Camurus (CAMX) AGM 2025 presentation summary

Commercial performance

• Buvidal sales reached SEK 1,654m in 2024, with 87% CAGR since first launch in 2019; ~60,000 patients were in treatment at year-end.

• Buvidal held >80% share of long-acting treatments in Australia and the EU; the 2027 patient target is >100,000.

• Brixadi reached ~25% share of the US long-acting segment after its first full market year and ~80% payer coverage after six months; peak sales potential is >$1bn.

• Brixadi growth slowed in Q1 2025.

Vision 2027

• Targets include fivefold revenue growth from 2022 to SEK 4.5bn, four pipeline program approvals and ~50% operating margin by 2027.

• US commercial infrastructure is launch-ready, with key functions in place and a Princeton, NJ office; launch preparations for Oclaiz are underway.

• 2024 operating margin was 25%; high gross margin and disciplined capital allocation support operational excellence.

Pipeline and milestones

• CAM2029 targets acromegaly, GEP-NET and PLD; ACROINNOVA 1 and 2 results were positive, and a positive CHMP opinion came in April 2025.

• The EU EC approval decision for CAM2029 was expected in June 2025; the US NDA received a manufacturer-related CRL, with resubmission planned after a manufacturer audit.

• POSITANO treatment was completed, with results expected in Q2 2025; SORENTO was fully enrolled, with 194 primary endpoint events estimated for early 2026.

• Once-monthly semaglutide CAM2056 entered Phase 1 in overweight or obese participants; top-line results are expected in H2 2025.