Jefferies Health Care Seminar New York, June 3, 2014

Maris Hartmanis President & CEO

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Medivir – The emerging European pharma company

Headquartered and listed in Stockholm, Sweden

~ 140 employees, of which 90 are in R&D

World leading expertise in polymerase and protease drug targets

R&D pipeline: 3 major internally driven projects

Nordic commercial organization marketing 16 Rx pharmaceuticals

Two innovative specialty care products, Olysio and Adasuve recently launched in the Nordics

Two pharmaceuticals taken from idea to market:

- Olysio (simeprevir) for treatment of chronic hepatitis C, licensed to J&J globally excluding the Nordics

- Xerclear for treatment of labial herpes, licensed to GSK in Europe

Listed on NASDAQ OMX Stockholm since 1996

Broad institutional shareholder base, >20% EU & US shareholders

Solid financial position (342 MSEK end Q1, 14*), on the way to sustainable profitability

Sales in 2013 were 176 MSEK (~27 MUSD)

Market Capitalization: 4,000 MSEK 615MUSD

Cash (March 31)*: 342 MSEK 53 MUSD

Debt (March 31): 42MSEK 6 MUSD

Revenues Q1, 14: 46 MSEK 7 MUSD

Net burn rate: 240 MSEK 37 MUSD

Shares Outstanding: Class B: 30,600,027 Class A: 660,000 Options: 404,374 Fully Diluted: 31,664,401

Financial facts

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CONSOLIDATED INCOME

STATEMENT SUMMARY Q1 Q1 FY

Continuing operations

(MSEK) 2014 2013 2013

Net turnover 208.2 178.1 446.1

Gross profit 182.1 160.2 374.3

EBITDA 96.7 90.5 76.4

EBIT 88.6 76.7 25.2

Profit/loss before tax 90.3 76.6 27.7

Profit/loss after tax 283.8 71.1 16.0

*Q1 simeprevir royalties of 161 MSEK not accounted for in cash position. Including the royalties ,the end Q1 cash position was 500 MSEK (77 MUSD)

Strategic direction

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R&D Operations

Commercial Operations

Development of R&D platform

• Build value by three major internally driven projects

• Evaluate new therapeutic areas based on protease

and polymerase core competence

Creation of new partnerships/collaborations

• Continue to develop R&D assets via partnerships

Commercial expansion

• Add new pharmaceuticals for the Nordic market

• Launch Olysio (simeprevir) in the Nordic market

• Develop business and therapy scope further

MIV-711: A cathepsin K inhibitor in clinical development for osteoarthritis (OA)

MIV-711 - preparing for clinical phase II and partnership

Osteoarthritis

• A chronic progressive disease characterized by excessive bone resorption and cartilage degradation leading to pain and disability

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Two abstracts with MIV-711 data presented at the OA conference, Paris (April -14):

I. Non-clinical: Once daily MIV-711 reverses subchondral bone loss in an experimental model of OA

II. Clinical: 28 day treatment of post meno-pausal women (100 mg, OD) reduced urinary biomarkers for bone resorption and cartilage degradation with up to 98% and 55%, respectively

*Datamonitor, 2009

MIV-711 – mechanism of action

• Inhibits cathepsin K, which degrades both bone and cartilage collagen

Medical need • Affecting 10-15% of the US population and

more than 80 million in the US, Europe and Japan*

MIV-247: A cathepsin S inhibitor for neuropathic pain

MIV-247 - preparing for clinical phase development in H1, 2015

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MIV-247 – candidate drug

• Results from non-clinical in vivo studies support the development of MIV-247:

- as monotherapy (fast and sustained efficacy seen in models of neuropathic pain)

- as combination therapy (improved efficacy shown when combined with e.g. gabapentin)

Medical need

Current treatments incl. anticonvulsants and antidepressants

- Pain persists in 75% patients with at best a 50% reduction in overall pain

- Significant side effects e.g. dizziness, somnolence

Neuropathic pain

• Associated with a lesion or disease affecting the somatosensory system

• Includes e.g. diabetic neuropathic pain, post-herpetic neuralgia and neuropathic lower back pain

Own unpartnered HCV nucleotide program moving towards selection of clinical candidate (CD)

Medivir has leveraged its extensive nucleotide experience to pursue high value nucleotide compounds

Current effort is focused on novel uridine-based series

Medivir’s compounds are structurally distinct from existing nucleoside starting points

Initial protide series features include: – EC50 values of <100nM against HCV genotype 1-6 – High in vitro selectivity indices – Attractive early pharmacokinetic profile

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Etc.

x (Medivir)

In-licensed 5

In-licensed 4

In-licensed 3

In-licensed 2

Olysio (Medivir)

Adasuve (in-licensed)

16 marketed Rx pharmaceuticals

Growth by adding innovative specialty care products to existing pharmaceutical portfolio

Nordic brands

Innovative specialty care pharmaceuticals, in areas like: - Infectious disease - Psychiatry - Oncology

Medivir R&D +

partners

In-licencing partners

Potential future pharmaceuticals Existing pharmaceuticals

Launched In 2014

Commercial Operations

Japan (SOVRIAD™)

Canada (GALEXOS™)

USA (OLYSIO™)*

Russia (SOVRIAD™)

EU (OLYSIO™) * A supplemental New Drug Application has been submitted to the U.S. FDA for Olysio (simeprevir) in combination with Sovaldi (sofosbuvir) based on data from the COSMOS trial

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Simeprevir on the market

Simeprevir – a strong market uptake

• After launch in December sales have grown rapidly, currently ~20% market share in the US • The global Q1 net sales were 354 MUSD, of which 291 MUSD in the US • Medivir’s Q1 royalty was 161 MSEK (18 MEUR) • Simeprevir is now approved in the US, Canada, Japan, Russia and Europe

• Two phase III studies evaluating treatment of hepatitis C-infected patients with simeprevir and

sofosbuvir initiated, based on the outcome from the COSMOS trial • A supplemental NDA submitted to FDA for once-daily use of simeprevir in combination with sofosbuvir

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EASL: Final COSMOS data

SMV: simeprevir; SOF: sofosbuvir; RBV: ribavirin

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Cohort 1: Prior null responders (METAVIR F0-F2)

Cohort 2: “naïves” and “nulls” (METAVIR F3/4)

• No benefit demonstrated by addition of ribavirin

• High SVR12 rates regardless of baseline characteristics (HCV GT 1 subtype, Q80K polymorphism, METAVIR score, IL28B GT or prior treatment history)

• SMV/SOF QD +/- RBV was safe and well tolerated

High SVR12 rates, 93- 96%, with 12 weeks once daily treatment

with simeprevir + sofosbuvir in hard to cure patients

Ongoing IFN-free studies with simeprevir to explore interferon-free combinations

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Class

Compound Partner Status

Simeprevir Sofosbuvir

Janssen

OPTIMIST 1: null + naives (F0-3), 8 or 12 weeks (n=300) OPTIMIST 2: null + naïves (F4), 12 weeks duration (n=100) - no ribavirin in either study

Simeprevir IDX719

Janssen Idenix

HELIX-1: Phase II , Gt1b and 4 (150 mg SMV + 50 mg SAM + RBV-> 85% SVR4)

Simeprevir JNJ-56914845 Janssen Phase II on its way

Simeprevir IDX719 TMC055

Janssen Idenix

Janssen HELIX-2: Phase II started Dec-13 (Genotype1)

Simeprevir JNJ-56914845 TMC055

Janssen Phase II started Dec-13

IFN: interferon; Nuc: nucleotide polymerase inhibitor; NNI: non-nucleoside polymerase inhibitor; NS5A: NS5A replication complex inhibitor; PI: protease inhibitor

Nuc PI

NS5A PI

NS5A PI NNI

Other on-going studies IFN and RBV containing:

• 12 weeks full stop single-arm phase III study in treatment naïve GT1 and GT4 patients

• China: efficacy, safety & tolerability and pharmacokinetics in treatment naive GT1 HCV patients (phase III results available by year end)

2014: A solid platform for continued development of the company

Moving towards sustainable profitability, with simeprevir being the most important driver

Simeprevir had ~50% market share in Japan and ~20% market share in the US end of Q1, 14 and is part of the only IFN-free regimen currently in use based on Jan. 2014 guidelines

Our Nordic organization has recently launched two new pharmaceuticals, Olysio (simeprevir) and Adasuve

Our R&D pipeline has three major internally driven projects, which all are advancing and will enable new partnerships/joint ventures

This will enable us to focus on further value creation and risk diversification

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www.medivir.com

Ticker: MVIR

Exchange: OMX / NASDAQ

For more information please contact

Rein Piir, EVP Corporate Affairs & IR

(rein.piir@medivir.com)

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