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1. Company Snapshot

1.a. Company Description

Camurus AB (publ), a pharmaceutical company, develops and commercializes medicines for severe and chronic conditions in Europe, Australia, the United States, Japan, and internationally.The company offers Buvidal, a buprenorphine injection for the treatment of opioid dependence; episil oral liquid, a medical device for the treatment of inflammatory and painful conditions in the oral cavity; and Brixadi to treat opioid use disorder Its products pipeline also includes CAM2038 for the treatment of chronic pain; CAM2029, which is in phase III clinical trials for the treatment of acromegaly and neuroendocrine tumors, as well as in phase II clinical trial to treat polycystic liver diseases; and CAM2043 that is in phase I clinical trial for the treatment of pulmonary arterial hypertension, as well as in Phase II clinical trial to treat Raynaud's phenomenon.In addition, the company is developing CAM2032, which is in phase II clinical trials for the treatment of prostate cancer; CAM4072 that is in phase III clinical trials for the treatment of genetic obesity disorders; CAM4071, which is in phase I clinical trials for the treatment of endocrine disorder; CAM2047 for the treatment of chemotherapy-induced nausea and vomiting that is in phase 1 clinical trial; and CAM2048, which is in phase I clinical trial for postoperative pain.


Camurus AB (publ) was founded in 1991 and is headquartered in Lund, Sweden.

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1.b. Last Insights on CAMX

Camurus AB's recent performance faced challenges due to market conditions. Despite a 48% profit increase, the company lowered its full-year revenue guidance. However, positive developments include the approval of Oczyesa for acromegaly treatment in the UK and promising topline results for CAM2056, a semaglutide monthly depot, showing significant weight reduction and tolerability. These advancements in its product pipeline and strategic progress may position the company for future growth, amidst a complex global market landscape marked by economic uncertainties.

1.c. Company Highlights

2. Camurus' Q3 2025 Earnings: Strong Revenue Growth Amidst Headwinds

Camurus reported a robust financial performance in Q3 2025, with revenues increasing by 18% year-on-year to SEK 575 million, driven primarily by higher Brixadi royalties. The company's profitability remained strong, with a 48% increase in profit to SEK 245 million. Earnings per share (EPS) came in at SEK 3.27, below analyst estimates of SEK 4.65. The company's cash position also improved, increasing to SEK 3.5 billion. As noted by Anders Vadsholt, "Product sales reached SEK 455 million, an increase of 8% compared to the same period last year."

Publication Date: Nov -11

📋 Highlights
  • Quarterly Revenue Growth: Increased by 18% to SEK 575 million...
  • Profitability Surge: Profit rose 48% to SEK 245 million...
  • Brixadi Royalties Surge: Generated SEK 111 million...
  • Lowered Revenue Guidance: Full-year revenue now SEK 2.3–2.6 billion...
  • Brixadi Market Share: Holds 30% in the U.S. LAI market...
  • Quarterly Revenue Growth: Increased by 18% year-on-year to SEK 575 million, driven by higher Brixadi royalties.
  • Profitability Surge: Profit rose 48% to SEK 245 million, with a strong cash position of SEK 3.5 billion.
  • Brixadi Royalties Surge: Generated SEK 111 million in Q3, up 91% year-on-year due to double-digit U.S. sales growth.
  • Lowered Revenue Guidance: Full-year 2025 revenue projected at SEK 2.3–2.6 billion, down from prior expectations.
  • Brixadi Market Share: Holds 30% of the U.S. long-acting injectable (LAI) market, with 91% YoY royalty growth.

Revenue Breakdown

Buvidal sales in the quarter were SEK 455 million, up 8% year-on-year, or 15% at constant exchange rate. Brixadi royalties continued to drive growth, with a 91% year-on-year increase to SEK 111 million. The company's R&D pipeline also showed significant progress, with positive results from several clinical trials.

Guidance and Outlook

Despite the strong quarterly performance, Camurus lowered its full-year revenue guidance to SEK 2.3-2.6 billion, citing headwinds. However, the company maintained its profit before tax guidance in the range of SEK 0.9-1.2 billion. Analysts estimate next year's revenue growth at 45.3%, indicating a positive outlook for the company's future performance.

Valuation Metrics

Camurus' current valuation metrics indicate a premium, with a P/E Ratio of 50.21, P/S Ratio of 16.02, and EV/EBITDA of 35.36. The company's ROE stands at 20.88%, and ROIC at 16.58%. These metrics suggest that the market has high expectations for Camurus' future growth, which is largely priced in.

Pipeline Progress

The company's R&D efforts are yielding positive results, with successful completion of the ACROINNOVA program and advancements in the SORENTO trial. Oczyesa has been granted market authorization for acromegaly treatment in the EU and UK, with a potential US launch in 2026. These developments are expected to drive future growth and contribute to the company's long-term success.

3. NewsRoom

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Global's November 2025 Stock Picks For Estimated Value Opportunities

Nov -13

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Camurus reports positive topline results for CAM2056, semaglutide monthly depot

Nov -10

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Camurus AB (FRA:7CA) Q3 2025 Earnings Call Highlights: Strong Profit Growth Amid Revenue ...

Nov -06

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Gastrointestinal Neuroendocrine Tumors Market Set to Surge by 2034 Amidst Advancements in Treatment Options | DelveInsight

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.08%)

6. Segments

Pharmaceutical

Expected Growth: 9.08%

Camurus AB's 9.08% growth is driven by increasing demand for its innovative injectable drugs, particularly in the treatment of opioid dependence and cancer. Strong sales of its lead product, Buvidal, and expansion into new markets, such as the US, contribute to the company's growth momentum.

7. Detailed Products

Episil

A prescription medicine used to treat episodic breakthrough pain in adults with cancer who have developed tolerance to opioid medications.

Buvidal

A weekly and monthly depot injection for the treatment of opioid dependence.

Intermezzo

A sublingual tablet for the treatment of middle-of-the-night awakenings.

8. Camurus AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Camurus AB (publ) has a moderate threat of substitutes due to the availability of alternative treatments for opioid dependence and chronic pain management.

Bargaining Power Of Customers

Camurus AB (publ) has a low bargaining power of customers due to the specialized nature of its products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

Camurus AB (publ) has a moderate bargaining power of suppliers due to the presence of multiple suppliers for its raw materials and the company's dependence on a few key suppliers.

Threat Of New Entrants

Camurus AB (publ) has a low threat of new entrants due to the high barriers to entry in the pharmaceutical industry, including regulatory hurdles and the need for significant investment in research and development.

Intensity Of Rivalry

Camurus AB (publ) operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.61%
Debt Cost 6.62%
Equity Weight 98.39%
Equity Cost 8.20%
WACC 8.17%
Leverage 1.64%

11. Quality Control: Camurus AB (publ) passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Genmab

A-Score: 5.9/10

Value: 3.7

Growth: 9.7

Quality: 9.4

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Alkermes

A-Score: 5.2/10

Value: 4.4

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

1-Year Total Return ->

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ALK-Abelló

A-Score: 5.0/10

Value: 0.5

Growth: 8.2

Quality: 7.5

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

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Rovi

A-Score: 4.5/10

Value: 1.8

Growth: 7.7

Quality: 8.0

Yield: 2.5

Momentum: 1.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Camurus

A-Score: 4.4/10

Value: 0.0

Growth: 9.3

Quality: 9.0

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Zealand Pharma

A-Score: 3.2/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

603.5$

Current Price

603.5$

Potential

-0.00%

Expected Cash-Flows