1. Medivir AB Carnegie Health Care Seminar May Lars Adlersson, CEO & President Börje Darpö, VP Development Rein Piir, CFO / IR

2. Basic facts 18 month performance Listed since 1996 (OME: MVIRB SS)
MCap: ~ USD 190m
Major shareholders: Staffan Rasjö Founders Handelsbanken Den Norske Bank Skandia
Cash position: SEK 370m (end-Q1)
Revenues: SEK 129m (FY 2006)
Burn rate: SEK 155m (FY 2006)
18 month performance

3. The strategic journey
Nordic marketing rights for all projects and possible product from J&J
Successful outlicensing of polymerase projects. Strong partnerships with deal value in excess of 400 MUSD plus royalties

4. Pipelines and partners

5. Key projects LABIAL HERPES
Lipsovir®, Phase III data late Market approval by end of 2008.
HEPATITIS C
Collaboration with Tibotec / Johnson & Johnson. Phase I trials ongoing.
OSTEOPOROSIS
MIV-701, Phase I trials ongoing.
Further indications such as OA, RA and bone metastases explored.

6. Labial herpes (Lipsovir®)
Herpes virus
Immune defense

7. Herpes virus
Current
drugs
Immune defense

8. Herpes virus
Lipsovir®
Immune defense

9. Prevention of cold sores Reduction in episode duration
Lipsovir®: first to show prevention
Treatment
Prevention of cold sores
Reduction in episode duration
Topical vs. placebo
Acyclovir
Penciclovir
Docosanol (Abreva) No
10 to 12%
17%
15%
Oral vs. placebo
Valaciclovir
9 to 20%
Lipsovir® vs. placebo
Yes, 29%
19%*
All available antiviral therapies for labial herpes, administered either orally or topically, have a very modest effect on the episode duration of the lesion.
The observed effect has, in most studies, been in the range of half-a-day to around 1 day, which corresponds to a reduction in episode duration of 10 to 20%.
No existing therapy has been shown to be effective at preventing cold sores.
On the other hand, Lipsovir can prevent recurrences of labial herpes - in up to 30% of cases.
In addition, patients in whom the recurrence is not prevented, and who do develop classic ulcerative lesions, benefit from the same or even a higher reduction of episode duration.
* In the Lipsovir study, where prevention of cold sores was demonstrated, the reduction of episode duration refers only to those patients who developed ulcerative lesions. 9

10. Development process Marketing Partner(s) 60% treated Phase III data
Approval
July 06 Jan 07 Mar 07 H2 07 H1 08 end
Start
Phase III
75%
treated
Genital
Herpes?
Filing
Marketing
Partner(s)

11. A billion dollar market
Annual value growth: 9% Rx
(USD 450m)
Palliative
(USD 400m)
OTC
(USD 220m)
Annual value growth: 12%

12. Three of four sufferers express an interest in Lipsovir®
Definitely would buy Probably would buy Might or might not buy Probably would not buy Definitely would not buy
Primary market research 403 (UK) 411 (US) respondents

13. Physician prescribing habits post- launch of Lipsovir®
Physicians are willing to prescribe a new cold sore remedy
When asked what they would prescribe on the next 10 occasions, Lipsovir claims a 45% share of prescriptions, making it the leading product and drawing users from all 3 principal Rx brands (Zovirax, Valtrex, Denavir)
Primary market research
Base: 225 physicians who have prescribed
cold sore remedies 10+ times in the last 12 months

14. Hepatitis C – Opportunities to improve current therapy
Curing a larger proportion of patients
Less than 50% of patients with most common genotype G1 (>70% in the US) respond to current therapy (peg-Interferon  + ribavirin)
Decreasing duration of therapy
Currently 48 weeks for most common and difficult-to-treat genotype 1
Improving tolerability
Standard-of-care associated with severe side effects (flu-like symptoms, fatigue, depression, hemolytic anemia)
Contraindicated in patients with decompensated liver failure

15. Hepatitis C – Medivir/JNJ program
NS3/4A:
Key protease for
virus replication
Process
Partnership with Tibotec / Johnson & Johnson since November 2004
Phase I trials ongoing since February 2007
Strong back-up program
Patents
Extensive and non-limiting IP published July 2005
Collaboration agreement
Research funding, milestones & royalty
Rights to receive pharmaceutical product for Nordic countries from JNJ at pre-defined point in development
Nordic rights retained by Medivir
Enzyme inhibiting compound

16. Medivir/Tibotec HCV PI Series
Several series of highly promising NS3/4A inhibitors have been developed
Further optimization of these inhibitors in collaboration with Tibotec Pharmaceuticals Ltd, J&J, has resulted in the selection of a Clinical Candidate
Data on Compound “A”
(an example from the lead series)
Enzymatic activity on genotype 1b (Ki, nM)
<1nM
Replicon activity on genotype 1b
[IC50, nM]
<10nM
In vivo PK, Oral dose: 10 mg/kg
Cmax (µM)
T 1/2 (h)
F (%)
0.95
5.4 20
From presentations at the 1st International Workshop on Hepatitis C Resistance and New Compounds, Boston October 2006
and the 3rd Anglo-Swedish Medicinal Chemistry Meeting, March 2007, Åre, Sweden

17. Bone disorders (MIV-701) Bone surface
MIV-701 selectively inhibits the bone and cartilage degrading enzyme cathepsin K
Osteoporosis, osteoarthritis and bone metastases
Target profile:
Improved bone quality (c/f bisphosphonates)
Bone growth capability
Once-daily oral dosing
Strong Follow-on program in place with pre-CD’s selected
Cath K
Osteoclast

18. Bone disorders (MIV-701) Market
Approx 100 million patients in major growing markets (osteoporosis only)
Global osteoporosis market 11 billion USD by 2008
Strong interest in cathepsin K inhibition from major pharma companies
Process
Clinical phase Ia trials commenced March 2007
Phase Ib trials planned for late 2007
Patent/generic competition
Patent applications being processed
Expected patent protection until 2025
Partner strategy
Establish industrial partnership after completion of phase Ib (2008)

19. “The Protease Discovery Engine”: A reliable repeat innovator
HIV – PI
Collaboration project with Tibotec / Johnson & Johnson
MMP- COPD
Collaboration with Hengrui
Extensive IP, excellent results in pre-clinical disease model
Next step: selection of Candidate Drug
Renin - Hypertension
IP compiled for three distinct and potent inhibitor series
Next step: studies in a pre-clinical efficacy model
Cathepsin S – RA, MS and pain
Potent and selective inhibitors
Efficacious in preclinical disease models
Fine-tuning of PK properties
Several early protease programs, e.g. Alzheimer's (BACE inhibitors) and novel cholesterol lowering MOA
Large inhibitor libraries and proprietary technologies
facilitate CD generation against any new protease target

20. Business model Structure: Revenue streams: Research & development
of protease inhibitors
Upfronts & milestones
Royalties
Sales & marketing of
proprietary products
Pharmaceutical
sales revenues
Quids
Own products
(e.g. HIV Franchise, HCV PI)
Acquired products

21. Key Events Going Forward
LIPSOVIR
Phase III data, autumn 2007
Partnership agreement(s)
Market registration, end 2008
HEPATITIS C
Phase I data during 2007
Possibility to receive “approved drug”
from Johnson & Johnson
MIV-701
Phase I data during 2007
Partnership post phase I
HIV FRANCHISE
MIV-170: Entry into phase I by late 2007
MIV-606 start of phase IIb trials
New clinical trials and new data in other out-
licensed projects

22. A profitable pharmaceutical company with its own research and sales
Next step in company transformation
LIPSOVIR®
A profitable pharmaceutical company with its own research and sales