Camurus (CAMX) investor relations material

Business overview and financial performance

• Profitable commercial operations in opioid use disorder fund a robust late-stage pipeline in endocrinology, oncology, and CNS indications.

• Achieved 17% revenue growth and record profitability in 2025 despite slower-than-expected growth due to market funding issues.

• Distribution model changes in the U.K. impacted early 2026 revenues, but normalization and strong growth are expected in the second half of the year.

• U.K. funding has shifted to a three-year framework, supporting growth plans for 2026.

• Net cash position around $400 million, with firepower up to $1 billion for strategic acquisitions.

Product portfolio and market opportunities

• Buvidal targets 100,000 patients in treatment by end of 2027, with 73,000 reached as of 1Q; large European markets like the U.K., Germany, and France offer the most growth potential.

• U.S. BRIXADI, commercialized by a partner, is seeing strong uptake; first milestone payment expected in the second half of 2026.

• CAM2029 for GEP-NET aims for improved efficacy and convenience, with a market potential of at least $2 billion; phase III readout expected in the second half of 2026.

• Oczyesa (Oclaiz) for acromegaly is approved in Germany, with further European launches planned; FDA decision in the U.S. expected imminently.

• CAM2029 also advancing in polycystic liver disease, with phase III prioritization pending further data.

R&D pipeline and partnerships

• Obesity program CAM2056 showed strong efficacy and tolerability; phase IIb to start in the second half of 2026, with preparations for phase III underway.

• Strategic partnership with Eli Lilly expanded to include dual GLP-1, triple-G, and amylin programs, broadening the collaboration's scope.

• Typical development timelines for established compounds are around 18 months from program initiation to regulatory submission.

• Milestone payments in partnerships are generally tied to clinical and regulatory achievements.