Camurus AB (CAMX) AI Stock Analysis

• Market Cap: kr29.03B
• Dividend Yield: N/A
• Average Volume (3M): 126.83K
• Price to Earnings (P/E): 39.1
• Beta (1Y): 0.73
• Revenue Growth: 39.37%
• EPS Growth: 189.04%
• Country: SE
• Employees: 238
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 1.67
• Shares Outstanding: 59,880,184
• 10 Day Avg. Volume: 148,560
• 30 Day Avg. Volume: 126,834
• PEG Ratio: 0.73
• Price to Book (P/B): 8.62
• Price to Sales (P/S): 16.11
• P/FCF Ratio: 49.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr685.00
• Price Target Upside: 3.01% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 15.84
• Revenue Forecast (FY): kr2.79B

• Rating: 74 Outperform
• Price Target: kr620.00 ▼(-6.77% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 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 Gross Margins

Sustained gross margins near 89–93% provide durable operating leverage and margin resilience across core products. High, stable gross margins support profitability even if sales fluctuate, enabling reinvestment into launches and R&D without immediate margin erosion.

Strong Cash Generation

Robust operating cash flow and large free cash flow give the company financial flexibility to fund U.S. commercial expansion, late‑stage programs and milestones without heavy reliance on external financing. Improved cash conversion supports sustainable investment and downside protection.

Regulatory & Launch Catalysts

Regulatory approvals and an accepted NDA with a set PDUFA date materially expand addressable markets and create structural revenue diversification. Successful U.S. approval and EU launches shift the company from single-product concentration toward multi-market commercial execution.

Negative Factors

Market-access & Reimbursement Constraints

Structural reimbursement, funding and physician-remuneration barriers in large European markets limit uptake of the core Buvidal franchise. These systemic access issues suppress long-term revenue potential in major markets and slow the pace at which approvals convert to meaningful sales.

Revenue Volatility

Inconsistent top-line trends—despite strong margins—reduce predictability of earnings and cash flow. Periods of negative or volatile revenue increase reliance on milestone timing and new launches to sustain growth, complicating capital allocation and long-term planning.

Milestone & Event Timing Uncertainty

Dependence on milestone payments and event-driven readouts creates structural timing risk: missed or delayed milestones compress near-term cash inflows and make medium-term revenue projections contingent on external partner actions and event accrual rates.

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 treatment of opioid dependence; episil oral liquid, a medical device for the treatment of inflammatory and painful conditions in the oral cavity; and Brixadi to treat opioid use disorder Its products pipeline also includes CAM2038 for the treatment of chronic pain; CAM2029, which is in phase III clinical trials for the treatment of acromegaly and neuroendocrine tumors, as well as in phase II clinical trial to treat polycystic liver diseases; and CAM2043 that is in phase I clinical trial for the treatment of pulmonary arterial hypertension, as well as in Phase II clinical trial to treat Raynaud's phenomenon. In addition, the company is developing CAM2032, which is in phase II clinical trials for the treatment of prostate cancer; CAM4072 that is in phase III clinical trials for the treatment of genetic obesity disorders; CAM4071, which is in phase I clinical trials for the treatment of endocrine disorder; CAM2047 for the treatment of chemotherapy-induced nausea and vomiting that is in phase 1 clinical trial; and CAM2048, which is in phase I clinical trial for postoperative pain. Camurus AB (publ) was founded in 1991 and is headquartered in Lund, Sweden.

How the Company Makes Money

Camurus generates revenue primarily through the sale of its proprietary pharmaceutical products, including those developed using its FluidCrystal® technology. The company earns money through direct sales of its products, licensing agreements, and collaborations with other pharmaceutical companies. Key revenue streams include royalties from licensed products, milestone payments from partners as they achieve specific development or sales targets, and sales of its marketed products in various global markets. Additionally, Camurus has established strategic partnerships with larger pharmaceutical firms, which enhance its research capacity and market reach, further contributing to its overall earnings.

Camurus AB Financial Statement Overview

Summary

High-quality fundamentals with exceptionally strong and stable gross margins (~89–93%), strong 2025 profitability (net margin ~32%, EBIT margin ~39%), solid and improving free cash flow (~731m in 2025), and a very low-debt balance sheet (~2.5% D/E). Main risk is inconsistent top-line momentum, including slightly negative revenue growth in 2025.

Income Statement

Profitability has improved materially versus earlier loss years (2020–2021), with strong 2025 net margin (~32%) and robust operating profitability (EBIT margin ~39%). Gross margins remain exceptionally high and stable (~89–93%) across the period, supporting durable earnings power. The main weakness is growth volatility: revenue surged in 2022–2024 but turned slightly negative in 2025 (-3.8%), indicating a less consistent top-line trajectory.

Balance Sheet

The balance sheet is conservatively financed with very low leverage (debt-to-equity ~0.5%–3.0% historically; ~2.5% in 2025) and a sizable equity base that has expanded significantly over time. This provides strong financial flexibility and downside protection. A modest negative is that returns on equity have been variable (negative in 2020–2021, strong in 2023, and not provided for 2025), reflecting earlier earnings instability rather than balance-sheet strain.

Cash Flow

Cash generation is strong and improving: 2025 operating cash flow (~869m) and free cash flow (~731m) are both solid, with free cash flow up ~20.8% in 2025 after a dip in 2024. Cash conversion is healthy, with free cash flow running at ~84% of net income in 2025 (and near/above net income in prior years). The key watch-out is prior volatility—cash flow was negative in 2020–2021 and coverage of net income by operating cash flow was weaker in 2024 before rebounding strongly in 2025.

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

• Technical Analysis Sentiment: Negative
• Last Price: 665.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CAMX, the sentiment is Negative. The current price of 665 is above the 20-day moving average (MA) of 572.87, above the 50-day MA of 619.97, and above the 200-day MA of 637.71, indicating a bearish trend. The MACD of -42.91 indicates Positive momentum. The RSI at 28.70 is Positive, neither overbought nor oversold. The STOCH value of 11.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CAMX.

Camurus AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAMX	74 Outperform	kr29.03B	39.06	20.86%	―	39.37%	189.04%
BIOA.B	71 Outperform	kr26.81B	26.17	68.77%	―	1046.53%	―
HNSA	56 Neutral	kr3.26B	-4.98	―	―	-5.69%	21.58%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BINV	47 Neutral	kr1.46B	-4.38	-36.52%	―	533.73%	20.92%
VICO	44 Neutral	kr2.82B	-5.03	-71.87%	―	-91.85%	-6.65%
XSPRAY	44 Neutral	kr1.07B	-5.76	-35.03%	―	―	25.14%

Camurus AB Corporate Events

Camurus Strengthens Executive Team With New Corporate Development Chief

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, cancer, and endocrine diseases. Headquartered in Lund, Sweden, the company operates across Europe, the US, and Australia and is listed on Nasdaq Stockholm under the ticker CAMX.

Camurus has appointed industry veteran Jane Buus Laursen as Chief Corporate Development Officer and member of the executive management team, effective 23 March 2026, bringing more than two decades of business and corporate development experience from Novo Nordisk and AstraZeneca. The new role positions her to drive strategic development, licensing, M&A, and long-term growth initiatives at a time of ongoing expansion for Camurus, underlining the company’s focus on scaling its global footprint and enhancing shareholder value.

The most recent analyst rating on (SE:CAMX) stock is a Buy with a SEK760.00 price target. To see the full list of analyst forecasts on Camurus AB stock, see the SE:CAMX Stock Forecast page.

Camurus Posts Strong 2025 Earnings, Expands Long-Acting Endocrine Portfolio

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. The fourth quarter showed a 16% revenue decline and weaker profit versus the prior year, largely explained by a one-off UK inventory repurchase tied to a distribution model change, while operating expenses fell and the balance sheet remained robust.

Strategically, the company advanced its endocrine and metabolic portfolio, launching Oczyesa for acromegaly in Germany, resubmitting the US regulatory filing for Oclaiz in acromegaly, and reporting positive Phase 1b data for a monthly semaglutide depot in overweight or obese participants. A new collaboration and license agreement with Gubra to develop a long-acting hypoparathyroidism treatment broadens Camurus’s endocrine footprint, supporting future growth prospects and reinforcing its positioning in long-acting therapies despite short-term quarterly volatility.

The most recent analyst rating on (SE:CAMX) stock is a Buy with a SEK760.00 price target. To see the full list of analyst forecasts on Camurus AB stock, see the SE:CAMX Stock Forecast page.

Camurus’ acromegaly drug Oclaiz gains FDA review date after resubmitted US filing

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 set a Prescription Drug User Fee Act target action date of 10 June 2026. The filing, which follows an earlier Complete Response Letter tied to cGMP issues at a third-party manufacturer rather than clinical concerns, is backed by seven clinical studies including two Phase 3 trials demonstrating improved biochemical control, symptom reduction and quality-of-life benefits versus standard of care, and follows the product’s 2025 approval and ongoing launch in the EU and UK under the name Oczyesa, underscoring Camurus’ bid to expand its endocrine portfolio and US presence while advancing CAM2029 in additional indications such as GEP-NET and polycystic liver disease.

The most recent analyst rating on (SE:CAMX) stock is a Buy with a SEK691.00 price target. To see the full list of analyst forecasts on Camurus AB stock, see the SE:CAMX Stock Forecast page.

Camurus Increases Share Capital After Employee Stock Option Exercise

Camurus has reported a minor increase in its share capital after employees exercised 7,350 stock options under the company’s ESOP 2022/2026 program during December 2025, resulting in the issuance of an equivalent number of new registered shares. Following this transaction, the total number of shares and votes in Camurus rose from 59,872,834 to 59,880,184, a small dilution that reflects ongoing use of equity-based incentives to retain and motivate staff, with limited immediate impact on ownership structure but signalling continued alignment of employees with shareholder interests.

The most recent analyst rating on (SE:CAMX) stock is a Buy with a SEK691.00 price target. To see the full list of analyst forecasts on Camurus AB stock, see the SE:CAMX Stock Forecast page.

Camurus Increases Shares and Votes Following Employee Stock Option Exercise

Camurus has announced an increase in its number of shares and votes following the exercise of 24,200 employee stock options from its ESOP 2022/2026 program. This increase reflects the company’s ongoing commitment to employee participation and could potentially enhance its market positioning by aligning employee interests with corporate growth.

The most recent analyst rating on (SE:CAMX) stock is a Buy with a SEK691.00 price target. To see the full list of analyst forecasts on Camurus AB stock, see the SE:CAMX Stock Forecast page.