Camurus (CAMX) Company presentation summary

Financial performance and outlook

• 2026 revenue outlook SEK 2.6–2.9 billion, midpoint +21% vs. 2025; excludes potential licensing revenue from development partnerships.

• 2026 operating result outlook SEK 0.9–1.2 billion, midpoint +20% vs. 2025.

• Q2 2026 operating margin 42%; cash position SEK 4.1 billion; sustainable profitability since 2022.

Commercial portfolio

• Buvidal had 77,000 patients in treatment at end-June 2026; Q2 2026 in-market growth was 19% YoY and Australia share exceeded 80% of the LAIB segment.

• Buvidal is targeting 100,000 patients by end-2027; continued double-digit growth reported across Nordics, Germany, Spain and France.

• Brixadi Q2 2026 net revenue grew 42% YoY and 20% QoQ; estimated share exceeded 30% of the US LAIB segment, with estimated peak sales potential above $1 billion.

• Oczyesa is approved in the EU and UK, launched in Germany and available in Sweden; 2026 focus is broader adoption in wave 1 markets.

• Oczyesa offers a room-temperature, ready-to-use octreotide depot with an autoinjector; stated bioavailability is 5-fold vs. octreotide LAR.

Pipeline and clinical progress

• CAM2029 is being developed for acromegaly, GEP-NET and polycystic liver disease; Oczyesa is marketed in Europe for acromegaly.

• ACROINNOVA 1: IGF-1 ≤1 ULN achieved by 77.2% with CAM2029 vs. 37.5% with placebo (p=0.00018); treatment convenience, quality of life and satisfaction improved.

• POSITANO met its primary endpoint: 4.3% reduction in height-adjusted total liver volume vs. placebo at week 52 (p=0.044); Phase 2 complete.

• SORENTO Phase 3 enrolled 332 patients with GEP-NET; primary endpoint is PFS superiority vs. standard of care (HR 0.65), with top-line results expected after 194 PFS events.

• CAM2056 Phase 1b: weight change at day 85 was -9.3% with 10 mg vs. -5.2% with weekly semaglutide; treatment difference -4.1% (p=0.008); Phase 2b start planned for H2 2026.