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Introduction & Market Context
Camurus AB (STO:CAMX) presented its second quarter 2025 results on July 17, revealing record financial performance and significant progress across its product portfolio. The Swedish specialty pharmaceutical company’s stock rose 1.09% to SEK 697.5 on the day of the presentation, continuing its recovery from a sharp decline following Q1 results.
The company’s performance comes amid expanding opportunities in the opioid dependence treatment market, where Camurus maintains a leadership position, particularly in Australia and Europe. The presentation highlighted the company’s diversification strategy through new product approvals and pipeline advancements.
Quarterly Performance Highlights
Camurus reported exceptional financial results for Q2 2025, with total revenues reaching SEK 676 million, representing a 52% increase compared to the same period in 2024. This growth was driven by strong product sales and increasing royalties from Brixadi in the US market.
As shown in the following chart of revenue and profit growth:
Profit before tax surged 195% year-over-year to SEK 307 million, demonstrating the company’s improving operational efficiency. The gross margin remained robust at 93.9%, reflecting the high-value nature of Camurus’ product portfolio.
The company’s cash position strengthened to SEK 3.3 billion, a 30% increase compared to Q2 2024, providing substantial resources for continued R&D investments and commercial expansion. This financial stability supports Camurus’ maintained full-year 2025 outlook, which projects revenue of SEK 2.7-3.0 billion (+45-61% vs. 2024) and profit before tax of SEK 0.9-1.2 billion (+63-117% vs. 2024).
Product Portfolio and Commercial Development
Buvidal, Camurus’ flagship product for opioid dependence treatment, continued its strong performance with Q2 2025 net sales reaching SEK 470 million, representing a 17% increase year-over-year (26% at constant exchange rates). The company estimates that approximately 65,000 patients were being treated with Buvidal by the end of June 2025, with growth across regions led by Australia, Spain, and the Nordics.
The quarterly sales trajectory of Buvidal demonstrates consistent growth:
In the US market, Brixadi royalties showed significant improvement, increasing 100% year-over-year (131% at constant exchange rates) and 21% quarter-on-quarter (32% at constant exchange rates). This growth was attributed to easing headwinds related to prescription authorizations and changes to Medicaid enrollment provisions.
A major milestone for Camurus was the European Commission’s marketing authorization for Oczyesa® (octreotide subcutaneous depot) for acromegaly on June 30, 2025, following a positive CHMP opinion in April. The company is preparing for launch in the first EU markets in early Q4 2025, expanding its commercial portfolio beyond opioid dependence treatment.
Pipeline Progress and Clinical Results
The presentation highlighted significant progress in Camurus’ development pipeline, particularly for CAM2029 across multiple indications. The POSITANO Phase 2b study in polycystic liver disease (PLD) met its primary endpoint, demonstrating a statistically significant reduction in height-adjusted total liver volume with CAM2029 compared to placebo.
The following chart illustrates the primary endpoint results from the POSITANO study:
CAM2029 also showed a significant reduction in liver cyst volume compared to placebo, with a treatment difference of -8.7% at week 53. These positive results support further development in this rare disease with no currently approved pharmacological treatments.
The comprehensive topline results from the POSITANO study demonstrated both efficacy and safety:
Additionally, the ACROINNOVA 2 extension study showed improved biochemical response for acromegaly patients during treatment with CAM2029, with patients maintaining response over time. This data further strengthens the clinical profile of CAM2029 for acromegaly, for which Oczyesa has already received EU approval.
Strategic Initiatives and Partnerships
A significant development for Camurus was the license agreement with Eli Lilly (NYSE:LLY) for long-acting incretins based on the company’s proprietary FluidCrystal® technology. Under this agreement, Lilly obtained a license to research, develop, manufacture, and commercialize long-acting incretin products.
The partnership includes up to four Lilly proprietary drug compounds, focusing on dual GIP and GLP-1 receptor agonists, triple GIP, glucagon and GLP-1 receptor agonists, with an option to include amylin receptor agonists. Camurus is eligible to receive up to $290 million in license fees and development and regulatory milestone payments, up to $580 million in sales-based milestone payments, and tiered mid-single digit royalties on global net product sales.
This strategic collaboration validates Camurus’ FluidCrystal® technology platform and provides significant potential for future revenue streams beyond the company’s current product portfolio.
Forward-Looking Statements
Camurus’ broad and diversified product portfolio and pipeline position the company for continued growth:
The company’s pipeline includes multiple programs in late-stage development, with CAM2029 for acromegaly awaiting approval in the US, CAM2029 for GEP-NET in Phase 3, and several earlier-stage programs advancing through clinical development.
For the remainder of 2025, Camurus expects to maintain its growth trajectory, supported by increasing Buvidal patient numbers in Europe and Australia, continued momentum for Brixadi in the US, and the upcoming launch of Oczyesa in Europe. The company also anticipates further progress in its development pipeline, particularly for CAM2029 across multiple indications.
Management maintained its full-year 2025 guidance, projecting revenue of SEK 2.7-3.0 billion and profit before tax of SEK 0.9-1.2 billion, reflecting confidence in the company’s commercial execution and pipeline progress.
With a strong cash position, expanding product portfolio, and advancing pipeline, Camurus appears well-positioned to continue its growth trajectory and expand its presence in specialty pharmaceutical markets globally.
Full presentation:
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