Camurus (CAMX) Company presentation summary

Business strategy and financial performance

• Strategy centers on growing Buvidal and Brixadi, advancing the R&D pipeline, pursuing business development, and improving operational excellence and sustainable profitability.

• FY 2024 outlook, updated 7 Nov 2024: revenue SEK 1,810–1,880 million and profit before tax SEK 450–510 million; increases of 38–43% and 214–256%, respectively, excluding 2023 one-time milestones.

• 2027 targets include five-fold revenue growth to SEK 4.5 billion, operating margin around 50%, four pipeline-program approvals, and US commercial infrastructure.

• Cash position was ~SEK 3 billion; profitability has been sustained since 2022.

Opioid dependence treatments

• Buvidal and Brixadi are weekly and monthly long-acting buprenorphine depots; products are available across four continents.

• More than 56,000 patients were receiving Buvidal in Europe and Australia at end-Sep 2024; sales grew at a 106% CAGR from its first launch in 2019 through 2023, reaching SEK 1,299 million in 2023.

• Brixadi launched in the US in Sep 2023; Braeburn leads commercialization, with a US organization of over 100 people and payer coverage on par with competitors.

• Brixadi royalty reached SEK 58 million in Q3 2024, up 30% QoQ (39% at CER); estimated peak market potential exceeds USD 1 billion.

• Buvidal and Brixadi offer weekly/monthly dosing, multiple strengths and injection sites, room-temperature stability, and a scientific evidence base of more than 160 publications.

CAM2029 development

• Long-acting octreotide is in development for acromegaly, gastroenteropancreatic neuroendocrine tumors (GEP-NET), and polycystic liver disease (PLD); the formulation delivers ~5x higher octreotide plasma exposure than Sandostatin LAR.

• In ACROINNOVA 1, 77.2% of patients on CAM2029 versus 37.5% on placebo achieved IGF-1 ≤1 ULN at 24 weeks (p=0.00018); treatment was well tolerated, with mostly mild or moderate adverse events.

• In the 52-week ACROINNOVA 2 study, 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.

• CAM2029’s US NDA review is ongoing following a complete response letter; EMA approval was estimated for mid-2025, with Oclaiz US launch readiness underway.

• SORENTO enrolled 332 GEP-NET patients; topline results were estimated for late 2025 or early 2026. POSITANO enrolled 71 PLD patients, with topline results expected in Q2 2025.