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Camurus AB
(CAMX)
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Rating:75Outperform
Price Target:
kr692.00
▲(12.34% Upside)
Action:Reiterated
Date:07/16/26
The score is driven primarily by very strong financial performance (rapid growth, exceptional margins, and low leverage) and a generally positive earnings call that reaffirmed guidance with strong cash and multiple near-term catalysts. Offsetting these strengths are a demanding valuation (P/E ~53.5) and a mixed technical picture with weak near-term momentum indicators despite the price being above major moving averages.
Positive Factors
High Profitability and Margins
Sustained extremely high gross and operating margins indicate durable unit economics and strong pricing or manufacturing leverage. Such margin profile supports reinvestment in commercial expansion and pipeline, and provides resilience to cost shocks while enabling attractive cash conversion over a multi‑quarter horizon.
Negative Factors
Regulatory / Manufacturing Timing Risk
A manufacturing‑related CRL creates uncertain U.S. approval timing and a high probability of further inspections. Delays to Oclaiz/CAM2029 approvals can postpone sizable U.S. revenue and royalty streams, compress projected cash flows and require sustained cash burn for commercial readiness until resolution.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability and Margins
Sustained extremely high gross and operating margins indicate durable unit economics and strong pricing or manufacturing leverage. Such margin profile supports reinvestment in commercial expansion and pipeline, and provides resilience to cost shocks while enabling attractive cash conversion over a multi‑quarter horizon.
Read all positive factors
Camurus AB (CAMX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr37.40B
Dividend YieldN/A
Average Volume (3M)126.83K
Price to Earnings (P/E)54.2
Beta (1Y)0.66
Revenue Growth<0.01%
EPS Growth-6.75%
CountrySE
Employees316
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)11.39
Shares Outstanding60,559,185
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
kr830.00Price Target Upside34.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)15.22
Revenue Forecast (FY)kr2.82B
Camurus AB Business Overview & Revenue Model
Company Description
Camurus AB (publ), a biopharmaceutical company, develops and commercializes medicines for severe and chronic diseases in Europe, Africa, the Middle East, North America, and Asia. The company offers Buvidal, a buprenorphine injection for the treatm...
How the Company Makes Money
Camurus makes money primarily through (1) direct product sales of its own marketed medicines and (2) partnering and licensing income tied to use of its FluidCrystal® drug delivery technology.
1) Product sales (commercial revenue): Camurus generat...
Camurus AB Earnings Call Summary
Earnings Call Date:Jul 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive commercial and financial picture: record product sales, broad‑based Buvidal growth, accelerating U.S. Brixadi royalties, improving underlying revenue CAGR (~21%), strong profitability (42% margin) and a robust cash position (SEK 4.1 billion). Pipeline momentum is substantial with SORENTO nearing primary analysis, CAM2056 advancing, positive POSITANO data and an expanded Lilly collaboration. Key negatives center on a manufacturing‑related FDA Complete Response Letter for the U.S. CAM2029 filing, short‑term working capital and investment outflows, increased SG&A as commercial scale‑up continues, and market/capacity constraints in Australia. Overall, the positives (record sales, revenue growth, strong cash and multiple near‑term pipeline catalysts) outweigh the material but addressable regulatory and operational risks.Positive Updates
Record Quarterly Revenue and Strong Profitability
Total revenues SEK 702 million, up 4% year‑on‑year and 32% sequentially; operating result SEK 293 million with a 42% operating margin; earnings per share SEK 4.05; cash position SEK 4.1 billion (≈SEK 190 million increase during the quarter).
Negative Updates
FDA Complete Response Letter (Oclaiz / CAM2029) — Manufacturing Observations
FDA issued a Complete Response Letter in June related to GMP inspection observations at a third‑party contract manufacturer (not efficacy/safety). Remediations have been completed, but resubmission timing remains uncertain (management views 2026 as possible) and an FDA inspection of the manufacturer is considered highly likely — regulatory timing risk for the U.S. approval pathway.
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Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong Profitability
Total revenues SEK 702 million, up 4% year‑on‑year and 32% sequentially; operating result SEK 293 million with a 42% operating margin; earnings per share SEK 4.05; cash position SEK 4.1 billion (≈SEK 190 million increase during the quarter).
Read all positive updates
Company Guidance
Management affirmed full‑year guidance despite the FDA CRL and set clear capital priorities: an extra SEK 200m for commercial expansion (notably U.S./Oclaiz) and SEK 150m for R&D, to be funded from cash. Q2 metrics underpinning the guidance include SEK 4.1bn net cash (debt‑free), total revenues SEK 702m (+4% YoY, +32% sequential), operating result SEK 293m (42% margin), EPS SEK 4.05, record product sales ≈SEK 528m, Buvidal +12% YoY/+24% q‑o‑q, Brixadi royalties +42% YoY to SEK 127m (+20% q‑o‑q), and operating cash flow SEK 338m before working capital (WC outflow SEK 104m, SEK 41m invested). Near‑term milestones guiding the outlook: SORENTO targeting 194 PFS events with a Q4 readout, CAM2056 phase IIb start in H2, Oclaiz U.S. resubmission/PDUFA timing (2026 possible), and a 100,000‑patient ambition by end‑2027 (77,000 now).Camurus AB Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.27B | 2.27B | 1.87B | 1.72B | 956.34M | 600.57M |
| Gross Profit | 2.10B | 2.11B | 1.74B | 1.59B | 853.08M | 515.22M |
| EBITDA | 884.72M | 909.18M | 568.24M | 562.54M | 87.59M | -97.72M |
| Net Income | 678.17M | 735.57M | 428.39M | 431.44M | 55.55M | -90.45M |
Balance Sheet | ||||||
| Total Assets | 5.31B | 4.74B | 3.76B | 1.91B | 1.31B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 4.07B | 3.73B | 2.85B | 1.19B | 565.54M | 411.57M |
| Total Debt | 108.40M | 106.03M | 17.04M | 24.51M | 26.22M | 25.66M |
| Total Liabilities | 626.04M | 504.56M | 467.33M | 414.82M | 301.80M | 232.99M |
| Stockholders Equity | 4.68B | 4.24B | 3.29B | 1.49B | 999.04M | 848.91M |
Cash Flow | ||||||
| Free Cash Flow | 655.37M | 730.78M | 358.62M | 596.75M | 99.29M | -148.37M |
| Operating Cash Flow | 812.55M | 869.30M | 387.99M | 606.88M | 101.20M | -143.43M |
| Investing Cash Flow | -157.82M | -138.52M | -29.37M | -10.13M | 5.38M | -4.94M |
| Financing Cash Flow | 59.46M | 158.30M | 1.30B | 28.76M | 43.70M | 98.90M |
Camurus AB Technical Analysis
Positive
616.00
Price Trends
579.82
Positive
549.96
Positive
572.66
Positive
Market Momentum
10.55
Positive
55.34
Neutral
75.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CAMX, the sentiment is Positive. The current price of 616 is above the 20-day moving average (MA) of 615.95, above the 50-day MA of 579.82, and above the 200-day MA of 572.66, indicating a bullish trend. The MACD of 10.55 indicates Positive momentum. The RSI at 55.34 is Neutral, neither overbought nor oversold. The STOCH value of 75.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | kr37.40B | 54.21 | 15.54% | ― | <0.01% | -6.75% | |
65 Neutral | kr28.36B | 132.61 | 10.44% | 0.69% | -24.40% | -76.40% | |
56 Neutral | kr3.99B | -4.98 | ― | ― | -3.57% | 8.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr200.70M | -4.06 | -13.41% | ― | -68.66% | -137.27% | |
44 Neutral | kr1.64B | -4.89 | -53.88% | ― | 258.30% | 28.33% | |
43 Neutral | kr649.61M | -3.55 | -27.99% | ― | ― | 44.46% |
* Healthcare Sector Average
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Camurus AB Corporate Events
Camurus’ Acromegaly Drug CAM2029 Resubmission Accepted by U.S. FDA
Jul 17, 2026
Camurus has secured acceptance from the U.S. Food and Drug Administration for the resubmission of its New Drug Application for CAM2029, an extended-release octreotide injection for patients with acromegaly. The FDA has set a Prescription Drug User...
Camurus Delivers Record Product Sales and Strengthens Cash While Deepening Lilly Collaboration
Jul 15, 2026
Camurus reported record product sales in the second quarter of 2026, with total revenues rising 4% year-on-year to SEK 702 million and product sales up 13% to SEK 528 million. Royalties, including Brixadi-related income, grew strongly, and the com...
Camurus Boosts Share Count to Support Employee Incentive Plan
Jun 30, 2026
Camurus AB has increased its total number of shares and votes following measures taken to support a long-term incentive program for employees. The company issued 570,000 series C shares to Carnegie Investment Bank, then repurchased and converted t...
Camurus hit by FDA manufacturing setback on U.S. acromegaly drug filing
Jun 10, 2026
Camurus said the U.S. Food and Drug Administration has issued a complete response letter for the new drug application of CAM2029, branded Oclaiz, for acromegaly, citing current good manufacturing practice observations at a third-party manufacturer...
Camurus Wins Lilly Option Exercise, Extending Long-Acting Cardiometabolic Drug Deal
Jun 1, 2026
Camurus has expanded its collaboration with Eli Lilly after the U.S. pharma group exercised an option to include amylin receptor agonists in their existing cardiometabolic drug partnership. The move gives Lilly exclusive global rights to use Camur...
Camurus Repurchases Series C Shares to Fund Long-Term Incentive Plan
May 28, 2026
Camurus’ board has moved to secure share allocations for its long-term employee incentive program, the Performance Share Plan 2026/2029, by exercising an AGM mandate tied to a directed issue of 570,000 redeemable and convertible series C sha...
Camurus AGM Backs Board, Withholds Dividend and Approves New Performance Share Plan
May 28, 2026
At its 2026 annual general meeting in Lund, Camurus shareholders approved the income statements, balance sheets and remuneration report, and granted discharge from liability to the board and CEO. The meeting re-elected the existing board, includin...
Camurus Holds Course on 2026 Outlook Despite Softer Q1 Sales
May 12, 2026
Camurus reported first-quarter 2026 revenues of SEK 533 million, down 5% year-on-year, with product sales falling 12% while royalties rose 44%, and operating profit declining 30% to SEK 168 million. Despite margin pressure from higher operating ex...
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.