CORPORATE PRESENTATIONJanuary 2021

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

We are inspired by the

sea, driven by science,

and motivated by

patients with serious

diseases to improve

their lives by delivering

novel medicines to

them. We intend to

continue to be the

world leader in marine

medicinal discovery,

development and

innovation.

Global integrated commercial stage biotech developing marine-inspired 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)• Active BDL in-licensing effort

Late-stage pipeline: Transformative time for PharmaMar

• ZepzelcaTM (lurbinectedin) development plan in SCLC and other solid tumor indications emerging• Pipeline drugs maturing; two new compounds to enter clinic in 2021

Revenue generating company

• FY’19 revenues €85.8 mm.). First 9m 2020 €222mm• ~€1.3bn market cap. (~$ 1.6bn1)• Cash (as of Sep 30 2020) €218mm (~$265mm)• Shares listed on the Spanish Stock Exchanges under the symbol “PHM”

(1) As of 31 December 2020

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

Clinical trials

Post marketing trials

Oncology-focused sales force in Europe (n=~65)

Geographic licensing & partnering with

experienced companies

(~13 companies)

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

TRANSFORMATIVE TIME FOR PHARMAMAR

Discoveryoncologydrugs

Expand R&D verticaly and horizontally

Lurbinectedin: Pipeline within a drug e.g. SCLC expansion, mesothelioma, etc.

TRANSFORMATIVETIME

BD: seek synergistic, late stage or commercial assets in oncology

SIGNED A LICENSEAND 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, and sales milestones of up to US $550 million

• Milestones & royalties may increase if other 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

• 1st (incomplete) quarter of US net sales termed ‘successful’ ~$37mm2

1. Source: Jazz Zepzelca investor update slides, June 17 2020”, except: (2) November 2 2020 Jazz earnings report PR

ZEPZELCATMLAUNCHED 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 Lurbi+Doxorubicin

≥2nd line mesothelioma Lurbi+Atezolizumab

Basket trial (other) (4) Single agent

Small cell lung cancer 2nd line Lurbi+Iriontecan

PM184 Solid tumors Single agentand 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) Breast BRCA+, Head & neck, Endometrial, Biliary tract, Ewing sarcoma, NET, Germ cell, CUP

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 VEGFSelectively 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 (lurbinectedin)

Zepzelca (Lurbinectedin)

SCLC 2nd line (Basket trial) Single agent

SCLC 2nd line Combo

Doxorubicin

≥2nd line mesothelioma

ComboAtezolizumab

Basket trial (other) Single agent

SCLC 2nd line Combo

irinotecan

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

In 2019 there were approximately 30,000

new cases of small cell lung cancer in the

United States1

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

• 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

Durv or Atezo+ Carboplatin+

Etoposide2019

Pembrolizumab2019

1985 1990 1995 2000 2015 2018 2019 2020

ZepzelcaTM2020

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

ZEPZELCATM LURBINECTEDIN: SCLCUSA: Current and Emerging Disease Treatment

Paradigm

1st LINE 3rd LINE

Pembro*

Nivo*

Tiragolumab*

Bendamustine1*

CAV 1*

Docetaxel 1*

Gemcitabine 1*

Irinotecan 1*

Nivo 1* @

Onivyde4*

Data expected Dec 2022

Pembro

2nd LINE

P3 trials#*****

FDA APPROVED

NCCNGuidelines(not FDA appvd)

Oral etopoide@ 1*

Paclitaxel 1*

Pembro 1*@

Rechallenge 1*2

Temozolomide1*Vinorelbine 1*

Platinum/Etoposide +Atezolizumab or Durvalumab

ZepzelcaTM

Topotecan (sensitive)

• Investigational drug or not approved for this indication/line1. All drugs listed in NCCN guidelines v1.2021 alphabetically2. 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=25. Nivo received FDA approval for 3rd line Aug 2018; Volutarily withdawn by BMS 12/29/2020# Completed or recruiting disease treating trials for NCEs in US and /or EU

RRx-001*

Nivolumab5*

https://clinicaltrials.gov/ct2/show/NCT03088813?term=Onivyde&recrs=ab&draw=2&rank=2

LURBINECTEDIN 2ND LINE SCLC:2 TRIALS, 2 DOSES, 2 PROTOCOLS, 2

POPULATIONS

MONO(2):

• Mono 57% sensitive, 21% resistant, 22% refractory

• 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 use 22%

COMBO ATLANTIS:

• Combo with Doxorubicin (in NCCN guidelines within CAV)

• Phase III ATLANTIS n=613, CTFI*>30d

• Primary endpoint OS not met however no 'adverse effect'

• Dosing Lurbi 2mg/m2 + 40mg Doxo/m2

1. Source: IASLC 2018

2. Source: ASCO 2019

* Chemotherapy free interval: time in days from progression on prior chemotherapy

Monotherapy approved FDA for relapsed SCLC June 15 2020

Top-line data reported December 3rd 2020

LURBINECTEDIN

MONOTHERAPY: BASIS OF FDA APPROVALJUNE 15TH 2020

• Monotherapy for SCLC

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

• 57% sensitive, 21% resistant; 22% refractory

• Primary endpoint ORR (investigator) 35%

• ITT OS 9.3m

• No brain mets

• Lurbi dose 3.2mg/m2

• G-CSF use (22%)

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)

ZEPZELCATM : KEY IP AND BARRIERS TO ENTRY

NCE Protection

Exclusivity in SCLC

June 14 2027

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

YONDELIS® : KEY IP AND BARRIERS TO ENTRY

Use Patent

2023 Sarcoma

Protection until 2028

2022 Sarcoma

Protection until 2030Formulation Protection until 2025

Protection until 2022

Orphan drug

COVID-19: 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. 6962–6971, andLosada 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 bottom (the “white” spots indicate virus presence), and, on the top side is the image of the same virus infected cell culture when treated with 5nM plitidepsin.

• Aplidin® (plitidepsin) approved in Australia for R/R ≥3L multiple myeloma

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

• In vitro potency vs. Covid-19 seen at ~0.5nM

• Multi-center clinical 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 met the primary safety endpoint

• Trial saw reductions in viral load and CRP

• 81% of the patients were discharged before the 15th day of hospitalization, and 38% before the 8th (according to the protocol, they must be in hospital for a minimum of 7 days)

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

GROUP REVENUES AND R&D EXPENSES

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

2017 2018 2019 9m 2020

16.7

28.6

7

80.283.9

90.6

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

137.8

78.8

CATALYSTCALENDAR

KEY EVENTS

Partnership agreement for US rights signed with Jazz Pharma

ZepzelcaTM monotherapy approved 15th June 2020

ZepzelcaTM launched in USA 7thJuly 2020

ZepzelcaTM added to NCCN guidelines 7thJuly 2020

Aplidin POC trial in Covid-19 data October 2020

ATLANTIS: did not meet primary endpoint. Exploratory secondary endpoints of interest

IASLC 1/31/21 oral presentation lurbi+irinotecan in relapsed SCLC

ATLANTIS data discussions FDA/EMA/UK 2021

ZepzelcaTM (lurbinectedin) development plan to emerge 2021

Lurbinectedin regulatory updates (e.g. Australia, Canada, Switzerland, Israel, S. Korea)

www.pharmamar.com