Presentation at Stockholm Corporate Finance Life Science Day

March 5, 2014

Peter Wolpert, VD

Moberg Pharma AB A DIFFERENT KIND OF PHARMA COMPANY

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

Founded 2006, 30 empl, Stockholm & NJ

U.S. OTC Sales operations in NJ, USA

Products sold in 40+ countries

Focus in OTC/Dermatology/Topicals

- Leading U.S. OTC SKU in Nail Fungus

- Superior interrim PII data for MOB015

(topical terbinafine)

NasdaqOMX, market cap $60m

M&A history

- Nov 2012, Alterna LLC

- Dec 2013, OTC brands from Bayer

Moberg Pharma BUILDING A DIFFERENT KIND OF PHARMA COMPANY

3

Strategic plan

Growth strategy

- Organic growth

- M&A

- Internal development

Build value through Brand Equity

(U.S. focus) and IP Equity

Strong focus on shareholder value

and achieving EBITDA target

Vision

Build a mid-size Pharma and

Consumer Health company with

Sales in:

- U.S. and select countries

- OTC and select specialty areas

Financial goal

25% EBITDA margin with healthy

growth from 2016

Moberg Pharma BUILDING A DIFFERENT KIND OF PHARMA COMPANY

Strong progress Q4 2013

5

Milestone in key development project

– MOB-015 – interim results after 6 months show

40% mycological cure – a superior outcome

Acquisition of OTC products in the U.S.

– Three brands acquired from Bayer Healthcare at

1.6x Net Sales

– Contributes directly to cash-flow and earnings

Continued strong growth in the U.S

– Kerasal Nail™ reaches milestone in the U.S. – 20%

market share. Distribution expanded to major

retailers – Safeway and Target added

– Kerasal NeuroCream off to a good start

Increased distribution in key RoW markets

– New agreements for South East Asia (Menarini)

and MENA (Leosons)

Fourth quarter highlights

Sales increase owing to successful acquisition and strong

organic growth

6

61% GROWTH IN

PRODUCT SALES

Q4 2012 Q4 2013

*

Net Sales, MSEK

*

Product Sales

Milestones

15 consecutive quarters of sales growth

Product Sales TTM, MSEK

7

0

25

50

75

100

125

150

175

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Continued growth and positive EBITDA in Q4

8

Oct-Dec Oct-Dec Jan-Dec Jan-Dec

(MSEK) 2013 2012 2013 2012

Revenues

- Product sales

- Milestones

36.8

32.0

4.8

30.2

19.9

10.3

157.4

152.6

4.8

112.5

82.7

29.8

EBITDA 2.4 -0.2 -7.9 13.3

Majority of revenue from direct sales

9

Sales via distributors

40%

Direct OTC Sales 60%

JointFlex 21%

Nalox/ Kerasal Nail

62%

Kerasal 17%

RoW 12%

Europe 28% America

61%

Channels Products Geography

Distribution of revenue, Jan - Dec 2013

Commercial Operations

CONFIDENTIAL

Building a profitable growth portfolio of Brands, Products and

Projects through M&A and internal development

Current portfolio Future portfolio

Brands

Products sold

through partners

15 partners incl

Meda, Menarini &

Paladin

Pipeline

® ®

®

11

MOB-015

X Y Z +

X Y +

Acquisition of three cash-generating brands from Bayer

Healthcare

CONFIDENTIAL

12

• Noncore to Bayer Healthcare – no marketing in over

10 years

• Leverages U.S. OTC platform

• Domeboro is a astringent solution that provides fast,

soothing itch relief for skin irritations

• Vanquish provides strong headcache relief with lower

safety risk profile vs. competitors

• Fergon is a high potency iron supplement

• High loyalty brands on market 50+ years

• Opportunity

• Targeted niche marketing to increase sales

• Improve gross margin

• Expand distribution

Platform for building Brand Equity - U.S OTC operations

Retailers/

Wholesalers Sales Force

Contract

Manufacturers

Logistics

Sales and marketing/Brand Management

13

A large aging population, steady to increased incidences of conditions and diseases, self

care & Rx to OTC switches fuel OTC market growth

U.S. OTC market is expanding

Source: Nielsen Scantrack Total US xAOC 52 weeks ending CY2012. Projected estimate for 2013/2014 based on current growth rate.

$37,2 $38,4

$40,1

$42,1

$44,3

12/25/10 12/24/11 12/22/12 est. 2013 est. 2014

Total US Sales (billions)

+4.5% +3.2%

+4.9% +5.2%

14

Ten largest retailers account for almost 70% of sales

U.S. OTC market is highly consolidated

Source: IRI. 52 weeks as of May 2013

+4.5% +3.2%

+4.9% +5.2%

15

Available at 30 000 points of sale

Distribution added through Safeway,

Target, Harris Teeter, Meijer and

Hannaford

16

15% 20% market share increase last 12 months

Kerasal Nail™ – Best selling SKU in its category

Kerasal Nail - From 0 to 20% market share in 2,5 years

Source, IRI: Nail fungus OTC category – Retail Dollar Sales Multi-Outlet, 4 week periods in 2012-13

Kerasal Nail Retail Sales, USD and Market share, %

17

0%

6%

12%

18%

24%

$0

$200 000

$400 000

$600 000

$800 000

$1 000 000

$1 200 000

$1 400 000

Kerasal Nail $ Sales Kerasal Nail % of Category Linjär (Kerasal Nail % of Category)

18

Positive initial response on advertising and

the product from consumers and retailers

Walgreens increases distribution

21,000 stores at Walmart, CVS,

Walgreens, and Rite Aid

Ca 30 million Americans experience

frequent foot pain1. Many simultaneously

suffer from cold feet and dry skin.

Associated with diabetes, fibromyalgia,

arthritis, joint pain, muscle strain or trauma.

Triple action formula that relieves foot pain,

warms cold feet, and moisturizes dry skin.

Active ingredients: capsaicin and camphor,

Fusome® - skin delivery system

Kerasal® NeuroCream rapidly gains market share in a niche

category with growth potential

1 The population prevalence of foot and ankle pain in middle and old age: a systematic review. Thomas et al, Pain 2011 Dec

Innovation Engine

CONFIDENTIAL

20

Organic growth

Current products growing, line extensions

- Kerasal NeuroCream™ launch started

New markets through distributors

8 patent families enable additional products

- MOB-015

>100 BD OPPORTUNITIES EVALUATED IN 2013

2 ACQUISITIONS LAST 13 MONTHS

Acquisitions/inlicensing

Brands - Focus on US OTC market

Pipeline assets

Completed OTC Acquisitions

Alterna LLC, Nov 2012, 20 m$ (1.8x Sales)

Bayer brands, Dec 2013, 4.8 m$ (1.6x Sales)

MOB-015 generates high terbinfine concentrations in nail

Phase ll trial ongoing (final data H2 2014)

21

Target profile for MOB-015

Low Medium High

High

Medium

Low

Efficacy

Existing

tablets MOB-015

Nalox™

Existing

topicals

Safety

Source: Hui, Maibach et al, Drug Development and Industrial Pharmacy, 2012; Franz cell experiments with human nail;

Amount TBF in the deeper part of the nail plate

** Schatz F, et al; Clin Exp Dermatol, 1995 Sep;20(5):377-83

Terbinafine concentration in human nail, µg/g nail

0,5

> 613

Oral terbinafine therapy** MOB-015*

22

40% MYCOLOGICAL CURE AFTER 6 MONTHS MOB-015, n=25, Final data H214

MOB-015 – Superior

results after 6 months

Source: 1)Moberg Pharma data on file from ongoing phase II study

MOB015 efficacy results are superior to topical drugs on the

market and on par with oral terbinafine therapy – but without

the safety issues of oral therapy

23

Mycological cure

Active Product Company Form at 6 months at 12 months

Terbinafine MOB-015 Moberg Pharma Topical 40%1)

Available H2

2014

Ciclopirox Penlac Sanofi Topical - 29-36%2)

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;

24 Source: Double blind, randomized study of continous terbinafine compared with intermittent itraconazole in the

treatment of toenail Onychomycosis, BMJ 1999

Today’s golden standard is oral terbinafine. LION study

demonstrated 40% mycological cure after 6 months

Share development – from IPO May 2011 to Feb 28, 2014

25

Analysts

Klas Palin, Redeye

Christian Lee, Remium

26

Focus next 12 months BUILDING A DIFFERENT KIND OF PHARMA COMPANY

Improving EBITDA!

Fuel strong U.S growth

- K-Nail and Neurocream launch

- Integrate Bayer brands

Grow Distributor Sales

- Support current distributors

- China registration, SE Asia, Mena

BD focus

- US OTC products

- Strengthen pipeline

MOB-015 final PII data, PIII preparations &

regional licensing process