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Camurus AB, with a market capitalization of $58.58 million, reported robust financial performance in the first quarter of 2025, with significant growth in revenue and profit margins. Despite these positive results, the company’s stock experienced a sharp decline, dropping 12.95% to 541 SEK. The earnings per share (EPS) was SEK 3.29, and total revenue reached $558 million, marking a 43% year-on-year increase. InvestingPro analysis reveals impressive gross profit margins and strong financial health, with an overall score of 3.3 out of 5. The market reacted negatively, possibly due to unmet investor expectations or broader market conditions.
Key Takeaways
- Camurus reported a 43% increase in total revenue year-on-year.
- Earnings per share stood at SEK 3.29.
- The company’s stock price fell by 12.95% post-earnings announcement.
- Gross margin improved to 93%, up by 88 basis points.
- Strong growth in product sales and Brixadi royalties.
Company Performance
Camurus demonstrated strong performance in Q1 2025, with total revenues reaching $558 million, representing a 43% increase compared to the previous year. Product sales were a significant contributor, growing by 33% to $485 million. According to InvestingPro data, the company maintains strong liquidity with liquid assets exceeding short-term obligations, while operating with moderate debt levels. The company also reported a substantial increase in profit before taxes, which rose by 162% to account for 45% of sales. This growth reflects Camurus’ continued leadership in the opioid dependence treatment market, particularly in Australia and Europe, where it holds a market share of over 80%. For deeper insights into Camurus’ financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Financial Highlights
- Total revenue: $558 million (43% YoY growth)
- Product sales: $485 million (33% YoY growth)
- Earnings per share: SEK 3.29
- Gross margin: 93% (88 basis points improvement)
- Cash position: SEK 2.9 billion
Earnings vs. Forecast
Camurus’ EPS of SEK 3.29 aligns with the company’s strong revenue growth but does not provide a direct comparison to market forecasts, which might have contributed to the negative stock reaction. The revenue forecast was $603.93 million, indicating a shortfall against actual revenue of $558 million. This discrepancy may have influenced investor sentiment, despite the company’s robust financial performance.
Market Reaction
Camurus’ stock fell by 12.95% to 541 SEK following the earnings announcement. The stock’s decline contrasts with the company’s strong financial results and may reflect broader market trends or specific investor concerns. The stock price is now closer to its 52-week low of 483.8 SEK, suggesting a cautious market sentiment.
Outlook & Guidance
Looking forward, Camurus anticipates continued growth in its Australian market and renewed expansion of Brixadi in the U.S. The company is also preparing for potential launches of CAM-2029 in both the EU and U.S., targeting the polycystic liver disease market, which is estimated to be worth $300-400 million. InvestingPro indicates that net income is expected to grow this year, with analysts predicting continued profitability. The stock has shown a positive YTD return of 2.68%, trading between its 52-week range of $26.45 to $31.70.
Executive Commentary
Friedrich Thiball, CEO, highlighted the company’s solid first-quarter performance, stating, "Camurus had a solid first quarter with record high profitability from operations." John Garai, CFO, emphasized the company’s market leadership, saying, "We continue having a successful market share above 80%."
Risks and Challenges
- Potential impact of Medicaid enrollment unwinding on U.S. sales.
- Market saturation in opioid dependence treatments.
- Regulatory challenges for CAM-2029 in new markets.
- Macroeconomic conditions affecting healthcare spending.
- Competitive pressures in the U.S. market.
Q&A
During the earnings call, analysts inquired about the impact of Medicaid enrollment unwinding, which could affect U.S. sales. The company also addressed questions regarding the Australian market’s performance and the regulatory timelines for CAM-2029. Concerns about challenges in the U.S. market were also discussed, highlighting the competitive landscape Camurus faces.
Full transcript - Camurus AB (CAMX) Q1 2025:
Einar, Conference Moderator: Welcome to Camero’s Q1 Report 2025. Now I’ll hand the conference over to CEO, Friedrich Thiball. Please go ahead.
Friedrich Thiball, CEO, Camurus: Thank you so much, Einar, and good day, everyone. Thank you for joining our first quarter earnings call. As previously, please note our forward looking statements. So the agenda for today’s call is as follows. We start with business highlights, followed by reviews of financial and commercial performance, then finish off with a short R and D update before moving over to Q and A.
So as previously with me today are John Garai, our Chief Financial Officer and Richard Jameson, Chief Commercial Officer. So overall, Kemerus had a productive and highly profitable first quarter twenty twenty five. This was driven by continuous commercial execution in Europe and Australia, strengthening our leadership position in opioid dependence treatments. Vivintrol sales increased to $485,000,000, increasing 6% versus the previous year at constant exchange rate. Brixadi royalties from The U.
S. Increased 185% versus previous year, however, were flat versus previous quarter at CET. Notably, the overall buprenorphine OUD market in The U. S. Was down 13% during the same period.
In the R and D pipeline, dosing was initiated in a Phase one study of our once monthly semaglutide. The Phase three SORRENTU Positano studies of CAM-twenty twenty nine in neuroendocrine tumors and polycystic liver disease progressed according to plan. And in addition, after the period, we received positive CHMP recommendation for approval of CAM-twenty twenty nine in acromegaly in The EU under the trade name OxyESA. Financially, we had a strong first quarter with operating results growing 204% year on year to SEK $239,000,000. In parallel, we continued strengthening our sustainability profile, inaugurated our new headquarters in Lund and R and D laboratories.
And after the period, we announced the appointment of Anders Wadsholt as our next CFO, joining Chemerus on the July 1, thereby ensuring a smooth transfer over from John. With that said, let’s move over to a financial update.
John Garai, Chief Financial Officer, Camurus: Thanks a lot, Frederic, and good afternoon, everyone. Camurus delivered a strong financial performance in Q1, and we would like to share now its main highlights. Camurus achieved $558,000,000 total revenue in the quarter, delivering a growth of 43% versus same period last year with product sales of SEK $485,000,000 growing 33% versus prior year and 3% versus prior quarter. Swedish kronor appreciation has impacted the reported figures negatively by three points versus prior quarter. Brixadi sales in The U.
S. Represented a SEK74 million royalty income in the quarter growing 185% versus prior year and 1% versus prior quarter at constant rate. Swedish kronor volatility has impacted negatively royalty reported figures by 12 points versus prior quarter, hence the minus 11% growth you can see in our reported numbers. Company profit before taxes was million, representing 45% over sales and growing 162% versus prior year. Earnings per share after dilution was SEK 3.29 equivalent to a profit after tax of SEK 197,000,000 in the quarter.
Finally, our cash position was SEK 2,900,000,000.0 at the Moving to next slide, we can see the main components of our profit before taxes. Company gross margin reached 93% in the quarter, representing an improvement of 88 basis points versus same period prior year. The improvement was driven by three major factors. Firstly, geographical mix represented 29 basis points.
Secondly, 40 basis points are driven by Brixadi royalty. And thirdly, FX represented a positive impact of 19 basis points. Total OpEx reached SEK289 million remaining flat versus same period prior year driven by following factors. Marketing and distribution investment to support market penetration in own territories, expansion of OIBDA into new markets and U. S.
Operations grew 25% to SEK116 million. Administrative expenses aligned with corporate evolution to substantiate company development grew 158% versus same period last year to SEK42 million. R and D investment reached SEK131 million, 20 7 percent below same period prior year, driven by lower milestones in our ongoing clinical trials and acromegaly study ramped down. Company profit before taxes reached million growing 162% versus prior year and representing 45% of our sales. Company cash position at quarter end was SEK 2,900,000,000.0.
Camulus improved its cash position by SEK 25,000,000 in the quarter, driven by following four factors. Firstly, company operations generated SEK246 million. Secondly, working capital increased by SEK168 million driven by receivables growth, payables and liabilities reduction following R and D milestones and company bonus payout. Thirdly, company invested SEK34 million in new headquarters and technological activities. And finally, company balances translation represented a negative impact of SEK12 million.
Ascent of quarter, Camurus has no debt. All in all, Camrys closes first quarter twenty twenty five with a strong financial performance, interesting growth opportunities and is on track to deliver 2027 vision. Having said that, I would like to pass the word to Richard. Thank you, for your attention.
Richard Jameson, Chief Commercial Officer, Camurus: Thank you, John. I’ll start with the Cameras markets and then move across to The US. So starting with Cameras markets, which include Europe, Australia, and rest of the world, we continue to deliver strong performance across geographies with net sales growing 33% versus previous year and 6% versus previous quarter at constant exchange rate. At the end of the quarter, we estimate close to sixty three thousand patients are in treatment with buverdal. Growth we’ve seen across our markets led by UK, Australia, Germany, and Nordics as our teams continue to successfully improve access for patients through addressing funding by demonstrating the value bring value Buvdal brings to healthcare and society, the growing awareness of innovative treatment options, and supporting informed choice for patients and those outside of treatment.
Alongside this, our sales teams continue to execute on their plans to drive penetration at a clinic level. We further expanded into new markets with launches and first patients treated in both Switzerland and Luxembourg and finalized reimbursement process in Portugal and have launched in the beginning of Q2. Additionally, we received regulatory approval in Serbia and have initiated the reimbursement process and three other regulatory applications are under review. Now moving across The U. S.
As John has already said, the royalty from Brixadi grew 185% year on year and grew 1% in the quarter at constant exchange rate with an FX headwind of minus 12% in the quarter. The U. S. Buprenorphine market was challenging as down 13% compared to the previous quarter. This is likely due to a combination of transient headwinds, including the unwinding of Medicaid continuous enrollment that was set up during COVID, ongoing budget restrictions in federal prisons limiting limiting access of long acting bruprenorphine alongside the usual seasonal impact on new authorizations.
Our licensee, Braeburn, expects Brixadi to deliver renewed growth in the coming quarters as these headwinds diminish. So on that, I’ll hand back to Fredrik.
Friedrich Thiball, CEO, Camurus: Okay. Thank you, Richard. Over to a short R and D update then. And beginning with the progress with CAM-twenty twenty nine across our three indications. Starting with acromegaly and the clinical program there, we have previously completed and reported positive results from the ACRINOVA1 efficacy study as well as the core phase of the long term safety and efficacy study ACRINOVA2.
During the first quarter, dosing of the last patients in the extension of ACRINOVA2 was completed and results will be presented at upcoming scientific meetings and in publications. In gastroentropancreatic neuroendocrine tumors, the SORRENTO study has progressed according to plan, and we expect to reach the target number of PFS events early twenty twenty six to start reading out the primary results from the trial. Finally, in PLD, we have completed treatment in the randomized part of the POSITANO study and expect to present top line results later in this quarter. To remind you, POSITANO is a fifty three week randomized three arm study of two doses of CAM-twenty twenty nine versus placebo. The study has included seventy one patients with symptomatic polycystic liver disease.
The primary endpoint is height adjusted liver volume. And the key secondary endpoint is patient reported symptoms determined and reported by PLDS questionnaire, which has been developed internally by CAMRYS based on FDA guidance and our also collaborator. In addition, there are multiple secondary endpoints assessing, for instance, cyst volumes, quality of life and safety for patients treated with CAM-twenty twenty nine. Based on the results of the Positano study, we will initiate discussions with the FDA and EMA about the pathway to registration of CAM-twenty twenty nine in polycystic liver disease. If approved, CAM-twenty twenty nine could be the first pharmacological treatment available for people living with polycystic liver disease.
So moving over to the regulatory side. The registration processes for CAM-twenty twenty nine in acromegaly continued to progress in the quarter. As a consequence, we were pleased to announce a positive CHMP opinion for EU approval of CAM-twenty twenty nine in acromegaly. The EMA review process has progressed very smoothly, faster than we were hoping for initially, and a final market authorization decision is expected from the European Commission during June. Regarding The U.
S. Registration process, we are ready to resubmit the NDA as soon as we have received comfort about the CRL resolution at the third party manufacturer. And for this purpose, we have instituted independent audit of the manufacturer, and this is scheduled to the end of this quarter. And as soon as possible after that, we will resubmit the application. Ahead of potential regulatory approvals and launches of CAM-twenty twenty nine, our medical team has been busy disseminating results from our clinical trials at key scientific meetings and conferences.
We’ve got excellent response. As an example, about 600 participants attended our satellite symposium at the European Society for Endocrinology meeting in Copenhagen this previous weekend. The coming weekend, our U. S. Team will be attending ACE in Orlando.
And later in July, we have the big Endocrinology Endo meeting coming up in The U. S. In parallel, we continue working with prelaunch activities in The U. S. And Europe, including payer interactions.
In the early pipeline, we advanced our clinical study of our once monthly semaglutide formulation in participants with obesity or overweight as well as R and D activities relating to other long acting incretin candidates. In the clinical study, all participants in the randomized Part A have now been dosed with KALM-two thousand fifty six or weekly semaglutide comparator. And most patients in the dose escalating Part B trial of the study have also been included and received at least one dose of KALM-two thousand fifty six. Top line results from the study are expecting in the second half of the year. So with that, it’s time to wrap up.
I want to finish by saying that CAMERYS had a solid first quarter with record high profitability from operations, continued pivotal growth in Europe and the rest of the world. Rexani U. S. Sales held up in a challenging U. S.
OUD market. And in addition, we started dosing in a Phase I study of CAM-two thousand and fifty six. After the quarter, we received a positive CHMP opinion from OXYSA in acromegaly in the EU. And with this, I would like to thank you for listening. And Einar, let’s move over to Q and A.
Einar, Conference Moderator: Thanks. The first question comes from the line of Susana Kwikberner from Handelsbanken. Please go ahead. Your line is open. Susanna?
Susanna Kwikburner, Analyst, Handelsbanken: Hello, Susanna Kwikburner here from Handelsbanken. Hi. I’d like to ask my questions one at a time, please. Starting with the Australian market. So your Australian sales have reached DKK187 million in the quarter.
That’s over 90% year on year growth and a large step up compared to Q4. Given that Australia is actually quite a mature market, I’m curious to understand whether this is a timing of order situation And maybe something that’s worth quantifying from your side? Help me understand this better and how that would impact Australian sales going forward.
Friedrich Thiball, CEO, Camurus: Well, I think I’ll leave the question over to John.
John Garai, Chief Financial Officer, Camurus: Okay. Thank you very much, Frederic. Thanks a lot, Susana, for your question. To the best of my knowledge, we do not disclose the Australian sales. If I remember, okay, in the Page 30 of our report, Note four, what we disclosed is Africa, Middle East and Asia, including Oceania.
And if you refer to the sentence below the table, it refers to customer. We don’t disclose in which country is this customer. But what you may rest assured is compared with prior year, and this public information, last year, the Australian government implemented a pharmaceutical benefit scheme starting by the second half of twenty three and finalizing in the first half of twenty four. And we were very transparent that all the pharmaceutical providers in the country, they would have ups and downs last year in their sales to the to the government. So that’s, what has happened last year.
Coming back to your question about team market sales performance, no, we are very confident on our execution and the execution by our team in Australia. We continue having a successful market share above 80%. So far, we are delivering according to our plan. Is that right, Richard?
Richard Jameson, Chief Commercial Officer, Camurus: It’s correct.
John Garai, Chief Financial Officer, Camurus: Yes. Okay. Thank you very much.
Friedrich Thiball, CEO, Camurus: And maybe just stress that we are expecting to see continued growth over the next quarters in Australia.
Susanna Kwikburner, Analyst, Handelsbanken: Right. Okay. Then just as a quick follow-up question to that. So with this extraordinary customer, is it fair to assume that they may not just supply to one geographic region?
John Garai, Chief Financial Officer, Camurus: We are not disclosing the speed of our customers by region and no one, Susana. The information public by region for competitive intelligence resources, the one disclosed in in the note four.
Friedrich Thiball, CEO, Camurus: Susana, are you there?
Susanna Kwikburner, Analyst, Handelsbanken: Then I will get back in line. Thanks. Yes? If I can
Einar, Conference Moderator: Sorry. Victor is coming up here now.
Victor Sundberg, Analyst, Nordea: Yes. Hi. This is Victor Sundberg from Nordea.
Friedrich Thiball, CEO, Camurus: Hi, Victor.
Einar, Conference Moderator: Yes. You’re ready ready to take questions from you, Victor.
Victor Sundberg, Analyst, Nordea: Yeah. Hi. Hi. Can you hear me?
Einar, Conference Moderator: Yes. Yes.
Victor Sundberg, Analyst, Nordea: Yes. Hi. Thanks for taking my questions. Yeah. Yes.
So just a question here on your U. S. Market. I know it’s your partner responsible for that, but just any color here would be appreciated. So on Medicaid unwind, I mean, has been going on quite some time also last year and it seemed to impact your partner, Braeburn’s competitor in The U.
S. In Q3, Q4, etcetera, but was never mentioned from your side. But was it also impacting your growth last year as many patients lost Medicaid for a shorter period of time when this wide process was ongoing? I think I’ll start there.
Friedrich Thiball, CEO, Camurus: Yes. Think that is very highly likely. I mean, all the industry was impacted by this provision, the unwinding of the Medicaid continuous enrollment provision. However, the growth rate of EXIDI was so high and actually it was not the factor that we had raised to us at that time point by from the information we received, so to speak. But obviously, it became more clear in the data coming out here from the first quarter.
So we believe that this effect is diminishing over the year. It’s probably from the data we have looked at now, it’s probably was maxed out in the first quarter. And we believe it’s still diminishing going forward. Our licensee has also informed us that they are expected to see renewed growth in the coming quarters. Are you hearing me?
Einar, Conference Moderator: We seem to have a short delay from
Victor Sundberg, Analyst, Nordea: Okay. Thank you. And how good visibility do your partner have here? I mean, we have April in the books. Yes.
mean, we have
Friedrich Thiball, CEO, Camurus: also established visibility through our third party providers of data. So Veeva is now supplying us with the data on these topics. So we have a visibility here from both angles.
Richard Jameson, Chief Commercial Officer, Camurus: Yes.
Victor Sundberg, Analyst, Nordea: Thank you. I think my question was cut off a bit. I also wondered, I’ve seen that states can continue to unwind Medicaid until June 2025, if I’m informed correctly.
Friedrich Thiball, CEO, Camurus: Yes.
Victor Sundberg, Analyst, Nordea: So as you said, was it maxed out here in Q1 and you don’t expect much in Q2 to happen? And then I guess I had a second question. FX has, of course, moved quite a lot here versus when you put out your guidance for the full year. Did this mean that you have seen even stronger underlying growth that will offset FX headwinds? Or how should we interpret your guidance with regards to foreign exchange movements?
So
John Garai, Chief Financial Officer, Camurus: thanks a lot for your question, Victor. When we provided our guidance in mid February, we already simulated different FX scenarios. So at the moment, we are working inside those scenarios that our partners’ banks, they provided to to us. So our guidance, as stated in our report at the moment, is maintained. Are you there, Victor?
Victor Sundberg, Analyst, Nordea: Okay. Thank you. And I just had a quick final also on polycystic liver disease. You give some that in LAR has had some good data, but this readout, could it be enough for any kind of approval? Or should we see more should we need to see more in order for approval here?
And maybe just a quick word on the commercial outlook for this indication that don’t currently have any approved products that could be helpful as well. Yes.
Friedrich Thiball, CEO, Camurus: So when it comes to the registration route, and we have already said that we don’t expect that there will be an approvable trial for The U. S. And for the Europe, it’s also, I would say, still it’s quite optimistic to believe that one Phase twothree trial will be registrational in this indication. However, we haven’t had that discussion with the European authorities yet. So the intent is to start a registration of Phase III trial as soon as we can after reading out the data.
And when it comes, did you ask about the market?
Victor Sundberg, Analyst, Nordea: Okay. Thank you very much. Yes. I also asked about commercial outlook. Sorry for the bad quality here.
It’s very hard to hear yourself, but yes.
Friedrich Thiball, CEO, Camurus: We have provided our market estimates for the polycystic liver disease indication and it is, what I say, in between acromegaly and the neuroendocrine tumor indication. So in our previous estimates that we have shared, it’s between 300 and $400,000,000 peak market potential estimated.
Victor Sundberg, Analyst, Nordea: Thank you very much. I’ll jump back in the queue.
Einar, Conference Moderator: The next question is from Riccard Romanius from Redeye, and I’m sorry about the delay. So the when when speakers are handing the word over to the analyst, there is a delay, but not on the other way.
Friedrich Thiball, CEO, Camurus: Hi, Rica.
Riccard Romanius, Analyst, Redeye: Hello, good afternoon. We have four questions starting with have you noticed any impact of the label change for your competitors’ products that was announced in February?
Friedrich Thiball, CEO, Camurus: No, we have not seen any impact on the of course, it would be indirect impact, but we haven’t seen any so far.
Riccard Romanius, Analyst, Redeye: Okay, good. And then a question about CAM-twenty 29 in acromegaly. When would you expect to get the PDUFA date of the submission? And when do you think you could start selling I know this is a long registrational product to get it registered on the European markets.
Friedrich Thiball, CEO, Camurus: There’s two possibilities theoretically. It’s the Class I resubmission route, which will be two months after submission or resubmission and the other is a six month process, which would be more aligned with if there is a requirement of inspection, reinspection of the manufacturer, then it’s more likely that it will be a six month process. So two to six months is the answer to your question. Any other question?
Riccard Romanius, Analyst, Redeye: I have two financial questions. You mentioned the incremental capital investments of SEK 350,000,000.00 to fully deploy U. Operate is capitalized? And how much of that is cost registered as cost?
John Garai, Chief Financial Officer, Camurus: Sorry, Riccard. There is a lot of noise on your line. I could not understand your question. Would you mind repeating it?
Riccard Romanius, Analyst, Redeye: Yes. The question was, you mentioned the incremental investment of approximately 350,000,000.00 to fully deploy U. Operations. I wonder how much, if any, of this is capitalized? I mean, how much of it ends up on the balance sheet?
John Garai, Chief Financial Officer, Camurus: None. All the in our market guidance, the 0 point 2 5 was not only to deploy US operations, was to support the launch of acromegaly in US operations and globally as well. All of it is is OpEx, Ricard.
Riccard Romanius, Analyst, Redeye: Okay. I also wonder about your transaction we plan to do. Do you think that’s going to be a transformative large transaction where you might need to use more than just the cash on hand? Or do think it would be more of an attritional deal like a licensing deal?
Friedrich Thiball, CEO, Camurus: Well, I think both are possibilities at this stage. We are continuing our work on the M and A side, and it could be both transformative and additive. So we haven’t given any specific direction there. Both possibilities.
Riccard Romanius, Analyst, Redeye: Okay. Very good. Thank you. That were all my questions.
Einar, Conference Moderator: The next question is from Sean Hama from Jefferies. Please go ahead. Your line is open.
Sean Hama, Analyst, Jefferies: Hi there. Just a few from me as well. We can take them also one at a time. So firstly, could you give us perhaps a rough estimate or just some, I guess, qualitative color of how much Brixadi sales come via the criminal justice system channel? And then if possible, how much of that is from federal prisons versus from state prisons?
Friedrich Thiball, CEO, Camurus: Thank you, Sean. Actually, for competitive reasons, we do not provide that information from our partner. We have informed that Medicaid is the single largest payer in in our mix followed by commercial. And then then we have Medicare and finally then federal. So So it means that I mean, likely, it’s not one of the largest it’s not a large fraction in the mix, but noticeable.
Sean Hama, Analyst, Jefferies: Understood. Thank you so much. And then what gives, I guess obviously, this is more for Braeburn, but what gives you and your partner Braeburn sort of confidence to return to growth of Rexazi, obviously, by extension, your royalties over the coming quarters? It seems like some of the headwinds such as the budget cuts are potentially unlikely to resolve.
Friedrich Thiball, CEO, Camurus: Well, yes, I mean, as you said, the question is perhaps not directed to us specifically, but I would say that the medical need consistently is there and still have over two million people in need of treatment. And if you look at the development over the course of the last quarter, even though it’s been very tough, it’s there has been an increase in the market share for long acting injectables in this climate. And I think that gives a good position once things are easing off and these transient issues are being slowly addressed. I think we have only had one really one quarter with these numbers for Brixadi. So it’s been a short process so far.
Sean Hama, Analyst, Jefferies: Good. Thank you so much. And then just one clarification from me. So in your 2025 guide, you include a small portion of revenues from Oclase. Is this EU only or both EU and US?
John Garai, Chief Financial Officer, Camurus: So so if I remember okay, Sean, in our market guidance for ’25, we have not provide clarity, if there is any amount foroclase. Analyst, yes, you are assuming Oclace and and so on. But in our guidance, we have not disclosed and provided any, I would say, any direction, about how much is Oclace and if it is only US and and Europe. So I at the moment, I would like to stay at that at that stage.
Sean Hama, Analyst, Jefferies: Thank you so much.
Einar, Conference Moderator: There are no more questions from the telco. So I hand the word back to you, Frederic Jorn and Richard.
Friedrich Thiball, CEO, Camurus: Thank you. I would just like to thank everybody for listening in. And I look forward to meeting you after this update and hopefully also next quarter. So thank you very much for joining the call and have a great day.
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