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Introduction & Market Context
Camurus AB (STO:CAMX) reported its third-quarter 2025 results on November 6, showing solid revenue growth and profitability despite facing headwinds in key European markets. The company's stock fell 6.03% to close at 553 SEK following the announcement, primarily due to lowered full-year revenue guidance.
The Swedish biopharmaceutical company, focused on long-acting drug delivery technologies, reported an 18% year-over-year revenue increase to SEK 567 million, though this fell short of analyst expectations of SEK 625.65 million.
Quarterly Performance Highlights
Camurus delivered strong financial performance in Q3 2025, with revenue growth of 18% year-over-year (25% at constant exchange rates) to SEK 567 million. Profit before tax surged 48% to SEK 245 million, representing a robust 43% margin.
As shown in the following chart, both revenue and profit have demonstrated consistent growth over the past three years:
The company's cash position strengthened significantly to SEK 3.5 billion, representing a 28% increase compared to Q3 2024. This provides Camurus with substantial financial flexibility to fund its growth initiatives and pipeline development.
Key product highlights included Buvidal's 8% year-over-year sales growth to SEK 455 million and Brixadi's impressive 91% royalty growth. The company also achieved regulatory milestones with the UK approval of Oczyesa for acromegaly and initiated its European launch starting with Germany on November 1, 2025.
The comprehensive quarterly highlights are summarized in the following slide:
Detailed Financial Analysis
Camurus maintained a strong gross margin of 93.1% in Q3 2025. Operating expenses showed mixed trends, with marketing and distribution costs increasing 27% year-over-year to SEK 142 million as the company prepared for the Oczyesa launch. Research and development costs decreased 33% to SEK 109 million, while administrative expenses rose 49% to SEK 40 million.
Despite solid quarterly performance, Camurus revised its full-year revenue guidance downward to SEK 2.3-2.6 billion (+23-39% vs. 2024) from the previous SEK 2.7-3.0 billion (+45-61% vs. 2024). The company cited three key factors for this revision: lower than expected Brixadi revenues in the US, uncertainty about the timing of a sales milestone payment, and continued delays in allocation of committed government funding for treatment in the UK.
Importantly, Camurus maintained its profit before tax guidance at SEK 0.9-1.2 billion (+63-117% vs. 2024), highlighting continued cost discipline and alignment of US operations with updated approval timelines.
The revised financial outlook is detailed in the following slide:
Strategic Initiatives
Buvidal and Brixadi Performance
Buvidal sales showed slowing growth in Q3, with an 8% year-over-year increase but a 3% quarter-over-quarter decline to SEK 455 million. The company reported positive performance in Australia, Norway, Spain, and France, but flattened growth in the UK, Germany, and Sweden. Headwinds included treatment funding delays in the UK and continued resistance in Germany.
In contrast, Brixadi demonstrated strong momentum in the US market, with royalties growing 91% year-over-year and 25% quarter-over-quarter to SEK 111 million. The product has captured approximately 30% of the long-acting injectable buprenorphine (LAIB) segment, which represents about 8% of the total buprenorphine market and is growing approximately 25% year-to-date versus 2024.
As shown in the following chart, Brixadi royalties have shown consistent quarter-over-quarter growth:
Oczyesa Launch and Pipeline Advancement
Camurus has initiated the European launch of Oczyesa, the first monthly subcutaneous octreotide depot for acromegaly, starting in Germany on November 1, 2025. The company is targeting 3,000-5,000 acromegaly patients currently on first-generation somatostatin receptor ligand (SRL) treatments across Europe, with additional 500-800 newly diagnosed patients starting treatment annually.
The product offers several advantages over existing treatments, as highlighted in the following slide:
In the pipeline, CAM2029 (octreotide SC depot) continues to advance in clinical development for three rare disease indications: acromegaly, gastroenteropancreatic neuroendocrine tumors (GEP-NET), and polycystic liver disease (PLD). The company recently received orphan drug designation for CAM2029 in autosomal dominant polycystic kidney disease (ADPKD) in both the US and EU.
Additionally, Camurus completed patient enrollment in its Phase 1 study of monthly semaglutide (CAM2056), with topline results expected in November 2025. This program represents a significant opportunity in the growing GLP-1 market.
The company's broad and diversified product portfolio and pipeline are illustrated below:
Forward-Looking Statements
Despite the revised revenue guidance, Camurus remains optimistic about its long-term growth prospects. CEO Fredrik Tiberg reaffirmed the company's vision for 2027, including the goal of reaching 100,000 patients.
The company highlighted several growth drivers, including continued Brixadi expansion in the US, further European launches of Oczyesa planned for the coming quarters, and advancement of its pipeline programs. The Phase 1 study of monthly semaglutide (CAM2056) has completed patient enrollment, with topline results expected this month, potentially opening new opportunities in metabolic diseases.
The key takeaways from the quarter are summarized in the following slide:
Looking ahead, Camurus faces both challenges and opportunities. While funding issues in the UK and Germany may continue to impact Buvidal sales in the near term, the launch of Oczyesa and the potential approval of Oclaiz in the US in the first half of 2026 provide significant growth potential. The company's strong cash position of SEK 3.5 billion provides ample resources to execute its strategic initiatives and advance its pipeline programs.
Full presentation:
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