Camurus AB Earnings Call: Growth, FX and U.S. Push

Camurus AB ((SE:CAMX)) has held its Q4 earnings call. Read on for the main highlights of the call.

Camurus’ latest earnings call painted a cautiously upbeat picture, with strong full‑year growth, rising profitability, and a much stronger cash position offsetting a weak fourth quarter and ongoing market‑access hurdles. Management sounded confident about U.S. prospects and pipeline momentum, while openly acknowledging FX headwinds, European reimbursement frictions, and higher launch‑driven costs.

Full-Year Revenue Expansion Underlines Growth Trajectory

Camurus reported 2025 revenue of about SEK 2.27 billion, up from SEK 1.87 billion, translating to roughly 21% growth year over year. At constant exchange rates, growth was closer to 30%, underscoring solid underlying demand despite currency volatility and mixed quarterly trends.

Profitability Strengthens With Higher Operating Result

Profit before tax rose to just above SEK 0.9 billion, while the full‑year operating result jumped 86% to SEK 874 million. The company has now delivered sustained profitability since 2022, signaling a business that is scaling efficiently even as it steps up investments in launches and R&D.

Brixadi Royalties Power U.S. Income Stream

In the U.S., Brixadi royalties were a standout, with Q4 income reaching SEK 122 million, up 47% year on year. For the full year, royalty growth was very strong, with management citing increases approaching or exceeding 80–100% at constant FX, highlighting the asset’s growing contribution to earnings.

Balance Sheet Fortified by Rising Net Cash

Camurus ended the year with a net cash position of SEK 3.7 billion, up roughly 30% from the prior year. Cash increased by SEK 211 million in the quarter, supported by SEK 111 million from operating activities and SEK 144 million from working capital, giving ample firepower for launches and pipeline investment.

Regulatory Wins Set Stage for Oczyesa and Oclaiz

Oczyesa secured EU and U.K. approvals for acromegaly and was launched in Germany, where initial uptake reached about 20 patients, roughly a 1% share in the first month. In the U.S., the FDA accepted the NDA resubmission for Oclaiz and set a mid‑2026 decision date, paving the way for a potential launch into a key growth market.

CAM2056 Delivers Encouraging Early Obesity Data

Early‑stage candidate CAM2056, a monthly semaglutide formulation, produced promising Phase Ib results in obesity and metabolic disease. By day 85, one dosing group achieved 9.3% weight loss versus 5.2% for weekly semaglutide, with better A1c reduction and similar safety, supporting a Phase IIb start in the second half of 2026.

Late-Stage CAM2029 Program Approaches Key Readouts

The CAM2029 program is nearing completion across indications, including gastroenteropancreatic neuroendocrine tumors in the SORENTO trial. SORENTO’s primary efficacy readout remains targeted for the second half of 2026, while patients continue in the POSITANO open‑label extension after positive core‑phase data.

Cost Discipline and R&D Efficiencies Support Margins

R&D spending fell by about 24% for the full year and around 20–25% in the quarter as major CAM2029 and CAM2056 studies wrapped up. Marketing and distribution costs declined 12% in the quarter, though they rose 7% for the year, reflecting a measured expansion rather than uncontrolled cost growth.

Q4 Revenue and Product Sales Hit by One-Offs

Fourth‑quarter revenue dropped to SEK 464 million from SEK 553 million, a 16% decline year on year, while product sales fell 27% to SEK 342 million. Management tied the weakness mainly to a change in the U.K. distribution model and adverse currency effects rather than underlying demand erosion.

Quarterly Operating Result Contracts on Transition Impacts

The quarterly operating result fell 32% to SEK 113 million versus the prior year period, reflecting the lower reported sales and one‑time items. Despite the setback, the company stressed that full‑year profitability stayed strong and that the quarterly dip should be seen as transitional.

U.K. Distribution Shift Temporarily Depresses Sales

A shift in the U.K. distribution model triggered a one‑off repurchase of SEK 93 million of inventory from a wholesaler, cutting into invoice sales. Management described this as a technical adjustment that should normalize over time as the new model beds in, rather than a structural demand problem.

FX Volatility Weighs on Reported Performance

Significant movements in the U.S. dollar and Australian dollar versus the Swedish krona created material FX headwinds, dampening reported revenue. The company highlighted its U.S. dollar exposure and stressed that 2026 guidance is based on constant FX, recognizing currency as a key swing factor.

European Access Barriers Limit Buvidal Upside

In major European markets such as England, France, Germany, and Spain, Buvidal growth remains constrained by reimbursement hurdles and funding priorities. Physician remuneration structures and access restrictions, notably in Germany, continue to cap near‑term penetration despite clinical and commercial potential.

SORENTO Timeline Still Exposed to Event Risk

While SORENTO’s readout is currently guided for the second half of 2026, the trial is event‑driven and dependent on progression‑free survival events. Management cautioned that slower‑than‑expected event accrual could push key clinical milestones and associated value inflection points beyond current expectations.

Higher 2026 OpEx to Fund U.S. Launch and R&D

Camurus signaled a planned increase in operating expenses in 2026, with roughly SEK 200 million earmarked for U.S. commercial build‑out ahead of a planned Oclaiz launch. R&D spending is also expected to rise by around SEK 150 million, adding short‑term margin pressure but supporting long‑term growth drivers.

Milestone Timing and U.K. Funding Flow Remain Uncertain

A possible milestone from partner Braeburn tied to Brixadi is now expected in 2026 but was not booked in 2025 and is not fully embedded in guidance. In England, although public funding commitments are in place, there is still a lag before money reaches community clinics, with most growth so far coming from the prison segment.

Forward-Looking Guidance Balances Growth and Risk

For 2026, Camurus guided revenue of SEK 2.6–2.9 billion and an operating result of SEK 0.9–1.2 billion, implying roughly 20%‑plus growth at constant FX. The outlook assumes contributions from product sales, royalties, and milestones, higher OpEx for U.S. expansion and R&D, and acknowledges that FX and pricing dynamics remain key risk variables.

Camurus’ earnings call painted a company in transition from regional niche player to broader global specialist, with U.S. royalties, a healthy balance sheet, and a progressing pipeline underpinning its case. Near‑term volatility from FX, European access, and higher launch costs remains, but management’s guidance and strategic moves suggest confidence in sustained profitable growth.