2Q Revs and Profits Big Beats; Outlook Reiterated; SORENTO 194 Events 4Q26E

Research evidence excerpt

2Q Revs and Profits Big Beats; Outlook Reiterated; SORENTO 194 Events 4Q26E

Result 293 233 +59.5 +26% 238 +54.3 +23%

Operating margin % 41.7% 35.9% 37.5%

Profit Before Tax 310 244 +65.5 +27% 255 +55.0 +22%

PBT margin % 44.1% 37.6% 40.1%

. Diluted EPS (SEK) 4.05 3.20 +0.8 +26% 3.39 +0.7 +20%

Source: Jefferies Research; Company data; Infront consensus

Brixadi: 2Q Royalties are 6% and 10% above cons and JEFe, respectively. The company flags

continued expansion across treatment settings, including office-based care, treatment centres

and correctional facilities. Partner Braeburn has made significant investments to expand its US

commercial activities, which seems to have paid off despite IQVIA TRx data painting a different

story. Camurus expects substantial growth potential for Brixadi in the long-acting injectable

buprenorphine (LAIB) market.

Buvidal: 2Q Buvidal Sales are 12% and 11% above cons and JEFe, respectively, with 77k

patients estimated to be in treatment with Buvidal at end-2Q26 (+4k patients vs prior Q). Sales

are improving in the UK as a result of the approved NHS funding from April (o/w £1.1bn total for

drug & alcohol treatment 2026-2027) which is gradually becoming available. Also, supported

by strong performance in the Nordics, Germany, Spain and France. However, whilst sales were

stable in Australia, prescribing capacity in parts of the region is a limiting factor to growth, with

improvement expected during 2H. Indivior's decision to discontinue supply of Sublocade to

Australia from 31 Dec 2026 should support further uptake of Buvidal. Buvidal now has around

31% share of patients and over 80% share of the LAIB segment in Australia. Shan Hama * | Equity Analyst

+44 (0)20 7548 4084 | shama@jefferies.com