1Q Revs and Profits Miss; Outlook Reiterated, but Potential Cons Cuts

Research evidence excerpt

1Q Revs and Profits Miss; Outlook Reiterated, but Potential Cons Cuts

42.8% 42.6%

. Diluted EPS (SEK) 2.40 3.41 -1.0 -30% 3.36 -1.0 -29%

Source: Jefferies Research; Company data; Infront consensus

Brixadi: 1Q Royalties are 17% and 24% below cons and JEFe, respectively. Sales were affected

by prior authorisation renewals and payer mix dynamics, which is expected to normalise as the

year progresses, as well as FX. However, we note that these headwinds were known. Brixadi's

US long-acting injectable buprenorphine (LAIB) market share increased to at 32% at end-1Q

from 30% at end-4Q25, whilst LAIBs constituted c.10% of the entire burpre market in the US.

Braeburn is investing in patient-facing commercial activities.

Buvidal: 1Q Buvidal Sales are 9% and 8% behind cons and JEFe, respectively, with 73k patients

estimated to be in treatment with Buvidal at end-1Q26 (+3k patients vs prior Q). Sales were

impacted by the change in the distribution model in the UK at the end of 2025, which included

a one-time inventory repurchase, as well as FX. Australia was also soft due to holiday season.

These effects were partly offset by better performance in the Nordics, Germany, France

and Spain. Early commercial momentum in Portugal is also encouraging. Additionally, three

national market authorisation applications are under review in MENA. CAMX reiterates goal to

have 100k patients on Buvidal by YE27E.

Oczyesa: 1Q Oczyesa Sales -SEK4m and -SEK3m cons and JEFe, respectively. At end-1Q26,

50 patients were on Oczyesa vs 20 at end-4Q25, representing 2.5% market share in Germany,

Shan Hama * | Equity Analyst

with CAMX expecting this to grow to at least 10% by YE26E. Launches in more countries in EU +44 (0)20 7548 4084 | shama@jefferies.com

planned for 2026, including the UK and the Nordics.