CORPORATE PRESENTATION

October 2020

This presentation contains forward-looking statements that include information about possible or assumed future results of the business, financial condition, liquidity, results of operation, clinical program, plans and objectives of Pharma Mar, S.A. ("PharmaMar" or the "Company"). These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “endeavor,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. These forward-looking statements are based on the expectations of management under current assumptions at the time of this presentation, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to materially differ from those contained in the forward-looking statements. All forward-looking statements in this presentation apply only as of the date made. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. To the extent that this presentation contains market data, industry statistics and other data that have been obtained from, or compiled from, information made available by third parties, the Company has not independently verified their data.

This presentation is made pursuant to Section 5(d) of the U.S. Securities Act of 1933, as amended, and is intended solely for investors that are either qualified institutional buyers or institutions that are accredited investors (as such terms are defined under U.S. Securities and Exchange Commission ("SEC") rules) solely for the purpose of determining whether such investors might have an interest in a securities offering contemplated by the Company. Any such offering of securities will only be made by means of a registration statement (including a prospectus) to be filed with the SEC, after such registration statement has become effective. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

3

INVESTMENT HIGHTLIGHTS

LEADER IN DEVELOPMENT &

COMMERCIALIZATION OF MARINE DERIVED

ONCOLOGY DRUGS

Global integrated biotech developing marine-derived and novel MoA oncology drugs

• 3 approved oncology drugs, Yondelis®, Aplidin ® and ZepzelcaTM

• ZepzelcaTM approved by FDA 15th June 2020; Launched in USA 7th July 2020

Established oncology sales force in Europe

• Strong partners in the US (Jazz, Janssen), Japan (Taiho), Australia (STA)

Late stage pipeline: Transformative time for PharmaMar

• ZepzelcaTM ATLANTIS combo with Doxo randomized trial top line data 2H 2020• ZepzelcaTM development plan in other solid tumor indications

Revenue generating company

• FY’19 revenues €85.8 mm. First half 2020 €169.1mm• ~ € 2.5 Bn market cap. (~$ 3 Bn1) • Shares listed on the Spanish Stock Exchanges under the symbol “PHM”

(1) As of 16 October

4

Expeditions & collection

UNIQUE FULLY INTEGRATED PLATFORM

Cell biology Chemistry &Preclinical

Pharmaceutical development &

operations

Clinical &Regulatory Commercial

Marine derived leads

Global expeditions

Over 200,000 samples

Screening of antitumoral activity

Synthesis & molecule optimization

Patent protection

Preclinical studies

FDA inspected production facility

GMP Production

New drug candidates

New ADC Payloads

Clinical trials

Post marketing trials

Oncology-focused sales force in Europe (~ 65 people)

Geographic licensing & partnering with

experienced companies

Regulatory inspections passed from FDA, AEMPS, PMDA (US, Spain/EU, Japan)

TRANSFORMATIVE TIME FOR PHARMAMAR

MoAoncologydrugs

Expand R&D vertical and horizontally

Lurbinectedin: Pipeline within a drug (e.g. ovarian, sarcoma, etc.)

TRANSFORMATIVETIME

BD: seek synergisticAssets in oncology

SIGN A LICENSE AND DISTRIBUTION

AGREEMENT FOR ZEPZELCATM

IN US

PHARMAMAR & JAZZ PHARMACEUTICALS

• PharmaMar received an up-front payment of $200 million in January 2020

• PharmaMar received accelerated approval regulatory milestone payment of

$100 million in June 2020 and can receive up to $150 million more for full

regulatory approval of ZepzelcaTM by FDA within certain timelines

• Jazz launched, and added to NCCN guidelines July 7th 2020

• PharmaMar is eligible to receive tiered royalties of between high teens and 30%

on net sales

• In addition, sales milestones of up to US $550 million

• This income may be further increased, if other therapeutic indications are

approved

• PharmaMar retains production rights and will supply the product to Jazz

19TH DECEMBER 2019

JAZZ PHARMACEUTICALS LAUNCH METRICS1

• 72 total sales reps: ~100 total commercial infrastructure

• WAC: $6,633 per vial, annualized equals $227k assuming 2 vials per pt per cycle (3wks)

• Based on average BSA, a patient would require 2 vials per 21-day cycle

• Cost per course of therapy, based on median of 4 cycles, would be ~$53k

• Multi-hundred million dollar opportunity with 3-5 year route to peak in current indication

1. Source: Jazz Zepzelca investor update slides, June 17 2020”, except:

ZEPZELCA LAUNCHED AND

AVAILABLE IN USA JULY 7 2020;

Added to NCCN guidelines same

day

OUR ONCOLOGY PORTFOLIO

Yondelis®Soft tissue sarcoma 2nd/3rd line Single agent

Ovarian cancer 2nd/3rd line (1) Yondelis+Doxil(2)

Aplidin® R/R Multiple Myeloma 3th/4th line (3) Aplidin+Dexa

ZepzelcaTM

(Lurbinectedin)

Small cell lung cancer 2nd line (expansion cohort Basket trial)

Single agent

Small cell lung cancer 2nd line Lurbin+Doxo(4)

Basket trial (other) (5) Single agent

Solid tumorsSingle agent

and combinations

PM184 Solid tumorsSingle agent

and combinations

PM14 Solid tumors Single agent

Program / Indication Phase I Phase II Phase III Market

ATLANTIS

(1) Not approved in the USA(2) Pegylated liposomal doxorubicin (PLD)(3) Approved in Australia(4) Doxorubicin(5) Breast BRCA+, Head & neck, Endometrial, Biliary tract, Ewing sarcoma, NET, Germ cell, CUP

FDA APROVED IN THE USA 15th JUNE 2020

PROMOTER

Cancer is frequently a transcriptional disease caused by deregulated oncogenic transcription factors

A Selective Inhibitor of Oncogenic Transcription

LURBINECTEDIN (ZEPZELCATM): MoA

TranscriptionFactors

SWI/SNFLurbinectedin

SWI/SNF

ARID 1A

ARID 1A

By inhibiting active transcription in Tumor Associated Macrophages (TAMs), lurbinectedin downregulates

IL-6, IL-8, CCL2 and VEGF

Selectively inhibits active transcription of protein-coding genes through binding to promoters and

irreversibly stalling elongating RNA polymerase II on the DNA template, thereby leading to double-

stranded DNA breaks and apoptosis.

INDUCTION OFTUMOR CELL

PROLIFERATION INHIBITION OF IMMUNE

RESPONSE ACTIVATION OF

IMMUNE CHECKPOINTS

INDUCTION OFANGIOGENESIS

Harlow et al, 2016; Cancer Res 72: 6657-68Harlow et al, 2019; Clin Cancer Res doi: 10.1158/1078-0432.CCR-18-3511Santamaría et al, 2016. Mol Cancer Ther 15:2399-412

Dr. Luis Paz Ares

IL-6IL-8

VEGFIL-8

CCLIL-6

TAMs

DNA

Development and Commercial Strategy

PIPELINE- ZEPZELCATM

Zepzelca (Lurbinectedin)

SCLC 2nd line (Basket trial) Single agent

SCLC 2nd line Combo

Doxorubicin

Basket trial (other) Single agent

Solid tumors

Single agent /combinations

ATLANTIS

Clinical Program / Indication Phase I Phase II Phase III Market

Commercialization Plans:

• EU: Utilize/expand existing Yondelis sales force and select regional distributors• US: License and distribution agreement with Jazz • ROW: Regional partnerships

FDA APROVED IN THE USA 15th JUNE 2020

In 2019 there were approximately 30,000

new cases of small cell lung cancer in the

United States1

(The American Cancer Society)

Orphan Drug Designation grantedin the United States and EU

SCLC MARKET OVERVIEW

Estimated that in 2018, there were approximately

61,300 new cases of small cell lung cancer

in the EU2

(Decision Resources, Inc.)

• SCLC represents a significant unmet medical need with limited late stage options.

• The 5-year survival rate is about 5%-10%3

• Prior to ZepzelcaTM last FDA approved NCE for 2nd line Topotecan (iv) 1996,

(only sensitive patients). Median TTP ~3m; OS ~6m4

1, American Cancer Society and SEER Cancer Stat Facts https://seer.cancer.gov/statfacts/html/lungb.html

2. Data Monitor: Small cell lung cancer (SCLC) Market Spotlight, May 1 2018

3. http://www.cancer.gov/types/lung/hp/small-cell-lung-treatment-pdq

4. https://www.accessdata.fda.gov/drugsatfda_docs/label/2014/022453s002lbl.pdf

Sources:

NSCLC

AlkylatingAntimetabolitesAntiangiogenesisMicrotubuleIOEGFRTKITRK

Adapted from ; Sabari et al, Clinical Oncology; September 2017 FDA approval

Carboplatin+Etoposide

1999

Topotecan1996

Cisplatin+Etoposide

1985

First line

Second line

Third line

SCLC

Nivolumab2018

Durv or Atezo+ Carboplatin+

Etoposide2019

Pembrolizumab2019

1985 1990 1995 2000 2015 2018 2019 2020

ZepzelcaTM

2020

SCLC OVER THE YEARS; FAR LESS PROGRESS THAN IN NSCLC

WHY IS SCLC SO HARD TARGET?

Drug class failures 2nd line SCLC

• Aurora Kinase• BCL2• C-Kit• DLL-3• EGFR• FLT3• HDAC• IGF• mTOR• PD1 • Proteosome inhibitor• VEGF• GD2

"SCLC is difficult to treat in part because you can’t target an absent protein the way you can target a mutant protein—there’s nothing against which a drug can be directed“

Rudin C. Looking Ahead to New Therapies in Small Cell Lung Cancer. Clinical Advances to Hematology & Oncology 2018:16 (4): 269-272

LURBINECTEDIN: SCLCUSA: Current and Emerging Disease Treatment

Paradigm

1st LINE 3rd LINE

PembroNivoTiragolumab*

Bendamustine1*

CAV1*Docetaxel1*Gemcitabine1*Irinotecan1*

Nivo*1@

Onivyde4

Data expected Dec 2022

NivolumabPembro

2nd LINE

P3 trials#

FDA APPROVEDDRUGS SCLC

NCCNGuidelines(not FDA appvd)

Oral etopoide1*Paclitaxel1*

Pembro1*@Rechallenge1,2Temozolomide1*Vinorelbine1*

Platinum/Etoposide +Atezolizumab orDurvalumab

ZepzelcaTM

Topotecan (sensitive)

MAINTENANCE

• Investigational drug or not approved for this indication/line

1. All drugs listed in NCCN guidelines v1.20212. Only with relapse >6m; for pts who relapse >6m after Atezo or Durv maintenance, but who are not on maintenance atezo or durv at time of relapse3. @ Not recommended for pts who relapse while on maintenance Atezo or Durv. For those who relapse after >6m, recommendation is re-treatment with original regimen ex Atezo or Durv4. Source: https://clinicaltrials.gov/ct2/show/NCT03088813?term=Onivyde&recrs=ab&draw=2&rank=2

# Completed or recruiting disease treating trials for NCEs in US and /or EU

RRx-001*

LURBINECTEDIN SCLC: 2 TRIALS, 2 PROTOCOLS, 2 POPULATIONS

MONO(2):

• Mono 57% sensitive, 21% resistant

• Phase II basket trial expansion n=105 with CTFI>0

• Primary endpoint ORR (investigator) 35%

• ITT OS 9.3m

• No brain mets

• Lurbi dose 3.2mg/m2

• G-CSF (22%)

COMBO(1):

• Combo with Doxorubicin (in NCCN guidelines within CAV)

• Phase II n=27 ; OS 10.2m in CTFI 30+ (n=21)

• Phase III ATLANTIS fully accrued 613 pts;

OS endpoint expected 2020

• Stable brain mets allowed

• Dosing Lurbi 2mg/m2 + 40mg Doxo/m2

• Phase III prophylaxis G-CSF

1. Source: IASLC 20182. Source: ASCO 2019

Monotherapy approved by FDA for relapsed SCLC 15th June 2020

Combo top-line data expected2H 2020 for relapsed SCLC

LURBINECTEDIN + DOXORUBICIN

COMBINATION

• Combo with Doxorubicin (in NCCN guidelines within CAV) for SCLC

• Phase II n=27 saw OS 10.2m in CTFI 30+ (n=21)

• Phase III ATLANTIS fully accrued 613 pts; OS endpoint expected 2020

• Stable brain mets allowed

• Dosing Lurbi 2mg/m2 + 40mg Doxo/m2

• Phase III prophylaxis G-CSF

Combo top-line data expected2H 2020 for relapsed SCLC

Combination Lurbinectedin + Doxorubicin:

n=27L2 mg/m2 D1

+ DOX 40 mg/m2 D1

4%

33%

37%

37%

26%

74%

5.2m

3.4m

7.9m

Response Evaluable patients

CR

PR

ORR

SD

PD

Disease Control Rate

Duration of Response*

PFS

Overall Survival

Lurbinectedin + DOX (q3wk)

n=21CTFI>30d

5%

43%

48%

33%

19%

81%

n/a

5.3

10.2

Lurbinectedin + DOX (q3wk)

Source: Forster et al IASLC 2018 “Overall Survival with Lurbinectedin Plus Doxorubicin in Relapsed SCLC. Results from an Expansion Cohort of a Phase Ib Trial”; except *DOR data from ESMO 2017

LURBINECTEDIN: PHASE I/II 2ND LINE SMALL CELL LUNG CANCER

LURBINECTEDIN: PHASE III 2ND LINE SMALL CELL LUNG CANCER

ATLANTIS trial design SCLC

• Primary endpoint: median OS HR ≤ 0.75 with 90% power at ~510 events.Control arm modelled for ~7.5m613 patients recruited in >150 centers; 20 countries; EU & N. Am accounts~ 90%

• Registration Strategy:5 Safety analyses passed (IDMC)PharmaMar announced ATLANTIS reached target enrollment July 2018Data anticipated 2H 2020

Eligible SCLC pts1prior platinum

N=613

Arm A:Lurbinectedin (2mg/m2) & Doxo (40 mg/m2)

(up to 10 cycles)

R(1:1)

Arm B:Topotecan or CAV

(42% / 58%)

Lurbinectedin mono (after doxomaximum cumulative dose) at

3.2 mg/m2 q3w until PD

No CrossoverPrimary GCSF required in both arms

Stratification by prior PD1/PD-L1, CTFI, and CNS mets

LURBINECTEDIN

MONOTHERAPY

• Monotherapy for SCLC 57% sensitive, 21% resistant

• Phase II basket trial expansion n=105 with CTFI>0

• Primary endpoint ORR (investigator) 35%

• ITT OS 9.3m

• No brain mets

• Lurbi dose 3.2mg/m2

• G-CSF (22%)

Monotherapy approved by FDA for relapsed SCLC 15th June 2020

MONOTHERAPY LURBINECTEDINFINAL DATA: ASCO 2019

Efficacy

Overall (n=105)

ORR, %(95% CI) (confirmed responses) # ^

35.2

(26.2-45.2)

ORR, %Resistant CTFI< 90 days (n=45)

22.2

(11.2-37.1)

ORR, %Sensitive CTFI = 90 days (n=60)

45.0

(32.1-58.4)

Duration of response (months), median(95% CI)

5.3

(4.1-6.4)

Disease Control Rate *, % (95% CI)

68.6

(58.8-77.3)

# 5 of 8 patients who failed prior immunotherapy had confirmed response^ Tumor assessments performed every 2cycles until cycle 6 and every 3 cycles thereafter* Disease Control Rate: Response or SD

Dr. Luis Paz Ares

Decrease in tumor size in 65% patients

PFS TO PRIOR IO AND PFS AFTER LURBINECTEDIN

PFS prior IO PFS Lurbinectedin

Dr. Luis Paz Ares

MONOTHERAPY FINAL DATA: ASCO 2019Safety

n=105 n (%)

AEs 89 (84.8)

- Gr ≥3 36 (34.3)

SAEs 11 (10.5)

AEs leading to death 0 (0.0)

AEs leading to treatment

discontinuation2 (1.9)

Dose delays treatment related 21 (22.1*)

Dose reductions # 25 (26.3*)

G-CSF 23 (21.9)

Transfusions (red blood cells and/or

platelets)10 (9.5)

n=105 Gr 1-2 Gr 3-4

n (%) n (%)

Hematological AEs *Neutropenia 6 (5.7) 24 (22.9)

Anemia 2 (1.9) 7 (6.7)

Thrombocytopenia 2 (1.9) 5 (4.8)

Non-Hematological AEs

Febrile neutropenia . 5 (4.8)

Fatigue 54 (51.4) 7 (6.7)

Nausea 34 (32.4) .

Decreased appetite 22 (21.0) .

Vomiting 19 (18.1) .

Diarrhea 13 (12.4) 1 (1.0)

Constipation 10 (9.5) .

Pneumonia . 2 (1.9)

Alanine aminotransferaseincreased *

. 2 (1.9)

Skin ulcer . 1 (1.0)

* Per protocol: dose had to be reduced in case of grade 4 neutropenia * Lab abnormalities associated with a specific treatment, were considered a SAE, or were reasons for dose reduction or treatment delay

Safety: Related or Unknown Adverse Events Treatment Related (or Unknown) Adverse Events (AEs) ( >5% or Gr 3-4)

NON HEAD-TO-HEAD SELECTED COMPARISONS

Adverse EventsGrade 3-4

Monotherapy

n=105CTFI>0

Topotecan label

n=107 CTFI>60

Topotecan vonPawel 2014

n=167

CAV (from Topo label)

n=104CTFI>60

Febrile Neutropenia 4.8% 28% 3% 26%

Anemia 6.7% 42% 30.5% 20%

Thrombocytopenia 4.8% 29% (G4) 54.3%2 5% (G4)

Neutropenia 22.9% 70% (G4) 53.8%2 72% (G4)

Sepsis NR 5%1 NR 5%1

Pneumonia 1.9% 8% 3% 6%

1. G-CSF give as rescue in 71%, 43% and 18% respectively, Phase III using prophylaxis2. Treatment-emergent abnormalities

Safety

ZEPZELCATM : KEY IP AND BARRIERS TO ENTRY

Use Patent

NCE Protection

Exclusivity in SCLC for

7 years from approval

Protection until 2024*

Protection until 2025

Composition of matter Protection until 2022*

Orphan drugExclusivity in SCLC for

10 years from approval

*Subject to potential patent term extension#Pending patent

Protection until 2031# (combo doxo)

Protection until 2031# (combo doxo)

YONDELIS® : KEY IP AND BARRIERS TO ENTRY

Use Patent

Manufacturing

2023 Sarcoma

Protection until 2028

Protection until 2028

2022 Sarcoma

Protection until 2030

Protection until 2021

Formulation Protection until 2025

Protection until 2021

Protection until 2022

Orphan drug

COVID-19: APLIDIN® (PLITIDEPSIN)

1. Sources: Zhou et al; The Nucleocapsid Protein of Severe Acute Respiratory Syndrome Coronavirus Inhibits Cell Cytokinesis and Proliferation by Interacting withTranslation Elongation Factor 1α; Journal if Virology, July 2008, p. 6962–6971Losada et al; Translation Elongation Factor eEF1A2 is a Novel Anticancer Target for the Marine Natural Product Plitidepsin; Scientific Reports 6:35100 10/7/16

Slides show a Coronavirus HCoV-229E infected cell culture on the top side (the “white” spots indicate virus presence), and, on the bottom side is the image of the same virus infected cell culture when treated with 5 nM Aplidin.

• Approved in Australia for R/R =3L multiple myeloma

• Moa: Inhibits of EF1A, a host protein, which Covid-19 infected human cells need to reproduce and/or spread1

• In vitro preliminary work, potency against Covid-19 seen at the order of 0.5nM

• Multi-center trial APLICOV-PC finished in October to see safety and efficacy of three dose levels 1.5 mg x 3 days; 2 mg x 3 days; 2.5 mg x 3 days

• The study has met the primary safety endpoint.

• The trial has achieved a substantial reduction in viral load and the C-reactive protein (CRP) in patients.

• 80.7% of the patients were discharged before the 15th day of hospitalization, and 38.2% before the 8th (according to the protocol, they must be in hospital for a minimum of 7 days)

• Company will start conversations with the regulatory agencies to define the next phase III pivotal study

Aplidin®

GROUP REVENUES AND R&D EXPENSES

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

100,0

2016 2017 2018 2019

16.9 16.7

28.6

7.0

80.2 78.8

90.694.3

Revenues: € millions R&D: € millions

0

10

20

30

40

50

60

70

80

2016 2017 2018 2019

72,3 7163,7

48,7

4,9 5,3

5,1

2,9

2,41,9

4,9

2

73.7

78.279.6

53.6

Royalties & Milestones Biopharma

SalesBiopharma Diagnostic RNAi Oncology

CATALYSTCALENDAR

KEY EVENTS

Lurbinectedin monotherapy filed Accelerated Approval USA December 16th, 2019

Partnership agreement for US rights signed with Jazz Pharma

Lurbinectedin monotherapy NDA accepted 2/14/20 for priority review

Lurbinectedin SCLC monotherapy published Lancet Oncology

Aplidin POC trial in Covid-19 start

ZepzelcaTM monotherapy approved 15th June 2020

ZepzelcaTM launched in USA 7th July 2020

ZepzelcaTM added to NCCN guidelines July 7th 2020

Aplidin POC trial in Covid-19 data October 2020

ZepzelcaTM ATLANTIS top-line data 2H 2020

Zepzelca ex-US submissions approvals Q4 2020 onwards (e.g. Canada, Switzerland, Israel)

File Lurbinectedin with EMA

www.pharmamar.com