Camurus (CAMX) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of SEK 724m, up 28% YoY, and operating result of SEK 322m, up 40%; no milestone revenue was recorded in the quarter.

• Record product sales of SEK 582m were led by Buvidal; Brixadi royalties grew, and quarter-end cash was SEK 4,353m.

• FDA review of the CAM2029 acromegaly NDA resubmission and Oczyesa approvals in Australia and Canada advanced the pipeline.

Financial highlights

• Q3 product sales were SEK 582m, including Buvidal at SEK 574m and Oczyesa at SEK 8m; royalties were SEK 137m.

• Operating expenses rose 20% YoY to SEK 356m; R&D costs increased to SEK 142m, mainly reflecting SORENTO progress.

• 9M revenue was SEK 1,959m and operating result SEK 783m; excluding Lilly license revenue, 9M revenue grew ~13% and operating result ~14%.

• Q3 profit before tax was SEK 341m and net income SEK 270m; diluted EPS was SEK 4.53 vs. SEK 3.24 a year earlier.

Outlook and guidance

• FY 2026 revenue guidance remains SEK 2.6bn–2.9bn and operating result SEK 0.9bn–1.2bn; both are expected in the upper half of the ranges.

• 2026 incremental U.S. launch-related spend is now ~SEK 100m vs. SEK 200m planned; additional R&D spend is ~SEK 50m vs. SEK 150m, with deferred spend moving to 2027.

• 2027 operating margin was framed at 44%–50%; reaching 50% may be difficult as U.S. expansion and R&D investment increase.

• SORENTO topline results are expected in Q1 2027; CAM2056 Phase 2b obesity study results are expected in H1 2028.