NYSE:BHVN

Ellie, living with migraine

© 2020 Biohaven Pharmaceuticals. All rights reserved.

3rd Quarter 2020 EarningsNovember 9, 2020

Cliff Bechtold, M.S. | Chief Operating Officer

Opening Remarks

Opening Remarks | Cliff Bechtold, M.S. Chief Operating Officer

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

3Q20 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

Agenda

3

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 ourplanned 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, 2019, filed with the Securities and Exchange Commission on February 26, 2020, Biohaven's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Securities and Exchange Commission on August 10, 2020, and Biohaven's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

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.

4

Vlad Coric, M.D. | Chief Executive Officer

Third Quarter 2020 Summary & Recent Events

Company Achievements

6

NURTEC ODT Prevention

sNDA filing accepted

October 2020

200M+Covered Lives All Channels

$17.7M3Q20 Net Sales

> 80% Increase in Net

Sales from 2Q20

>220,000TRxs of NURTEC

since launch

87% COVERAGE

KEY INSIGHTS –• Time-aligned Nurtec TRx launch curve shows strong growth consistent with the class, despite competitor’s

pre-COVID launch 2 months earlier• Oral CGRP market for migraine on track to reach blockbuster status in U.S. market alone

Oral CGRP Class Continues to Show Robust Market Growth

7

Nurtec ODT

UbrelvyNurtec ODT

Ubrelvy

12,220

15,761

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41Weeks since launch

Total Rx – Time Aligned (10/30)

48.1%

3/133/27

4/104/24 5/8

5/22 6/56/19 7/3

7/177/31

8/148/28

9/119/25

10/9

Week ending

New to Brand Rx Share (10/16)

Source: NBRx through 10/16, Symphony PrescriberSource, accessed 11/2; TRx through 10/30, Symphony PHAST, accessed 11/6

Orals CGRPs have driven CGRP class growth in 2020 (vs mAbs)

8 Symphony PHAST Database: TRx Volume to 9/25/2020, accessed 10/5/2020* CGRP acute orals = Ubrelvy, Nurtec ODT; CGRP mABs = Emgality, Ajovy, Aimovig

0

20,000

40,000

60,000

80,000

100,000

120,000

5/25/2

018

6/25/2

018

7/25/2

018

8/25/2

018

9/25/2

018

10/25

/2018

11/25

/2018

12/25

/2018

1/25/2

019

2/25/2

019

3/25/2

019

4/25/2

019

5/25/2

019

6/25/2

019

7/25/2

019

8/25/2

019

9/25/2

019

10/25

/2019

11/25

/2019

12/25

/2019

1/25/2

020

2/25/2

020

3/25/2

020

4/25/2

020

5/25/2

020

6/25/2

020

7/25/2

020

8/25/2

020

9/25/2

020

CGRP Weekly TRx

acute oralmAb

July – OctoberApril - June

High Impact Commercial PBM and Health Plan Wins

9

200M+ Total Covered Lives in

all Channels

87%COVERAGE

A Defining Launch, Future Growth Potential Across the Pipeline

10

2020 pivotal growth year for oral CGRPs

sNDA for Nurtec ODT Prevention accepted by FDA, 2Q2021 PDUFA Date

Neuroinnovation pipeline poised to deliver multiple NDAs

Common Disease Pipeline Opportunities

11

ACUTE MIGRAINE Global filings 2021, China and Korea clinical study started in Oct 2020

MIGRAINE PREVENTION PDUFA 2Q21, launch preparation underway while awaiting approval decision

INTRANASAL ULTRA-RAPID ONSET Second pivotal acute migraine & 1yr Safety study initiated Oct 2020

ORAL Oral formulations of zavegepant confirmed target exposure in human PK trial and Phase 3 to begin

NON-MIGRAINE INDICATIONS 3 POC studies in 2021

ALZHEIMER'S DISEASE Topline Dec 2020-Jan 2021

OCD 2 pivotal trials to begin 4Q20/1Q21

Nurtec ODT™Acute and Prevention

ZavegepantSmall molecule/NCE

Glutamate Modulation

MultipleBlockbuster

Potentials

Rare Disease Opportunities

12

>$5BPotential Global Peak Revenue

Multiple System Atrophy

Amyotrophic Lateral Sclerosis

Spinocerebellar Ataxia

Targeting 3 Global Rare Disease

Drug Launches by 2023

Combined Potential Across 3 Indications

2Phase 3

Readouts in 2021

3Devastating

Diseases

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

3Q20 Financial Results

Third Quarter Results (Unaudited)

GAAP Reported Non-GAAP Adjusted

Q3 2020 Q3 2019 Change Q3 2020 Q3 2019 ChangeProduct Revenue, net — Nurtec™ ODT $17.7 $ - $17.7

R&D expense 57.0 61.7 (4.6) 51.8 58.0 (6.2)

SG&A 119.5 28.8 90.8 110.2 22.4 87.8

Net loss (196.6) (106.2) (90.5) (159.5) (80.8) (78.7)

Net loss per share - basic and diluted $(3.27) $(2.04) $(1.23) $(2.67) $(1.55) $(1.12)

Note: See slides 32 – 33 for an explanation of our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP adjusted amounts shown

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

14

Tax Considerations and Capital Position

Capital Position ($Millions)

Cash, cash equivalents, and marketable securities @ September 30, 2020 $552.0

Cash immediately available to draw from the August 2020 Sixth Street financing $100.0

Additional capital remaining on the $950M in August 2020 Sixth Street & RPI financings (partially subject to revenue/development milestones) $425.0

15

Access to $650M+ in capital

Income Taxes

• $875.0M future tax benefit recorded from rimegepant IP sale to Irish subsidiary; does not expire under Irish tax laws• Anticipate majority of future global taxable income to be subject to Irish statutory tax rate, currently at 12.5%• Effective tax rate projected to be significantly less than 12.5% as we utilize various tax benefits including NOL carryforwards

and $875.0M tax benefit described above

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

Commercial Events

Two different patient segments driving initial oral CGRP growth

“New to Rx” and “Dissatisfied Rx” PatientsFueling Large Market Growth

Not currently taking Rx

Patients switching from triptans

17

~26%*

~74%

*Symphony Patient Source Data – 3Q2020

Oral CGRPs have Significant Growth Opportunity Ahead

18

2Q ‘20 3Q ‘20 3Q ‘20

205,463

1,448,602

Symphony Prescribersource Database: Cumulative NBRx Volume (1/24/20 – 9/18/20), accessed 10/5/2020

122,965

CGRP Orals Triptans

14%12%

Most Preferred Acute Therapy

By 3Q20, oral CGRPs have made significant headway as neurologists’ preferred acute therapy

Syndicated Survey Data Suggests Increasing Adoption of CGRP Class Among Neurologists

19

56% 23% 20%

Any triptan Nurtec ODT Ubrelvy

Perc

ent o

fre

spon

dent

s

Significant Advance Over Triptans

Percent of respondents51% 42%

Source: Spherix Global Insights

Neurologists Believe Nurtec ODT is Differentiated Pe

rcen

t of r

espo

nden

ts

6% 9% 5% 5% 6% 5% 7% 5%20%

11% 7% 7% 6%

55%60% 69% 73% 75% 76% 80% 80% 79% 85% 61% 76%

72% 73% 77%

39%31% 26% 22% 21% 18% 16% 15% 14% 10%

19% 13%21% 20% 17%

0%

20%

40%

60%

80%

100%

COMPANY/ REPRESENTATIVE SUPPORT

Duration of effect

Need for redosing

Administration: Patient

convenience

Speed of efficacy onset

Tolerability Rapid pain relief and

return to function in as little as one

hour

Pain freedom at two hours

Freedom from most bothersome symptom at two

hours

Supported by strong clinical

data

Good long-term safety profile

My familiarity/ comfort

Accessibility on formularies or

insurance plans

Pharmaceutical company

support for health care providers

Pharmaceutical company

support for patients

Professionalism/value brought

by sales representative

KEY CLINICAL ATTRIBUTES

In your opinion, how does Nurtec ODT compare to Ubrelvy on the following metrics? (n=101)

Nurtec ODT is better Equivalent Ubrelvy is betterSource: Spherix Global Insights

Both IQVIA and Symphony Data Reflect Strong Nurtec ODT Performance in a Growing Oral CGRP Market

21

0

1,000

2,000

3,000

4,000

5,000

6,000

1/24 2/

7

2/21 3/

6

3/20 4/

3

4/17 5/

1

5/15

5/29

6/12

6/26

7/10

7/24 8/

7

8/21 9/

4

9/18

10/2

Week ending

NBRx Volume

SHS: Nurtec ODT SHS: Ubrelvy IQVIA: Nurtec ODT IQVIA: Ubrelvy

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/13

3/27

4/10

4/24 5/

8

5/22 6/

5

6/19 7/

3

7/17

7/31

8/14

8/28

9/11

9/25

10/9

Week ending

NBRx Share

SHS: Nurtec ODT SHS: Ubrelvy IQVIA: Nurtec ODT IQVIA: Ubrelvy

Source: NBRx through 10/9, IQVIA; NBRx through 10/2 Symphony, accessed 10/23

Strong Progress on Strategic Drivers

22

ENSUREaccess and affordability

ACTIVATEpatients

DRIVE healthcare practitioner awareness

Strong and Growing Base of Awareness and Trial

>90% Awareness among targets*

>20K Unique writers

High Share of Voice and Positive Consumer Response

Efficient blend of traditional, digital and social

Positive patient experiences spread through social channels

Broad Coverage and Access

87% Commercial Formulary Coverage

200M+ Covered Lives in all Payer Channels

*Source: HCP ATU, Wave 6, fielded September 2020

Elyse Stock, M.D. | Chief Medical Officer

R&D Update

ACUTE TREATMENT WITH NURTEC ODT• Early onset of action• Return to normal by 60 minutes• Durable effect up to 48 hours• Safety and tolerability similar to placebo

Working toward a “unified” treatment of migraine across its spectrum

PREVENTION TREATMENT TARGET PROFILE• One medication that delivers acute and prevention• ODT formulation, no need for painful injections• No need for refrigeration and bringing to

room temp prior to injection-simplifies life and travel

• Women of childbearing potential considerations vs. long half-life therapies like monoclonal antibodies

24

Goal is to provide patients with a single drug with both acute and preventive therapy in migraine

Zavegepant (BHV-3500) 3rd Gen CGRP Receptor Antagonist

25

Zydis® ODT

SoftGel

25

Multiple Formulations Fitting Multiple Needs

ORAL• Prevention of Migraine and

Non-migraine indications• Phase 3 migraine trial 1Q2021• 3 Nonmigraine POC trials

planned for 2021

INTRANASAL• Potential for ultra rapid onset,

superior chemical attributes• Acute treatment of Migraine • 2nd pivotal migraine efficacy

study initiated Oct 2020• 1yr long-term safety trial

initiated Oct 2020• Advancing towards 4Q21 NDA

2H2021

Pipeline Milestone Events

26

2H2020 1H2021DRUG NAME INDICATION

Migraine prevention

Europe Filing 1QMigraine acute/prevention PMDA Meeting

2022

ZavegepantSmall molecule/NCE

Filing 4QMigraine (intranasal) Approval

Topline 1QAlzheimer's

TroriluzoleNCE prodrug of riluzole

Topline 4QSpinocerebellar ataxia

Topline 4QMultiple system atrophyVerdiperstatNCE oral MPO inhibitor

ToplineAmyotrophic lateral sclerosis

ToplineObsessive-compulsive disorder

Migraine (oral) Start Phase 3 1Q

ApprovalsNDA Accepted

Biohaven Targeting 3 Global Orphan Drug Launches By 2023

Note: Assumes 1 year for Ph1, 2 years for Ph2, 3 years for Ph3, and 1 year for filing and FDA approval.1. https://www.prnewswire.com/news-releases/biohaven-completes-enrollment-ahead-of-timelines-in-international-phase-3-clinical-trial-of-verdiperstat-in-multiple-system-atrophy-301096602.html2. BioSpace. Biohaven Announces Enrollment Of First Patients In Pivotal HEALEY ALS Platform Trial Including Verdiperstat Conducted By Healey Center For ALS At Massachusetts General Hospital. Accessed

September 7, 2020. https://www.biospace.com/article/releases/biohaven-announces-enrollment-of-first-patients-in-pivotal-healey-als-platform-trial-including-verdiperstat-conducted-by-healey-center-for-als-at-massachusetts-general-hospital/

3. BioSpace. BIOHAVEN ENROLLS FIRST PATIENT IN PHASE 3 SPINOCEREBELLAR ATAXIA CLINICAL TRIAL OF TRORILUZOLE. Accessed September 7, 2020. BIOHAVEN ENROLLS FIRST PATIENT IN PHASE 3 SPINOCEREBELLAR ATAXIA CLINICAL TRIAL OF TRORILUZOLE. https://www.biohavenpharma.com/investors/news-events/press-releases/03-14-2019

2020 2021 2022 2023

US targeted approval EU targeted approval

Verdiperstat-ALS

Ph3 top line data expected

Ph3 trial first patients enrolled2

Verdiperstat-MSA

Ph3 topline data expected

Ph3 trial completed enrollment1

Troriluzole-SCA

Ph3 top line data expected

Ph3 enrollment completion anticipated3

27

MARKETEDPRECLINICAL PHASE 1 PHASE 2 PHASE 3PLATFORM | DRUG NAME

Filing for Approval

CALCITONIN GENE-RELATED PEPTIDE (CGRP)

GLUTAMATE

MYELOPEROXIDASE (MPO)

NOVEL PROGRAMS

US NURTEC ODT | Acute Migraine

NURTEC US | Migraine Prevention

COVID19 US | Respiratory Complications

US | Acute Migraine/Prevention

JAPAN | Migraine (Acute and Prevention)

EUROPE | Migraine (Acute and Prevention)

RimegepantSmall molecule/NCE

ZavegepantSmall molecule/NCE

ISRAEL | Acute Migraine

MIDDLE EAST | Acute Migraine

CHINA | Acute Migraine

UNDISCLOSED | Planned Migraine Adjacencies

UNDISCLOSED | Planned Non-Migraine Indications

UNDISCLOSED | Planned Non-Migraine Indications

Alzheimer’s Disease (AD)

Spinocerebellar Ataxia (SCA)

Obsessive-Compulsive Disorder (OCD)

Neuropsychiatric Indications

Multiple System Atrophy (MSA)

Amyotrophic Lateral Sclerosis (ALS)

Not Disclosed

ALS

TroriluzoleNCE prodrug of riluzole

BHV-5000/5500NCE NMDA antagonist

VerdiperstatNCE oral MPO inhibitor

UC1MTMetallothionein

TDP4328

Company Achievements

29

NURTEC ODT Prevention

sNDA filing accepted

October 2020

200M+Covered Lives All Channels

$17.7M3Q20 Net Sales

> 80% Increase in Net

Sales from 2Q20

>220,000TRxs of NURTEC

since launch

87% COVERAGE

THANK YOU!

Appendix: Reconciliation of GAAP to Non-GAAP Financial Measures

Non-GAAP

(Amounts in millions, except share and per share amounts)

2020 2019Reconciliation of GAAP to Non-GAAP adjusted research and development expense:GAAP research and development expense $57.0 $6.7

Less: non-cash share-based compensation expense (5.3) (3.6)Non-GAAP adjusted research and development expense $51.8 $58.0

Reconciliation of GAAP to Non-GAAP adjusted selling, general and administrative expense:GAAP selling, general and administrative expense $119.5 $28.8

Less: non-cash share-based compensation expense (9.3) (6.3)Non-GAAP adjusted selling, general and administrative expense $110.2 $22.4

Three Months Ended September 30

32

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, non-GAAP adjusted net loss, and non-GAAP 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, non-GAAP adjusted net loss, and non-GAAP 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 are 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, and (iv) losses from equity method investment, because it generates non-cash losses, which are based on the financial results of another company that we do not manage or control.

We believe the presentation of these non-GAAP financial measures provides useful information to management and investors regarding Biohaven’s financial condition and results of operations. When GAAP financial measures are viewed in conjunction with these non-GAAP financial measures, 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.

Non-GAAP (Continued)

(Amounts in millions, except share and per share amounts)

Reconciliation of GAAP to Non-GAAP adjusted net loss: 2020 2019GAAP net loss $(194.7) $(106.2)

Add: non-cash share-based compensation expense 14.6 10.0Add: non-cash interest expense on mandatorily redeemable preferred shares 7.3 4.4Add: non-cash interest expense on liability related to sale of future royalties 11.3 7.3Add: change in fair value of derivative liability - 1.7Add: loss from equity method investment 0.6 2.0

Non-GAAP adjusted net loss $(159.5) $(80.8)

Reconciliation of GAAP to Non-GAAP adjusted net loss per share — basic and diluted:GAAP net loss per share — basic and diluted $(3.24) $(2.04)

Add: non-cash share-based compensation expense 0.25 0.19Add: non-cash interest expense on mandatorily redeemable preferred shares 0.12 0.08Add: non-cash interest expense on liability related to sale of future royalties 0.19 0.14Add: change in fair value of derivatives - 0.03Add: loss from equity method investment 0.01 0.04

Non-GAAP adjusted net loss per share — basic and diluted $(2.67) $(1.55)

Three Months Ended September 30,

33