Camurus (CAMX) Company presentation summary

Commercial momentum

• Buvidal and Brixadi are positioned for leadership in long-acting opioid dependence treatment; Buvidal was used by more than 53,000 patients in Europe and Australia at end-June 2024.

• Buvidal sales have grown at a 106% CAGR since first launch in 2019; target exceeds 100,000 patients in 2027.

• Brixadi launched in the US in September 2023, with strong demand, expanding distribution and payer coverage on par with competitors.

• Buvidal/Brixadi offer weekly and monthly dosing, multiple strengths and injection sites, room-temperature storage and direct initiation following one transmucosal buprenorphine dose.

Financial position and outlook

• FY2024 revenue guidance is SEK 1,740–1,860 million; growth of 33–42% excluding 2023 one-time milestones.

• FY2024 profit-before-tax guidance is SEK 330–450 million; growth of 131–215% excluding 2023 one-time milestones; July update expected results in the mid-to-high end of the range.

• Cash position was SEK 2.6 billion with no debt; profitability has been sustained since 2022.

• Vision 2027 targets five-fold revenue growth, approvals for four pipeline programs and an operating margin around 50%.

CAM2029 development and launch

• CAM2029 is a long-acting octreotide in development for acromegaly, GEP-NET and polycystic liver disease; it showed ~5x higher octreotide plasma exposure than Sandostatin LAR.

• In ACROINNOVA 1, 77.2% of CAM2029 patients versus 37.5% on placebo achieved IGF-1 ≤1 ULN; superiority was statistically significant (p=0.00018).

• ACROINNOVA 2 topline results reinforced long-term safety and effectiveness; placebo roll-over patients regained IGF-1 control, with improved patient-reported outcomes versus standard-of-care baseline.

• SORENTO and POSITANO completed recruitment; topline results are estimated for H1 2025, with GEP-NET NDA/MAA submission estimated for H2 2025.

• Oclaiz US approval decision was scheduled for 21 October 2024; EMA approval was estimated for mid-2025, with US launch readiness targeted around year-end 2024.