Camurus AB

Latest Results (20.05.2026):

Camurus AB — Q1 2026: Results were largely in line with company expectations and full‑year guidance. Total revenues were SEK 533 million, operating result SEK 168 million and profit before tax SEK 184 million. The company finished the quarter with a strengthened net cash position of SEK 3.9 billion, advanced regulatory milestones (FDA accepted the Oclaiz™ NDA with a PDUFA date of 10 June 2026) and continued pipeline progress (SORENTO Phase 3 accrual on track).

Key financials

Total revenues: SEK 533m (−5% vs Q1 2025, +3% at CER). Product sales: SEK 426m (−12% vs Q1 2025, −6% at CER). Royalties: SEK 106m (+44% vs Q1 2025, +59% at CER). Operating result: SEK 168m (−30% vs Q1 2025, −15% at CER). Profit before tax: SEK 184m (−28% vs Q1 2025, −14% at CER). Result for the period: SEK 144m; diluted EPS SEK 2.40.

Cash and balance sheet

Net cash position strengthened to SEK 3.9 billion at 31 March 2026 (up 35% vs Q1 2025). No outstanding loans reported. Consolidated equity SEK 4.42 billion.

Commercial performance — Buvidal / Brixadi

In‑market Buvidal sales grew ~17% year‑on‑year; reported Buvidal sales in Q1 were down 13% (comparison affected by UK distributor model transition and elevated channel sales in Q1 2025). Estimated ~73,000 patients in treatment with Buvidal at end‑Q1. Royalty income from Braeburn’s Brixadi (US) net sales increased 44% year‑on‑year to SEK 106m, with Brixadi gaining share (≈32% of equivalized LAI buprenorphine units in Q1 2026 vs ~26% a year earlier).

Oclaiz™ / CAM2029 regulatory update

FDA accepted the Oclaiz™ (CAM2029 for acromegaly) NDA for review; PDUFA action date set to 10 June 2026. Company notes the review focus relates to contract manufacturer corrective actions referenced in prior correspondence.

SORENTO (GEP‑NET) and CAM2029 development

Phase 3 SORENTO study (CAM2029 vs octreotide LAR/lanreotide) progressed on plan with 332 patients enrolled; target of ~194 progression‑free survival events expected in H2 2026, followed by primary readout. Positive primary results would position CAM2029 as a potential first‑line option in GEP‑NET.

Oczyesa® launch progress

Oczyesa (octreotide depot) delivered first full commercial quarter with SEK 4m in sales and ~50 patients (~2.5% market share) after initial launch in Germany. UK listing on the NHS National Framework Agreement enables NHS procurement; launch and reimbursement activities ongoing in other Nordic markets.

CAM2056 (monthly semaglutide) and other R&D

CAM2056 Phase 1b reported positive PK/PD and safety; preparations for a Phase 2b study are underway with planned start in H2 2026. Work on final product format and autoinjector for Phase 3 continues. Collaborations for long‑acting incretins and a long‑acting PTH program are advancing.

Outlook and corporate items

2026 guidance reiterated: revenues SEK 2.6–2.9 billion (midpoint +21% vs 2025) and operating result SEK 0.9–1.2 billion (midpoint +20% vs 2025). Jane Buus Laursen appointed Chief Corporate Development Officer during the quarter. Camurus reiterates focus on scaling US launch readiness and increased R&D investment for 2026.