Camurus (CAMX) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached SEK 480 million, up 38% year-over-year, with profit before tax up 125% to SEK 165 million, excluding one-time milestone revenues.

• Buvidal sales grew 22% year-over-year to SEK 421 million, and Brixadi US royalties increased 30% quarter-over-quarter to SEK 58 million.

• Cash position at quarter-end was SEK 2.75 billion, with no debt.

• Full-year 2024 outlook for revenue and profit before tax was raised, reflecting robust business momentum.

• Positive Phase 3 results for CAM2029 in acromegaly and regulatory progress, despite an FDA Complete Response Letter due to cGMP issues at a third-party manufacturer.

Financial highlights

• Q3 2024 total revenue was SEK 480 million, up 38% year-over-year excluding one-time revenues.

• Buvidal sales reached SEK 421 million, up 22% year-over-year and 5% sequentially; Brixadi royalties were SEK 58 million, up 30% sequentially.

• Gross margin was 93% in Q3 2024, up 134–222 basis points year-over-year.

• Operating result for Q3 2024 was SEK 142 million, up 36% year-over-year; profit before tax was SEK 165 million, up 51–125% excluding one-time items.

• Cash flow from operating activities in Q3 was SEK 133–134 million; cash position at quarter-end was SEK 2,751 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to SEK 1,810–1,880 million, profit before tax to SEK 450–510 million.

• Guidance reflects 38–43% revenue growth and 214–256% profit growth vs. 2023, excluding one-time milestone revenues.

• Vision 2027 targets SEK 4.5 billion revenue, four R&D approvals, and 50% operating margin.

• Continued investments planned in R&D and commercial expansion, especially for US operations and upcoming launches.