FOURTH QUARTER REPORT PRESENTATION THOMAS ELDERED CEO

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2 FOURTH QUARTER REPORT PRESENTATION THOMAS ELDERED CEO

3 FOURTH QUARTER 2017 Positive ending of an eventful year Good recovery in current business Strong performance in D&T All the major projects now on track Still impact from expansion projects and material shortage Material non-recurring cost provision related to Swedish closures New Spanish site taken over and integration ongoing Financial highlights Flat sales YoY EBITDA margin 16.1% (17.2) Operating cash flow at 74 MSEK Events after closing 6% Q % 6% 16% 5% Q2 Q3 Q4 Q Quarter sales YoY growth Adjusted for Fx and acquisitions 180 Operating cash flow 83 (MSEK) -25-3% -1% 0% Q2 Q3 Q Acquisition of 26% minority in Indian Nitin Lifesciences Ltd Board will propose no dividend to the AGM Q Q2 Q3 Q4 Q Q2 Q3 Q4 3

4 ONGOING SIGNIFICANT CAPEX PROJECTS UPDATE Lyophilisation and packaging capacity expansion in Wasserburg, Germany Blow-fill-seal capacity expansion in Kaysersberg, France Lyophilisation capacity expansion in Masate, Italy Capex Serialisation technology, globally 4 Start-up Commercial 4 Q4 Q Q2 Q3 Q4 Q Q2

5 FINANCIALS Henrik Stenqvist (currency SEK million)

6 Q4 P&L DEVELOPMENT (EXCL. NON RECURRING ITEMS) Q Q Net sales 1,403 1,333 EBITDA EBITDA margin D&A EBIT Financial Items Profit before Tax Tax Net profit

7 EARNINGS EXCLUDING NON RECURRING ITEMS Q SEK million 2017 Non-recurring Operating income items 2017 excluding non- recurring Net sales 1,403-1,403 Other operating revenue Operating expenses items 1,465-1,465 Raw materials and consumables Other external costs Employee benefits expense Depreciation and amortisation Other operating expenses Share of result in participations , ,385 Operating profit Interest income and similar revenues Interest expenses and similar costs Net financial income/expense Restructuring costs Onerous contracts Total EBITDA impact Fixed asset impairment Total Provision 141 msek 64 msek 205 msek 35 msek 240 msek Profit before tax Income tax Profit for the period EBITDA

8 MANUFACTURING SERVICES STERILE LIQUIDS SALES BRIDGE, OCTOBER DECEMBER Sales, MSEK Sales, % Currency Acquisitions Organic Total EBITDA BRIDGE, OCTOBER DECEMBER SEK million EBITDA Currency 0 Acquisitions 0 Other -4 Total Q Currency Organic growth Q Q Currency Other Q

9 MANUFACTURING SERVICES SOLIDS & OTHERS SALES BRIDGE, OCTOBER DECEMBER Sales, MSEK Sales, % Currency Acquisitions Organic Total EBITDA BRIDGE, OCTOBER DECEMBER SEK million EBITDA Currency 0 Acquisitions 13 Other -34 Total Q Currency Acquisitions Organic growth Q Q Currency Acquisitions Other Q

10 DEVELOPMENT & TECHNOLOGY SALES BRIDGE, OCTOBER DECEMBER Sales, MSEK Sales, % Currency Acquisitions Organic Total Q Currency Acquisitions Organic growth Q EBITDA BRIDGE, OCTOBER DECEMBER 60 SEK million EBITDA Currency 1 Acquisitions 0 Organic 23 Total Q Currency Organic growth Q

11 EBITDA BRIDGE VS Q msek 22 msek 24 msek 1 msek EBITDA 229msek EBITDA 226msek 50 0 Q Sterile Liquids Solids & Others Development & Technology Other Q

12 CASH FLOW BY QUARTER msek Q1-17 Q2-17 Q3-17 Q Operating Cash Flow Total nwc changes Operating cash flow after w.c Maintenance capex Free cash flow Expansion capex ,274 Cash flow after investing activities -1, ,234 12

13 THOMAS ELDERED CEO

14 BECOMING A LEADING CDMO ON THE GLOBAL ARENA 5,000 We have approximately 5,000 employees 500 More than 500 products in 2,700+ presentations 100 Supplying 100+ markets Public company - listed on Nasdaq Stockholm since 2014 SEK 5.3bn Turnover (EUR 530m) 20+ facilities in Europe, USA and India 14

15 EXECUTING ON OUR FOCUSED STRATEGY Q4: Showing that we are on the right track Commercial supply from all three major expansion projects All during 2018 Manufacturing network optimization and streamlining End of operations two Swedish sites Important contract wins Roche from Leganés, full year 2018 Catch-up in Bengaluru, India Implementation of existing and new contracts Optimised development offering On track to reach our financial targets Sales target of at least SEK 8 bn by 2020 At least 16% EBITDA margin 15

16 CONTACT INFORMATION Thomas Eldered CEO & Managing Director +46 (0) Henrik Stenqvist CFO & EVP +46 (0) , 16