Camurus (CAMX) Q4 2025 earnings summary

Executive summary

• Achieved significant milestones in 2025, including regulatory approvals and commercial expansion in Europe, Australia, and the U.S., with global leadership in long-acting opioid dependence treatments and new approvals for Oczyesa in the EU and UK, launching first in Germany.

• Maintained sustainable profitability since 2022, with strong R&D investment, operational growth, and positive clinical results in polycystic liver disease and overweight/obesity.

• Expanded U.S. commercial infrastructure and entered strategic license agreements with Eli Lilly for long-acting incretin therapies and Gubra for hypoparathyroidism.

• Oczyesa approved for acromegaly in the EU and UK, launched in Germany, with Oclaiz NDA resubmitted to the US FDA and PDUFA date set for June 2026.

• Net cash position increased to SEK 3.7 billion, providing a robust foundation for future R&D, product launches, and potential M&A.

Financial highlights

• Full-year 2025 revenue reached SEK 2,265 million, up 21% year-over-year (30% at constant exchange rates).

• Profit before tax for 2025 was SEK 933 million, up 69% year-over-year (98% at CER); operating result for the year was SEK 874 million, up 86%.

• Q4 revenue was SEK 464 million, down 16% year-over-year, mainly due to a UK distribution model change and a one-time SEK 93 million inventory repurchase.

• Brixadi U.S. royalties grew 47% year-over-year in Q4, reaching SEK 122 million, and 87% for the full year.

• Cash position at year-end was SEK 3.7 billion, up 31% year-over-year, reflecting strong operational cash flow.

Outlook and guidance

• 2026 revenue guidance: SEK 2.6–2.9 billion, midpoint up 21% versus 2025.

• Operating result guidance: SEK 0.9–1.2 billion, midpoint up 20% versus 2025.

• Increased OpEx expected due to U.S. expansion and R&D, with SEK 200 million allocated for U.S. operations and SEK 150 million for R&D.

• Guidance excludes potential licensing revenues from new or existing partnerships.

• FX risk, pricing, reimbursement, and competitive dynamics considered in guidance.