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Camurus
Camurus (CAMX) investor relations material
Camurus Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Full-year 2025 revenue rose 21% to SEK 2,265–2,300 million, with profit before tax up 69% to SEK 933 million, driven by strong Brixadi royalties and Buvidal expansion.
Expanded US commercial infrastructure, launched Oczyesa for acromegaly in Germany, and secured regulatory approvals in the EU and UK.
Entered strategic license agreements with Eli Lilly for long-acting incretin therapies and Gubra for hypoparathyroidism.
Positive clinical results in obesity (CAM2056) and polycystic liver disease, with improved sustainability performance.
Net cash position increased to SEK 3.7 billion, supporting future R&D and launches.
Financial highlights
Q4 2025 revenue was SEK 464 million, down 16% year-over-year, mainly due to a SEK 93 million UK inventory repurchase and distribution model change.
Full-year product sales grew 6% to SEK 1,751–1,752 million; Brixadi US royalties rose 87% to SEK 396 million.
Full-year operating result increased 86% to SEK 874 million; profit before tax reached SEK 933 million.
Gross margin for 2025 was 92.2%; operating margin was 38.6–39%.
Cash and cash equivalents at year-end: SEK 3.7 billion, up 31–33% year-over-year.
Outlook and guidance
2026 revenue guidance: SEK 2.6–2.9 billion (midpoint +21% vs. 2025); operating result: SEK 0.9–1.2 billion (midpoint +20%).
SEK 200 million allocated to US expansion for Oclaiz launch; R&D expenses to rise by SEK 150 million.
Guidance excludes potential licensing revenues from new or existing partnerships.
Guidance reflects market dynamics, pricing, reimbursement, and macroeconomic uncertainties.
UK distribution model change impact on 2026 outlook?
CAM2056 competitive edge vs. current GLP-1s?
Buvidal 2027 patient target given UK funding?
How will Buvidal reach 100k patients by 2027?
SORENTO readout: early or late H2 2026?
CAM2056 efficacy advantage: sustained in Phase 2b?
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Next Camurus earnings date
Q1 202612 May, 2026
Camurus
Next Camurus earnings date
Q1 202612 May, 2026
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Frequently asked questions
Camurus is a pharmaceutical company that develops and commercializes long-acting treatments for serious and chronic conditions. The company specializes in proprietary drug delivery technologies, particularly its FluidCrystal system, which is designed to provide extended drug release through subcutaneous or intramuscular injection. Camurus focuses on areas such as opioid dependence, pain management, oncology, and endocrinology, aiming to improve treatment adherence and patient outcomes. Its product portfolio includes both commercialized therapies and development-stage programs across multiple therapeutic areas. The company is headquartered in Lund, Sweden, and its shares are listed on the Stockholm Stock Exchange.
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