Cipher Pharmaceuticals Inc. · TSX:CPH
Cipher Pharmaceuticals — Investor Presentation (November 2025)
14 slides from Cipher Pharmaceuticals's investor presentation, November 2025
Slide 1: Investor Presentation | November 2025
A Profitable, H i g h - G r o w t h S p e c i a l t y P h a r m a C o m p a n y Investor Presentation | NOVEMBER 2025 TSX:C P H | OT CQ X : C PH R F
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This document includes forward-looking statements within the meaning of partners to supply products to meet our demands; we may be subject to Company and its directors and officers who are not residents of the applicable securities laws. These forward-looking statements in
Slide 3: What We Do: North American Focused Operations
What We Do North American Focused Operations MANAGE A PORTFOLIO OF PRESCRIPTION PRODUCTS CANADA Direct Product Sales ACQUIRE COMPLEMENTARY PRODUCTS THAT FULFILL UNMET MEDICAL NEEDS STRATEGICALLY MARKET AND DISTRIBUTE Cross PRODUCTS IN NORTH AMERICA Pollinate Approach OUT-LICENSE PRODUCTS INTERNATION
Slide 4: Our Portfolio
Our Portfolio CANADIAN PRODUCT PORTFOLIO U.S. ROYALTY PORTFOLIO 13% High cholesterol Severe nodular acne 30% Severe nodular acne (SUN Pharmaceuticals, U.S.) (ANI Pharmaceuticals, U.S.) (Launched Jul 2013) 2024 Revenue(1) Enzyme inhibitor for hair growth Recent onset Atrial Fibriallation (“AF”) ~ $50
Slide 5: U.S. Acquisition – July 2024
U.S. Acquisition – July 2024 STRATEGIC ADVANTAGES: ASSETS ACQUIRED • Natroba (spinosad) Single Application Treatment & Complete Cure Designation Topical Suspension 0.9% Mature product with 23% Market Share (anti-parasitic market) • Authorized Generic Spinosad FDA & Patent Exclusivity for scabies thr
Slide 6: U.S. Anti-parasitic Market Opportunity
U.S. Anti-parasitic Market Opportunity Fills a ‘True Unmet Need’ U.S. Market Dynamic: Developed Resistance ✓ No Resistance to Lice or Scabies Medical literature & data ✓ Only Scabies product with "Complete Cure" widely available designation from the U.S. FDA Gross Rx Market Worldwide issue resul
Slide 7: Selected Financial Results
Selected Financial Results NEW PHASE OF REVENUE GROWTH Annual Net Revenue (US $M) Q3 YTD Q3 Fiscal Year $35 33.4 All figures in US $M $30 6.6 (except per share amounts) 2025 2024 2025 2024 2024 2023 $25 21.6 21.9 20.7 21.2 Net Revenue $12.8 $10.4 $38.2 $21.5 $33.4 $21.2 $20 $15 12.8 10.4 8.1 8.5 12.
Slide 8: Free Cash Flow and Capital Allocation
Free Cash Flow and Capital Allocation Growth Capital Proven & Balanced Capital Allocation Track Record ✓ Strong free cash flow generation and resulting accumulation ✓ Debt repayments of cash provide a source of capital for further growth ✓ Substantial Issuer Bid (“SIB”) ✓ Debt repayments on the revo
Slide 9: Growth Levers Ahead
Growth Levers Ahead 1 Maximize market share gains on lead products in Canada and the U.S. 2 Out-license existing products to partners internationally Product Portfolio 3 In-license complimentary products to Canada and the U.S. 4 Cross pollinate existing products between Canada and the U.S. to maximi
Slide 10: Substantial Liquidity for Further Growth
Substantial Liquidity for Further Growth $82M USD Accessed Growth capital available $8M as of November 6, 2025 ✓ Low Leverage Profile $65M $57M Total Credit Facility ✓ Flexible Revolving Credit Facility Available as of November 6, 2025 + ✓ Tiered Rate = Low Cost of Capital $25M Additional Accordion
Slide 11: Capital Structure
Capital Structure CAPITALIZATION (November 6, 2025) 41% Mull family Shares Outstanding 25.4 Million 20% 6% ParaPRO, Options/RSUs 1.7 Million 48% former Natroba owner Share Price (CAD) $14.82 CAD 30% 1% Management & Market Capitalization (CAD) ~$376 Million Board of Directors Outstanding Debt (USD) $
Slide 12: Value Drivers
Value Drivers 1 Consistent and Reliable Profitability ~55% average Adjusted EBITDA Margins 2 Strong Balance Sheet ✓ Strong free cash flow contributing to growing cash balance ✓ Income generating assets ✓ Low leverage profile and available capacity on revolving credit facility 3 Smart Capital Allocat
Slide 13: Management Team
Management Team BOARD OF DIRECTORS CRAIG MULL Chairman CRAIG MULL BRYAN JACOBS RYAN MAILLING Interim Chief Executive Officer President Chief Financial Officer Craig Mull is an accomplished executive Bryan Jacobs is a seasoned financial leader Ryan Mailling has held progressive finance previously inv
Slide 14: Thank You
Thank You Contact: GRAHAM FARRELL +1.416.842.9003 Investor Relations [email protected] TSX: C P H | O TC QX : CP HR F 14
Cipher Pharmaceuticals — Investor Presentation (November 2025) on 6ix