FOURTH QUARTER REPORT PRESENTATION THOMAS ELDERED CEO

FOURTH QUARTER REPORT PRESENTATION THOMAS ELDERED CEO

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% Q1 2016-60 16% 6% 16% 5% Q2 Q3 Q4 Q1 2017 139 Quarter sales YoY growth Adjusted for Fx and acquisitions 180 Operating cash flow 83 (MSEK) -25-3% -1% 0% Q2 Q3 Q4 154 149 74 Acquisition of 26% minority in Indian Nitin Lifesciences Ltd Board will propose no dividend to the AGM Q1 2016 Q2 Q3 Q4 Q1 2017 Q2 Q3 Q4 3

ONGOING SIGNIFICANT CAPEX PROJECTS UPDATE 1 2 3 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 Q1 2018 Q2 Q3 Q4 Q1 2019 Q2

FINANCIALS Henrik Stenqvist (currency SEK million)

Q4 P&L DEVELOPMENT (EXCL. NON RECURRING ITEMS) Q4 2017 Q4 2016 Net sales 1,403 1,333 EBITDA 226 229 EBITDA margin 16.1 17.2 D&A -145-108 EBIT 80 122 Financial Items -15-25 Profit before Tax 65 96 Tax -9-20 Net profit 57 76 6

EARNINGS EXCLUDING NON RECURRING ITEMS Q4 2017 SEK million 2017 Non-recurring Operating income items 2017 excluding non- recurring Net sales 1,403-1,403 Other operating revenue 62-62 Operating expenses items 1,465-1,465 Raw materials and consumables -401-19 -382 Other external costs -425-100 -325 Employee benefits expense -597-86 -511 Depreciation and amortisation -180-35 -145 Other operating expenses -25 - -25 Share of result in participations 3-3 -1,625-240 -1,385 Operating profit -160-240 80 Interest income and similar revenues 17-17 Interest expenses and similar costs -32 - -32 Net financial income/expense -15-15 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 -174-240 65 Income tax -9 - -9 Profit for the period -183-240 57 EBITDA 21-205 226 7

MANUFACTURING SERVICES STERILE LIQUIDS SALES BRIDGE, OCTOBER DECEMBER Sales, MSEK Sales, % 2016 548 Currency -2-0.4 Acquisitions 0 0.0 Organic 0 0.0 Total -2-0.4 2017 546 EBITDA BRIDGE, OCTOBER DECEMBER SEK million EBITDA 2016 125 Currency 0 Acquisitions 0 Other -4 Total -4 2017 121 560 540 520 500 480 460 440 420 400 140 120 100 80 60 40 20 0 Q4 2016 Currency Organic growth Q4 2017 Q4 2016 Currency Other Q4 2017 8

MANUFACTURING SERVICES SOLIDS & OTHERS SALES BRIDGE, OCTOBER DECEMBER Sales, MSEK Sales, % 2016 634 Currency 0 0.1 Acquisitions 73 11.5 Organic -33-5.4 Total 40 6.2 2017 674 EBITDA BRIDGE, OCTOBER DECEMBER SEK million EBITDA 2016 97 Currency 0 Acquisitions 13 Other -34 Total -21 2017 75 750 700 650 600 550 500 450 400 120 100 80 60 40 20 0 Q4 2016 Currency Acquisitions Organic growth Q4 2017 Q4 2016 Currency Acquisitions Other Q4 2017 9

DEVELOPMENT & TECHNOLOGY SALES BRIDGE, OCTOBER DECEMBER 300 250 2016 185 Sales, MSEK Sales, % Currency -1-0.5 Acquisitions 11 6.2 Organic 27 14.7 Total 37 20.4 2017 222 200 150 100 50 0 Q4 2016 Currency Acquisitions Organic growth Q4 2017 EBITDA BRIDGE, OCTOBER DECEMBER 60 SEK million EBITDA 2016 32 Currency 1 Acquisitions 0 Organic 23 Total 24 2017 56 50 40 30 20 10 0 Q4 2016 Currency Organic growth Q4 2017 10

EBITDA BRIDGE VS Q4 2016 250 4 msek 22 msek 24 msek 1 msek 200 150 100 EBITDA 229msek EBITDA 226msek 50 0 Q4 2016 Sterile Liquids Solids & Others Development & Technology Other Q4 2017 11

CASH FLOW BY QUARTER msek Q1-17 Q2-17 Q3-17 Q4-17 2017 Operating Cash Flow 81 192 3 180 456 Total nwc changes -106-38 146-106 -104 Operating cash flow after w.c. -25 154 149 74 352 Maintenance capex -65-70 -68-110 -312 Free cash flow -89 84 81-36 40 Expansion capex -971-128 -86-89 -1,274 Cash flow after investing activities -1,060-44 -4-125 -1,234 12

THOMAS ELDERED CEO

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

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

CONTACT INFORMATION Thomas Eldered CEO & Managing Director +46 (0)8 602 52 00 Henrik Stenqvist CFO & EVP +46 (0)8 602 52 00, ir@recipharm.com 16