Camurus (CAMX) Q1 2026 earnings summary

Executive summary

• Q1 2026 results aligned with expectations and full-year guidance, with sequential revenue growth and robust cash flow generation.

• Total revenues reached SEK 533 million, up 15% sequentially but down 5% year-over-year; at constant exchange rates, revenues grew 3% year-over-year.

• Strong profitability maintained with a 32% operating margin and SEK 3.9 billion in cash at quarter-end.

• Product sales impacted by UK distribution model changes and currency effects, but underlying in-market demand remains strong.

• Key regulatory milestones approaching, including FDA decision for Oclaiz in June 2026 and Phase 3 SORENTO study readout in H2 2026.

Financial highlights

• Quarterly revenue of SEK 533 million, a 5% year-over-year decrease but a 15% sequential increase, mainly due to a one-time SEK 93 million impact from the U.K. distribution model change.

• Operating result was SEK 168 million, down 30% year-over-year (15% at constant FX), with an operating margin of 32%.

• Earnings per share before dilution were SEK 2.42; after dilution SEK 2.40.

• Cash position increased by SEK 150 million during the quarter, ending at SEK 3.9 billion, a 35% increase year-over-year.

• Cash flow from operations was SEK 162 million; investing activities were negative SEK 39 million due to U.S. manufacturing expansion.

Outlook and guidance

• Full-year 2026 financial outlook reiterated: revenues expected between SEK 2.6–2.9 billion (midpoint +21% vs. 2025), operating result SEK 0.9–1.2 billion (midpoint +20% vs. 2025).

• Guidance reflects anticipated US launch of Oclaiz, increased R&D and commercial investments, and excludes potential new licensing revenues.

• Improved market access in the U.K. and continued Brixadi momentum expected to support performance.

• Oclaiz U.S. launch anticipated in Q3 2026, pending FDA approval (PDUFA date 10 June 2026).

• Revenue guidance does not heavily rely on Oclaiz or Oczyesa contributions.