Camurus (CAMX) Company presentation summary

Strategy and financial outlook

• Vision 2027 targets five-fold revenue growth, four pipeline-program approvals, an established US commercial infrastructure and an operating margin of ~50%.

• 2024 revenue outlook: SEK 1,740–1,860m, up 33–42% excluding 2023 one-time milestones; profit before tax SEK 330–450m, up 131–215% on the same basis.

• July 2024 guidance update expected results in the mid-to-high end of both ranges; cash position was ~SEK 2.6bn with no debt.

• Strategic priorities: grow Buvidal and Brixadi, advance R&D to approvals, diversify through business development and partnerships, and strengthen organization and sustainability.

Opioid dependence treatment

• More than 53,000 patients were receiving Buvidal in Europe and Australia at end-June 2024; sales CAGR was 106% since first launch in 2019, with a 2027 target of >100,000 patients.

• Buvidal has market authorization and pricing or reimbursement applications under review across markets; it is available across four continents.

• Brixadi launched in the US in September 2023; Braeburn is responsible for commercialization, with a focused team of >100, broadening distribution and payer coverage on par with competition.

• Estimated Brixadi peak market potential exceeds $1bn; the presentation cited strong demand and accelerating net sales and royalty growth.

• Buvidal and Brixadi offer weekly and monthly dosing, multiple strengths and injection sites, room-temperature stability, and evidence supporting efficacy and patient satisfaction versus daily standard of care.

CAM2029 clinical progress

• CAM2029 is long-acting octreotide in development for acromegaly, GEP-NET and PLD; its design includes a prefilled autoinjector, room-temperature storage and ~5x octreotide bioavailability versus Sandostatin LAR.

• In ACROINNOVA 1, 77.2% of CAM2029 patients versus 37.5% on placebo had IGF-1 ≤1 ULN; superiority was achieved (p=0.00018), with treatment convenience, quality of life and satisfaction also improved.

• ACROINNOVA 2 topline results reinforced long-term safety and effectiveness; new patients had increased response from standard-of-care baseline, and placebo roll-over patients regained IGF-1 control.

• SORENTO randomized 332 patients across 12 countries, exceeding its 302-patient target; the Phase 3 trial assesses PFS versus standard of care in GEP-NET, with topline results estimated H1 2025.

• POSITANO randomized 71 patients in its Phase 2/3 PLD study; topline results were estimated H1 2025, with liver-volume change as the primary endpoint and an open-label extension through week 173.