Camurus AB

Total revenues were SEK 702 million, up 4% year-on-year and 32% sequentially. Operating result was SEK 293 million, corresponding to a 42% margin. Earnings per share were SEK 4.05. Cash at quarter-end was SEK 4.1 billion. Product sales reached SEK 528 million. Buvidal net sales were SEK 524 million, up 12% year-on-year and 24% sequentially. Brixadi royalty revenue was SEK 127 million, up 42% year-on-year and 20% sequentially. Management said underlying product and royalty revenue excluding one-off milestones rose to SEK 655 million this quarter, versus around SEK 559 million last year and around SEK 445 million in Q2 2024. For guidance, management reaffirmed full-year guidance despite the Oclaiz CRL. They also said they plan to invest an additional SEK 200 million in commercial activities and SEK 150 million in R&D during 2026, funded from cash flow.

Fredrik Tiberg described the quarter as a solid return to growth after a softer start to the year, emphasizing record product sales, broad Buvidal growth, and continued Brixadi acceleration. He framed CAM2029 as the central near-term value driver and stressed that the U.S. CRL for Oclaiz was a manufacturing-related issue, not a problem with the drug’s efficacy or safety. His tone was constructive and confident, with repeated emphasis that the company’s commercial model, pipeline breadth, and financial strength remain intact.

Anders Vadsholt focused on the improving underlying revenue base and cost structure. He said underlying product and royalty revenue rose to SEK 655 million this quarter, with Buvidal stable growth and Brixadi royalties almost tripling over two years, while R&D costs declined from SEK 172 million to SEK 125 million as trials completed. He noted cash of SEK 4.1 billion, net cash flow support from SEK 338 million from operating activities before working capital, a SEK 104 million working-capital outflow, and SEK 41 million of investment mainly to set up a second manufacturer. He also said the company remains debt-free and plans to fund added 2026 spending for commercial expansion and R&D from its own cash flow.

Analysts focused heavily on the Oclaiz CRL, asking whether a resubmission could still happen in 2026, how the two CRLs differed, and whether an FDA inspection of the manufacturer was likely. Management said remediations are complete, 2026 is still an opportunity for resubmission, and an inspection is highly likely, but they did not give more detail. Questions also covered Buvidal seasonality, Australia growth and capacity constraints, SG&A cadence after the delayed U.S. launch, and the CAM2029 phase II-B design; management said Q3 is hard to predict, Australia’s growth is being constrained by clinic capacity, SG&A assumptions are broadly in line, and the CAM trial will be placebo-controlled with details to come soon.