Camurus (CAMX) AGM 2026 presentation summary

2025 performance and 2026 outlook

• 2025 revenue SEK 2.3bn, up 21% at constant exchange rates; profit before tax rose 69% to SEK 933m. Sustainable profitability since 2022.

• 2026 revenue guidance SEK 2.6–2.9bn and operating result SEK 0.9–1.2bn; midpoint growth of 21% and 20%, respectively, vs. 2025, excluding potential licensing revenue.

• Cash position was SEK 3.9bn at end-Q1 2026, supporting investment, selective M&A and partnering while preserving financial flexibility.

Commercial products

• Buvidal had 70,000 patients in treatment at end-2025; the 2025 market grew 17%, with over 80% share of Australia’s long-acting injectable segment. Target: over 100,000 patients by 2027.

• Brixadi royalties grew 87% in 2025; share was ~32% of the US long-acting injectable buprenorphine segment, in a market growing over 30% YoY.

• Oczyesa received EU and UK approvals and launched in Germany in Q4 2025 with strong early uptake; additional European rollouts planned in 2026.

• Oclaiz NDA resubmission accepted by FDA, with PDUFA date 10 June 2026; US commercial team was preparing for a Q3 launch.

Pipeline and partnerships

• CAM2029 acromegaly is marketed as Oczyesa in Europe; US review is underway. SORENTO Phase 3 in GEP-NET is advancing, with the target of 194 PFS events expected in H2 2026; POSITANO Phase 2 in polycystic liver disease met its primary endpoint.

• CAM2056 once-monthly semaglutide showed greater body-weight and HbA1c reductions than weekly Wegovy, with comparable safety in Phase 1b; Phase 2b planned to start in H2 2026.

• Lilly partnership covers long-acting dual GLP-1/GIP and triple GLP-1/GIP/glucagon agonists; agreement provides up to $870m in milestones plus tiered sales royalties.

• Gubra collaboration is developing a long-acting PTH analog; development was progressing according to plan.