1. The presenters from Medivir at the Carnegie lunch January 21 Lars Adlersson CEO Prof Bertil Samuelsson, VP Discovery and Research Rein Piir, CFO / IR

2. Stabilizing the business by entering new therapeutic areas2 2 3 3 1 3 2 2 1 1 1 1 1 1 1 2 1 2 3 3 2 1 1 2 1 2 2 1 2 1 2 1 2 2 2 3
90% of 2007 deal value is linked to protease
based projects
100% of internal resources are invested in
protease based projects, Lipsovir being
the only exception
Lipsovir
Protease based
Polymerase based
(HIV Franchise & HCV Pol)

3. Stabilizing the business by adding a mix of partnership structures

4. Future potential sources of revenues
Existing license
agreements
Potential new
license agreements
Pharma Sales
HEPATITIS C PI
(TMC )
LIPSOVIR
QUID(S)
HIV PI
MIV 701
& new cathepsin K inhibitors
CO-PROMOTION
HIV Franchise Partners
Late Discovery Projects
(COPD )
ACQUISITIONS
Other Discovery Projects
(BACE, Renin and cathepsin S)
Future revenues will be used to finance operations towards profitability and to build pharma sales

5. Pipeline January 2008

6. TMC4353350 - Phase IIa Clinical Trial
The OPERA-1 trial will assess the number of patients that achieve RVR (undetectable virus at week 4)
The OPERA-1 trial will be able to assess number of patients achieving SVR (after 4 weeks of combo therapy plus 24 or 48 weeks of IFN plus RBV)
The Phase IIa RVR data available already H1 2008, will initiate the design and start of the phase IIb trial (OPERA-2)
Statement - There is a place for next generation HCV PI like TMC435350
with:
High potency – low drug load
Once-daily – good compliance resulting in increased efficacy
Large forgiveness factor – higher efficacy
Less side effects – possible from shorter duration of treatment
More treatment options – exclude ribavarin from therapy

7. Operational focus and activities 2008 1(2)
LIPSOVIR
First to prevent outbreaks of cold sores?
Phase III results available late Q1 2008
Partnering discussions ongoing
The aim is to have the commercial strategy, including
partner/s in place by the end of 2008
First regulatory approval is expected H1 2009
Phase Ib completed with excellent results – to be presented
in April
Phase IIa initiated – results will probably be presented in Q4
Phase IIb could start before year end
HEPATITIS C
(TMC )
Broad preclinical program – follow-on candidate drug
to be selected during the spring
The partnering process will be initiated shortly
CATHEPSIN K
(MIV-701)
Hep C-info needs to be confirmed…
COPD, Renin, BACE etc
Evaluate interest for broad partnerships

8. Operational focus and activities 2008 2(2)
Portfolio sourcing exercise has begun
Co-marketing discussions with a few selected companies initiated
Infrastructure can be put in place with short notice
PHARMA SALES
Two phase IIb trials with Valomaciclovir recently initiated
Head-to-head vs market leader for shingles – once daily vs
three times daily
and for the treatment of acute infectious mononucleosis
Chinese condom coating initiative well underway
HIV FRANCHISE
Cash end-of 2007 ~SEK 370m
Substantially lower expenses level (appr. SEK 190m) during 2008
Future revenues will be used to extend runway and build
pharma sales
FINANCE