This doesnt seem normal to me. Is that the only time it does it? Try in a more lit environment and see if they still appear. Also try using just the non-panorama camera in both low, and high lit environment to test it. Let us know the results.
If it appears in every type of picture you take, and can repliacte the problem everytime, take it to your nearest Apple store, they should replace it for you. (make sure you backup your iPhone data first)
Camera glass dirty?
It should be under warranty. I'd replace it.
It shouldn't do that.
Apple Store -> Swap Device
No one facing the same issue? When you guys taking a photo under low lit, nothing like this happen? Look closely on your screen, camera app... ripple-like line may occur... i've tried with 3 iphone 5, same problem.