Year-end reportJanuary – December 2017

Conference call, February 13th, 2018 at 3:00 p.m. (CET) Dial-in number: SE: +46 8 566 426 96, US: +1 646 502 51 18Peter Wolpert, CEO & FounderAnna Ljung, CFO

Disclaimer

The purpose of this presentation (the "Presentation") is to provide an overview of Moberg Pharma AB (publ) (the "Company"). For the purposes of this notice, "Presentation" means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed during the Presentation meeting.

This Presentation is not a prospectus or similar offer document. This Presentation does not purport to contain comprehensive or complete information about the Company and is qualified in its entirety by the business, financial and other information the Company is required to publish in accordance with the rules, regulations and practices applicable to companies listed on Nasdaq Stockholm (the "Exchange Information"). Any decision to invest in any securities of the Company should only be made on the basis of a thorough examination of the Exchange Information and an independent investigation of the Company itself and not on the basis of this Presentation. Neither this Presentation nor any of the Exchange Information has been independently verified by any other person unless expressly stated therein. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or opinions contained in this Presentation.

Except where otherwise indicated in this Presentation, the information provided herein is based on matters as they exist at the date of preparation of this Presentation and not as of any future date. All information presented or contained and any opinions expressed in this Presentation are subject to change without notice. None of the Company or any of its directors, officers, employees, agents, affiliates or advisers is under any obligation to update, complete, revise or keep current the information contained in this Presentation to which it relates or to provide the recipient of with access to any additional information that may arise in connection with it.

This Presentation contains "forward-looking" statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability or cost of financing, anticipated cost savings or synergies, the completion of strategic transactions and restructuring programmes, anticipated tax rates, expected cash payments, and general economic conditions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and they are subject to change at any time. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including risks associated with the inherent uncertainty of pharmaceutical research and product development, manufacturing and commercialization, the impact of competitive products, patents, legal challenges, government regulation and approval, the Company’s ability to secure new products for commercialization and/or development and other risks and uncertainties detailed from time to time in the Company’s interim or annual reports, prospectuses or press releases and other factors that are outside the Company's control. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

2

Moberg Pharma - a leader in topical niche categories

3

OTC Sales in the U.S.

• Distribution in all major retailers• #1 in nail fungus

#1 in liquid bandages#1 in pain relief sprays

Distributor sales

• #1-3 in many markets• 3 Top-50 partners

Mylan, Menarini, Endo

Innovation Engine

• MOB-015 - $250-500m• BUPI - $50-100m • Future market leaders in

their respective niches

5BRANDS

40+COUNTRIES PIPELINE ASSETS

2 PHASE 3

COMMERCIAL BUSINESS

Q4 2017 - Highlights

Commercial Operations and Innovation Engine

Focus going forward

Our major brands grew double-digit in retail sales whichresulted in an improved EBITDA margin to 30%

5

Commercial – strong development for Kerasal Nail® increased EBITDA

• Strong fourth quarter, a more streamlined product portfolio resulted in a gross margin of 72% and 30% EBITDA. Results in line with seasonal pattern

• Kerasal Nail® net sales grew by 44% in Q4. Favorable outcome on challenge to NAD will limit main competitor’s marketing in the U.S.

• Underlying demand is strong for Dermoplast® and New Skin®, with double-digit growth in retail sales. Opportunities identified to drive continued growth for both brands

Innovation engine – Extensive action plan implemented to complete recruitment

• MOB-015 – Progressing according to the updated action plan and timeline announced in November, transition to new CRO well underway, with the goal of delivering strong results without further external financing.

• BUPI – Canadian patent approved. Evaluating possibilities to overcome local concern over phase 3 study application in India.

– Share from Direct sales continue to grow after acquisitions

6

Majority of revenue from Consumer Health Sales in the U.S.

Channel Product Geographies

New Skin20%

Divested 8%

Distributors11%

Direct89%

Other 15%

Nalox / Kerasal Nail

35%

Dermoplast22%

Europe 5%

Americas90%

Distribution of revenue, January – December 2017

ROW5%

January - December 2017

7

Increased sales and EBITDA following acquisitions

31%GROWTH

439MSEKNET SALES

108%UNDERLYING EBITDA GROWTH*

89MSEKEBITDA

20%EBITDA MARGIN

*) Excluding a capital gain in Q3 2017 of SEK 13 million from the divestment of Fiber Choice®. The comparative figures exclude a capital gain in Q2 2016 of SEK 41.1 million from the divestment of the Jointflex®, Fergon® and Vanquish®brands

October - December 2017

8

Strong Q4 results

1%GROWTH

90MSEKNET SALES

124%EBITDA GROWTH

27MSEKEBITDA

30%EBITDA MARGIN

12%GROWTH

excluding divested/acquired assets

9

Rapid growth

2010 2011 2012 2013 2014 2015 2016 2017

8

56

112

157

200

286

334

439Net Sales, MSEK

10

Growth in Sales and EBITDA rolling 12 months

CONFIDENTIAL

• Long-term EBITDA margin target: 25%

Note significant divestments and acquisitions 2016 - 2017

P&L – Strong gross margin and EBITDAQ4 2017

111) Research and development expenses – existing product portfolio includes R&D expenses for new product variants under existing brands, regulatory work and quality.2) Research and development expenses - future products includes R&D expenses for new product candidates, for example MOB-015.

Due to the rounding component, totals may not tally.

P&L Summary Oct-Dec Oct-Dec Full-year Full-year(MSEK) 2017 2016 2017 2016Revenue 90 89 439 334Gross profit 65 61 314 233% 72% 68% 71% 70%

SG & A -31 -42 -114 -177R&D - existing product portfolio1) -2 -1 -6 -5Other operating income/operating expenses -1 0 13 43EBITDA Commercial Operations 31 18 106 94% 34% 20% 24% 28%

R&D & BD - future products2) -4 -5 -17 -16EBITDA 27 12 89 78% 30% 13% 20% 23%

Depreciation/amortization -9 -5 -38 -16Operating profit (EBIT) 18 7 51 62

INVENTORY BUILD-UP

ADVERTISING STARTS

12

Advertising and sales peak in Q2-Q3, profitability in Q4

Q1 Q2 Q3 Q4

Q3 Q4 HIGH SEASON/SALES PEAK

HIGH ADVERTISING COSTS

Direct sales

• Many orders each month, advertising increases during high season

Distributor sales

• 2-3 orders/year for each market

HIGH SALES

MID ADVERTISING COSTS

SALES BENEFITING FROM HIGH SEASON ADVERTISING

LOW ADVERTISING COSTS

STRONG CASH FLOW/EBITDA

Seasonality of our business

Net revenue by Brand Oct-Dec Full year

Percentage changes Percentage changes

(SEK thousand) 2017 2016Local

currencyCurrency

effectTotal 2017 2016

Local currency

Currencyeffect

Total

Kerasal Nail® 32,159 22,382 50 -6 44 154,169 151,289 2 0 2

- of which direct sales 14,717 14,481 9 -7 2 103,927 90,724 16 -1 15

- of which sales to distributors

17,442 7,901 118 3 121 50,242 60,565 -19 2 -17

Dermoplast® 23,275 - - - - 95,451 - - - -New Skin® 20,950 21,148 7 -8 -1 86,568 35,948 141 0 141Other products 13,740 18,446 -17 -9 -26 65,504 82,064 -19 -1 -20Divested products 0 27,447 -100 - -100 37,340 65,003 -43 0 -43TOTAL 90,124 89,423 9 -8 1 439,032 334,304 31 0 31

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Strong growth in local currency for Kerasal Nail and New Skin

CONFIDENTIAL

Note significant acquisitions and divestments in 2016-2017:• JointFlex®, Fergon® and Vanquish® divested April 4, 2016• New Skin® PediaCare® and Fiber Choice® acquired July 8, 2016, and PediaCare® divested Nov 24, 2016 • Dermoplast® acquired Dec 31, 2016• Fiber Choice® divested Aug 28, 2017

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Impact of acquisitions and divestments in 2016-2017

CONFIDENTIAL

Net revenue by geographical market

Oct-Dec Full year

Percentage changes Percentage changes

(SEK thousand) 2017 2016Local

currencyCurrency

effectTotal 2017 2016

Local currency

Currency effect

Total

Europe 1,635 1,006 64 -1 63 20,434 19,412 8 -3 5North and South America 80,581 57,193 50 -9 41 358,689 216,351 67 -3 64Rest of the world 7,907 3,777 116 -7 109 22,568 33,538 -35 2 -33

Divested products - 27,447 -100 - -100 37,340 65,003 -43 0 -43

TOTAL 90,124 89,423 9 -8 1 439,032 334,304 31 0 31

Note significant acquisitions and divestments in 2016-2017:• JointFlex®, Fergon® and Vanquish® divested April 4, 2016• New Skin® PediaCare® and Fiber Choice® acquired July 8, 2016, and PediaCare® divested Nov 24, 2016 • Dermoplast® acquired Dec 31, 2016• Fiber Choice® divested Aug 28, 2017

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Balance Sheet and Cash Flow

(MSEK) Dec 31, 2016 Dec 31, 2017

AssetsIntangible fixed assets 1 000 980Property, plant and equipment 1 1Financial assets - -Deferred tax asset 10 9Total non-current assets 1 011 990

Inventories 42 27Trade receivables and other receivables 93 87Cash and bank balances 86 119Total current assets 221 233

TOTAL ASSETS 1 232 1 223

Equity and liabilitiesEquity 562 552Long-term interest-bearing liabilities 589 591Deferred tax liability 7 7Current non-interest-bearing liabilities 75 74

TOTAL EQUITY AND LIABILITIES 1 232 1 223

Stronger cash flow in Q4 thanks to:

• Tied-up capital decreased due to lower inventories after divestments and further optimization of working capital

Q4 2017 - Highlights

Commercial Operations and Innovation Engine

Focus going forward

Commercial operations - Focus on major brands

Direct sales – driving organic growth for major brandsMain growth drivers are Kerasal Nail®, New Skin®, and Dermoplast®, accounting for more than 80% of net sales and an even higher share of profitability

• Kerasal Nail® develops strongly in the U.S. thanks to stronger claims in 2017, net sales grew 44% in Q4 vs 2016. US retail sales grew 17%.

• Successful invigoration of New Skin® resulted in 21% growth in retail sales Q4 (+18%, L52W)

• Dermoplast® had inventory effects throughout 2017 from the takeover, but underlying demand is strong with 13% growth in 2017 retail sales1). A targeted growth plan to be launched in 2018

Distributor sales – sales in 40 markets • Market leader or Top 3-positions in Nordics, several EU and Asian countries

• Strong fourth quarter. Focus to stabilize revenues going forward1) Note that approximately 60% of sales of Dermoplast® are through hospitals, which means that retail

sales data do not provide as complete a picture as for other brands. 17

• #1 Brand in the Fungal Nail category in the U.S.

• Retail sales grew 17% in Q4 as well as L52W, excellent impact also in Q4 from Q2-Q3 focused marketing/sales plan

• December NAD outcome resulted in major limitations of the marketing for main competitor

• 2018 test launch of Kerasal Nail® for psoriasis patients with nail problems

• Excellent clinical data published in 20171 supports stronger claims and use for nail psoriasis, to be launched in select other markets

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17% growth for Kerasal Nail in the U.S. in Q4

76% 94%VISIBLE IMPROVEMENT

AFTER 1 WEEKS

1Title: Early visible improvements during K101-03 treatment: an open-label multicenter clinical investigation in patients with onychomycosis and/or nail psoriasis Link: http://www.karger.com/DOI/10.1159/000478257

VISIBLE IMPROVEMENT AFTER 8 WEEKS

• The #1 OTC liquid bandage brand in the U.S. An antiseptic which kills germs and dries rapidly to form a clear protective cover – Liquid and Spray available– Distribution for Spray expanded in 2017 to Walmart and Walgreens

• Retail sales grew 21% in Q4 and 18% L52W, excellent impact also in Q4 from Q2-Q3 focused marketing/sales plan– A nationwide television campaign “Mr Cut” was launched in June, which

drove strong growth and effects lasting through Q4– For 2018, we intend to leverage the 2017 success, optimize marketing,

and increase digital presence

19

New Skin retail sales grew by 21% in Q4

Please note that there is about a one-month lag before increased consumer sales produce an effect on net sales.

20

Double-digit growth just made Dermoplast the #1 selling pain relieving spray in U.S. retail

• The #1 pain relieving spray in U.S. retail Contains maximum strength Benzocaine – No touch application, available with and without antibacterial– 60% of sales to Hospitals and 40% in Retail. Used for skin-related pain

and itch problems– Acquired Jan 1, 2017. Distribution expanded at Walmart and CVS

• Retail sales grew by 14% in Q4 (+13%, L52W)– In 2017, detailed market analysis of opportunities in hospital and retail

channels and a growth strategy has been developed. Consumers arepassionate about the product as evident from high social media activity

– In 2018, we will launch a targeted marketing plan, with digital focus to leverage the strong interest and an improved positioning

Please note that there is about a one-month lag before increased consumer sales produce an effect on net sales.

MOB-015 – targeting leadership in onychomycosis

21Source: Moberg Pharma analysis and estimate

• Topical formulation delivering high concentrations of terbinafine through the nail• Target profile: Rapid visible improvement, superior cure rates and safe

• Two Phase-3 studies ongoing in North America and Europe, enrolling in total 800 patients• Progressing towards target to complete enrollment in North American study in the summer of

2018 and European study in H2 2018

• Patent protection until 2032, granted in USA, EU, and Japan

• Estimated annual sales potential: USD 250–500 million

0

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

2022E2021E2020E2019E2018E20172016201520142013

Market – 5m TRx expected in US Rx Onychomycosis by 2022

Generics

Branded Topicals(Jublia, Kerydin)

All products

Jublia & Kerydin launched in 2014 and peaked in 2015 with extensive promotion, Jublia at $338m

Source: Symphony Health, Moberg Pharma analysis, assuming 3% growth 2018E-2022E

Results from Phase 2 - 24/25 completed study

• 45 µg/g TBF in nail bed (Median) = 40 x Oral

• 1610 µg/g TBF in nail (Median) = 1000 x Oral

• 1520 pg/mL TBF in plasma (Max) = 1000 x lower than Oral

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Phase 2 – results demonstrated efficacy and safety

XMYCOLOGICAL CURE

40%

MYCOLOGICAL CURE AT 60 W*

54%

100%

MYCOLOGICAL CURE AT 24 W

NEGATIVE CULTURE AT 60 W

* 54% of patients completing the treatment (13 of 24), 52% of FAS (13 of 25) and 60% of PPAS (12 of 20)** Means 10% or less clinical involvement *** Post-hoc analysisSource: Moberg Pharma data on file, MOB-015 phase II study

Results 24 weeks 60 weeks

Mycological cure and almost cured or cured** 29%

Mycological cure 40% 54%*

Negative culture 100%

Clear nail growth*** >4,5 mm

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Aiming at a superior product profile

Superior Cure Rates, Rapid Visible Improvement and safety is key to prescribers (n=89)**:• 62% would prefer MOB-015 vs 6-15% for other topicals• 65% would prefer MOB-015 alone or in combination with oral terbinafine, vs 24% oral terbinafine only• 72% try to avoid using oral terbinafine due to patient concerns over liver toxicities

Note: For MOB-015, the above describes the outcome Management targets in ongoing Phase 3 trials. Source for Jublia data is Jublia Prescriber Information, Rev 09/2016* Refers to publications on ciclopirox and amorolfine. Many other OTC products have not conducted or published 52w trials** Source: HCP survey with 89 prescribers, dermatologists and podiatrists in the U.S., April 4, 2017

XMYCOLOGICAL CURE

Mycologicalcure

Complete cure

Visible improvement

24W 52W 52W 4W

MOB-015 Target >50% 60-70% 20-30% >50%

Jublia - 54% 15-18% N/A

Penlac & Current OTCs* Ca 30% 6-8% or less N/A

Target Product Profile for mild-moderate nails vs Jublia

25

Current Rx treatment alternatives in the U.S.

X

TreatmentFDA

Approval Complete cure rate

Ciclopirox (Penlac) 1999 5.5-8.5%

Efinaconazole (Jublia) 2014 15-18%*

Tavaborole (Kerydin) 2014 7-9%

Terbinafine (Lamisil) 1996 38-54%

Itraconazole 1995 14-26%

Fluconazole Off-label 37-48%

Main topical branded competitor

Adverse events associated with oral treatments

Source: An open, single center pilot study of efficacy and safety of topical MOBO15B in the treatment of distal subungual onychomycosis, Faergemann et al, poster presentation at American Academy of Dermatology, March 2016; 54% of the patients completing the study were mycologically cured. Mycological cure for FAS was 52% and for PPAS 60% Source: Dermatology World, August 2017

26

MOB-015 – Net Sales potential of $250-500 million

X

Market potential for MOB-015• US Rx potential: $170-300+ million (5 million units à $1700/unit for WAC branded topicals before GTN discount)

• Other Rx markets, e.g. Japan and Canada: $50-100 million

• OTC markets in EU and RoW: Ca $50-100 million (3.5-7 million units à $15/unit)

$million 60% 50% 40% 30%

5% 170 213 255 298

7.5% 255 319 383 446

10% 340 425 510 595

15% 510 638 765 893Mar

ket s

hare

, TRx

Gross-to-Net discount

5-7.5% market share of 5 million x $1700 with 50-60% discount off = $170-300+ million in net sales for the US market

Q4 2017 - Highlights

Commercial Operations and Innovation Engine

Focus going forward

Continued focus to deliver on Strategy

We focus on maximizing the potential in our portfolio; through organic growth as well as realizing the substantial value of our pipeline

Commercial

Building on strong 2017 growth for Kerasal Nail and New Skin in the U.S., and test launch Kerasal® for nail psoriasis. Stabilize nail fungus sales in EU/RoW.

Launching growth plan for Dermoplast®

Increase digital presence for key brands

Pipeline assetsMOB-015 – Finalizing Phase 3 studies and preparing commercialization

BUPI – Evaluating strategies to solve local concern over phase 3 study in India

28

Creating shareholder value – investment case

29

Commercial niche player

Growing and profitable business

Late-stage pipeline

Strong team and track record

TMTM

TM

Moberg Pharma AB (Publ)Gustavslundsvägen 42, 5 tr.

167 51 Brommamobergpharma.se