Camurus (CAMX) Jefferies London Healthcare Conference 2024 summary

Business performance and financial outlook

• Tracking well toward 2027 targets with strong financial and business progress in 2023.

• Recently raised guidance for top line and profit before tax.

• Revenue expected to grow in 2024; R&D investments to stabilize, but overall OPEX will increase with business expansion.

• 2024 OPEX projected at SEK 1.3 billion, with R&D around SEK 600 million.

Buvidal (ex-US) growth and strategy

• 56,000 patients treated as of Q3, aiming for 100,000 by 2027.

• 6% currency-corrected growth in both Q2 and Q3; acceleration needed to meet targets.

• Focused on expanding in UK, Germany, France, Spain, and increasing methadone patient conversions.

• Australia and Nordics continue to show strong performance.

• Total treatable population in Europe and Australia is about 750,000, with potential for growth beyond 2027.

Brixadi (US) commercial opportunity

• Main growth from switching 1.8 million sublingual buprenorphine patients to long-acting treatment.

• Achieving 6-7% market penetration could yield over $1 billion in sales.

• Methadone patients (400,000 in US) represent additional upside, but primary focus remains on sublingual group.

• Partner secured a criminal justice system contract in California; implementation expected to take 6-9 months before revenue impact, likely in 2025.

• US criminal justice system offers a significant market with 400,000 potential patients.