Camurus (CAMX) Company presentation summary

Strategy and outlook

• Priorities: grow Buvidal and Brixadi, advance R&D programs toward approvals, pursue partnerships and strengthen the organization and sustainability agenda.

• 2027 vision targets five-fold revenue growth, approvals for four R&D programs, US commercial infrastructure and an operating margin of ~50%.

• Recent progress included sustained profitability, a robust cash position of ~SEK 2.6bn and no debt, alongside investment in R&D and US infrastructure.

Commercial growth

• Buvidal and Brixadi are marketed for opioid dependence or opioid use disorder; Buvidal is available across four continents, with more than 53,000 patients in treatment in Europe and Australia at end-June 2024.

• Buvidal sales grew at a 106% CAGR since its first launch in 2019; the target is more than 100,000 patients on treatment in 2027.

• Brixadi launched in the US in September 2023; Braeburn leads US commercialization, supported by a focused organization of more than 100 people and broadening distribution.

• Brixadi has high payer coverage across Medicaid and commercial payers; estimated peak US market potential is >$1bn.

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

CAM2029 pipeline

• CAM2029 is a long-acting octreotide in development for acromegaly, gastroenteropancreatic neuroendocrine tumors (GEP-NET) and polycystic liver disease (PLD); its formulation is designed for self-administration and room-temperature storage.

• CAM2029 showed ~5x higher octreotide plasma exposure than Sandostatin LAR in the presented comparison.

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

• Positive topline results from the 52-week ACROINNOVA 2 study reinforced long-term safety and effectiveness; placebo rollover patients regained IGF-1 control on CAM2029.

• SORENTO enrolled 332 patients for a Phase 3 comparison in GEP-NET, while the 71-patient POSITANO Phase 2/3 PLD study completed recruitment; topline results for both were estimated for H1 2025.