Camurus (CAMX) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue rose 21% to SEK 2,265–2,300 million, with profit before tax up 69% to SEK 933 million, driven by strong Brixadi royalties and Buvidal expansion.

• Expanded US commercial infrastructure, launched Oczyesa for acromegaly in Germany, and secured regulatory approvals in the EU and UK.

• Entered strategic license agreements with Eli Lilly for long-acting incretin therapies and Gubra for hypoparathyroidism.

• Positive clinical results in obesity (CAM2056) and polycystic liver disease, with improved sustainability performance.

• Net cash position increased to SEK 3.7 billion, supporting future R&D and launches.

Financial highlights

• Q4 2025 revenue was SEK 464 million, down 16% year-over-year, mainly due to a SEK 93 million UK inventory repurchase and distribution model change.

• Full-year product sales grew 6% to SEK 1,751–1,752 million; Brixadi US royalties rose 87% to SEK 396 million.

• Full-year operating result increased 86% to SEK 874 million; profit before tax reached SEK 933 million.

• Gross margin for 2025 was 92.2%; operating margin was 38.6–39%.

• Cash and cash equivalents at year-end: SEK 3.7 billion, up 31–33% year-over-year.

Outlook and guidance

• 2026 revenue guidance: SEK 2.6–2.9 billion (midpoint +21% vs. 2025); operating result: SEK 0.9–1.2 billion (midpoint +20%).

• SEK 200 million allocated to US expansion for Oclaiz launch; R&D expenses to rise by SEK 150 million.

• Guidance excludes potential licensing revenues from new or existing partnerships.

• Guidance reflects market dynamics, pricing, reimbursement, and macroeconomic uncertainties.