Camurus (CAMX) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered record revenue of SEK 480 million, up 38% year-over-year, and profit before tax of SEK 165 million, up 125% year-over-year, driven by strong Buvidal and Brixadi sales and positive pipeline progress, notably in CAM2029 for acromegaly.

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

• Ended the quarter with a cash position of SEK 2.75 billion and no debt, supporting future investments and strategic initiatives.

• R&D pipeline advanced, including positive Phase 3 results for CAM2029 and progress in semaglutide depot development.

• Positive clinical progress in CAM2029 was offset by an FDA Complete Response Letter due to cGMP issues at a third-party manufacturer.

Financial highlights

• Q3 2024 total revenues were SEK 480 million, up 38% year-over-year; Buvidal sales reached SEK 421 million, up 22% year-over-year and 5% sequentially; Brixadi US royalties were SEK 58 million, up 30% quarter-over-quarter.

• Gross margin for Q3 2024 was 93%, up 134–222 bps year-over-year, driven by supply chain efficiencies and Brixadi royalties.

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

• Earnings per share after dilution was SEK 2.16, with profit after tax of SEK 129 million.

• Cash flow from operating activities in Q3 was SEK 133 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, and 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.

• Company remains on track to deliver its 2027 vision, targeting 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.