Camurus AB (SE:CAMX)
:CAMX
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Camurus AB
(CAMX)
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Rating:74Outperform
Price Target:
kr517.00
▼(-22.26% Downside)
Action:ReiteratedDate:02/18/26
Score driven primarily by strong financial performance (high margins, solid cash generation, and very low leverage) and a generally positive earnings outlook with guidance and catalysts. The rating is held back by weak current technical momentum (below key moving averages with negative MACD) and a relatively expensive valuation (P/E ~44.6).
Positive Factors
High margins and sustained profitability
Exceptionally high and stable gross margins (89–93%) combined with a 2025 net margin near 32% indicate durable earnings power. These margins provide structural resilience to cost or mix swings, supporting sustained operating cash generation and scalable profitability over the next 2–6 months.
Negative Factors
Inconsistent top-line growth
Volatile revenue trends reduce visibility for projecting earnings and cash flow. Even with strong margins, inconsistent sales hinder planning for commercial investment and make near‑term performance and milestone timing harder to predict over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and sustained profitability
Exceptionally high and stable gross margins (89–93%) combined with a 2025 net margin near 32% indicate durable earnings power. These margins provide structural resilience to cost or mix swings, supporting sustained operating cash generation and scalable profitability over the next 2–6 months.
Read all positive factors
Camurus AB (CAMX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr28.98B
Dividend YieldN/A
Average Volume (3M)126.83K
Price to Earnings (P/E)49.6
Beta (1Y)0.76
Revenue Growth39.37%
EPS Growth189.04%
CountrySE
Employees238
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.67
Shares Outstanding59,934,734
10 Day Avg. Volume148,560
30 Day Avg. Volume126,834
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)8.62
Price to Sales (P/S)16.11
P/FCF Ratio49.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr685.00Price Target Upside3.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)14.64
Revenue Forecast (FY)kr2.79B
Camurus AB Business Overview & Revenue Model
Company Description
Camurus AB (publ), a pharmaceutical company, develops and commercializes medicines for severe and chronic conditions in Europe, Australia, the United States, Japan, and internationally. The company offers Buvidal, a buprenorphine injection for the...
How the Company Makes Money
Camurus makes money mainly through (1) net product sales of its own marketed medicines and (2) partnership-derived revenues such as licensing income, milestone payments, and royalties. The largest recurring revenue stream is sales of Buvidal, whic...
Camurus AB Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive strategic and financial picture for Camurus: full-year revenue and operating profitability improved materially, net cash increased significantly, regulatory approvals and U.S. FDA acceptance (PDUFA set) support upcoming launches, Brixadi royalties showed strong growth, and early-stage R&D (CAM2056) delivered compelling data. At the same time, the company faces notable short-term headwinds: Q4 revenue and product sales were down due to a U.K. distribution change and FX effects, quarter operating profit contracted, access/reimbursement barriers in several large European markets constrain Buvidal upside, and timing uncertainty remains for the SORENTO readout and some milestone revenues. Management provided constructive 2026 guidance while flagging planned increases in OpEx tied to U.S. launch preparation. Overall, strengths in commercial traction, cash position, approvals, and pipeline momentum outweigh the near-term operational and market-access challenges.Positive Updates
Full-Year Revenue Growth
Full year 2025 revenue of SEK 2.27 billion (presented elsewhere as SEK 2.3 billion), up from SEK 1.87 billion, representing ~21% growth year-over-year (30% at constant exchange rates).
Negative Updates
Q4 Revenue and Product Sales Decline
Quarterly revenue fell to SEK 464 million from SEK 553 million, a 16% decline year-over-year. Quarterly product sales dropped to SEK 342 million, a 27% decrease, primarily attributed to a change in the U.K. distribution model and FX effects.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue Growth
Full year 2025 revenue of SEK 2.27 billion (presented elsewhere as SEK 2.3 billion), up from SEK 1.87 billion, representing ~21% growth year-over-year (30% at constant exchange rates).
Read all positive updates
Company Guidance
Camurus guided 2026 revenues of SEK 2.6–2.9 billion (around +21% at constant exchange rates) and an operating result of SEK 0.9–1.2 billion (around +20%), reporting operating result rather than profit before tax and excluding potential license income; management flagged that revenues will consist of product sales, royalties and milestones (noting a Braeburn/Brixadi milestone now expected in 2026) and emphasized the outlook is given at constant FX. They expect OpEx to increase—driven by organizational expansion and higher R&D—with an extra SEK 200 million allocated to U.S. commercial expansion for the planned mid‑2026 Oclaiz launch and roughly SEK 150 million higher R&D spend, and warned that currency/FX exposure and pricing/reimbursement dynamics are key risks that could affect the guidance.Camurus AB Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
86
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.27B | 1.87B | 1.72B | 956.34M | 600.57M |
| Gross Profit | 2.11B | 1.74B | 1.59B | 853.08M | 515.22M |
| EBITDA | 909.18M | 568.24M | 562.54M | 87.59M | -97.72M |
| Net Income | 735.57M | 428.39M | 431.44M | 55.55M | -90.45M |
Balance Sheet | |||||
| Total Assets | 4.74B | 3.76B | 1.91B | 1.31B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 3.73B | 2.85B | 1.19B | 565.54M | 411.57M |
| Total Debt | 106.03M | 17.04M | 24.51M | 26.22M | 25.66M |
| Total Liabilities | 504.56M | 467.33M | 414.82M | 310.82M | 232.99M |
| Stockholders Equity | 4.24B | 3.29B | 1.49B | 994.67M | 848.91M |
Cash Flow | |||||
| Free Cash Flow | 730.78M | 358.62M | 596.75M | 99.29M | -148.37M |
| Operating Cash Flow | 869.30M | 387.99M | 606.88M | 101.20M | -143.43M |
| Investing Cash Flow | -138.52M | -29.37M | -10.13M | 5.38M | -4.94M |
| Financing Cash Flow | 158.30M | 1.30B | 28.76M | 43.70M | 98.90M |
Camurus AB Technical Analysis
Neutral
665.00
Price Trends
540.64
Negative
581.34
Negative
626.32
Negative
Market Momentum
-14.98
Negative
49.19
Neutral
90.72
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CAMX, the sentiment is Neutral. The current price of 665 is above the 20-day moving average (MA) of 466.27, above the 50-day MA of 540.64, and above the 200-day MA of 626.32, indicating a neutral trend. The MACD of -14.98 indicates Negative momentum. The RSI at 49.19 is Neutral, neither overbought nor oversold. The STOCH value of 90.72 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:CAMX.
Camurus AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr28.98B | 49.61 | 20.86% | ― | 39.37% | 189.04% | |
71 Outperform | kr29.05B | 26.91 | 68.77% | ― | 1046.53% | ― | |
56 Neutral | kr3.33B | -5.27 | ― | ― | -5.69% | 21.58% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr2.87B | -5.68 | -49.96% | ― | -91.85% | -6.65% | |
47 Neutral | kr1.51B | -5.81 | -47.20% | ― | 533.73% | 20.92% | |
45 Neutral | kr1.29B | -7.05 | -35.03% | ― | ― | 25.14% |
* Healthcare Sector Average
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Camurus AB Corporate Events
Camurus Expands Share Capital After Employee Stock Option Exercises
Mar 31, 2026
Camurus AB has increased its share capital following the exercise of 54,450 employee stock options under its ESOP 2022/2026 program, resulting in the issuance of an equal number of new registered shares. After this transaction, the total number of...
Camurus Expands Share Capital After Employee Stock Option Exercises
Feb 27, 2026
Camurus AB, a biopharmaceutical company specializing in long-acting treatments for severe and chronic conditions, develops its drug candidates using its proprietary FluidCrystal technology and maintains a diversified pipeline in dependence, pain, ...
Camurus Strengthens Executive Team With New Corporate Development Chief
Feb 17, 2026
Camurus, a biopharmaceutical company specializing in long-acting treatments for severe and chronic conditions, develops new drug products based on its proprietary FluidCrystal technology and maintains a diversified pipeline in dependence, pain, ca...
Camurus Posts Strong 2025 Earnings, Expands Long-Acting Endocrine Portfolio
Feb 12, 2026
Camurus reported strong full-year 2025 results, with total revenues up 21% to SEK 2.27 billion, product sales up 6%, and royalties up 87%, driving a 69% rise in profit before tax to SEK 933 million and a 31% increase in net cash to SEK 3.7 billion...
Camurus’ acromegaly drug Oclaiz gains FDA review date after resubmitted US filing
Jan 9, 2026
Camurus has announced that the US Food and Drug Administration has accepted for review the resubmitted New Drug Application for Oclaiz (CAM2029), a once-monthly, subcutaneous, extended-release octreotide injection for treating acromegaly, and has ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.