Camurus AB-Beat driven by Buvidal strength, total revenue 10% above and EBIT 23% above consensus-07/15/2026

研报英文原文证据摘录

Camurus AB-Beat driven by Buvidal strength, total revenue 10% above and EBIT 23% above consensus-07/15/2026

Camurus AB

NEWSFLASH | 15 JUL 2026

Beat driven by Buvidal strength, total revenue 10% above and EBIT

23% above consensus

A solid Q2 with revenues 13%/10% above PAS/Cons, driven primarily by Buvidal where patients on treatment increased by

4k in the quarter to reach 77k. Brixadi royalty was in line, while Oczyesa sales were below expectations but flat vs. Q1’26.

Gross margin and opex broadly in line left EBIT 33%/23% above PAS/Cons at a 41.7% margin. 2026 guidance reiterated. On

the regulatory side, FDA comments on the Acromegaly CRL have been addressed with an update expected shortly, while

the SORENTO study is expected to reach 194 PFS events in Q4'26, followed by readout. Expect to make positive estimate

revisions. We have a Buy rating and a TP of SEK 790.

Highlights from the report

• Total revenues 13%/10% above PAS/Cons. Primarily on higher Buvidal sales than expected

• Buvidal ended the Q with 77k patients on treatment, an increase of 4k vs. Q1’26 and an acceleration from prior trends.

• Brixadi royalty of SEK 127m, broadly in line with expectations

• Oczyesa sales of SEK 4m which is in line with Q1’26

• USD 5m milestone payment from Lilly related to exercising of the amylin option.

• Gross margin on product sales in line at 91.6%

• Total opex in line, though with some deviations among the individual items

• EBIT significantly higher than expected, 33%/23% above PAS/Cons. 41.7% margin

• 2026 guidance reiterated: Revenues SEK 2.6-2.9bn and EBIT SEK 0.9-1.2bn

• Acromegaly CRL: FDA comments have been addressed and Camurus expects to provide a regulatory update shortly

• SORENTO study: 194 PFS events expected to be reached in Q4’26, followed by readout