Camurus (CAMX) Company presentation summary

Strategy and platform

• Value-creation priorities: grow Buvidal and Brixadi, advance R&D programs, pursue business development, and sustain profitability.

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

• FluidCrystal supports long-acting drug release, rapid onset, and delivery via prefilled syringes, autoinjector pens, and other devices.

Commercial and financial performance

• Buvidal delivered double-digit sales growth in Europe and Australia for six consecutive years; an estimated 65,000 patients were treated in Europe and Australia at end-June 2025, with a target of >100,000 in 2027.

• Brixadi’s US launch began in September 2023; the presentation cites a strong launch and estimated peak market potential >$1 billion.

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

• Cash position was ~SEK 3.3 billion with no debt; FY2025 priorities include high revenue and profitability growth.

CAM2029 pipeline progress

• Oczyesa was approved in the EU in June 2025 and the UK in August 2025 for acromegaly; first EU launch planned Q4 2025, with US regulatory approval expected H1 2026 following a manufacturer-related CRL.

• In ACROINNOVA 1, 77.2% of CAM2029 patients vs. 37.5% on placebo achieved IGF-1 ≤1 ULN (p=0.00018); tolerability was consistent with first-generation SRLs.

• POSITANO met its primary endpoint in PLD: CAM2029 reduced height-adjusted total liver volume change vs. placebo by 4.3 percentage points at week 53 (p=0.044); topline results also indicated reduced cyst growth and improved symptoms.

• SORENTO, a Phase 3 GEP-NET study, completed enrollment with 332 patients across 12 countries; core-phase completion is expected H1 2026 and regulatory submission H2 2026.

• CAM2029 peak sales estimates exceed $2 billion across acromegaly, GEP-NET, and PLD indications.