Release Date: July 17, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Camurus AB (CAMRF, Financial) achieved record revenues in Q2 2025, with a 52% growth compared to the same period last year.
- The company entered a strategically important license agreement with Eli Lilly for long-acting incretins, enhancing its position in the cardiometabolic space.
- EU approval of Oczyesa for acromegaly treatment was a significant milestone, marking the first product based on Camurus' Crystal technology.
- Positive results were reported from the POSITANO study and ACROINNOVA extension trials, indicating strong R&D progress.
- Camurus maintained a strong cash position of SEK3.35 billion, providing financial stability for future expansions and investments.
Negative Points
- Product sales declined by 3% compared to the prior quarter, impacted by the appreciation of the Swedish krona.
- The royalty income from Brixadi sales in the US was negatively affected by currency fluctuations, reducing reported figures by 11 points.
- There was a short-term delay in committed funding reaching clinics in the UK, affecting Buvidal sales.
- The reimbursement situation in Germany remains challenging, impacting market penetration.
- The upfront payment from the Eli Lilly deal was considered small compared to other deals in the space, raising questions about the financial structure.
Q & A Highlights
Q: Can you provide insights into the growth expectations for Brixadi in the US for the remainder of 2025 and the market dynamics affecting it?
A: Fredrik Tiberg, CEO, explained that growth for Brixadi has resumed in the US, with a strong second quarter. The growth is attributed to the easing of previous headwinds and state-level initiatives to expand substance use disorder treatment. The focus is on gaining market share from oral buprenorphine, which is the bulk of the market.
Q: How should we anticipate the early ramp-up of Oczyesa for acromegaly in Europe?
A: Fredrik Tiberg, CEO, stated that the launch will follow a country-by-country approach, similar to Buvidal. Although acromegaly is a smaller indication, there is significant interest in the market.
Q: Regarding the POSITANO study, are there any conferences where you plan to submit an abstract, and have you observed any dose-response differences?
A: Fredrik Tiberg, CEO, mentioned that the main focus for presenting results will be the EASL conference in May next year. No significant differences were observed between patient groups in the study, but further analysis is needed to understand any potential dose-response effects.
Q: What is the potential impact of the Eli Lilly deal on Camurus' ability to report progress, and how will it affect financial guidance?
A: Fredrik Tiberg, CEO, clarified that Camurus will report material developments related to revenue streams and major clinical events as part of its obligations as a listed company. The deal's structure focuses on long-term milestones rather than immediate financial impact, aligning with Camurus' strategic goals.
Q: With the current cash position and the Lilly deal, is there an increased appetite for M&A, or is the focus on reinvesting within the pipeline?
A: Fredrik Tiberg, CEO, indicated that Camurus is actively exploring business development opportunities but is not aiming to be a serial acquirer. The focus remains on strategic investments that align with the company's long-term goals.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
