JEFFERIES LONDON HEALTHCARE CONFERENCE 2019Thomas Eldered, CEORecipharm

DELIVERING ON OUR PROMISES

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IMPORTANT INFORMATION

The material in this presentation has been prepared by Recipharm AB (publ) (“Recipharm”) and constitutes general background information about Recipharm’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or offer to guarantee, underwrite or otherwise acquire any shares in Recipharm or any other securities, nor shall the presentation or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto.

This presentation contains ‘forward-looking’ statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability or cost of financing, anticipated cost savings or synergies, the completion of strategic transactions and restructuring programmes, anticipated tax rates, expected cash payments, and general economic conditions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause Recipharm’s future earnings and development to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Recipharm’s control. Any forward-looking statements made by or on behalf of Recipharm speak only as of the date they are made. Recipharm does not undertake to update forward-looking statements to reflect any changes in Recipharm’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person, including Recipharm and its advisors, is under any obligation to update or keep current the information contained in this presentation and any opinions expressed in relation thereto are subject to change without notice. Neither Recipharm nor any of their respective owners, affiliates, advisors or representatives (jointly the “Disclosers”) make any guarantee, representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this presentation, and no reliance should be placed on such information. None of the Disclosers accept any responsibility or liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

By attending this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.

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7,000We have approximately

7,000 employees

SEK 7+ bn~GBP 580 m

Net sales

500More than 500 products in 2,700+ presentations

100+End markets

~GBP 800 mMarket capitalization

20+ facilities in Europe, Israel, USA and India

RECIPHARM TODAYBECOMING A LEADING GLOBAL CONTRACT DEVELOPMENT AND MANUFACTURING ORGANISATION

SEK ~10bn

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THE RECIPHARM JOURNEY25 YEARS OF PROFITABLE GROWTH

1995–2007Growth phase: CDMO and product rights

2007–2010Growth phase:

CDMO

2011–2013Integration

phase

CDMO only

2014–Present Growth phase:Public company

216 276 268 259 311 311 345 458 510 596 829 915 9151416

18762211 2125 2055 2125

2569

3389

4678

5332

6374

7215

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM

2019

SEKm

Sales ~16% CAGR

since 1995

Own products + CDMO

Company creation

Recipharm brand for

CDMO

Divestment of own

products division

IPO –Nasdaq

Stockholm

Strong M&A activity to expand capabilities, enter new markets and

acquire new technologies

X XXX

X = Divested, closed or planned to close

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IN THESE TRENDS LIE SIGNIFICANT OPPORTUNITIES

Risk sharing

Access to high CapEx technologies

OUTSOURCING

GROWTH

Focus on efficiencies

Manage mature products costs

Reduced capability and capacity through organisation

restructuring

Minimise investment

Niche production requirements

Cost control

Life cycle management

Rx to OTC

Limited in-house capacity

PHARMA CONSOLIDATION

NICHE PRODUCTS

VIRTUAL PHARMA GROWTH BIOPHARMA GROWTH

OUTSOURCING DEMANDS

Focus on fewer and high quality suppliers

PRICING PRESSURE

GENERICS CHALLENGE

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THE US AND EMERGING MARKETS REPRESENT THE HIGHEST UNDERLYING GROWTH EXPECTATIONS

Pharma marketUSA

USD 486BnEurope

USD 315BnEmerging

USD 286BnRoW

USD 130Bn

Estimatedmarket growth

CDMO MARKET GROWTH PER SEGMENT*

SHARE OF RECIPHARM’S NET SALES YTD Q3 2019

Solids 4–6%38%

Oral liquids and semi-solids 0–1%

Injectables 4–6%47%

Specialty 7–9%

Development and Technology

N/A 15%

*The addressable market

STRONG FUNDAMENTALS IN OUR BUSINESSLONG TERM GROWTH OPPORTUNITIES

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HIGHLY FRAGMENTED INDUSTRY

• Highly regulated industry

• High barriers to entry

• High switching costs

• Highly competitive industry

• Majority are privately held

• Challenging for small companies to sustain

Revenue by number of CDMOs

Market share by revenue level

• Industry relatively immature and fragmented

• Majority very small

• Absence of overall market leadership

• Sticky business with long term customer relations

3%2%

7%

12%

19%

39%

18%

>$500m

$250m - $499m

$100m - $249

$50m - $99m

$25m - $49m

$13m-24m

0$-12m

37%

12%

16%13%

10%

10%

2%

Source: Contract Dose Manufacturing Industry by the Numbers, PharmSource, 2019

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SCALE BENEFITS DRIVING CONSOLIDATION

CUSTOMERS ECONOMIESOF SCALE

FINANCIAL

Stability & scale -prerequisite to tender

participation

Supplier rationalisation & strategic partnerships

Resources to manage complexity

Global solutions and footprint

”End-to-end” offering

Ability to drive business improvement

Procurement

Financing costs

Price setter not follower

Larger companies have better margins and

organically grow at a faster pace2

CapEx and financing capacity and capability

Improved access to capital

Sources: Pharma M&A Report 2018, Kurmann Partners, February 2018;Consolidation of the CDMO industry: Opportunities for current players and new entrants, EY, September 2017

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VISION

To be acknowledged as the best in class provider of contract development and manufacturing solutions to the pharmaceutical industry as judged by our customers, employees and other stakeholders.

MISSION

Recipharm offers its expertise and facilities in the development, production and supply of pharmaceuticals to demanding customers for global use.

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NEW FINANCIAL TARGETS

SALES

PREVIOUS

SEK8 BN

NEW

LONG-TERM GROWTH OF

≥11%

MARGINPREVIOUS

EBITDA16%

NEW

EBITA 12%

RETURN ON

CAPITAL

NEW

RETURN ON OPERATING

CAPITAL

≥10%

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OUR STRATEGIES

Supplying innovative expertise1

A global development service offering2

3

4

5

6

Increasing our share of the value chain

Consolidating the CDMO industry

Employing excellent people

Streamlining operations

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SALES DEVELOPMENT

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2017-Q1 2017-Q2 2017-Q3 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Net salesSEKm

Rolling 12 months each quarter

+14%

+20%

+18%

13

EBITDA DEVELOPMENT

10%

14%

18%

0

200

400

600

800

1,000

1,200

1,400

2017-Q1 2017-Q2 2017-Q3 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019 Q3

EBITDASEKm

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KEY HEADLINES Q3 2019

Sales growth of 26%

EBITDA growth of 87%

EBITDA margin increase by 5.1 percentage points

Strong cash flow driven by higher earnings, unchanged working capital and low level ofinvestment

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INCREASED SALES, PROFIT AND PROFITABILITYALL SEGMENTS CONTRIBUTED

EBITDA

EBITDA%

10

20

30

20015010050

Development& Technology

Steriles & Inhalation

Solids & Others

Size of the bubbles reflect net sales

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IMPROVED EARNINGS AND HIGHER CASH FLOWS STRENGTHENED BALANCE SHEET

Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

2.0

3.0

4.0

5.0

Net Debt/EBITDA

Holmes ChapelAcquisition

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CAPACITY INVESTMENTS FULLY OPERATIONAL

WasserburgGermany

KaysersbergFrance

MasateItaly

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MAJOR CAPEX PROGRAMS HAVE BEEN COMPLETED

0%

2%

4%

6%

8%

10%

12%

14%

0

100

200

300

400

500

600

700

2017 2018 2019 YTD

CapEx development

Maintenance capex Expansion capex Capex % of Net Sales

11%

7%

5%

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NET OPERATING WORKING CAPITAL DEVELOPMENT

*)Defined as Accounts receivable + Inventory – Accounts Payable; Average of last four quartersdivided by rolling four quarters of Net Sales

25.5%

26.0%

26.5%

Q4-17 Q4-18 Q3-19

NOWC% of Net Sales *)

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SUMMARY

Recipharm has over the last 25 yearsgenerated a CAGR of 16%

Acquisitions and large investments have led to higher growth but also to lower capital turnover

High-quality growth, profitability and return areprioritised and consequently reflected in capitalefficiency targets going forward

RECIPHARM'S RECOMMENDED OFFER FOR CONSORT MEDICALRULE 2.7 ANNOUNCEMENT NOVEMBER 18, 2019

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RECIPHARM IS EXCITED TO BECOME LEADING INHALATION COMPANY AND GLOBAL TOP 5 CDMO

Recipharm’s deep and

broad pharmaceutical

expertise

Consort Medical’s

innovative device

offering

Complements Recipharm’s ambitious growth strategy

Enhances competitive position with combined scale and service offering

Creates a world leader in inhalation product technology

Enables innovative product offering

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A global Development Services offering

Increasing our share of the value chain

Consolidating the CDMO industry

Streamlining operations

Employing excellent people

Supplying innovative expertise

DELIVERING ON OUR STRATEGIES

1

2

3

4

5

6

24

47

11

-

10

20

30

40

Competitor G Competitor F Competitor E Competitor D Competitor C Competitor B Competitor A

Th

ou

san

ds

CREATES TOP 5 GLOBAL CDMO

Transition Recipharm to become a top 5 global CDMO with >$1bn (>SEK 10bn) sales

and increased ability to compete for global contracts with pharma companies

ENHANCED SCALE

Bespak

Aesica

SEK

4bn

Steriles & Inhalation

Solids & Others

Development & Technology

SEK

7bn

Steriles & Inhalation

Solids & Others

Development & Technology

SEK 11bn

SEKbn

Combined(1)

1. Revenues rounded to nearest SEK billion for illustrative purposes2. LTM revenue figures: Last twelve months for Recipharm ending on 30 September 2019 and for Consort Medical ending on April 30, 2019

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LEADER IN INHALATION TECHNOLOGY

API Clinical SupplyCommercial Manufacture

Creates a leading end-to-end global inhalation technology CDMO with strong IP portfolio and blue chip customer base

INHALATION TECHNOLOGY

Adds scale and capabilities to Recipharm’s existing inhalation portfolio

Creates end-to-end offering in inhalation space

Increases access to high value projects for blue chip customers

Diversifies into non-respiratory inhalation products

Enhances value proposition for customers

Strong IP portfolio and know-how

Formulation

Device Development

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SUMMARY

Leadership

Scale

• Building leadership in Inhalation

• Adding scale in API and pharmaceutical manufacturing

• Increasing IP content and innovative products

• Achieving strategic objectives

Innovation

Strategy

THANK YOU

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CONTACT INFORMATION

Thomas Eldered

CEO & Managing Director

+46 (0)8 602 52 00

Tobias Hägglöv

CFO & EVP

+46 (0)8 602 52 00, ir@recipharm.com

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A SUSTAINABLE APPROACH TO EVERYTHING WE DO

SUPPLIER ASSESSMENT AND MONITORING

ECONOMIC VALUEREDUCED GREENHOUSE

GAS EMISSIONS

RECIPHARM INTERNATIONAL ENVIRONMENTAL AWARD

Collaborations and partners

MANAGEMENT SYSTEMS

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STRUCTURED TO MAXIMIZE OUTCOME OF OUR STRATEGYTHE RECIPHARM MODEL

Steriles & Inhalation

Solids & Others

Development& Technology

Sales and Business management

Synergy functions

Governance

20 + OPERATING COMPANIES