1

Q1 PRESENTATION 27 APRIL 2017

• Net sales SEKm 1 328, up 37%

• EBITDA SEKm 159, up 17%

• EBITDA margin 12% vs 14%

• Profit after tax SEKm 1 (25)

• Operating CF SEKm -25 (-60)

• Net debt/equity 0.6 (0.5)

RECORD SALES BUT WEAK EBITDA

2

0

200

400

600

800

1 000

1 200

1 400

NET SALES PER QUARTER (SEKM)

0,0%

4,0%

8,0%

12,0%

16,0%

20,0%

24,0%

0

50

100

150

200

250

300

EBITDA EBITDA % EBITDA%, R12

EBITDA (SEKM), EBITDA MARGIN PER QUARTER AND LTM EBITDA MARGIN

Q1 EBITDA MARGIN

3

16 %

12 %

Overall objective

Q1 2017 Actual

- Non-recurring costs • Start-up costs • Replacement free of charge • Acquisition integration and effects •

- Phasing • Raw material availability • Inventory reduction •

+ Favourable sales development • Erdosteine • Other APIs

- Weaker demand Solids&Others

- Establishing US base

Note. Not drawn to scale

+ Good demand Sterile Liquids

Q1 STRONG PERFORMANCE IN D&T CONTINUED GOOD DEMAND IN STERILE LIQUIDS, SOFT IN SOLIDS & OTHERS

4

Manufacturing Services Sterile Liquids

Manufacturing Services Solids & Others

Development Technology

Sales1 Growth EBITDA2 Margin

Sales1 Growth EBITDA2 Margin

Sales1 Growth EBITDA2 Margin

Sek 534 m 45 %

Sek 90 m 17 %

Sek 598 m 29 %

Sek 44 m 7 %

Sek 228 m 26 %

Sek 43 m 19 %

1/ Segment Net Sales includes Sek 32 m of inter-group sales 2/ Segment EBITDA does not include Sek 18 m of group overhead

• Continued strong demand ‒ Lyophilisation ‒ Blow-fill-seal

• Expansion projects ‒ Finalising Wasserburg, DE

• Lyophilisation, packaging ‒ Ongoing Masate, IT

• Lyophilisation ‒ Ongoing Kaysersberg, FR

• Blow-Fill-Seal

• Growth 45% ‒ Organic growth 5%

• EBITDA ‒ Delays in supply of raw materials ‒ Inventory reduction effects ‒ Start-up costs in Germany

5

STERILE LIQUIDS

39% 534 SEKm

Net Sales and % of Total

EBITDA and % of Total

51% 90 SEKm

• Competitive market conditions ‒ Discontinuation of less profitable contracts ‒ Weak demand

• Cost saving and efficiency program ‒ Swedish operations ‒ Customer contract renegotiations

• Growth 29% ‒ Organic growth negative

• EBITDA ‒ Inventory revaluation ‒ Weaker demand of highly profitable products

• Recipharm Pharmaservices Pvt Ltd

(Kemwell India) • Completion announced February 20

6

SOLIDS & OTHERS

44% 598 SEKm

Net Sales and % of Total

EBITDA and % of Total

25% 44

SEKm

• Product rights ‒ Strong demand for erdosteine and other APIs

• Expansion projects implemented ‒ Bioanalysis capability, SE ‒ New GMP suite for clinical materials, US

• Growth 26% ‒ Organic growth 15%

• EBITDA ‒ Favourable sales development

• Global development integration ‒ North America, Europe, India ‒ Increasing the service offering and enhancing the position in

the value chain

• Recipharm Pharmaservices Pvt Ltd ‒ Minor impact

7

DEVELOPMENT & TECHNOLOGY

17%

228 SEKm

Net Sales and % of Total

EBITDA and % of Total

24%

43 SEKm

• Integration ongoing ‒ Mitim Srl (IT), Feb 2016 ‒ Nitin Lifesciences Ltd (IN), Apr 2016 ‒ Cirrus Pharmaceuticals (US), May 2016 ‒ Kemwell AB (SE), May 2016 ‒ Recipharm Pharmaservices Pvt Ltd (Kemwell India), Feb

2017

• Performance ‒ Nitin pro forma Q1 growth of 35 percent in local currencies ‒ Material delays in customer provided raw materials ‒ Inventory reductions with negative impact ‒ Recipharm Pharmaservices only part of the quarter

• Opportunities ‒ Technology ‒ Market ‒ Relationship

8

ACQUISITIONS UPDATE

22%

296 SEKm

Net Sales and % of total

EBITDA and % of total

28%

45 SEKm

9

FINANCIALS HENRIK STENQVIST (CURRENCY SEK MILLION)

Q1 P&L DEVELOPMENT

10

Q1 2017 Q1 2016

Net Sales 1 328 973

EBITDA 159 136

EBITDA margin 12.0% 14.0%

D&A -113 -67

EBIT 46 69

Financial Items -28 -22

Profit before Tax 18 47

Tax -17 -22

Net Profit 1 25

11

MANUFACTURING SERVICES – STERILE LIQUIDS

SALES BRIDGE, JAN – MAR

Sales

SEK million Sales, %

2016 367.8 100.0

Currency +7.6 +2.1

Acquisitions 141.2 +38.4

Organic +17.5 +4.7

Total +166.3 +45.2

2017 534.1 145.2

EBITDA BRIDGE, JAN – MAR

EBITDA SEK million

2016 69.0

Currency +1.1

Acquisitions +28.1

Other -8.5

Total +20.7

2017 89.7

Healthy growth

MANUFACTURING SERVICES – SOLIDS & OTHERS

SALES BRIDGE, JAN – MAR

Sales

SEK million

Sales, %

2016 462.4 100.0

Currency +2.0 +0.4

Acquisitions +141.5 +30.6

Organic -7.6 -1.6

Total +135.9 +29.4

2017 598.3 129.4

EBITDA BRIDGE, JAN – MAR

EBITDA SEK million

2016 59.4

Currency +2.8

Acquisitions +18.3

Inventory revaluation -18.7

Other -18.2

Total -15.8

2017 43.6

13

DEVELOPMENT & TECHNOLOGY

13

SALES BRIDGE, JAN – MAR

Sales,

SEK million Sales, %

2016 181.2 100.0

Currency +3.3 +1.8

Acquisitions +16.2 +9.0

Organic +27.1 +14.9

Total +46.6 +25.7

2017 227.8 125.7

EBITDA BRIDGE, JAN – MAR

EBITDA SEK million

2016 28.3

Currency +0.6

Acquisitions -1.6

Other +16.1

Total +15.1

2017 43.4

Healthy growth

+37% INCREASE IN Q1 NET SALES

14

1/ Currency translation effect

+4.7% +30.4%

Organic

1 328 (MSEK)

973 (MSEK) +1.4%

Q1 2016 FX 1/

Acquisitions Q1 2017

15

CONCLUDING REMARKS THOMAS ELDERED

BECOMING A GLOBAL LEADER

16

500+ Products

400+ Customers

5000 Employees

20+ Locations

100+ Markets

Attractive value

proposition

Sek 5.0 bn 2017Q1 LTM

Sales

~30% CAGR1 since 2013

Sek 772 m 2017Q1 LTM

EBITDA2

~38% CAGR1 since 2013

8 Acquisitions 2 Asset/portfolio

1 Green-field since 2013

1/ As reported 2/ EBIT + depreciations + amortizations

DRIVING ABOVE-MARKET PERFORMANCE IN 2017

• Integration of completed acquisitions

• Benefit from commercial and cost synergies

• Start supply serialised products to the US

• Start commercial supply from expanded lyophilisation capacity in Germany

• Create a global comprehensive development services offering

• Leverage our new sales and business development organisation, in the US, Europe and India

• Execute on accretive acquistion opportunities

17

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

2013 2014 2015 2016 Q1LTM 2020

18

ON TRACK TO REACH OUR LONG-TERM TARGETS

2.1bn +21%

+32%

+38%

8.0bn

Financial targets

At least SEK 8bn in sales by 2020

EBITDA margin more than 16%

Net debt to equity ratio of less than 0.8

Status

12% Q1

15% LTM

0.6 end of Q1

+37% Q1

+44% LTM

Dividend 30-50% of net profit

Board proposal

+44%

19

Q&A

CONTACT INFORMATION

20

Thomas Eldered

CEO & Managing Director

+46 (0)8 602 52 00

Henrik Stenqvist

CFO & EVP Finance, Control & Investor Relations

+46 (0)8 602 52 00, ir@recipharm.com