability related to sale of future royalties 12.2 11.3 24.1 20.0Add: change in fair value of derivatives 1.5 (0.7) 1.7 5.1Add: (gain) loss from equity method investment - 1.5 (5.3) 2.9Add: collaboration and license upfront expenses - - 7.9 -Add: accrued development milestone payments 0.5 - 5.5 -

Non-GAAP adjusted net loss $(170.9) $(150.0) $(359.3) $(284.7)

Reconciliation of GAAP to Non-GAAP adjusted net loss per share — basic and diluted:GAAP net loss per share — basic and diluted $(3.23) $(3.08) $(7.48) $(6.15)

Add: non-cash share-based compensation expense 0.39 0.20 1.17 0.51Add: non-cash interest expense on mandatorily redeemable preferred shares - 0.12 0.12 0.22Add: non-cash interest expense on liability related to sale of future royalties 0.19 0.19 0.38 0.35Add: change in fair value of derivatives 0.02 (0.01) 0.03 0.09Add: (gain) loss from equity method investment - 0.03 (0.08) 0.05Add: collaboration and license upfront fees - - 0.12 -Add: accrued development milestone payments 0.01 - 0.09 -

Non-GAAP adjusted net loss per share — basic and diluted $(2.62) $(2.55) $(5.65) $(4.94)

$ Millions, except net loss per share — basic and dilutedThree Months Ended June 30,

Six Months Ended June 30,

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2nd Quarter 2021 Earnings - biohavenpharma.com