Camurus (CAMX) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenues of SEK 676 million, up 52% year-over-year, and profit before tax of SEK 307 million, up 195% year-over-year, with a strengthened cash position of SEK 3.3 billion supporting expansion and R&D investments.

• Entered a strategic license agreement with Eli Lilly for long-acting incretins, with up to $290 million in license/milestone payments, $580 million in sales-based milestones, and tiered royalties.

• Key milestones: Buvidal growth in Europe, Australia, and globally; Brixadi regained momentum in the U.S.; EU approval of Oczyesa (CAM2029) for acromegaly; positive Phase 2b results for CAM2029 in polycystic liver disease.

• Buvidal expanded into Portugal and other new markets, with positive feedback from healthcare professionals.

• Maintained 2025 guidance for revenue and profit growth, supported by robust product performance and new partnerships.

Financial highlights

• Q2 2025 revenues: SEK 676 million (+52% year-over-year); H1 2025 revenues: SEK 1,234 million (+48%).

• Product sales SEK 470 million (+17% year-over-year); Brixadi U.S. royalties SEK 89 million (+100% year-over-year, +21% sequentially).

• Operating result for Q2: SEK 292 million (+254%); profit before tax SEK 307 million (45% of sales).

• Earnings per share after dilution for Q2: SEK 4.08; profit after tax SEK 245 million.

• Cash position at quarter end: SEK 3.3 billion, up 30% year-over-year; no debt.

Outlook and guidance

• Maintains full-year 2025 guidance: total revenues SEK 2.7–3.0 billion (+45–61% vs. 2024), profit before tax SEK 0.9–1.2 billion (+63–117%).

• Expects growth in both Buvidal and Brixadi in H2, with improved Buvidal growth as funding hurdles are addressed and order flows stabilize.

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