Camurus (CAMX) Q2 2026 earnings summary

Executive summary

• Achieved record product sales and total revenues of SEK 702 million in Q2 2026, up 4% year-over-year and 32% sequentially, marking a return to growth.

• Operating result reached SEK 293 million with a 42% margin; cash position strengthened to SEK 4.1 billion by end of Q2 2026.

• Buvidal sales hit a record SEK 524 million, up 12% year-on-year and 24% sequentially; Brixadi royalties reached SEK 127 million, up 42% year-on-year.

• Strategic priorities include commercial expansion, pipeline advancement, partnerships, and maintaining financial strength.

• Key pipeline and regulatory milestones included a Complete Response Letter from the FDA for CAM2029 in acromegaly and Lilly expanding its collaboration to include amylin receptor agonists.

Financial highlights

• Q2 2026 total revenues: SEK 702 million (+4% year-over-year, +32% sequentially).

• Operating result: SEK 293 million (42% margin); cash position ended at SEK 4.1 billion.

• Product sales: SEK 528 million (+13% year-over-year, +24% sequentially), driven by Buvidal.

• Brixadi U.S. royalties: SEK 127 million (+42% year-over-year), with market share over 30% of the LAIB segment.

• Earnings per share after dilution: SEK 4.05 for Q2; net cash increased by SEK 190 million during the quarter.

Outlook and guidance

• Full-year 2026 guidance reiterated: revenues SEK 2.6–2.9 billion, operating result SEK 0.9–1.2 billion.

• Main priorities: finance organic growth, expand commercial activities (notably in the U.S.), and invest in R&D for new clinical trials.

• Several key milestones expected in H2 2026, including SORENTO Phase 3 readout, CAM2029 US regulatory progress, and CAM2056 Phase 2b initiation.