Camurus (CAMX) Company presentation summary

Strategy and financial outlook

• 2027 vision: fivefold revenue growth to SEK 4.5bn, US commercial infrastructure, approvals for four pipeline programs and ~50% operating margin.

• FY2025 guidance: revenue SEK 2.7–3.0bn, up 45–61% vs. 2024; profit before tax SEK 0.9–1.2bn, up 63–117%.

• FY2024 result exceeded previously raised estimates; cash position strengthened to ~SEK 2.9bn after investment in R&D and US infrastructure.

• Sustainable profitability since 2022; listed on Nasdaq Stockholm, with 250+ employees.

Commercial portfolio

• Buvidal and Brixadi are weekly and monthly long-acting buprenorphine treatments; Buvidal is marketed across Europe, Australia and MENA, while Brixadi is marketed in the US.

• More than 60,000 patients were receiving Buvidal in Europe and Australia at end-2024; sales grew at an 87% CAGR since launch in 2019, reaching SEK 1,654m in 2024.

• Buvidal recorded double-digit sales growth in Europe, MENA and Australia; Brixadi had a strong US launch and its estimated share of the long-acting injectable buprenorphine market was approaching 25%.

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

Pipeline and development milestones

• CAM2029 is a long-acting octreotide in development for acromegaly, gastroenteropancreatic neuroendocrine tumors and polycystic liver disease; it is designed for self-administration using a prefilled autoinjector.

• In ACROINNOVA 1, 77.2% of CAM2029 patients vs. 37.5% on placebo achieved IGF-1 ≤1 ULN at 24 weeks (p=0.00018); ACROINNOVA 2 supported long-term safety and effectiveness.

• CAM2029’s US NDA was accepted with a manufacturing-related CRL; NDA resubmission was estimated for H1 2025 and an EU CHMP opinion for mid-2025.

• SORENTO Phase 3 enrolled 332 GEP-NET patients; the primary progression-free survival event target was estimated for late 2025 or early 2026. POSITANO enrolled 71 PLD patients, with study results expected Q2 2025.

• Monthly semaglutide CAM2056 entered Phase 1; topline results were expected H2 2025. Potential indications include weight management, type 2 diabetes, inflammation and substance use disorders.