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Investing.com - Camurus AB (STO:CAMX) on Thursday reported third-quarter revenue below analyst expectations but delivered better-than-expected profit, as the company lowered its full-year revenue outlook while maintaining its profit guidance.
The biopharmaceutical company saw strong growth in U.S. royalties from Brixadi® but faced challenges with its flagship product Buvidal® in European markets.
Camurus reported total revenue of SEK 567 million for the third quarter, missing analyst consensus by 7% but still representing an 18% increase (25% at constant exchange rates) compared to the same period last year.
The revenue shortfall was primarily driven by weaker-than-expected Buvidal sales of SEK 455 million, which missed estimates by 10% despite growing 8% YoY.
The company cited ongoing delays in government funding allocation to UK clinics as a key factor hindering Buvidal’s growth in Europe, which also affected distributor inventories.
However, the company’s profit before tax of SEK 245 million exceeded analyst expectations by 2%, supported by lower research and development costs.
"Camurus had a robust third quarter with increased revenues and high profitability. Royalties from the sales of Brixadi in the US contributed to growth, while the performance in Europe was weaker," said Fredrik Tiberg, President and CEO of Camurus.
Brixadi royalties were a bright spot, increasing 91% YoY to SEK 111 million and exceeding consensus estimates by 6%.
The company noted that the U.S. long-acting injectable buprenorphine market has grown 25% this year compared to the same period last year, with Brixadi now capturing approximately 30% market share, up from 25% in the fourth quarter of 2024.
Camurus lowered its 2025 revenue guidance to SEK 2.3-2.6 billion from the previous SEK 2.7-3.0 billion, citing lower-than-expected revenue performance and a potential delay in a sales-based milestone payment from its U.S. partner Braeburn. Despite the revenue reduction, the company maintained its profit before tax guidance of SEK 0.9-1.2 billion.
The company also reported progress with its pipeline, including UK approval for Oczyesa® (CAM2029) for the treatment of acromegaly and its recent launch in Germany. The FDA resubmission for Oclaiz™ is expected by year-end, with potential approval now pushed to the second quarter of 2026.
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