Q3 2024 Camurus AB Earnings Call Transcript
Key Points
- Camurus AB (CAMRF) reported a strong third quarter with a 38% revenue growth year-on-year, reaching SEK 480 million.
- Profit before tax increased by 125% to SEK 165 million, marking the company's best results so far.
- The company raised its full-year 2024 outlook, particularly regarding profit performance.
- Camurus AB (CAMRF) has a strong cash position of SEK 2.75 billion with no debt.
- Positive phase three results were reported from the ACROINNOVA2 study, advancing the R&D pipeline.
- The company received a Complete Response Letter (CRL) from the FDA regarding cGMP inspection issues at a third-party manufacturer.
- There was a noted impact of currency fluctuations, negatively affecting reported figures by two points year-on-year.
- Marketing and distribution expenses saw a sequential drop, raising questions about future spending plans.
- The regulatory review process for some products is delayed, with expected outcomes pushed to late 2025 or early 2026.
- Challenges in addressing reimbursement hurdles in new markets could impact future growth.
Welcome to Camurus Q3 report 2024. During the questions and answer session, participants are able to ask questions by dialing pound key five on the telephone keypad. Now we'll hand the conference over to CEO Fredrik Tiberg. Please go ahead.
Thank you so much and hello, everyone. Welcome to our Q3 2024 earning school today. Before starting. Please note our forward-looking statements.
The agenda today is like previous quarters, a short summary of third quarterly business highlights followed by a review of our financial performance and then we will go into commercial and R&D updates and finish off with the Q&A. I'm joined in today's call by our CFO John Gay and the Chief Commercial Officer Richard Jameson.
So for those of you who have seen our report today, we had a solid third quarter with strong profitability and operating performance. Our revenues grew by 38%, 41% at constant exchange rate year on year excluding a onetime revenue in
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