Camurus (CAMX) Q2 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2024, with revenue up 46% year-over-year to SEK 445 million, and profit before tax at SEK 104 million, excluding prior year one-time items.

• Buvidal sales grew 31% year-over-year to SEK 400 million, and Brixadi US royalties increased 73% quarter-on-quarter to SEK 45 million, with over 53,000 patients treated.

• Advanced R&D pipeline, including positive Phase 3 results for CAM2029 in acromegaly, regulatory filings in the US and EU, and preclinical work on once-monthly semaglutide.

• Expanded US commercial organization and advanced preparations for Oclaiz (CAM2029) launch, with FDA decision expected by October 21, 2024.

• Cash position at quarter end was SEK 2.6 billion, reflecting strong operational cash flow and no debt.

Financial highlights

• Q2 2024 revenue reached SEK 445 million, up 46% year-over-year excluding 2023's one-time Brixadi FDA approval revenue.

• Buvidal sales grew 31% year-over-year to SEK 400 million; Brixadi royalties in the U.S. increased 73% quarter-on-quarter to SEK 45 million.

• Profit before tax was SEK 104 million for Q2; profit after tax was SEK 74 million, with EPS after dilution of SEK 1.25.

• Gross margin improved to 92.9%, up 233 basis points year-over-year, driven by supply chain efficiencies and increased royalty income.

• Cash position at quarter end was SEK 2,567 million, up 292% vs Q2 2023, with no debt.

Outlook and guidance

• Reiterated 2024 financial outlook, expecting to finish at the mid to high end of current guidance.

• Full-year 2024 guidance: total revenue SEK 1,740–1,860 million (+33–42% y/y, excluding one-time items); profit before tax SEK 330–450 million (+131–215% y/y, adjusted).

• R&D investment for the year guided at SEK 600-650 million.

• Anticipates FDA decision on CAM2029 for acromegaly by October 21, 2024, and U.S. launch of Oclaiz by year-end.

• Continued investment in R&D and US commercial operations; preparing for CAM2029 launch.