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Telephone conference, February 20, 2014 at 10:30 a.m. (CET)Dial-in number: +46 8-506 26 900, enter code: 409017Peter Wolpert, CEO and founder

Year end report 2013A DIFFERENT KIND OF PHARMA COMPANY

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Disclaimer

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Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Moberg Pharma’s results could be materially affected. The risks and uncertainties include, but are not limited to, 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, Moberg Pharma’s ability to secure new products for commercialization and/or development and other risks and uncertainties detailed from time to time in Moberg Pharma AB’s interim or annual reports, prospectuses or press releases.

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A different kind of pharma company

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2010 2011 2012 2013

Rapid growth with Kerasal Nail™/Nalox™ as key growth driver

Products based on innovative drug delivery of proven molecules

Direct sales in the U.S.

Network of distributors/partners in RoW

Growth strategy – Organic and M&A

NOTE: In comparison with 2012, Moberg Pharma has own direct sales in the U.S. from 2013. Revenues in 2013 consist mainly of product revenues while revenues in 2012 include substantial milestone payments.

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15 consecutive quarters of sales growthProduct Sales TTM, MSEK

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0

25

50

75

100

125

150

175

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

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Milestone in key development project– MOB-015 – interim results after 6 months show

40% mycological cure – a world leading outcome

Acquisition of OTC products in the U.S.– Three brands acquired from Bayer Healthcare at

1.6x Net Sales– Contributes directly to cash-flow and earnings

Continued strong growth in the U.S– Kerasal Nail™ reaches milestone in the U.S. – 20%

market share. Distribution expanded to major retailers – Safeway and Target added

– Kerasal NeuroCream off to a good start

Increased distribution in key RoW markets– New agreements for South East Asia (Menarini)

and MENA (Leosons)

Fourth quarter highlights

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Sales increase owing to successful acquisition and strong organic growth

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61%GROWTH IN

PRODUCT SALES

Q4 2012 Q4 2013

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Net Sales, MSEK

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Product SalesMilestones

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Continued growth and positive EBITDA in Q4

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Cash position December 31 27.1

Financial goal remain unchangedAchieve a sustainable EBITDA margin of 25% within the coming three-year period under continued healthy growth

Oct-Dec Oct-Dec Jan-Dec Jan-Dec(MSEK) 2013 2012 2013 2012

Revenues- Product sales- Milestones

36.832.04.8

30.219.910.3

157.4152.6

4.8

112.582.729.8

EBITDA 2.4 -0.2 -7.9 13.3- Operating profit 0.8 -0.7 -14.1 12.6- Earnings after Tax -0.4 -6.3 -11.4 35.8- Earnings per Share (SEK) -0.04 -0.63 -1.01 3.85

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Majority of revenue from proprietary sales

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Sales via distributors

40%

Direct OTC Sales 60%

JointFlex21%

Nalox/ Kerasal Nail

62%

Kerasal17%

RoW12%

Europe 28%America

61%

Channels Products Geography

Distribution of revenue, Jan - Dec 2013

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Strong growth in U.S. and RoW offsetting the decline in Europe

8 NOTE: 2012 revenues include milestone payments of 30 MSEK.

Revenue by geographical market  Oct‐Dec Oct‐Dec Full‐year Full‐year (KSEK)  2013 2012 2013 2012 

Europe  8,094 17,395 43,494 84,102 America  20,913 7,782 94,250 20,275 Rest of the world  7,826 5,021 19,645 8,092 

TOTAL  36,833 30,198 157,389 112,469 

Revenue by product category  Oct‐Dec Oct‐Dec Full‐year Full‐year (KSEK)  2013 2012 2013 2012 

Nalox/Kerasal Nail™, sales of products  15,319 15,828 93,152 78,501 

Nalox/Kerasal Nail™, milestone payments  4,813 10,250 4,813 29,750 

Kerasal®  6,611 1,466 26,263 1,466 

JointFlex®  9,655 2,654 32,726 2,654 

Other products  435 ‐ 435 98 

TOTAL  36,833 30,198 157,389 112,469 

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Key ratios

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  Oct‐Dec Oct‐Dec Full‐year Full‐year(KSEK)  2013 2012 2013 2012           

Revenue  36,833 30,198 157,389 112,469Gross margin %  74% 76% 75% 78%Gross margin on product sales %, excluding acquisition‐related costs and items affecting comparability 

75% 71% 77% 72%

EBITDA excluding acquisition‐related costs  2,359 7,830 ‐4,879 21,388EBITDA % excluding acquisition‐related costs  6% 26% neg 19%EBITDA  2,359 ‐251 ‐7,950 13,307Operating profit/loss (EBIT)  826 ‐666 ‐14,055 21,388Debt/equity ratio  15% 22% 15% 22%Equity/assets ratio  74% 63% 74% 63%Earnings per share, SEK  ‐0.04 ‐0.63 ‐1.01 3.68Operating cash flow per share, SEK  0.07 ‐0.27 ‐0.28 0.97Equity per share, SEK  16.94 16.48 16.94 16.48Share price on the closing date, SEK  31.60 37.30 31.60 37.30Market  capitalization  on  the  closing  date, MSEK  376 403 376 403

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Positive operating cash-flow during Q4

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  Oct‐Dec Oct‐Dec Full‐year Full‐year (MSEK)  2013 2012 2013 2012 

   

Cash flow before changes in working capital                       2.5                     0.4                     ‐8.2                        16        

Change in working capital          ‐1.7 ‐3.1      5.1    ‐6.5  

           CASH FLOW FROM OPERATING  ACTIVITIES  0.8                    ‐2.7 ‐3.2                     9.5 

   

CASH FLOW FROM INVESTING ACTIVITIES  ‐30.3 ‐97.3 ‐47.2 ‐97.7    

CASH FLOW FROM FINANCING ACTIVITIES  ‐3.3                   67.7 24                   67.6             Change in cash and cash equivalents  ‐32.8 ‐32.2 ‐26.3 ‐20.7 Cash and cash equivalents at the start of the period  59.9 85.6 53.4 74.1 Exchange‐rate difference in cash and cash equivalents  ‐ ‐ ‐ ‐ Cash and cash equivalents at the end of the period  27                   53.4 27.1                   53.4 

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Successful marketing and expanded distribution drive sales of Kerasal Nail™

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Q4 2012 Q4 2013

Kerasal Nail™ – U.S. market share

Best selling product in its category in the U.S. Available at >30 000 points of sale,

Safeway and Target latest additions

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Three brands acquired from Bayer HealthCare in Q4

Domeboro®

First launched in 1942 – household name for relieving minor skin irritations due to e.g. poison ivy

Broad distribution

Vanquish®

Pain reliever containing aspirin, paracetamol and caffeine

Broad distribution

Fergon®

Iron supplement – mainly sold at Rite-Aid

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Contributes directly to cash-flow and earnings

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Rest of the world contributed to growth, Europe still low

Nalox™/Kerasal Nail™

Revenue increased 56 percent in Q4 for the RoW-region

Distribution agreements expanded to MENA (Leosons) and South East Asia (Menarini)

Kerasal Nail™ approved in UAE

Launch in Canada started well

Deliveries to distributors in Europe still low due to high inventory levels, but underlying sales to pharmacies and consumers increased Jan-Dec 2013.

Note: Not an all inclusive list.

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Organic growth

Current products growing, line extensions - Kerasal NeuroCream™ launch started

New markets through distributors 8 patent families enable additional products

- MOB-015

>100BD OPPORTUNITIES EVALUATED IN 2013

2ACQUISITIONS LAST 13 MONTHS

Acquisitions/inlicensing

Brands - Focus on US OTC market Projects and technologies

Completed OTC Acquisitions Alterna LLC, Nov 2012, 20 m$ (1.8x Sales) Bayer brands, Dec 2013, 4.8 m$ (1.6x Sales)

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MYCOLOGICAL CURE AFTER 6 MONTHS

MOB-015, n=25, Final data H214

MOB-015 – Superior results after 6 months

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MOB015 efficacy results are superior to topical drugs on the market and on par with oral terbinafine therapy – but without the safety issues of oral therapy

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Mycological cure

Active Product Company Form at 6 months at 12 months

Terbinafine MOB-015 Moberg Pharma Topical 40%1) Available H2 2014

Ciclopirox Penlac Sanofi Topical - 29-36%2)

Amorolfin Loceryl Galderma Topical - n/a3)

Terbinafine Lamisil Novartis Oral 40%4) 75%4)

Itraconazole Sporanox J&J Oral 25-30%4) 40-50%4)

Source: 1)Moberg Pharma data on file from ongoing phase II study; 2) Gupta AK, Fleckman P, Baran R. Ciclopirox naillacquer topical solution 8% in the treatment of toenail onychomycosis. J Am Acad Dermatol 43(4 Suppl):S70-80 (2000 Oct); 3) Mycological cure rates have not been published for Loceryl using the standard definition, which is the combination of negative fungal culture and KOH microscopy; 4) Double blind, randomized study of continousterbinafine compared with intermittent itraconazole in the treatment of toenail Onychomycosis, BMJ 1999;

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17 Source: Double blind, randomized study of continous terbinafine compared with intermittent itraconazole in the treatment of toenail Onychomycosis, BMJ 1999

Today’s golden standard is oral terbinafine. LION study demonstrated 40% mycological cure after 6 months

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BuildingA DIFFERENT KIND OF PHARMA COMPANY

Continued strong product demand – Kerasal Nail™ top selling U.S. product in its category

Expanded distribution for key products in the U.S.

Majority of revenues from direct OTC sales

Larger geographical reach – new distributor agreements enable launches in China, MENA, Mexico and Southeast Asia

Strong interim data for MOB-015

Continuous evaluation of acquisition and in-licensing opportunities