21 November 2019

Jefferies 2019 London Healthcare Conference

Becoming the leading European pharmaceuticals

manufacturer in selected markets

Dermapharm is a leader in branded pharmaceuticals in selected markets in Germany and has

an increasing international footprint

Flexible pharmaceutical manufacturing and distribution capabilities with highly efficient and

low risk R&D process based on patent-free APIs resulting in short time-to-market

~250 active pharmaceutical ingredients (APIs) and >900(1) marketing authorizations (MA), which

can be partly leveraged internationally

A top 5 parallel import business in Germany based on revenue and since 2019 a leading

producer of herbal extracts

Continuous business optimisation and growth through successful M&A

2

Dermapharm at a glance –

Pharmaceutical excellence “Made in Germany”

A leading German pharmaceutical company…

…with a highly attractive product portfolio(2)…

…based on an integrated business model…

Notes: (1) Separate marketing authorisations may be granted for one active pharmaceutical ingredient, based on different galenic forms and authorisation in different European countries

(2) In H1 2018; excluding sales from Croatia, Poland and Melasan Austria (3) EBITDA on group level adjusted for one-time costs

…resulting in attractive financials

Revenue in €m

Group EBITDA margin (excl. Parallel import)

Group EBITDA margin

Adjusted EBITDA(3) in €m

Branded pharmaceuticals and other healthcare products

Parallel import business

Vitamins, minerals and enzymes

Dermatologics

Systemic corticoides

Women`s healthcareRevenue split9M 2019

Branded pharmaceuticals and other healthcare products

Pain treatment

Opthalmologics

OthersParallel import

business

Herbal Extracts

(since 2019)

2016 2017 2018

103113

143

97 105

133

6 7

9

2016 2017 2018

445 467

573

209224

243

238

46.1% 46.4% 39.7%

23.1% 24.2% 25.1%

CAGR:

+ 13.4%

236

335

Dermatology

division

3

■ Acquisitions of original brands and

in-licensing of generic products

■ Extension of therapeutic areas

■ Branded pharmaceuticals

as flagship products

■ Extension of established dermatological

product portfolio

■ Start of own R&D activities

■ Positioning in selected markets

■ Expansion of product portfolio to food

supplements, dietary products and

healthcare products

National M&A International M&AOwn foundings

Dermatological focus Portfolio extensionSelected market and

Corporate strength focusGrowth acceleration

1991 - 2002 2003 - 2009 2010 - 2016 2017 - 2019 >>>

Therapeutics

division Hygroton ®

Dytide H ®

Zyloric ®

Novodigal ®

Dociton ®

■ Acceleration in markets with low

regulation (e.g. OTC)(2)

■ Internationalisation

Notes: (1) SHI = Statutory Health Insurance, (2) OTC = Over The Counter

Introduction of direct discount agreements with SHIs (1)

Mergers & Acquisitions as accelerator for organic growth

Dermapharm holds a highly privileged position due to clear focus

on selected markets only

4

Attractive regulatory environment

for originatorsMARKETS

Originators Dermapharm Generic companies

Dermapharm`s selected German markets

are protected Challenging regulatory conditions

for generics

PRICE PRESSURE

Significant margin pressure and high priority

for SHI rebate contracts

No price pressure, after first year of product

launch and thereafter price negotiations with SHIs

REGULATORY BARRIES

DEVELOPMENT RISK

High regulatory barriers to entry, due to

patent protection

Only achieved under high development risk

and significant investments

High regulatory barriers therefore not

very attractive for new entrants and strongly

positioned market players

Low risk development with relatively

high investments

Low regulatory barriers for new patent-free

high volume pharmaceuticals

Low risk development with relatively

low investments

Limited price pressure and low priority for

SHI rebate contracts

… …

PORTFOLIO GenericsPatented products (Solitaire)Branded products

> 50% off-patent originator products(1)

Note: (1) Gross sales in the segment “Branded pharmaceuticals and other healthcare products” in Germany

Leading branded pharmaceuticals manufacturer in six attractive,

selected therapeutic areas (1/2)

5

#1

of 154

#1

of 23

#1

of 130

6%

434m €

m/s13%

749m €

m/s

24.3%

9.5%

2012 CAGR

31%87m €

m/s

30%103

m €m/s

1.7%

2.9%

8%

418m €

m/s13%

509m €

m/s11.5%

3.3%

2018

Women‘s healthcare,

Ophthalmolocics, Pain treatmentMarket Dermapharm

Leading position in key therapeutic areas (1) Stronger growth than market led to market share gains (2)

Source: Company information, Individual market definition by Dermapharm on the basis of Insight Health figures, changed database compared to presentations in the past – ApoFusion, sell out data

Notes: (1) Market definitions include molecules and ATC-markets of Dermapharm portfolio, Rx, OTC and health products and include competitors with more than €100k yearly revenue in the respective market; (2) Molecules and ATC-markets of Dermapharm portfolio, Rx, OTC and health

products, ex factory prices

6M 2019

14%392

m €m/s

29%53m €

m/s

13%

265m €

m/s

VITAMINS, MINERALS AND

ENZYMES

SYSTEMIC CORTICOIDS

DERMATOLOGICS

6

#5

of 33

#14

of 30

#5

of 58

1%

313m €

m/s

7%

233m €

m/s34.6%

-4.8%

2012 CAGR

3%

128m €

m/s2%

234m €

m/s4.3%

10.6%

1%

316m €

m/s

6%

384m €

m/s39.5%

3.3%

2018

Source: Company information, Individual market definition by Dermapharm on the basis of Insight Health figures, changed database compared to presentations in the past – ApoFusion, sell out data

Notes: (1) Market definitions include molecules and ATC-markets of Dermapharm portfolio, Rx, OTC and health products and include competitors with more than €100k yearly revenue in the respective market; (2) Molecules and ATC-markets of Dermapharm portfolio, Rx, OTC and health

products, ex factory prices

Leading position in key therapeutic areas (1) Stronger growth than market led to market share gains (2)

6M 2019

7%

113m €

m/s

2%

127m €

m/s

8%

196m €

m/s

Leading branded pharmaceuticals manufacturer in six attractive,

selected therapeutic areas (2/2)

Market Dermapharm

WOMEN‘S HEALTHCARE

OPHTHALMOLOGICS

PAIN TREATMENT

7

Leading positions in attractive markets protected by significant barriers to entry

Well-known

brands

Regulatory and R&D

expertise

Long-standing

relationship Niche markets

High quality products with well-known brands Regulatory requirements and R&D expertise

Extensive expertise in regulatory approval processes

Doctors Pharmacies SHI firms Hospitals Health stores Wholesalers

Long-standing relationships

Decades-long customer relations

based on strong and dedicated

sales force

Coverage and experience in all

relevant distribution channels

Niche markets

Markets often not attractive for larger players

due to comparably higher product development

requirements and costs

Development of branded pharmaceuticals in

state-of-the-art facilities

Quick response time to new market trends

Fast time-to-market

Flexible and dedicated setup to cater to niche

markets

Selected markets with often only 1-2 market

participants

Highly effective sales organization and strategy securing superior customer access and

highest number of prescriptions

8Sources: Kassenärztliche Bundesvereinigung, ABDA, internal data

Notes: All figures refer to Germany in 2018; (1) Number 1 in prescriptions of dermatologists in Germany in 2018 NVI (Insight Health); (2) Refers to call center from axicorp (parallel import business area);

(3) Pharmaceutical firms selling over 50,000 units per year in Germany, sell out data Apo Fusion insight health - MAT Jun 2019 in tsd. units

Strong sales force with broad coverage and flexible organisation …

Hospitals

Online Channels

Specialists

Pharmacies

Wholesalers

Health Stores Drug stores

#1

Pharmacies

Dermatologists

Gynecologists

GP´s

Cardiologists

Neurologists

Orthopaedists

190 tsd. Outbound-Calls

~90% Pharmacy-Coverage (2)

17,459

18,431

18,897

31,639

103,606

168,435

173,333

# 8

#1

#2

#3

#15

#14

#16

… leading to a top 10 pharmaceutical player by units sold (3)

(1)

Sales force,

pharmaceutical and commercialKey Accounter Call centre direct marketing

Decades of know-how in identifying attractive markets and APIs

9

In-house

development M&A

Opportunity to become market leader and

potential for attractive margins

Pharmaceuticals universe

Part of key therapeutic areas

Potential for fast market share growth

Total market growth not main criteria1. Market with limited SHI price pressure

and/or high share of direct payers 2.

3.

… based on the following selection criteria

4.

Market selection…

Very limited competition

Constant monitoring of patent expirations for which Dermapharm has the ability to be first or second next to the originator product

Flexible market entry strategies allowing quick entry and are depending on:

Development expertise in the field

Availability of suitable targets

Return on investment analysis

10

Branded pharmaceuticals and other healthcare products

Product

development

Regulatory

affairsProduction

Quality

managementLogistics

Sales &

distribution

Parallel import business

Regulatory affairs Sourcing RepackagingQuality

managementLogistics

Sales &

distribution

Herbal extracts

Product

development

Regulatory

affairsProduction

Quality

managementLogistics

Sales

B to B

Le

ve

rag

e

sa

les

pla

tform

IN

TE

RN

AT

IO

NA

LL

Y

M A

R K

E T

S

E L

E C

T I O

N

S Y N E R G I E SF L E X I B I L I T Y

Multi-pillar strategy allows high flexibility, success in changing regulatory environments and

to leverage internationally

63

73

93

201

238

248

256

347

437

668

axicorp is the fourth largest parallel import company in Germany by sales(1)

Gross sales 2018 in €m, total market €2.9bn

11

Significant import countries

Significant export countries

# 4

axicorp is a leading parallel import business in Germany with significant market share

Free trade within the European Union,

with significant existing price differences

Sozialgesetzbuch –

§ 129 Para. 1 No. 2 SGB V

GSAV - Laws for more safety in the

supply of pharmaceuticals (June 2019)

Legal requirements in Germany

Legal promotion of imports to relieve the German health system

+

€15 at a selling price

between €100 - 300

15% at a selling price

up to €100

5% with a selling price

of above €300

Price advantages offer imports with a price difference to the original of at least:

Minimum turnover per pharmacy of 5% of finished pharmaceuticals for which

no rebate contracts exist

Exceptions: products with generic competition as well as biopharmaceuticals

and parenteral cytostatics

A price advantage must be given

8,8%

Market share Market share in % by sales

2018ROCE: 21% (2)

Note: (1) Source: Insight Health (2) ROCE-Definition: EBIT / Average capital employed

12Note: (1) Aggregate revenues from existing products marketed by competitors in Germany in 2016, based on study from external market research agency

bite away® Herpotherm® EPIIVO®

Increasing demand: Number of mosquito types is rising

in urban centres due to global warming/increased rain

Fast market penetration: Pruritus/Dermatitis’ heavy

impact on people’s well-being will lead to increased

willingness to try out new forms of treatment; incidence

increasing

Constant demand: 90% of people are affected by the

incurable herpes virus, thereof 1/3 will need regular

treatment

EPIIVO®

HYPERTHERMIA +

Dermatologists Pharmacies

Sales forceSales force Key-Accounter

Dermatologists Pharmacies

Sales force Key-Accounter

Dermatologists Pharmacies SHI firms

Illustrative

Internationalisation

EPIIVO® € 5m

€ 5m

€ 11m

€ 81m

€ 49m

€ 239m

Total addressable market …

Synergy effects in the areas of marketing & sales

Continuous success in M&A track record: September 2017 –

Acquisition of hyperthermic medical devices for further growth and profitability

Intercompany co-distribution

13

Attractive acquisitions in January 2018 –

with well-known originator and OTC products; boost in direct payer share

Strathmann Trommsdorff

Synergy effects in the areas of production,

logistics and field service

Manufacturing, marketing and distribution of

RX and OTC products

NEW: Pain treatment

Ideal portfolio extension

in Dermapharm‘s strategic

therapeutic areas:

Dermatologics

Systemic corticoides

Women`s healthcare

Vitamins / Minerals /

Enzymes

Therapeutic area +Own sales forcePortfolio extension + +

++

Duplicate marketing authorisation

granted since Feb 2019

53 Med. reps

Neurologists OrthopaedistsCardiologists

Pharmacies

20% coverage

9 Pharm. Reps 2 Key Acc.

14

Attractive acquisition in January 2019 –

with well-known international B2B business

Euromed - Group

A leading producer of herbal extracts and natural active ingredients

mainly for the phyto-pharma and food supplements market

Production of food supplements Drying facilityInnovation Center & production of phyto-pharma

>800 tnExtracts sold

~50 yearsof experience

>300customers

in 38countries

>200Stock keeping units

98%International sales

MurciaMollet del Vallès Okeechobe, Florida

Synergy effects in the areas of supply

of natural active ingredients and

product development Phyto-pharmaceuticals and

food supplements

5%

36%

59%

Steady organic revenue growth supported by M&A activities –

with strongly increasing direct payer share

Dermapharm’s revenue developmentin €m

15

54%

35%

12%

21%15%

Non-rebatecontracts

rebatecontracts

21%

38%

RX OTC

6M 2019

12%

22%

RX OTC

FY 2012

M A R G I N

Branded pharmaceuticals / other healthcare products Parallel import business Herbal extracts SHIDirect payer(2) Hospitals and others

Revenue by market access (2)

(Branded pharmaceuticals and other healthcare products)

Notes: (1) Trommsdorff was consolidated for the first time as of February 2018. Accordingly, sales from

January did non enter the segment and the group result. (2) Gross sales; (3) Including private health

insurances

Source: Insight Health (NV3, Apofusion), Applied services, internal data (Hospitals and other “special” customers, which cannot be shown by market research data)

209 224

335

249.5276.2

236243

238

179.5

185.1

56.3

2016 2017 2018 9M 2018 9M 2019

445467

573

429.0 (1)

517.6 (1)

CAGR:

+ 13.4%

+ 20.7%

28% 26%

Non-rebatecontracts

rebatecontracts

Strong profitability driven by favorable product mix –

with a slight dilution from strong M&A activities

16

8388

104

80.0 82.6

2016 2017 2018 9M 2018 9M 2019

Attractive adjusted EBITDA margins (1)

in €m / in % of revenue

Strong EBT marginsin €m / in % of revenue

EBITDA margin

Brand. pharma.46.2% 39.7%46.9% 41.2%40.9%

EBITDA margin

Group(1) 23.1% 25.1%24.2% 25.7%24.8%

97105

133

102.1113.8

67

9

7.8

7.2

16.2

2016 2017 2018 9M 2018 9M 2019

103113

143

106.4 (1)

133.1 (1)

CAGR:

+ 17.8% CAGR:

+ 11.9%

Note: (1)

GroupBranded pharmaceuticals / other healthcare products Parallel import business Herbal extracts

EBITDA H1 / 2018 adjusted for non-recurring costs of € 3.8 m in connection with the preparations

for the IPO and in connection with the acquisitions of Strathmann and Trommsdorff | Group EBITDA

also includes EBITDA from reconciliation / Group Holding of € 2.7 m

EBITDA H1 / 2019 adjusted for non-recurring costs of € 8.5 m in connection with the acquisitions of Euromed and Fitvia, PPA-Effects

and acccruals for restruturing of Bio-Diät-Berlin | Group EBITDA also includes EBITDA from reconciliation / Group Holding of € 4,1 m

+ 25.1%

3.3%

EBT margin 18.7% 18.2%18.8% 16.0%18.6%

Strong cash flow and cash conversion(1)

in €m / in % of group EBITDA

Strong cash flow as well as cash conversion –

Reflecting strong dedication to future growth

17

Balance Sheet as of 30 June 2019 in €m

Cash conversion 74.8% 76.8% 111.0% 47.8%

-12

-85 -110

-367.1

77 87

159

63.6

179315

572

700

265

Total Assets Total Equity and Liabilities

Non-current

assets

Current

assets

Equity

attributable

to company

owners

Non-current

liabilities

Current

liabilities

1,016 1,016

Operating activities Investing activities

2016 2017 2018 9M 2019

Note: (1) Cash conversion defined as operating cash flow/(adjusted) EBITDA; operating cash flow includes € 65 million decrease in other assets in the first 9 months 2018, mainly resulting from an over-payment of the

profit transfer agreement with Themis Beteiligungs-Aktiengesellschaft

18

Credible growth strategy based on three pillars -

M&A, In-house development and Internationalisation

Notes: (1) FYTA: 20% share, (2) fitiva: 70% share

M&A activities1.

Non-organic growth based on

comprehensive M&A know-how

For new approvals, product assets and

companies

Since founding of Dermapharm in 1991,

product offerings have been continuously

developed through successful acquisitions

Track record in successful integration into

the existing business

Track record in successful centralisation

into the main production and logistic hub

Brehna of Branded Pharmaceuticals

Continuous examination of further

opportunities

In-house development2.

Internationalisation3.

Own development of new products

Flexible response to structural growth

trends in favorable new markets

Extended product focus to strengthen the

existing portfolio

Very well filled pipeline

Further “Phyto-project ideas”

Growing know-how through acquisitions

All ongoing development projects on track

Numerous product launches in different

countries

Introduction of products portfolio in adjacent

regional markets

Enhance footprint in Europe

International distribution of successful

Dermapharm products through own

subsidiaries and distribution partners

Additional effects due to international

business of the acquisitions

Global roll-out of medical devices bite away®

and Herpotherm®

Sales started in >15 European countries with

numerous international distribution partners

Foundation of mibeTec US

(1)

(2)

Branded pharmaceuticalsBranded pharmaceuticals

Hyperthermic medical devicesHyperthermic medical devices

19

EBITDA 2019

(adjusted)

Revenues

2019

“Growth rates are based on organic growth, new launches of in-house developments

and growth from Euromed included in the forecast.”

Growth strategy on track and in line with guidance 2019

of the Annual Report 2018

+17% to +22%vs. previous year (€143.4m (adjusted))

++14% to +19%vs. previous year (€572m)

Q&A

21

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General. This disclaimer applies to this document and the verbal or written comments of any person presenting it (together, the “Presentation”). This Presentation is dated as of November 20, 2019, and has been prepared by the

Dermapharm Holding SE (the “Company” and, together with its consolidated subsidiaries, “Dermapharm”, the “Group”, “we”, “us”, “our” or “ourselves”) for information purposes only.

No offer to purchase or sell securities. The Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security.

Any such offer would only be made by means of formal offering documents, the terms of which would govern in all respects. You are cautioned against using the Presentation as the basis for making a decision to purchase any

security.

Forward-looking statements. This Presentation contains certain forward-looking statements that reflect our current beliefs, expectations and assumptions regarding future events. The words “potential”, “outlook”, “pipeline”,

“anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should”, “will”, “would” and similar expressions, together with, inter alia, discussions of future operations, financial performance,

Dermapharm’s strategy, development of pharmaceutical products, regulatory approvals, market position and expenditures, are used to identify forward-looking statements. These statements are subject to many risks and

uncertainties, including cyclicality in the industries in which Dermapharm operates; a shift in consumer preferences or reduced demand for Dermapharm’s older pharmaceutical products in response to advances in technology;

competitive factors, including technological advances achieved and patents attained by competitors as well as new products introduced by competitors; increased regulatory controls; increased raw material prices; expiration of

patent protection; environmental liabilities and compliance costs; the successful implementation of strategic co-operations and joint ventures; Dermapharm’s ability to develop and obtain marketing authorizations for, new

pharmaceutical products; risks from hazardous materials; product efficacy or safety concerns; litigation and product liability claims, including the resolution of any pending governmental investigations and the conclusion of any

pending or threatened future legal proceedings; an adverse development of global economic conditions; events of force majeure including natural disasters, acts of terrorism, political unrest, industrial accidents and their effects on

our research and development, sales, purchasing or production activities; fluctuations in currency exchange rates; the availability of less expensive patent-free pharmaceuticals; disruption of production due to shortages of

materials, labor strikes, or supplier insolvencies; the business outlook of companies in which we hold a significant equity interest; changes in laws, regulations and government policies, particularly those relating to the development

of pharmaceuticals (including pre-clinical and clinical trials) and approval procedures, chemical; global trends toward health care cost containment, including ongoing pricing pressure; and other risks and uncertainties.

If any of these risks and uncertainties were to materialize, or if the assumptions underlying any of our forward-looking statements were to prove incorrect, Dermapharm’s actual results may be materially different from those

expressed or implied by the forward-looking statements included in this Presentation. Dermapharm assumes no obligation whatsoever to update these forward-looking statements. Any forward-looking statements speak only as of

the date of this Presentation. Accordingly, you should not place undue reliance on any forward-looking statements.

No reliance, no update and use of information. You should not rely on this Presentation as the basis upon which to make any investment decision. To the extent that you rely on this Presentation in connection with any

investment decision, you do so at your own risk. This Presentation does not purport to be complete with respect to any topic addressed. The information in this Presentation is provided to you as of the date hereof, and

Dermapharm does not intend to update the information after its distribution, even in the event that the information turns out to be, or becomes, materially inaccurate or any unexpected events or circumstances arise after the date

of this Presentation.

Certain information contained in this Presentation includes calculations or figures that have been prepared internally and have not been audited or verified by third parties. Use of different methods for preparing, calculating or

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should be placed on the accuracy, completeness or correctness of the information or opinions contained in this Presentation, and none of Dermapharm, its existing shareholders, representatives or any of its advisors shall bear

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Disclaimer

Lil-Dagover-Ring 7

82031 Grünwald

Germany

Phone: +49 (89) 6 41 86-233

FAX: +49 (89) 6 41 86-130

E-Mail: britta.hamberger@dermapharm.de

ir.dermapham.de