Camurus (CAMX) Q4 2024 earnings summary

Executive summary

• Achieved record sales growth and profitability in 2024, driven by Buvidal and Brixadi performance, R&D advances, and geographic expansion including a new US organization and headquarters in Lund.

• Exceeded Q4 estimates with double-digit Buvidal growth and strong Brixadi performance; fully operational US organization established for CAM2029/Oclaiz launch.

• On track for Vision 2027: five-fold revenue growth, US commercial infrastructure, four R&D approvals, and ~50% operating margin.

• Advanced pipeline with regulatory progress for CAM2029 in acromegaly, GEP-NET, and PLD, and initiated a Phase 1 study for CAM2056 (semaglutide depot).

• Strengthened cash position to SEK 2.9 billion, supporting future investments and expansion.

Financial highlights

• Q4 total revenue reached SEK 553 million, up 48% year-over-year; full-year revenue SEK 1,868 million, up 9% year-over-year or 42% excluding 2023 one-time Brixadi revenue.

• Buvidal sales rose 28% in Q4 and 27% for the year; Brixadi US royalties SEK 83 million in Q4, up 43% sequentially, and SEK 212 million for the year.

• Q4 profit before tax SEK 186 million, up SEK 204 million from Q4 2023; full-year profit before tax SEK 553 million, up 286% excluding one-time M&A revenue.

• Gross margin for 2024 was 94%, up 19bps year-over-year; Q4 gross margin was 94%, up 267bps.

• Cash position at year-end was SEK 2.85–2.9 billion; no debt.

Outlook and guidance

• 2025 revenue guidance: SEK 2.7–3.0 billion (45–61% growth); profit before tax SEK 0.9–1.2 billion (63–117% growth).

• R&D investment to remain flat at SEK 0.65 billion; incremental SEK 0.35 billion for US operations and global launches.

• Capital expenditure of SEK 0.2 billion over two years to develop a second manufacturer, focusing on US capacity.

• On track for SEK 4.5 billion revenue and ~50% operating margin by 2027.

• Anticipated market approvals for CAM2029 in acromegaly in US and EU, and clinical results from key studies in 2025.