Camurus (CAMX) Q1 2025 earnings summary

Executive summary

• Achieved record profitability and robust revenue growth in Q1 2025, driven by strong commercial execution in opioid dependence treatment and pipeline advancement.

• Buvidal sales rose 33% year-over-year to SEK 485 million, with strong growth in Europe and Australia; Brixadi U.S. royalties surged 185% year-over-year despite a 13% market decline.

• Advanced R&D pipeline with clinical progress in CAM2056 and CAM2029, including positive CHMP opinion for Oczyesa® in acromegaly and new launches in Switzerland, Luxembourg, and Portugal.

• Maintained full-year 2025 guidance for revenue and profit before tax.

• Cash position at quarter end was SEK 2.9 billion, with no debt.

Financial highlights

• Total revenues reached SEK 558 million, up 43% year-over-year; product sales SEK 485 million (+33%); royalties SEK 74 million (+185%).

• Operating result increased 204% to SEK 239 million; profit before tax up 162% to SEK 254 million.

• Gross margin improved to 93%, up 88 basis points year-over-year.

• Earnings per share after dilution was SEK 3.29; profit after tax was SEK 197 million.

• Operating expenses were SEK 289 million, flat year-over-year; R&D investment decreased 27% year-over-year to SEK 131 million.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at SEK 2.7–3.0 billion (+45–61% vs. 2024); profit before tax guidance set at SEK 0.9–1.2 billion (+63–117% vs. 2024).

• On track to deliver 2027 vision; guidance maintained despite FX volatility.

• Expect continued growth in Australia and renewed Brixadi growth in the U.S. as headwinds diminish.

• Regulatory approval for CAM2029 in acromegaly in the EU expected by June; U.S. NDA resubmission planned after third-party manufacturer audit.

• Continued investments in R&D and US operations, including SEK 0.35 billion for global CAM2029 launch.