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FROM OPPORTUNITY DRIVEN TO LEADING CDMO

THE JOURNEY TO BECOME A TOP TEN CDMO

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Own products

MBO of Pharmacia’s tablet factory in Årsta, Stockholm

Expansion in Sweden

First CMO contract

A new CDMO is born

European expansion

Listing on NasdaqStockholm

New acquisitions

RECIPHARM - A LEADING CDMO

Approximately2,200 FTEs

>400 productsin >1600

presentations

>100 marketsand >200customers

Broadmanufacturing

capabilities

High growthDevelopment& Technology

division

TurnoverSEK 3.3bn (€340m)

Listed on Nasdaq OmxStockholm

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THE JOURNEY BEGINS

We develop smarter ways of working with our customers.

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1993/94

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March 1, 1995

• Assets• 140 employees• 220 SEKm sales

• Long term supply

• Tail-end products

TWO BUSINESS AREAS, TWO SEPARATE BRANDS

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RECIPHARM

Contract manufacturing

RECIP

Own products

TWO BUSINESS AREAS, TWO SEPARATE BRANDS

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RECIPHARM

Contract manufacturing

RECIP

Own products

Divested 2007

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INDUSTRY AND STRATEGY

The pharmaceutical industry is more competitive than ever. And so are we.

11Source: Frost & Sullivan, Equity Research

PILLARS OF GROWTH IN THE CDMO INDUSTRY

• Demographics

• Lifestyle / chronic ailments

• Biotechnology

• Personalized medicine

• Emerging market growth

Pharma Industry Growth

• Major pharma rationalisation of manufacturing footprint

• Increasing prevalence of outsourcing across all big pharma

• Asset-backed manufacturing agreements

Increasing Outsourcing Trend

• Increasing number of small and mid sized specialty pharma that are dependent on CDMOs for both development and manufacturing

• Innovative virtual models with limited back-end infrastructure

Small & Mid Sized Specialty Pharma

• Strong push by major pharma and large Gxpharma to consolidate supplier base (fewer, higher quality suppliers with scale)

• Market share gains expected for top players at cost of those lacking scale

• M&A consolidation

Market Share Consolidation

Key Drivers of Growth for Large CDMO Players

WHAT DOES THIS MEAN FOR CDMOs

Stable and growing underlying pharma industry

Big pharma expected to continue tooutsource

Development from tactical to strategicindustry Consolidation of industry players

Growth in mid/small size speciality pharma with little development/production infrastructure

Increased globalisation driven by customers

1230 November 2015

RECIPHARM’S STRATEGY

Conduct more and higher quality business with our existing customers1.Expand the customer base with new and strategically important customers2.Consolidate the industry3.Improve the efficiency of the operations4.Acquire access to new technology5.

WE WILL CONTINUE TO PURSUE M&A WITH FOCUSED PRIORITIES

MARKET

RELATIONSHIP

TECHNOLOGY

Pessac FacilityCorvette GroupLusomedicamenta

TECHNOLOGYü Freeze dried ampoulesü Injectable hormonesü Effervescent tabletsü Opthalmicsü Niche API’sü Pre-clinical chemistryü Coated pelletsü Blow-fill-seal

CytotoxicsPre-filled syringesNiche dosage forms

MARKETEurope IsraelNorth AmericaIndia

RELATIONSHIP~ 100 new customers gained since IPO

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(1) Negotiations on-going(2) Conditional upon Indian FIPB

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OnTarget Chemistry

ü

Nitin Lifesciences(2)

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Kaysersberg(1)

30 November 2015 15

ABOUT RECIPHARM

We’re one of the first CDMOs, and we’ll be here tomorrow, too.

WHAT WE DO – SERVICES PROVIDED BY RECIPHARM

DEVELOPMENT MANUFACTURING DISTRIBUTION

● Pre-clinical chemistry

● Bioanalysis

● API development

● Pre-formulation

● Formulation development

● Stability studies

● Manufacturing of clinical trial materials

● Purchasing of starting materials

● API manufacturing

● Manufacturing of semi-finished or finished products

● Packaging

● Warehousing

● Transportation

● Supply chain management

TWO BUSINESS AREAS

ManufacturingSecondary manufacturing

(mainly)

14 Mfg sites

79%

Development & Technology

Pharmaceutical developmentIntellectual property

21%

Strategically alignedDecentralised and scalable

Key business functions centralised

MANUFACTURING IS OUR BACKBONE

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We offer a wide range of dosage forms and product categories

Solids

Beta-lactams Liquids Semi-solids Hormones

Steriles Granulates& powders

Lyophilisates InhalorsEffervescent tablets

Sterile opthalmics

D&T - AN IMPORTANT GROWTH DRIVER

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Development- 200 employees- 45 PhDs- Chemistry and API- Pharmaceutical dev. Services

Technology- Product rights- Development projects - Other IP and partnerships- Recipharm Venture Fund

Partnerships, examples:

- Market extensions- Line extensions- New product entries

- Acquisitions- Develop existing offering- New partnerships

Growth opportunities

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ItalyLAINATE (Milan)● Lyophilised

sterile beta lactam antibiotics

MASATE (Milan)● Lyophilisates● Liquid fills

PADERNO DUGNANO (Milan)● API development

● Finished dose form development and manufacturing

PortugalQUELUZ (Lisbon)● Solids● Liquids● Semi-solids

ODIVELAS (Lisbon)● Solids● Liquids● Semi-solids● Steriles

India(2)

[KARNAL(2),

PAONTA SAHIB]

● Lyophilisates

● Steriles

SwedenJORDBRO, HQ

HÖGANÄS

● Solids (granulates & powders)

KARLSKOGA● Semi-solids

SOLNA● Development

Services

STOCKHOLM● Solids

STRÄNGNÄS● Beta-lactams

(solid forms and dry syrups)

UPPSALA● Discovery and

development services

UKASHTON● Solids● Semi-solids● Inhalors

GermanyWASSERBURG● Lyophilisates● Steriles

FranceFONTAINE● Opthalmics

[KAYSERBERG](1)

● Steriles● Blow-fill-seal

MONTS● Steriles

PESSAC● Development

Services● Advanced

Delivery Technologies

SpainPARETS● Solids● Semi-solids● Liquids

LisbonParets

Pessac

FontaineMonts

Kaysersberg

Ashton

Wasserburg

Milan

Uppsala Solna

Jordbro, HQKarlskogaSträngnäsStockholm Höganäs

KarnalPaonta Santib

ON A MISSION TO BECOME A WORLD LEADING CDMO

(1) Negotiations on-going(2) Conditional upon Indian FIPB

FAR-REACHING, LONG-STANDING RELATIONSHIPS

Big Pharma

Small andMid-SizeSpecialtyPharma

GenericPharma

EmergingPharma

WE HAVE A STRONG AND LOYAL CUSTOMER BASE

(since 2009) (since 2002) (since 1993)

(since 2005)(since 1990)

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KEEPING THE ENTREPRENEURIAL SPIRIT

A healthy attitude is the key ingredientin everything we manufacture.

THE RECIPHARM MODEL

1Local Adaptability

Stand-alone operating companies with their own strong management teams which promote local decisions, flexibility and local sales.

2Consistency & Continuity

Consistency and continuity between our development and manufacturing facilities provide a smooth and efficient transfer from development to commercial production.

3Strong Corporate Leadership

Group central management ensures strategy alignment and development as well as financing, marketing and sales.

4Customer Focus

Our customers meet one Recipharm with one single brand.

• We unite 13 stand-alone operating companies in 7 countries.

• Here are the cornerstones of Recipharm’s organisational model

ORGANISED FOR SUCCESS

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StrongcorporateleadershipCore valuesEntrepreneurship

TenacityProfessionalism

Reliability

QualityManagement

Marketingand sales

Corporateand strategydevelopment

Financialcontrol and

management

Group-widepolicies

2530 November 2015

ENTREPRENEURSHIP INFUSES THE WHOLE COMPANY

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“We have a consistent image across the company, one of a large company. But we operate out of the local sites, which means we have decision processes that are quite quick.”

Jeanette McCormick, Commercial Manager, Recipharm Ashton

“As part of a family business, you are part of the success. Recipharm has this, but adds a dimension in the form of pro-activeness in that there are common goals, with a common culture across the company.“

Antonio Lopez, Business Director

“It’s like a family run business, with global policies to create clear guidelines, but with the strengths of autonomy to deliver solutions.”

Michel Saudemon, General Manager, Recipharm Monts

BUILDING A GLOBAL CDMO

Build a broad network with critical mass across EuropeBuild a broad network with critical mass across Europe

IPO – Access to capital markets to enhance M&A fire-

power

IPO – Access to capital markets to enhance M&A fire-

power

Increase the breadth of offering in high

margin Steriles and D&T

Increase the breadth of offering in high

margin Steriles and D&T

Grow and establish presence in Emerging

Markets

Grow and establish presence in Emerging

Markets

Establish foothold in the North American

market

Establish foothold in the North American

market

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Q&A

In a results-orientedbusiness, we’re known fordelivering exactly that.