Cipher Pharmaceuticals (CPH) Investor presentation summary

Business overview and strategy

• Focuses on managing a portfolio of prescription products with operations centered in North America.

• Acquires complementary products addressing unmet medical needs and strategically markets them in North America.

• Out-licenses products internationally and conservatively manages capital to maximize cash flow.

• Employs a cross-pollination approach between Canadian and U.S. markets for product sales and royalties.

Product portfolio and recent acquisitions

• Canadian portfolio includes treatments for severe acne, atrial fibrillation, actinic keratosis, and acute coronary syndrome.

• U.S. portfolio strengthened by the July 2024 acquisition of Natroba, a leading anti-parasitic product with FDA and patent exclusivity through 2033.

• Natroba addresses a key unmet need with no resistance issues and a single-dose cure for scabies and lice.

• U.S. royalty portfolio includes Absorica, Lipofen, and ConZip.

Financial performance and capital allocation

• Annual net revenue for fiscal 2024 reached $38.2M, with adjusted gross margins consistently above 80%.

• Adjusted EBITDA for 2024 was $21.1M, with reliable quarterly growth post-Natroba acquisition.

• Strong free cash flow supports growth capital, debt repayments, and share buybacks.

• Outstanding debt reduced to $8M as of November 2025, with leverage to earnings below 0.5x.