Albireo Pharma : Post-AASLD Business Update

Post-AASLD

Business Update

November 16, 2021

(Nasdaq: ALBO)

For Media & Investors Only

©2021 Albireo Pharma, Inc. All rights reserved

Forward Looking Statements

This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements, other than

statements of historical fact, regarding, among other things: Albireo's commercialization plans and expectations for commercializing Bylvay in the U.S. and Europe; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the pivotal trial for Bylvay in biliary atresia (BOLD); the pivotal trial for Bylvay in Alagille syndrome (ASSERT); the Phase 1 trial for A3907; the IND-enabling studies for A2342; the target indication(s) for development or approval; the size, design, population, location, conduct, cost, objective, enrollment, duration or endpoints of any clinical trial, or the timing for initiation or completion of or availability or reporting of results from any clinical trial, including the long-termopen-label extension study for Bylvay in PFIC, the BOLD and ASSERT trials, Phase 1 trial for A3907 and the IND-enabling studies for A2342; expectations that biliary atresia is one of the most common rare pediatric liver diseases and is the leading cause of liver transplants in children; potential regulatory approval by and discussions with the FDA or EMA regarding our programs; expectations that the Company's distribution and supply agreements will drive availability of Bylvay in key markets globally, and potential revenue that may be generated by such agreements; potential regulatory approval and plans for potential commercialization of Bylvay in countries outside of the U.S. and Europe, including Japan; the potential benefits or competitive position of Bylvay or any other Albireo product candidate or program or the commercial opportunity in any target indication; the potential effects of Bylvay of the treatment of PFIC patients and its potential to improve the current standard of care; the potential benefits of an orphan drug designation; the length of time for which Albireo's cash resources are expected to be sufficient, and the milestones and activities to be funded with those cash resources; or Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses. Albireo often uses words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions to identify forward-looking statements. Actual results, performance or experience may differ materially from those expressed or implied by any forward-looking statement as a result of various risks, uncertainties and other factors, including, but not limited to: there are no guarantees that Bylvay will be commercially successful; we may encounter issues, delays or other challenges in launching or commercializing Bylvay; whether Bylvay receives adequate reimbursement from third-party payors; the degree to which Bylvay receives acceptance from patients and physicians for its approved indication; challenges associated with execution of our sales activities, which in each case could limit the potential of our product; challenges associated with supply and distribution activities, which in each case could limit our sales and the availability of our product; results achieved in Bylvay in the treatment of patients with PFIC may be different than observed in clinical trials, and may vary among patients; other potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; whether favorable findings from clinical trials of Bylvay to date, including findings in indications other than PFIC, will be predictive of results from other clinical trials of Bylvay; there is no guarantee that Bylvay will be approved in jurisdictions or for indications beyond the jurisdictions in which or indications for which Bylvay is currently approved; there is no guarantee that our other products candidates will be approved; estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD and ASSERT, and the Phase 1 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, the Company's clinical trials; and the Company's critical accounting policies. These and other risks and uncertainties that Albireo faces are described in greater detail under the heading "Risk Factors" in Albireo's most recent Annual Report on Form 10-K or in subsequent filings that it makes with the Securities and Exchange Commission. As a result of risks and uncertainties that Albireo faces, the results or events indicated by any forward-looking statement may not occur. Albireo cautions you not to place undue reliance on any forward-looking statement. In addition, any forward-looking statement in this presentation represents Albireo's views only as of the date of this presentation and should not be relied upon as representing its views as of any subsequent date. Albireo disclaims any obligation to update any forward-looking statement except as required by applicable law.

All forward-looking statements speak only as of the date this presentation is made and should not be relied upon as representing our views as of any date after this presentation is made. We specifically disclaim any obligation to update any forward-looking statement, except as required by applicable law. "Albireo" is a trademark of Albireo AB. All other trademarks,

service marks, service marks, trade names, logos and brand names identified in this presentation are the properties of their respective owners.

2

©2021 Albireo Pharma, Inc. All rights reserved

Agenda

A2342 Next Gen Oral HBV/HDV Treatment

PEDFIC 1 & 2 Bylvay™ (odevixibat) Data

Update on A3907

Q&A

Albireo Leadership Here Today

Ron Cooper

President and CEO

Former Bristol-Myers Squibb

(President of Europe)

Jan Mattsson, PhD

Chief Scientific Officer

(Co-Founder)

Former AstraZeneca

Pat Horn, MD, PhD

Chief Medical Officer

Former Orphan Technologies,

Dyax, Tetraphase, Abbott

3

©2021 Albireo Pharma, Inc. All rights reserved

Robust Platform with Multiple Growth Opportunities

IBATi

Pediatric Liver

Diseases

A3907

Systemic ASBTi

A2342

Oral NTCPi

Bile Acid

Modulators

Elobixibat

PFIC

Biliary Atresia

Alagille Syndrome

Other Cholestatic

Adult Liver

Diseases

Viral & Cholestatic

Diseases

Undisclosed

Chronic

Constipation

PRECLINICAL

PHASE 1

PHASE 2

PHASE 3

Launched in the U.S. and Europe

BOLD Phase 3 Global Trial

ASSERT Phase 3 Global Trial

Approved in Japan & Thailand/Partnered with EA Pharma

APPROVED

$1B

2nd Half of

the Decade

IBATi = ileal bile acid transport inhibitor, ASBT = apical sodium-dependent bile acid transporter, NTCPi = sodium-taurocholateco-transporting peptide inhibitor

4

©2021 Albireo Pharma, Inc. All rights reserved

Novel Compounds with Distinct MOA Designed to Regulate Bile Acid Movement in Specific Diseases

BYLVAY/ELOBIXIBATBYLVAY/ELOBIXIBAT

Pediatric Cholestasis

Constipation

Adult Cholestasis

Hepatitis B & D

Cholestasis

5

©2021 Albireo Pharma, Inc. All rights reserved