0

Presentation at Jefferies Global Healthcare Conference, November 20, 2014

Peter Wolpert, CEO & Founder

Moberg Pharma AB Providing Unique Products in Underserved Niches through

Commercial and Innovation Excellence

1

Disclaimer

1

Statements included herein that are not historical

facts are forward-looking statements. Such forward-

looking statements involve a number of risks and

uncertainties and are subject to change at any time.

In the event such risks or uncertainties materialize,

Moberg Pharma’s results could be materially

affected.

The risks and uncertainties include, but are not

limited to, risks associated with the inherent

uncertainty of pharmaceutical research and product

development, manufacturing and commercialization,

the impact of competitive products, patents, legal

challenges, government regulation and approval,

Moberg Pharma’s ability to secure new products for

commercialization and/or development and other

risks and uncertainties detailed from time to time in

Moberg Pharma’s interim or annual reports,

prospectuses or press releases.

2

2014 TV commercial in the Nordics

2

3

3

Strategic plan

Growth strategy

- Organic growth

- M&A/Innovation engine

Build value through Brand Equity

and IP Equity

Strong focus on shareholder value

and achieving EBITDA target

Vision

Build a mid-size Pharma/Consumer

Health company with direct Sales in:

- U.S. and select countries

- OTC and select specialty areas

No 1 in Onychomycosis in key

regions

Financial goal

25% EBITDA margin with healthy

growth from 2016

Moberg Pharma PROVIDING UNIQUE PRODUCTS IN UNDERSERVED NICHES

4

4

Net Sales grew to 185 MSEK ($25m)

- U.S. OTC Sales operations

- Products sold in 40+ countries

- 30 employees in Stockholm and NJ

Focus in OTC/Dermatology/Topicals

- Leading U.S. OTC SKU in Nail Fungus

- Superior PII data for MOB015

3 acquisitions in last 24 months

- Nov 2012, Alterna LLC

- Dec 2013, OTC brands from Bayer

- Apr 2014, BUPI, Ph ll for oral pain relief

Market Cap 450 MSEK ($ 60m) (OMX:MOB)

Moberg Pharma PROVIDING UNIQUE PRODUCTS IN UNDERSERVED NICHES

5

18 consecutive quarters of Sales growth

Product Sales, TTM, MSEK

5

0

20

40

60

80

100

120

140

160

180

200

Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314

MSE

K

6

Rapid growth in Net Sales and EBITDA

6

NOTE: Commercial EBITDA does not include R&D and Business Development expenses

for future products outside existing brands, e.g. Phase II assets

Net Sales, MSEK

156 (+29%)

121

34 (+240%)

10

-10

22

EBITDA, MSEK

EBITDA Commercial

Operations, MSEK

Jan – Sep 2013

Jan - Sep 2014

Neg

14%

9%

22%

7

7

35% sales growth – US main driver

– US grew by 40% - Organic growth and contributions from

acquired brands

– European sales grew 7%

– Excellent sales and >50% market share (OTC) in Canada

– SE Asia launch kicked off with Emtrix® in Malaysia

Excellent Phase ll results for MOB-015

– Mycological cure rate of 54%, exceeded expectations

BUPI Phase ll study initiated

Strong EBITDA improvement

– EBITDA for Commercial Operations1) of 23% for Q3 and

22 % for the past 12 months

– Expanded cooperation with Emerson Group has potential

to further increase efficiency

Gross margins remained strong at 72%

Strong Q3

1) EBITDA Commercial Operations include R&D for marketed products/

line extensions, but not R&D or BD for new products

Launch of Emtrix® in Malaysia

8

Majority of revenue from direct OTC sales, RoW growth starting

8

Sales via distributors

29%

Direct OTC Sales 71%

Other 13%

Nalox/ Kerasal Nail

58%

Kerasal 15%

JointFlex 14%

RoW 7%

Europe 18%

Americas 75%

Channels Products Geography

Distribution of revenue, Jan – September 2014

Commercial Operations & Innovation Engine

10

U.S. retail sales of Kerasal Nail increased 31% in Q314

10

Q3 2013 Q3 2014

Kerasal Nail™ – U.S. market share1) No 1. SKU in the U.S.

From 0 23%

market share in 3

years

Available at all

major retailers

>30 000 stores

On Top-50 list of

”Most Innovative

New Products” - Drug Store News, 2012

1)Retail sales of nail fungus products excluding private label in Multioutlet Stores over the last 52 weeks

ending September 7, 2014 as reported by SymphonyIRI

11

Efficient U.S infrastructure for building brand equity

Retailers/Wholesalers Sales Force CMOs

Logistics

Sales and marketing/Brand Management

11

Emerson Healthcare

12

Organic growth YTD (Value), %

5%

17%

U.S. OTC market

Moberg U.S.

Outperforming the market through

combining Brand and IP equity

12

Strategic brands

• Kerasal® - Foot care

Emtrix®

• Domeboro® - Derma/Skin irritation

Mature brands

• Jointflex® - Ext. analgesic

• Vanquish® - Int. analgesic

• Fergon® - Iron supplement

®

13

Distributor Sales well positioned for further growth

Note: Four largest distributors only,

not an all inclusive list.

13

1)CDH units, IMS. Market share of OTC and Rx products

for onychomycosis.

Nalox™/Kerasal Nail®

Sales in >40 markets

Stronger claims recently approved

Potential for further growth

Strong sales in Canada as response to

launch of consumer advertising,

Market leader with >50% of OTC sales

(value) and 30% of all Rx/OTC units1)

Preparations for launches in China and

SE Asia progressing well

Malaysia 1st to launch in Nov 2014

Large potential for 2015 and beyond

14

Asian launch initiated in Malaysia under our Emtrix® brand

14

15

Distribution in >1000 pharmacies in Malaysia (97%)

15

16

Counter Top

16

17

Window stickers in pharmacy

17

18

Pharmacy training

18

19 19

Kerasal Nail ® / Emtrix® – Clinically proven efficacy in 600

patients

Clinical and non-clinical trials:

Efficacy documented in In vitro study. Hultenby et al. Mycoses 2014, Volume 57:630-638

Efficacy and safety confirmed in Post Marketing Study (n=73). Faergemann et al. Journal of Cosmetics, Dermatological Sciences and Applications 2011, Volume 1:59-63

Efficacy and safety confirmed in Phase III trial (n=493) Emtestam et al. Mycoses 2012, Volume 55:532-540

Efficacy and safety demonstrated in Phase II trial SM13 (n=18, 58 nails)

19

20 20

Patient history: Onychomycosis since 3 years

Previously treated during 1 year with topical

azolderivate without any effect

Source: Study SM13

Kerasal Nail ® / Emtrix® – an efficacious topical treatment for

fungal nails & nail psoriasis

Properties

Penetrates nail

Keratolytic

Antifungal – physical mode of action

Excellent safety profile

GRAS listed compounds

Competitive positioning

Unique rapid visible improvement (2-4 weeks)

First-line, efficacious topical

Potential to treat severely affected nails

Once-daily

Compliance friendly

High safety margin

Before treatment

After 2 months of treatment After 3 months of treatment

After 2 weeks of treatment

20

21

Post-marketing study shows quick visible improvement

21 Source; Journal of Cosmetics, Dermatological Sciences and Applications, 2011, Vol. 1: 59-63

Design

Open clinical study with the purpose to

document early visible effects of Emtrix

75 patients with 25 – 75% affected nail in big

toe or thumb

Result

Primary efficacy variable: number of patients

experiencing improvement after 8 weeks

treatment: 92% (CI: 83% - 97%)

52% of the patients reported large or very

large improvement*

Other secondary efficacy variables also

improved with 45 – 75% of the patients

No product related side affects

* The patients estimation was graded in four steps: no improvement, some improvement, large improvement and very large improvement

77%

88% 92%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2 weeks 4 weeks 8 weeks

Number of patients reporting an improvement, per cent

22

Pipeline assets in phase II -

Building on Topical drug delivery know how and IP portfolio

Pipeline

asset

Indication

Status

Peak sales

potential, m$

USP

MOB-015 Onychomycosis Phase II

completed

250-500 Topical terbinafine with fast

visible improvement and

superior cure rates

BUPI Oral Mucositis

and oral pain

Phase II

started

50-100 Lozenge formulation with

effective pain relief for 2-3

hrs(vs 0,5 hrs for

competition)

22

23

23

54%

29%

Well tolerated

MOB-015

Excellent Phase II results

Source: Moberg Pharma data on file from MOB-015 phase II study

MYCOLOGICAL CURE AT 15 MONTHS

MYCOLOGICAL CURE AND EXCELLENT CLINICAL IMPROVEMENT OR CURE*

Study design Open label, n=25,

24 patients completed

Once daily for 48w

Last follow-up at 60w

Severely affected nails,

60% mean nail involvement

* Means 10% or less clinical involvement

24

Phase II results indicate that MOB015 have potential to become

best in class (topical drug for Onychomycosis)

24

Mycological cure

Active Product Company Form at 6 months at 12/15

months

Comment

Terbinafine MOB-015 Moberg Pharma Topical 40%1) 54% 25-75% affected*

Efinaconazole Jublia Valeant Topical - 54% 20-50% affected**

Tavaborole Kerydin Anacor/Sandoz Topical - 31-36% 20-60% affected

Ciclopirox Penlac Valeant Topical - 29-36%2) 20-65% affected

Amorolfin Loceryl Galderma Topical - n/a3)

Terbinafine Lamisil Novartis Oral 40%4) 75%4)

Itraconazole Sporanox J&J Oral 25-30%4) 40-50%4)

Source: 1)Moberg Pharma data on file from ongoing phase II study; 2) Gupta AK, Fleckman P, Baran R. Ciclopirox nail

lacquer topical solution 8% in the treatment of toenail onychomycosis. J Am Acad Dermatol 43(4 Suppl):S70-80 (2000

Oct); 3) Mycological cure rates have not been published for Loceryl using the standard definition, which is the

combination of negative fungal culture and KOH microscopy; 4) Double blind, randomized study of continous

terbinafine compared with intermittent itraconazole in the treatment of toenail Onychomycosis, BMJ 1999;

*Mean affected nail area was 60%

**Mean affected nail area was 36%

25

Example of successful treatment with MOB-015

Before After

25

26

Example of successful treatment with MOB-015

Before After

26

27

Example of successful treatment with MOB-015

Before After

27

28

Phase II results provide evidence of efficacy and safety

28

54% mycological cure, in patients with severe onychomycosis (60% mean involvement)

Excellent clinical improvement, full photo documentation

High terbinafine levels in patients:

- In nail bed: 45 µg/g (median value) 40x Oral TBF

- In nail: 1610 µg/g (median value) 1000x Oral TBF

Safe – low plasma levels of TBF 1/1000 Oral TBF

Target Product Profile in mild/moderate Onychomycosis (25-50% nail involvement)

> 60% mycological cure

20-30% complete cure

>50% of patients report visible improvement after 1 month

Next Steps

Dual track – Discussion with industrial/financial partners ongoing

Refine Ph III program and CMC preparations

29

BUPI – Long-acting lozenge with bupivacaine

- Phase II started Oct 2014

29

Product & Indication

Bupivacaine lozenge for oral pain relief (mouth and throat)

1st indication: Oral Mucositis in cancer patients. Large unmet need

Other indications: Burning Mouth Syndrome, Sjögren’s syndrome, Upper

gastrointestinal endoscopy.

Phase II study started – data expected H1 2015

Up to 40 patients in radiation therapy for Head-Neck Cancer

Controlled study – Standard pain treatment with/without BUPI lozenge

VAS scale

Target: Demonstrate 2-3 hours of pain relief and superior to control

Share, Shareholders, Team

31

The Share last 3 years (Nov 19, 2014)

31

Analysts

Klas Palin, Redeye

Christian Lee, Remium

Additional coverage expected H2 2014

32

Increasing high quality institutional investors (SW, US, FR)

32

Shareholders No of shares Capital and votes, %

ÖSTERSJÖSTIFTELSEN 2 245 179 16,1

HANDELSBANKEN FONDER 834 477 6,0

JPM CHASE NA (Altaris Capital Partners) 825 652 5,9

FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION 798 417 5,7

GRANDEUR PEAK 720 680 5,2

TREDJE AP-FONDEN 656 000 4,7

WOLCO INVEST AB (Peter Wolpert, CEO) 600 000 4,3

SIX SIS AG, W8IMY 580 386 4,2

GOLDMAN SACHS INTERNATIONAL LTD, W8IMY 512 419 3,7

BANQUE CARNEGIE LUXEMBOURG S A (FUNDS) 326 494 2,3

DEUTSCHE BANK AG LDN-PRIME BROKER, AGE FULL TAX 281 633 2,0

SOCIETE GENERALE 258 621 1,9

STATE STREET BANK & TRUST COM, BOSTON 225 000 1,6

ML, PIERCE, FENNER & SMITH INCH 172 414 1,2

SYNSKADADES STIFTELSE 172 201 1,2

AB TRACTION 165 000 1,2

MATTSSON, MICHAEL 154 708 1,1

J P MORGAN CLEARING CORP, WP 149 896 1,1

LUNDMARK, ANDERS 135 000 1,0

DEUTSCHE BANK AG, LONDON BRANCH, W-8BEN 133 396 1,0

SUMMA, 20 STÖRSTA ÄGARNA 9 947 573 71,2

Övriga aktieägare 4 014 964 28,8

TOTAL 13 962 537 100

Source: Euroclear Sweden AB per 2014-09-30

Stock options to Management

Outstanding stock options correspond to 8.1% of shares (6% to Management/Employees)

33

Management and Board with strong track record

Management experience McKinsey, AZ, Q-Med, Biogen Idec,

Insight, Pfizer

33

Anna Ljung

CFO Thomas Thomsen Torbjörn Koivisto

Board experience Pharmacia/Pfizer, Lundbeck, Genmab, Quintiles, J&J,

Barrier Therapeutics, NCH

Peter Wolpert

CEO and Founder Mats Pettersson

(Chair)

Wenche Rolfsen Geert Cauwenbergh Steve Cagle

VP North America

(to Dec 31)

Kjell Rensfeldt

VP R&D

Martin Ingman

VP Sales &

marketing, ROW

Jeff Vernimb

joining Dec 15

as new GM for

US operations

(Ex Insight,

Pfizer/Warner

Lambert)

34

34

Focus next 12 months PROVIDING UNIQUE PRODUCTS IN UNDERSERVED NICHES

Drive growth and EBITDA improvements

Fuel strong U.S growth

- K-Nail and Neurocream launch

- Line extensions and new SKUs

Grow Distributor Sales

- EU: Extended indication

- Launches in China/SE Asia, Mena

BD/Innovation Engine

- M&A focus on US OTC products

- MOB-015 partner process and Phase III

preparations

- BUPI: Pll study, evaluate/pursue sales as

unlicensed drug/partner and Orphan opps