Not Expecting Major Trip-ups, But Cautious on Brixadi; 2Q Preview

Research evidence excerpt

Not Expecting Major Trip-ups, But Cautious on Brixadi; 2Q Preview

Sweden | Specialty Pharmaceuticals

Camurus EquityJulyResearch8, 2026

ESTIMATE CHANGENot Expecting Major Trip-ups, But Cautious on

RATING BUYBrixadi; 2Q Preview

PRICE SEK579.50^

Ahead of 2Q, we marginally lower estimates reflecting more measured

Brixadi TRx growth and the removal of 2026 Oclaiz US sales following PRICE TARGET | % TO PT SEK700.00 | +21%

CRL, partly offset by Buvidal. While UK funding is supportive for Buvidal, 52W HIGH-LOW SEK754.50 - SEK430.80

we expect a modest 2Q contribution, with larger benefits likely emerging FLOAT (%) | ADV MM (USD) 61.4% | 96.04

through 2H26 as implementation progresses. We continue to see the Phase MARKET CAP SEK35.1B | $35.1B

III CAM2029 GEP-NET data 2H26E as the key catalyst for shares, plus Phase TICKER CAMX SS ^Prior trading day's closing price unless otherwise

IIb start for once-monthly Wegovy. noted.

UK funding supportive, though timing likely back-end loaded: In the UK, we expect FY (Dec) CHANGE TO JEFe JEF vs CONS

incremental support from the multi-year public health funding settlement, although we believe 2026 2027 2026 2027

the financial impact to Buvidal in 2Q is likely modest. Funding takes time to flow through REV NA NA NA NA

the system, with adoption dependent on clinic-level implementation and patient uptake,

EPS -7% -23% -2% -24%

suggesting larger effects are likely later in the year. In our view, the greater significance

lies in improved funding visibility for commissioners, which could facilitate broader adoption

2026 (SEK) Q1 Q2 Q3 Q4 FY

of Buvidal over 2H and beyond as service transformation plans are implemented. Recall,

EPS -- -- -- -- 13.49

management expects a QoQ increase in Buvidal this year vs QoQ decline last year.

PREV 14.48