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Camurus Interim / Quarterly Report 2026
3021_10-q_2026-05-12_7440ec67-db06-481f-aaa5-ef150c456cd3.pdf
Interim / Quarterly Report
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camurus®
INTERIM REPORT FOR
THE FIRST QUARTER 2026
"Q1 performance on track for full-year guidance"
Camurus is an international, science-led biopharmaceutical company committed to developing and commercializing innovative, long-acting medicines for improving the lives of patients with severe and chronic diseases. New drug products with best-in-class potential are conceived based on the company's proprietary FluidCrystal® technology and its extensive R&D expertise. The R&D pipeline includes products for the treatment of dependence, pain, cancer, and endocrine diseases. Camurus has operations across Europe, the US, and Australia, with headquarters in Lund Sweden. The company's shares are listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit camurus.com and LinkedIn
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First quarter summary
January - March
- Total revenues decreased 5% (increased 3% at CER¹) to SEK 533 (558) million
- Product sales decreased 12% (6% at CER¹) to SEK 426 (485) million
- Royalties increased 44% (59% at CER¹) to SEK 106 (74) million
- Operating result decreased 30% (15% at CER¹) to SEK 168 (239) million
- Profit before tax decreased 28% (14% at CER¹) to SEK 184 (254) million
- The cash position at the end of the quarter was SEK 3.9 (2.9) billion
- FDA accepted the Oclaiz™ NDA for review with PDUFA action date 10 June, 2026
- Financial outlook 2026 reiterated
| MSEK | 2026
Jan-Mar | 2025
Jan-Mar | Δ | 2025
Jan-Dec |
| --- | --- | --- | --- | --- |
| Total revenues² | 533 | 558 | -5% | 2,265 |
| whereof product sales, | 426 | 485 | -12% | 1,752 |
| royalties | 106 | 74 | 44% | 396 |
| OPEX | 328 | 289 | 13% | 1,237 |
| Operating result | 168 | 239 | -30% | 874 |
| Profit before tax | 184 | 254 | -28% | 933 |
| Result for the period | 144 | 197 | -27% | 736 |
| Earnings per share, after dilution, SEK | 2.40 | 3.31 | -27% | 12.36 |
| Cash position | 3,876 | 2,878 | 35% | 3,726 |
- At constant exchange rate.
- See Financial information, Note 4.
First quarter 2026
Total revenues
SEK 533 million
-5% (+3% at CER)
Operating result
SEK 168 million
-30% (-15% at CER)
Net cash
SEK 3.9 billion
+35%
Financial analysts, investors and media are invited to attend a webcast and presentation of the results on 12 May at 2 pm (CET).
To access the webcast:
https://camurus.events.inderes.com/q1-report-2026
To participate and ask questions:
https://events.inderes.com/camurus/q1-report-2026/dial-in
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Underlying market growth with key milestones approaching
Camurus' first quarter 2026 results were in line with our expectations and full-year guidance. Following changes to the distribution model in the UK in Q4 2025, sales revenues recovered, while our R&D pipeline continued to advance. We are expecting the approval decision for Oclaiz™ in the US on 10 June and thereafter look forward to completing the randomized part of the SORENTO study in GEP-NET and sharing the primary Phase 3 results.
The company's total revenues for the quarter amounted to SEK 533 million, up 15 percent sequentially from Q4 2025. The year-on-year decline of 5 percent (increase of 3 percent at CER) versus Q1 2025 primarily reflects currency effects alongside modest sales in January. The operating result amounted to SEK 168 million, corresponding to a margin of 32 percent. We ended the quarter with a strengthened net cash of SEK 3.9 billion, an increase of 35 percent, and our full-year financial outlook is reiterated.
Buvidal® growing with improving market access
Reported Buvidal sales in Q1 were down 13 percent year-on-year, but increased 24 percent compared to the previous quarter. Sales were impacted by the UK distributor model transition in 2025, which included a one-time inventory repurchase of SEK 93 million in Q4 2025 and elevated channel sales in Q1 2025, creating a high comparison base.
In-market Buvidal sales grew 17 percent year-on-year, with solid performances in the Nordics, Germany, France, and Spain. In Portugal, early commercial momentum is encouraging following a new funding decision for Buvidal late last year. In Australia, a seasonal softness from summer vacations was noted, and funding constraints from 2025 continued to affect patient access in the UK. On the positive side, a new budget and three-year funding allocations were announced for the new NHS financial year, beginning 1 April, 2026. This is expected to support improved patient access to treatment in the UK throughout the remainder of the year and beyond. At the end of Q1, approximately 73,000 patients were estimated to be in treatment with Buvidal. With the new multi-year framework for funding in the UK and positive signals on access developments in other markets, we continue to work towards our vision, communicated autumn 2022, of 100,000 patients in treatment at the end of 2027.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Brixadi® building market share in the US
Royalty income from Braeburn’s net sales of Brixadi® grew 44 percent year-on-year (59 percent at CER) to SEK 106 million in the quarter. Brixadi continued to gain share in the US LAI buprenorphine segment, reaching approximately 32 percent of equivalized units in Q1 2026 compared with 26 percent a year earlier.¹ The performance reflected the occurrence of seasonal prior authorization renewals and payor mix pressure in Q1. These effects will normalize as the year progresses. Braeburn continues to invest significantly in growing the Brixadi franchise, including expanded patient-facing commercial activities. To date, sales in the US are on track and expected to accelerate as Brixadi gains share in the large and still underpenetrated US market for opioid use disorder.
Oczyesa® momentum in Europe and US approval decision for Oclaiz in sight
Oczyesa delivered its first full quarter with sales of SEK 4 million, underpinned by early positive momentum in Germany and ongoing launch preparations in the UK and the Nordics. In the US, the FDA accepted the NDA for Oclaiz® for review with a PDUFA action date of 10 June, 2026. Based on previously available information, no outstanding issues remain with respect to CAM2029 or its clinical efficacy and safety. We understand the review to be primarily focused on the status of corrective and preventive actions implemented by the contract manufacturer as per the complete response letter received by Camurus in October 2024. Meanwhile, our commercial and medical teams are gearing up for the US launch. Camurus will have a significant presence at the ENDO 2026 conference in Chicago 13-16 June, an important platform for evidence dissemination shortly after the FDA decision. In addition to the US, two regulatory reviews are currently ongoing.
Pipeline progress and key R&D milestones
During the quarter, the pivotal Phase 3 SORENTO study of CAM2029 continued to progress in patients with gastroenteropancreatic neuroendocrine tumors (GEP-NET). We are looking forward to completing the randomized part of the trial in the second half of the year and thereafter read out primary results regarding superiority of CAM2029 compared to first-line standard of care. A successful outcome would represent a major milestone for Camurus and for patients with GEP-NET. In addition to GEP-NET, during the quarter we completed an End-of-Phase 2 meeting with the FDA regarding the further development of CAM2029 for the treatment of patients with polycystic liver disease (PLD). Next steps will be informed by the Agency’s Phase 3 guidance alongside new expected data from the ongoing POSITANO extension study.
For CAM2056, our monthly semaglutide depot, regulatory feedback was received by the FDA and study preparations are advancing towards study initiation of a planned Phase 2 study in the second half of 2026. In parallel, our R&D teams are proceeding with the development of the final product format, including a new autoinjector pen intended for Phase 3.
Alongside these developments, our collaborations with Eli Lilly on other long-acting incretins, and with Gubra for long-acting PTH-agonists progressed.
> “Brixadi® is the US brand name for Camurus’ product Buvidal®.
> Oclaiz is the proposed US brand name for CAM2029 for the treatment of acromegaly.
Estimated completion of SORENTO in GEP-NET in the second half of the year
Strengthening corporate development
We were pleased to welcome Jane Buus Laursen as Chief Corporate Development Officer during the quarter, strengthening our leadership team as Camurus enters a pivotal phase of growth.
First quarter on track; 2026 guidance reaffirmed
All in all, Camurus’ first quarter performance in 2026 was in line with our expectations, delivering robust cash flow and further strengthening our financial position. We are projecting accelerated commercial performance during the remainder of the year as new market access initiatives to improve patients’ access to effective treatment options are coming into effect. With two marketed products gaining share, a potentially transformative Phase 3 readout in GEP-NET, a differentiated GLP-1 asset, and strategic partnerships with leading pharma companies, Camurus offers profitable growth and pipeline catalysts, and is well positioned to deliver on its 2026 objectives – ultimately improving the lives of patients with severe and chronic conditions.
Fredrik Tiberg
President and CEO
References
1. Veeva Compass and Camurus internal analytics.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Products and pipeline
Camurus has an advanced and diversified portfolio spanning early-stage programs to established marketed products, focused on improving the lives of patients with severe and chronic diseases. New drug candidates are developed by combining the proprietary FluidCrystal® technology with new or well-characterized active substances with clinically documented efficacy and safety.
Leveraging strong R&D capabilities, a scalable commercial organization, and a solid financial foundation, Camurus is entering a new growth phase – building on established products while progressively expanding across indications and therapeutic areas to drive long term value and patient impact.
Other clinical stage programs include CAM2032 (Prostate cancer), CAM2043 (PAH – Pulmonary arterial hypertension), and CAM2047 (CINV – Chemotherapy-induced nausea and vomiting)
Central nervous system (CNS)
Rare diseases
Oncology
Other
1) Licensed to Braeburn in North America
2) Licensed to Rhythm Pharmaceuticals, Globally
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Commercial operations
Buvidal®/Brixadi®
- Treatment of opioid dependence
Buvidal (buprenorphine) prolonged-release solution for injection is indicated for the treatment of opioid dependence within a framework of medical, social and psychological treatment, in adults and adolescents aged 16 years and over.¹ Available as weekly and monthly formulations in multiple dose options, Buvidal offers the flexibility to tailor treatment to individual patient needs.
Buvidal is based on Camurus' FluidCrystal technology. The product provides rapid onset and extended release of buprenorphine, which supports sustained reductions in illicit drug use, withdrawal, and cravings.² With its opioid-blocking effect, Buvidal may help prevent relapse and overdose.³ Treatment can start on day one or by switching from daily buprenorphine using an established dose-conversion table.
Clinical studies and real-world evidence demonstrate that Buvidal reduces treatment burden and improves patient satisfaction and quality of life compared to daily sublingual buprenorphine.²,⁴,⁵ Evidence also points to substantial cost savings for healthcare systems, custodial settings, and society at large.⁶-⁸
Buvidal is available to patients across Europe, Australia, and the MENA region. In the US, the product is marketed as Brixadi by Camurus' license partner Braeburn.
Read more about Buvidal and Brixadi on camurus.com/science/products →
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Status Q1 2026
Commercial development
Europe, Australia and MENA region
- Reported Buvidal sales in Q1 were 422 MSEK, a decrease of 13% (7% at CER) vs. Q1 2025, and an increase of 24% (24% at CER) vs. Q4 2025
- The results reflect channel phasing between quarters in the UK in 2025 and the change in the distribution model end of Q4 2025
- The quarter was in line with assumptions and full-year guidance
- In-market sales grew by 17% vs Q1 2025, characterized by:
- Robust performances in the Nordics, Germany, France and Spain, and Portugal accelerating following a funding decision late last year
- Australian reported sales were soft due to reduced clinic activity during their summer period, following the typical fourth quarter build ahead of the holiday season, consistent with prior-year patterns
- A new NHS budget and three-year funding allocation of opioid dependence treatment in England announced for the financial year beginning 1 April, 2026, expected to support improved patient access in the UK
- Policy momentum supporting long-acting injectable buprenorphine (LAIB) access, with reports from England, Wales, and Germany:
- England: RAND** evaluation recommends commissioners to consider sustained and consistent funding for depot buprenorphine
- Wales: Welsh Government report recommends Buvidal for patients with clinical need in community and prison settings¹⁰
- Germany: Federal Audit Office calls for reform of physician remuneration, shifting incentives away from dispensing toward therapeutic consultations¹¹
- 73,000 patients were estimated to be in treatment with Buvidal at the end of Q1 2026
US
- Royalties from Brixadi net sales Q1 grew 44% (59% at CER) vs. Q1 2025 to 106 (74) MSEK and decreased 13% (12% at CER) vs. Q4 2025
- Q1 sales reflected seasonality related to prior authorization renewals and payor mix dynamics expected to normalize as the year progresses
- The equivalent unit share for Brixadi in Q1 2026 increased to -32% of the US LAI segment, which now accounts for about 10% of buprenorphine patients¹²
- Braeburn continues to materially invest in growing Brixadi franchise, including patient-facing commercial activities
Medical affairs
- Participation and presentations of clinical data and real-life experiences at scientific conferences and meetings:
- Camurus hosted 2026 Annual National Event of Camurus Spain, bringing together leading physicians and nurses working in the field of addictions, 21 February in Madrid, Spain
- Sponsor at 2026 Conference of the Portuguese Association of Addiction Studies, 26-27 February in Évora, Portugal
- Sponsor and symposium at the Managing Addictions in Primary Care Conference 2026 (RCGP), 26 February in Liverpool, UK
- Increased evidence base with several new publications on Buvidal and Brixadi showing that:
- Weekly extended-release (Brixadi) and sublingual buprenorphine showed similar treatment engagement at day 7 when initiated in the emergency department; precipitated withdrawal was rare despite a high prevalence of fentanyl¹³
- Weekly extended-release buprenorphine (Brixadi) supported effective opioid use disorder treatment during pregnancy and through 12 months postpartum¹⁴
- Frequency of administration was the most important treatment attribute for patients in Spain receiving opioid dependence treatment, with preferences varying by treatment type¹⁵
- LAIB may reduce stigma and enhance autonomy, but its benefits depend on service delivery models¹⁶
- Continuation of LAIB post prison release was influenced by individual and psychosocial factors, underscoring the need for tailored support¹⁷
- Experience with LAIB in Italy highlighted the value of patient narratives for individualized, recovery focused care¹⁸
Regulatory
-
Three national market authorization applications under review in the MENA region
-
At constant exchange rate.
** Nonprofit, nonpartisan research organization that provides independent analysis to help policymakers make evidence-based decisions.
CAMURUS INTERIM REPORT FOR THE FIRST QUARTER 2026
Read more about Oczyesa at
camurus.com/science/products $\longrightarrow$
Commercial operations
Oczyesa®
- Treatment of acromegaly
Oczyesa (octreotide) prolonged-release solution for injection is indicated for maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogs.[19] Designed for effective disease control, Oczyesa also offers the convenience of once-monthly self-administration via a ready-to-use autoinjector pen. The product is based on Camurus' proprietary FluidCrystal technology. It is stored at room temperature and does not require refrigeration.
Oczyesa received marketing authorization in the EU and the UK in 2025, supported by a comprehensive clinical program including two Phase 3 studies within the ACROINNOVA program. In the pivotal ACROINNOVA 1 study, Oczyesa demonstrated a significantly higher proportion of patients achieving normalized IGF-1 levels compared with placebo. The ACROINNOVA 2 study confirmed sustained IGF-1 normalization, reduced symptoms, and improved quality of life over 52 weeks. Patients also reported higher treatment satisfaction compared with their previous standard-of-care treatment. Oczyesa was generally well tolerated, with a safety profile comparable to established somatostatin receptor ligands.[20,21]
The European launch of Oczyesa commenced in November 2025, with Germany as the first market.
Status Q1 2026
- Oczyesa launch in Germany off to a good start with Q1 product sales of 4 MSEK and an estimated 50 patients (2.5% market share) in treatment after one quarter of sales
- Pricing, reimbursement and launch preparations in the UK and the Nordics
- UK listing on the NHS National Framework Agreement, enabling procurement by NHS trusts
Medical symposium at German Society of Endocrinology (DGE) congress 10-11 March in Weimar, Germany, and sponsor and symposium at Society for Endocrinology (SfE) BES 2026, 24 March in Harrogate, UK
CAMURUS INTERIM REPORT FOR THE FIRST QUARTER 2026
Progress in key pipeline programs
CAM2029 – Acromegaly, GEP-NET and PLD
CAM2029 is a novel, once-monthly octreotide depot developed for effective disease control and convenient self-administration. The product candidate is under development for the treatment of three diseases: acromegaly, gastroenteropancreatic neuroendocrine tumors (GEP-NET) and polycystic liver disease (PLD).
Compared with currently available long-acting octreotide, CAM2029 delivers approximately five-fold greater octreotide bioavailability, with the potential for improved treatment efficacy. Unlike other somatostatin receptor ligands (SRLs), which require intramuscular or deep subcutaneous injection with large needles and are generally administered by a trained healthcare professional[22,23], CAM2029 is self-administered as a subcutaneous injection using a pre-filled autoinjector pen. The product is ready-to-use and stored in room temperature.
CAM2029 has been evaluated in a comprehensive clinical program encompassing five Phase 1 and 2 studies, two Phase 3
studies in acromegaly (ACROINNOVA 1 and 2), a Phase 2b study in PLD (POSITANO), and an ongoing Phase 3 study in GEP-NET (SORENTO).
SORENTO $^{24}$ is a pivotal, randomized Phase 3 study evaluating the efficacy and safety of CAM2029 versus standard-of-care treatment with octreotide LAR or lanreotide ATG in patients with metastatic or unresectable GEP-NET. With 332 patients enrolled across more than 100 sites globally, it is the largest randomized clinical study of a SRL in GEP-NET to date. The primary endpoint is superiority in progression-free survival compared with current first-line treatments. A positive outcome could position CAM2029 as a new first-line treatment option for patients with GEP-NET.
Read more about our development programs at www.camurus.com/science
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Status Q1 2026
Acromegaly
- Oclaiz NDA was accepted for review by the US FDA with PDUFA target action date 10 June, 2026
- Three national market authorization applications for Oclaiz/Oczyesa under review
- After the period, poster presentation and educational session focused on the evolving role of AI in clinical endocrinology were held at AACE 2026 Annual Meeting 22-24 April in Las Vegas, US
GEP-NET
- The Phase 3 SORENTO study of CAM2029 in patients with GEP-NET progressed according to plan during the quarter. Accrual of progression-free survival events is in line with the target of reaching 194 events in the second half of 2026, followed by readout of primary Phase 3 results.
- Medical symposium at ENETS 4-6 March in Kraków, Poland
PLD
- The first patients completed the 2.5-year open label extension period of POSITANO
- An End-of-Phase 2 meeting was held with the FDA to discuss the primary results of the POSITANO study and proposed Phase 3 program for CAM2029 in PLD. Next steps will be informed by the FDA's Phase 3 guidance alongside new expected data from the extension study.
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Additional R&D program
CAM2056
CAM2056, Camurus' monthly formulation of semaglutide, has been evaluated in a Phase 1b study with positive results. The study assessed pharmacokinetics, pharmacodynamics (incl. weight and hemoglobin A1c) and safety and tolerability of CAM2056 compared to commercially available weekly semaglutide in participants who were overweight or obese and otherwise healthy. Results showed that CAM2056 was well tolerated and achieved significant dose-dependent reductions in body weight, hemoglobin A1c, and fasting glucose, matching or exceeding those observed with weekly semaglutide.²⁵
Status Q1 2026
- Clinical trial report of Phase 1b study of CAM2056 in participants with overweight or obesity completed
- Phase 2b study preparations for CAM2056 with planned start in H2 2026
- Development of the final product design for Phase 3, including selection of autoinjector pen
- Type B interaction with the FDA regarding Phase 2b study and overall development program
Early R&D programs
Long-acting incretins: R&D activities in the strategic partnership between Eli Lilly and Camurus on long-acting incretin products for cardiometabolic health advanced according to plan. The collaboration relates to the development of long-acting dual GIP and GLP-1 receptor agonists and triple GIP, glucagon and GLP-1 receptor agonists using Camurus' proprietary FluidCrystal technology.
Long-acting parathyroid hormone analogue (PTH): A new collaboration project between Camurus and Gubra A/S was announced late Q4 2025. The partnership relates to the development of a novel long-acting parathyroid hormone (PTH) analogue combining Gubra's lead peptide candidate and Camurus' FluidCrystal technology. During the quarter, pharmacokinetic profiles of lead formulations were assessed in pre-clinical studies, with development candidate selection planned for mid-2026.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Corporate development and sustainability
References
- Buvidal SmPC, https://www.ema.europa.eu/en/documents/product-information/buvidal-eparproduct-information_en.pdf
- Loftwall MR, et al. JAMA Intern Med. 2018;178(6):764-773.
- Walsh L, et al. JAMA Psychiatry. 2017;74(9):894-902.
- Lintzeris N, et al. JAMA Network Open. 2021;4(5):e219041.
- Frost M, et al. Addiction. 2019;114:1416-1426.
- Gaufin, E., et al. BMC Health Services Research. Vol 25; 1397, 22 Oct, 2025.
- Stöver, H., et al. Gesundheitswesen. 2023 Jun;85(6):573-577.
- Sayers, C., et al. Subst Abuse Rehabil. 2023 Apr 15:16:83-93.
- https://www.rand.org/pubs/research_reports/RRA4735-6.html
- https://www.gov.wales/buvidal-evaluation
- https://www.bundesrechnungshof.de/SharedDocs/Downloads/3E/Berichte/2026/ ergaenzungsband-2025/27-volltext.pdf?_bkid=publicationFile&v=2
- Veeva Compass.
- D'onofrio, G., et al. JAMA 2026 Feb 11:e2527019.
- Winhusen, TJ., et al. JAMA Intern Med. 2026 Mar 10:e260057.
- Dorado-Garcia, ML, et al. Addictive Behaviors Reports 23 (2026) 100674.
- Donaldson, SR, et al. Drug and Alcohol Dependence Reports Available online 6 March 2026, 100421. (Camurus.gram).
- Peck, L. J. D., et al. Drug Alcohol Rev. 2026 Feb;45(2):e70096.
- Ariano, V., et al. Int. J. Environ. Res. Public Health 2026;23(3):336.
- Ocoyesa SmPC, https://www.ema.europa.eu/en/medicines/human/EPAR/ocoyesa
- Ferone, D., et al. J Clin Endocrinol Metab. Published 8 October, 2024
- Press release 15 July, 2024: https://www.camurus.com/media/press-releases/2024/camurusannounces-positive-phase-3-results-from-the-acroinnova-2-study-of-octreotide-scdspot-cam2029-in-acromegaly-patients/
- Prescribing Information SANDOSTATIM* LAR, https://www.accesdata.fda.gov/shugsatfda_docs/label/2024/021008Orig1s047Corrected_6V.pdf
- Prescribing Information SOMATULIMP, https://www.accesdata.fda.gov/shugsatfda_docs/label/2023/022074x0266V.pdf
- https://clinicaltrials.gov/study/NCT05050942
- Press release 10 November, 2025: https://www.camurus.com/media/press-releases/2025/camurus-reports-positive-topline-results-for-cam2056-semaglutide-monthly-depot/
WE SUPPORT
Read more about Camurus' sustainability work at www.camurus.com/sustainability →
Scaling for growth
Building on the commercial success of its first products, Camurus is entering its next phase of growth by scaling the business across indications and pursuing active corporate development. The focus is on maximizing the value of marketed products, diversifying the commercial portfolio, and driving long-term growth through targeted business development. The strategy is supported by a growing team of skilled professionals, a scalable commercial infrastructure, and a commitment to sustainability embedded across operations and decision making.
Status Q1 2026
- Jane Buus Laursen was appointed as Camurus' Chief Corporate Development Officer (CCDO) and member of the executive management team, effective 23 March, 2026 – bringing over 20 years' experience from senior roles at Novo Nordisk and AstraZeneca and a strong track record in licensing, M&A, and post-deal value creation
Sustainability in action
Camurus' commitment to improving patients' lives carries a clear sustainability dimension: creating value for patients and society while minimizing risks and environmental impact across the value chain. The sustainability strategy rests on four pillars – patients, people, planet, and responsible business – supported by concrete ambitions, goals, and initiatives aligned with the UN's Sustainable Development Goals (SDGs). Camurus continuous improvement is reflected in strong scores across international ESG ratings.
Status Q1 2026
- Obtained external assurance for 2025 greenhouse gas (GHG) data calculations in accordance with the AA1000 standard (for more information see Camurus' website)
- Camurus supported the global Rare Disease Day initiative on 28 February, promoting equitable access to diagnosis, care, and opportunities for people living with rare diseases worldwide
- After the period, Camurus as part of the company's Annual Report, published its Sustainability Report 2025 available at Camurus' website
CAMUR IIB INTERIM REPORT FOR THE FIRST QUARTER 2026
Financial statements
CAMURUS INTERIM REPORT FOR THE FIRST QUARTER 2026
Financial overview
Revenues
Total revenues for the quarter reached MSEK 533 (558), a 5 percent decrease (3 percent increase at CER¹) compared to the same period last year. The year-over-year decline was mainly due to unfavourable currency effects and seasonal sales patterns. On a sequential basis, revenues rose by 15 percent from Q4 2025, following the one-off effect from the change in the UK distribution model in the previous quarter of MSEK 93.
Product sales amounted to MSEK 426 (485), representing a 12 percent decline (6 percent at CER) compared to the same quarter previous year and an increase of 25 percent (25 percent at CER) compared to last quarter.
Buvidal® sales experienced modest growth in the first quarter, in line with the pattern of development in the full-year guidance assumptions. Strong results were seen in the Nordics, Germany, France, and Spain. In Australia, Q1 sales were impacted by seasonal slowdowns from summer vacations, while ongoing funding limitations continued to restrict patient access in the UK. A new budget and three-year funding plan were announced for the upcoming NHS financial year which started 1 April, which is expected to enhance patient access for the rest of the year. By the end of Q1, roughly 73,000 patients were estimated to be in treatment with Buvidal.
Oczyesa® recorded its first full commercial quarter, generating MSEK 4 in sales, with early positive momentum in Germany.
Royalty revenue from Braeburn's net sales of Brixadi® in the US increased by 44 percent year-on-year (59 percent at CER) to MSEK 106 (74), indicating ongoing market share growth in the US opioid use disorder market.
For further information, see Note 4.
Operating result
OPEX for the quarter was MSEK 328 (289), up 13 percent compared to the same period previous year, reflecting continued commercial investment and R&D activity.
Marketing and distribution costs amounted to MSEK 130 (116) in the quarter, an increase driven by the commercial development of Buvidal and Oczyesa and the company's expansion into the US.
Administrative expenses for the quarter were MSEK 47 (42), in line with the company's corporate development plan.
R&D costs for the quarter amounted to MSEK 138 (131).
The operating result for the quarter was SEK 168 (239), a 30 percent decrease (15 percent at CER) compared to the same quarter previous year, corresponding to an operating margin of 32 percent.
¹) At constant exchange rates.
Financial items
Financial items in the period were MSEK 15 (15).
Profit before tax and tax
The profit before tax for the quarter was MSEK 184 (254), down 28 percent (14 percent at CER) compared to the same period last year.
The tax expense in the quarter was MSEK 40 (57), reflecting the company's profitability.
Result for the period
The result for the period amounted to MSEK 144 (197), a decrease of 27 percent (9 percent at CER) compared to the same period previous year.
Earnings per share before dilution were SEK 2.42 (3.36) for the quarter, while earnings per share after dilution were SEK 2.40 (3.31).
Cash flow and investment
The cash position at the end of the quarter amounted to MSEK 3,876 (2,878), a 35 percent increase compared to the previous year and 4 percent from previous quarter.
Cash flow from operating activities, before change in working capital, amounted to MSEK 171 (246) for the quarter. The year-on-year difference was mainly driven by a lower operating result.
The change in working capital affected the cash flow by MSEK -9 (-168) in the quarter, primarily driven by lower accounts payable and higher trade receivables and other current operating liabilities.
Cash flow from investing activities in the quarter was MSEK -39 (-34), mainly related to the establishment of a secondary manufacturer.
Cash flow from financing activities was MSEK 21 (-6) in the quarter, primarily due to payments for the exercise of employee stock options under the ESOP 2022/2026 program.
Pipeline and corporate highlights
In the US, the FDA accepted the NDA for Oclaiz™ for review, with a PDUFA date set for 10 June, 2026. The Phase 3 SORENTO study of CAM2029 in gastroenteropancreatic neuroendocrine tumors (GEP-NET) continued to advance, with the randomized portion expected to be completed in the second half of 2026. For CAM2056, preparations for the Phase 2b study were progressing toward study initiation in the latter half of 2026.
Jane Buus Laursen joined as Chief Corporate Development Officer and member of the Executive Management Team during the quarter.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Financial position
The cash position for the group as of 31 March, 2026 was MSEK 3,876 (2,878).
There were no loans as of 31 March, 2026 and no loans have been taken since this date.
Consolidated equity as of 31 March, 2026 was MSEK 4,422 (3,487). The difference compared to last year mainly relates to the company's profitability and exercise of employee stock options.
Total assets for the group were MSEK 4,958 (3,969).
Parent company
The company's total revenues in the quarter amounted to MSEK 514 (534).
The result after tax in the quarter was MSEK 123 (139).
On 31 March, 2026, equity in the parent company amounted to MSEK 4,104 (3,337) and total assets to MSEK 4,632 (3,624), of which MSEK 3,717 (2,732) were cash and cash equivalents.
Acquisitions and divestitures
No acquisitions nor divestitures have taken place during the quarter.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
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Other disclosures
Camurus' share
Camurus' share is listed on Nasdaq Stockholm.
At the end of the period, the total number of shares and votes was 59,989,184 (58,879,018), with a quota value per share of SEK 0.025. The difference compared to last year mainly relates to new shares through exercise of stock options in the ESOP 2022/2026 program and hedging of the PSP 2025/2028 program.
Currently, Camurus has three long-term share-based incentive programs ongoing, one employee stock option program and two performance share programs for the company's employees. During the quarter, earnings after tax were negatively impacted by MSEK 3, without any cash flow effect, related to the programs.
For further information about the programs, see Note 2.3.
Personnel
At the end of the period, Camurus had 308 (265) employees, of whom 154 (128) were within research and development and medical affairs, 117 (104) within business development and marketing and sales, and 36 (32) within administration. The number of employees, in terms of full-time equivalents, amounted to 290 (256) in the quarter.
Financial outlook for 2026
When providing market guidance, the company has considered:
a) Market conditions in current macroeconomic environment
- Anticipated market dynamics and competitive developments
- Pricing conditions and reimbursement landscape
- Macroeconomic uncertainties
b) Investments in organization and R&D in 2026
- Increase of MSEK 200 for scaling up US operations for the anticipated launch of Oclaiz
- R&D expenditures are expected to increase by -MSEK 150
c) Scope of guidance
- Outlook only includes revenues from product sales (including royalty and relevant sales milestones), but excludes potential licensing revenues from new and existing development partnerships
Camurus' full year 2026 outlook is as follows:
- Revenues BNSEK 2.6 to 2.9, midpoint +21% vs. 2025
- Operating result BNSEK 0.9 to 1.2, midpoint +20% vs. 2025
Audit
This report has not been reviewed by the company's auditor.
Forward-looking statements
This report includes forward-looking statements about expected and assumed future events, such as start of new development programs, regulatory approvals, market potential and financial performance. These events are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from previous judgements.
Financial calendar 2026
AGM 2026 28 May, 2026, at 5 pm CET
Q2 Interim Report 2026 15 July, 2026
Q3 Interim Report 2026 5 November, 2026
Further information
For further information, please contact:
Fredrik Tiberg, President and CEO
Tel. +46 46 286 46 92, e-mail: [email protected]
Lund, Sweden, 12 May, 2026
Camurus AB
Board of Directors
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Consolidated statement of comprehensive income
| KSEK | Not | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- | --- |
| Total revenue | 4 | 533,099 | 558,342 | 2,265,378 |
| Cost of goods sold | | -37,162 | -39,292 | -156,136 |
| Gross profit | | 495,937 | 519,050 | 2 109,242 |
| Marketing and distribution costs | | -130,127 | -115,653 | -527,778 |
| Administrative expenses | | -47,352 | -41,750 | -180,375 |
| Research and development costs | | -137,612 | -131,451 | -516,915 |
| Other operating income | | 403 | 8,873 | 1,193 |
| Other operating expenses | | -12,849 | -187 | -11,439 |
| Operating result | | 168,400 | 238,882 | 873,928 |
| Financial income | | 16,932 | 16,412 | 64,922 |
| Financial expenses | | -1,474 | -1,335 | -5,758 |
| Net financial items | | 15,458 | 15,077 | 59,164 |
| Result before tax | | 183,858 | 253,959 | 933,092 |
| Income tax | 9 | -40,040 | -56,706 | -197,524 |
| Result for the period^{1)} | 5 | 143,818 | 197,253 | 735,568 |
| Other comprehensive income | | | | |
| Exchange-rate differences | | 5,925 | -10,278 | -11,087 |
| Comprehensive income for the period^{1)} | | 149,743 | 186,975 | 724,481 |
1) All attributable to parent company shareholders.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Earnings per share based on earnings attributable to parent company shareholders for the year (in SEK per share)
| | Not | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- | --- |
| Earnings per share before dilution, SEK | 5 | 2.42 | 3.36¹) | 12.52¹) |
| Earnings per share after dilution, SEK | 5 | 2.40 | 3.31¹) | 12.36¹) |
¹) Adjusted by treasury shares held by the parent company.
For more information about calculation of earnings per share, see Note 5.
Presently, the company has three long-term share-based incentive programs active.
For further information see page 16 Camurus' share, and Note 2.3.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Consolidated balance sheet
| KSEK | Note | 31-03-2026 | 31-03-2025 | 31-12-2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | ||||
| Intangible assets | ||||
| Capitalized development expenditure | 21,131 | 22,276 | 21,577 | |
| Tangible assets | ||||
| Lease assets | 109,955 | 108,300 | 106,491 | |
| Equipment, fixtures and fittings | 36,456 | 38,920 | 37,657 | |
| Construction in progress | 173,856 | 34,839 | 134,685 | |
| Financial assets | ||||
| Other long-term receivables | 1,606 | 1,505 | 1,592 | |
| Deferred tax receivables | 9 | - | 85,685 | - |
| Total fixed assets | 343,004 | 291,525 | 302,002 | |
| Current assets | ||||
| Inventories | ||||
| Finished goods and goods for resale | 76,623 | 75,971 | 61,386 | |
| Raw materials | 40,576 | 58,286 | 50,236 | |
| Total inventories | 117,199 | 134,257 | 111,622 | |
| Current receivables | ||||
| Trade receivables | 453,832 | 508,825 | 429,574 | |
| Other receivables | 11,809 | 48,438 | 13,637 | |
| Prepayments and accrued income | 156,667 | 108,029 | 157,174 | |
| Total current receivables | 6 | 622,308 | 665,292 | 600,385 |
| Cash and cash equivalents | 3,875,616 | 2,878,054 | 3,725,967 | |
| Total current assets | 4,615,123 | 3,677,603 | 4,437,974 | |
| TOTAL ASSETS | 4,958,127 | 3,969,128 | 4,739,976 | |
| KSEK | Note | 31-03-2026 | 31-03-2025 | 31-12-2025 |
| --- | --- | --- | --- | --- |
| EQUITY AND LIABILITIES | ||||
| EQUITY | ||||
| Equity attributable to parent company shareholders | ||||
| Share capital | 1,500 | 1,472 | 1,497 | |
| Other contributed capital | 3,666,463 | 3,418,385 | 3,629,366 | |
| Other reserves | 37 | -5,079 | -5,888 | |
| Retained earnings, including result for the period | 754,258 | 72,201 | 610,440 | |
| Total equity | 10 | 4,422,258 | 3,486,979 | 4,235,415 |
| LIABILITIES | ||||
| Long-term liabilities | ||||
| Lease liabilities | 88,644 | 87,494 | 85,898 | |
| Social security fees incentive programs | 11,250 | 5,474 | 13,384 | |
| Deferred tax liabilities | 9 | 37,101 | - | 38,105 |
| Total long-term liabilities | 136,995 | 92,968 | 137,387 | |
| Short-term liabilities | ||||
| Trade payables | 60,555 | 65,187 | 105,450 | |
| Lease liabilities | 21,439 | 19,147 | 20,132 | |
| Income taxes | 25,214 | 29,754 | 20,418 | |
| Social security fees incentive programs | 800 | 77,241 | 14,331 | |
| Other liabilities | 98,120 | 42,236 | 30,492 | |
| Accrued expenses and deferred income | 192,746 | 155,616 | 176,351 | |
| Total short-term liabilities | 6 | 398,874 | 389,181 | 367,174 |
| TOTAL EQUITY AND LIABILITIES | 4,958,127 | 3,969,128 | 4,739,976 |
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Consolidated statement of changes in equity
| KSEK | Note | Share capital | Other contributed capital | Other reserves | Retained earnings, including result for the period | Total equity |
|---|---|---|---|---|---|---|
| Opening balance 1 January, 2025 | 1,472 | 3,408,062 | 5,199 | -125,052 | 3,289,681 | |
| Comprehensive income for the period | ||||||
| Result for the period | - | - | - | 197,253 | 197,253 | |
| Exchange-rate differences | - | - | -10,278 | - | -10,278 | |
| Transactions with shareholders | ||||||
| Employee stock options and performance share programs | - | 10,323 | - | - | 10,323 | |
| Closing balance 31 March, 2025 | 1,472 | 3,418,385 | -5,079 | 72,201 | 3,486,979 | |
| Opening balance 1 January, 2025 | 1,472 | 3,408,062 | 5,199 | -125,052 | 3,289,681 | |
| Comprehensive income for the period | ||||||
| Result for the period | - | - | - | 735,568 | 735,568 | |
| Exchange-rate differences | - | - | -11,087 | - | -11,087 | |
| Transactions with shareholders | ||||||
| Share issues | 6 | - | - | - | 6 | |
| Exercise of stock options | 19 | 180,682 | - | - | 180,701 | |
| Employee stock options and performance share programs | - | 44,101 | - | - | 44,101 | |
| Issuance costs, net after deferred tax | - | -3,479 | - | - | -3,479 | |
| Acquisition of own shares (240,000) | - | - | - | -76 | -76 | |
| Closing balance 31 December, 2025 | 1,497 | 3,629,366 | -5,888 | 610,440 | 4,235,415 | |
| KSEK | Note | Share capital | Other contributed capital | Other reserves | Retained earnings, including result for the period | Total equity |
| --- | --- | --- | --- | --- | --- | --- |
| Opening balance 1 January, 2026 | 1,497 | 3,629,366 | -5,888 | 610,440 | 4,235,415 | |
| Comprehensive income for the period | ||||||
| Result for the period | - | - | - | 143,818 | 143,818 | |
| Exchange-rate differences | - | - | 5,925 | - | 5,925 | |
| Transactions with shareholders | ||||||
| Exercise of stock options | 3 | 25,874 | - | - | 25,877 | |
| Employee stock options and performance share programs | - | 11,584 | - | - | 11,584 | |
| Issuance costs, net after deferred tax | - | -361 | - | - | -361 | |
| Closing balance 31 March, 2026 | 10 | 1,500 | 3,666,463 | 37 | 754,258 | 4,422,258 |
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Consolidated statement of cash flow
| KSEK | Note | 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec |
|---|---|---|---|---|
| Operating activities | ||||
| Operating profit/loss before financial items | 168,400 | 238,882 | 873,928 | |
| Adjustments for non-cash items | 8 | 25,418 | 1,300 | 20,980 |
| Interest received | 16,933 | 16,417 | 64,927 | |
| Interest paid | -1,474 | -1,335 | -5,758 | |
| Income taxes paid | -38,164 | -9,607 | -27,104 | |
| Cashflow from operating activities before change in working capital | 171,113 | 245,657 | 926,973 | |
| Increase/decrease in inventories | -4,846 | 5,173 | 27,712 | |
| Increase/decrease in trade receivables | -18,788 | -98,001 | -20,713 | |
| Increase/decrease in other current receivables | 2,267 | 11,455 | -37,353 | |
| Increase/decrease in trade payables | -45,306 | -51,881 | -9,871 | |
| Increase/decrease in other current operating liabilities | 57,731 | -34,768 | -17,446 | |
| Cash flow from changes in working capital | -8,942 | -168,022 | -57,671 | |
| Cash flow from operating activities | 162,171 | 77,635 | 869,302 | |
| Investing activities | ||||
| Acquisition of intangible assets | - | - | -640 | |
| Acquisition of tangible assets | -39,481 | -34,144 | -137,884 | |
| Cash flow from investing activities | -39,481 | -34,144 | -138,524 | |
| Financing activities | ||||
| Amortization of lease liabilities | -4,197 | -6,147 | -18,114 | |
| Share issue after issuance costs | 25,423 | - | 176,524 | |
| Acquisition of own shares | - | - | -76 | |
| Other long-term receivables | -11 | 51 | -37 | |
| Cash flow from financing activities | 21,215 | -6,096 | 158,297 | |
| Net cash flow for the period | 143,905 | 37,395 | 889,075 | |
| Cash and cash equivalents at beginning of the period | 3,725,967 | 2,852,699 | 2,852,699 | |
| Translation difference in cash flow and liquid assets | 5,744 | -12,040 | -15,807 | |
| Cash and cash equivalents at end of the period | 3,875,616 | 2,878,054 | 3,725,967 |
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
Income statement – Parent company
| KSEK | Note | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- | --- |
| Total revenue | | 513,994 | 533,885 | 2,164,544 |
| Cost of goods sold | | -39,754 | -36,507 | -145,906 |
| Gross profit | | 474,240 | 497,378 | 2,018,638 |
| Marketing and distribution costs | | -144,644 | -142,213 | -517,833 |
| Administrative expenses | | -42,828 | -51,783 | -148,904 |
| Research and development costs | | -137,466 | -127,943 | -516,556 |
| Other operating income | | 28 | 40 | 56 |
| Other operating expenses | | -10,150 | -14,942 | -5,395 |
| Operating result | | 139,180 | 160,537 | 830,006 |
| Revenues from participation in group companies | | - | - | 10,940 |
| Interest income and similar items | | 16,584 | 15,896 | 62,958 |
| Interest expense and similar items | | -322 | -481 | -1,673 |
| Result after financial items | | 155,432 | 175,952 | 902,231 |
| Appropriations | | - | - | -228,805 |
| Result before tax | | 155,432 | 175,952 | 673,426 |
| Tax on result for the period | | -32,645 | -36,477 | -137,962 |
| Result for the period | | 122,787 | 139,475 | 535,464 |
Total comprehensive income is the same as result for the period, as the parent company contains no items that are recognized under other comprehensive income.
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
23
Balance sheet – Parent company
| KSEK | Note | 31-03-2026 | 31-03-2025 | 31-12-2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | ||||
| Tangible assets | ||||
| Equipment, fixtures and fittings | 32,183 | 34,843 | 33,379 | |
| Construction in progress | 173,856 | 34,739 | 134,685 | |
| Financial assets | ||||
| Interests in group companies | 57,755 | 39,724 | 53,231 | |
| Deferred tax assets | 93 | 83,881 | – | |
| Other financial assets | 1,484 | 1,359 | 1,467 | |
| Total fixed assets | 265,371 | 194,546 | 222,762 | |
| Current assets | ||||
| Inventories | ||||
| Finished goods and goods for resale | 62,529 | 66,950 | 51,057 | |
| Raw materials | 40,576 | 58,286 | 50,236 | |
| Total inventories | 103,105 | 125,236 | 101,293 | |
| Current receivables | ||||
| Receivables subsidiaries | 10,771 | 18,161 | 47,346 | |
| Trade receivables | 390,683 | 450,546 | 322,115 | |
| Other receivables | 2,228 | 8,679 | 4,508 | |
| Prepayments and accrued income | 143,015 | 95,072 | 147,281 | |
| Total current receivables | 546,697 | 572,458 | 521,250 | |
| Cash and bank deposit | 3,717,152 | 2,731,814 | 3,602,128 | |
| Total current assets | 4,366,954 | 3,429,508 | 4,224,671 | |
| TOTAL ASSETS | 4,632,325 | 3,624,054 | 4,447,433 | |
| KSEK | Note | 31-03-2026 | 31-03-2025 | 31-12-2025 |
| --- | --- | --- | --- | --- |
| EQUITY AND LIABILITIES | ||||
| EQUITY | ||||
| Restricted equity | ||||
| Share capital (59,989,184 shares) | 1,500 | 1,472 | 1,497 | |
| Statutory reserve | 11,327 | 11,327 | 11,327 | |
| Total restricted equity | 12,827 | 12,799 | 12,824 | |
| Unrestricted equity | ||||
| Share premium reserve | 3,632,849 | 3 384,771 | 3,595,752 | |
| Retained earnings | 335,454 | -199,934 | -200,010 | |
| Result for the period | 122,787 | 139,475 | 535,464 | |
| Total unrestricted equity | 4,091,090 | 3,324,312 | 3,931,206 | |
| Total equity | 10 | 4,103,917 | 3,337,111 | 3,944,030 |
| UNTAXED RESERVES | ||||
| Depreciation/amortization in excess of plan | 8,733 | 3,486 | 8,733 | |
| Tax allocation reserve | 223,558 | – | 223,558 | |
| Total untaxed reserves | 232,291 | 3,486 | 232,291 | |
| LIABILITIES | ||||
| Long-term liabilities | ||||
| Liabilities to subsidiaries | 489 | 489 | 489 | |
| Social security fees incentive programs | 8,710 | 4,505 | 10,378 | |
| Total long-term liabilities | 9,199 | 4,994 | 10,867 | |
| Short-term liabilities | ||||
| Trade payables | 43,937 | 57,187 | 89,114 | |
| Income taxes | 7,992 | – | 11,594 | |
| Social security fees incentive programs | 785 | 64,664 | 10,980 | |
| Other liabilities | 80,882 | 28,969 | 15,865 | |
| Accrued expenses and deferred income | 153,322 | 127,643 | 132,692 | |
| Total short-term liabilities | 286,918 | 278,463 | 260,245 | |
| TOTAL EQUITY AND LIABILITIES | 4,632,325 | 3,624,054 | 4,447,433 |
CAMURUS INTERIM REPORT FOR
THE FIRST QUARTER 2026
24
Key figures and definitions
| Key figures, MSEK | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Total revenue | 533 | 558 | 2,265 |
| Operating expenses | -328 | -289 | -1,237 |
| Operating result | 168 | 239 | 874 |
| Result for the period | 144 | 197 | 736 |
| Cash flow from operating activities | 162 | 78 | 869 |
| Cash and cash equivalents | 3,876 | 2,878 | 3,726 |
| Equity | 4,422 | 3,487 | 4,235 |
| Equity ratio in group, percent | 89% | 88% | 89% |
| Total assets | 4,958 | 3,969 | 4,740 |
| Weighted average number of shares, before dilution | 59,437,731 | 58,639,018^{1)} | 58,754,289^{1)} |
| Weighted average number of shares, after dilution | 59,829,209 | 59,681,936^{1)} | 59,526,899^{1)} |
| Earnings per share before dilution, SEK | 2.42 | 3.36^{1)} | 12.52^{1)} |
| Earnings per share after dilution, SEK | 2.40 | 3.31^{1)} | 12.36^{1)} |
| Equity per share before dilution, SEK | 74.40 | 59.47^{1)} | 72.09^{1)} |
| Equity per share after dilution, SEK | 73.91 | 58.43^{1)} | 71.15^{1)} |
| Number of employees at end of period | 308 | 265 | 285 |
| Number of employees in R&D at end of period | 154 | 128 | 132 |
| R&D costs as a percentage of operating expenses | 42% | 46% | 42% |
1) Adjusted by treasury shares held by the parent company.
Cash and cash equivalents
Cash and cash bank balances
Equity ratio, percent
Equity divided by total capital
Weighted average number of shares, before dilution
Weighted average number of shares before adjustment for dilution effect of new shares
Weighted average number of shares, after dilution
Weighted average number of shares adjusted for the dilution effect of new shares
Earnings per share before dilution, SEK
Result divided by the weighted average number of shares outstanding before dilution
Earnings per share after dilution, SEK
Result divided by the weighted average number of shares outstanding after dilution
Equity per share before dilution, SEK
Equity divided by the weighted number of shares at the end of period before dilution
Equity per share after dilution, SEK
Equity divided by the weighted number of shares at the end of the period after dilution
R&D costs as a percentage of operating expenses
Research and development costs divided by operating expenses (marketing and distribution costs, administrative expenses and research and development costs), excluding items affecting comparability
25
Note 1 General information
Camurus AB, corp. ID No. 556667-9105 is the parent company of the Camurus group and has its registered office based in Lund, Sweden, at Rydbergs Torg 4, 224 84 Lund. Camurus AB group's interim report for the first quarter 2026 has been approved for publication by the Board of Directors and the Chief Executive Officer.
All amounts are stated in SEK thousands (KSEK), unless otherwise indicated. Figures in brackets refer to the year-earlier period.
Note 2 Summary of key accounting policies
The consolidated financial statements for the Camurus AB group ("Camurus") have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, as well as the Swedish Financial Reporting Board's Recommendation RFR 1 Supplementary Accounting Rules for groups, interpretations from IFRS interpretations Committee (IFRS IC), and the Swedish Annual Account Act.
This interim report has been drawn up in accordance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and RFR 1 Supplementary Accounting Rules for groups.
The parent company statements have been prepared in accordance with the Annual Accounts Act and recommendation RFR 2 Accounting for legal entities from the Swedish Financial Reporting Board. The application of RFR 2 means that the parent company in the interim report for the legal entity shall apply all EU-approved IFRS standards and statements as far as possible within the framework of the Annual Accounts Act, the Pension Obligations Vesting Act (Tryggandelagen) and taking into consideration the relationship between accounting and taxation. The parent company's accounting policies are the same as for the group, unless otherwise stated in Note 2.2.
The most important accounting policies that are applied in the preparation of these consolidated financial statements are detailed below and are the same and consistent with those used in the preparation of the Annual Report 2025, see www.camurus.com/investors/financial-reports.
2.1 BASIS OF PREPARATION OF REPORTS
2.1.1 Changes to accounting policies and disclosures
No new or revised IFRS standards, with any material impact on the group, have come into force.
The new standard IFRS 18 Presentation and Disclosure in Financial Statements, replacing IAS 1 Presentation of Financial Statements, enters into force in the financial year starting from 1 January, 2027 or later. The group will apply the new standard from the 1 January, 2027 with a retroactive implementation for the comparative year 2026. The standard will not impact the recognition or valuation of the items in the financial statements, but an evaluation of the impact on the presentation of reports and disclosures is ongoing.
2.1.2 Derivatives
Derivatives are reported in the balance sheet on the transaction day and are valued at fair value, both initially and in subsequent revaluations at the end of each reporting period. The group does not apply hedge accounting and all changes in the fair value of derivative instruments are reported directly in the income statement as Other operating income or Other operating expenses. Derivatives are reported in the balance sheet as Other receivables and Other liabilities.
2.2 PARENT COMPANY'S ACCOUNTING POLICIES
The parent company applies accounting policies that differ from those of the group in the cases stated below.
2.2.1 Internally generated intangible assets
All expenses that relate to the development of internally generated intangible assets are recognized as expenses as they arise.
2.2.2 Interests in subsidiaries
Interests in subsidiaries are reported at cost, less any impairment losses. The cost includes acquisition-related expenses and any additional considerations. When there is an indication that interests in subsidiaries have decreased in value, a calculation is made of the recoverable amount. If this amount is lower than the reported amount, an impairment is carried out. Impairment losses are recognized under the item "Result from interest in group companies".
2.2.3 Group contributions
Group contributions paid by the parent company to subsidiaries and group contributions received from subsidiaries by the parent company are recognized as appropriations.
26
2.2.4 Financial instruments
IFRS 9 "Financial instruments" addresses the classification, measurement and recognition of financial assets and liabilities and is applied with the exceptions that RFR 2 allows, i.e. at amortized cost.
Derivatives with a negative fair value are reported in the balance sheet as Other liabilities and changes in the fair value of derivative instruments are reported directly in the income statement on the line Other operating income or Other operating expenses. Derivatives with a positive fair value are reported at the lower of acquisition value and fair value.
2.3 SHARE-BASED PAYMENTS
2.3.1 Employee stock options programs
Camurus has one Employee Stock Options Program (ESOP) active for the company's employees. The program was adopted by the Annual General Meeting (AGM) in 2023.
The options are granted free of charge and have a term of approximately three years from the grant date. Once vested, the options can be exercised during the exercise period provided that the participant is still employed. Each vested option gives the holder the right to acquire one share in Camurus at a pre-defined price corresponding to 125 percent of the volume-weighted average price for the company's share on Nasdaq Stockholm during the ten trading days immediately following the company's AGM in which the program was adopted.
The ESOP 2023/2026 program comprises a maximum of 200,000 employee stock options.
The fair value of the service that entitles to the allotment of options through the program is reported as a personnel cost with a corresponding increase in equity. The total amount to be expensed is based on the fair value of the employee stock options granted, including the share target price, and that the employee remains in the company's service during the exercise period. The total cost is reported over the vesting period. At the end of each reporting period, the company reconsiders its assessment of how many options are expected to be exercised and the difference is reported in the income statement and a corresponding adjustment is made in equity. As a basis for allocating social security contributions, a revaluation of fair value is continuously made for the employee stock options earned at the end of each reporting period. Social security contributions are reported as personnel costs and the corresponding provision is made under long- or short-term liabilities depending on the remaining term.
In total 22,000 employee options remain outstanding since the launch of the program, all to other senior executives.
2.3.2 Performance share programs
Camurus has two Performance Share Programs (PSP) active for the company's employees. The programs were adopted by the Annual General Meeting (AGM) in 2024 and 2025.
PSP awards are granted free of charge and have a term of approximately three years from the grant date. The allocation of performance shares is subject to the achievement of performance conditions. Dependent on the achievement of the performance conditions, the number of performance shares allocated to the participants after expiration of the vesting period may amount to between 0 and 120 percent of the PSP award.
Both PSP 2024/2027 and PSP 2025/2028 programs comprise a maximum of 240,000 shares respectively.
The fair value of the service that entitles to the allotment of shares through the program is reported as a personnel cost with a corresponding increase in equity. The total amount to be expensed is based on the fair value of granted PSP awards and that the employee remains in the company's service during the exercise period. The total cost is reported over the vesting period. At the end of each reporting period, the company reconsiders its assessment of how many shares are expected to be granted and the difference is reported in the income statement and a corresponding adjustment is made in equity. As a basis for allocating social security contributions, a revaluation of fair value is continuously made for earned PSP awards at the end of each reporting period. Social security contributions are reported as personnel costs and the corresponding provision is made under long- or short-term liabilities depending on the remaining term.
In total 294,265 PSP awards have been allocated since the launch of the programs, of which 13,455 to the CEO and 38,126 to other senior executives.
2.3.3 Calculation of fair value of employee stock options programs and performance share programs
The fair value of the options when implementing the employee stock options programs has been calculated using Black & Scholes' valuation model, which takes into account the exercise price, the term of the option, the share price on the allotment date and the expected volatility in the share price, and risk-free interest for the option.
The fair value of the PSP awards has been calculated using the Monte Carlo model, which takes the term of the PSP award, the share price on the allotment date and the expected volatility in the share price, risk-free interest for the option, and company assessment on probability to achieve and level of achievement for performance conditions into account.
For further information about the programs, see the minutes from the 2023, 2024 and 2025 Annual General Meetings published on the company's website, www.camurus.com/investors/corporategovernance/general-meetings.
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2.3.4 Summary of ongoing incentive programs (number of shares)
Full exercise of allotted employee stock options and PSP awards as of 31 March, 2026 corresponds to a total of 316,265 shares and would result in a dilution of shareholders with 0.53 percent, for more information see the below summary.
If decided, but not yet granted, employee performance share awards are fully exercised by further total of 83,003, the total dilution of shareholders would increase to 0.67 percent.
| Program | Number of shares granted options entitles to | Potential dilution of the granted options | Subscription period | Strike price in SEK for subscription of shares upon exercise | Market value^{2)} | Number of employees participating in the program |
|---|---|---|---|---|---|---|
| ESOP 2023/2026 | 22,000^{1)} | 0.04%^{1)} | 1 Jun, 2026-31 Dec, 2026 | 346.30 | 1 Jun, 2023: SEK 79.75 | 2 |
| PSP 2024/2027 | 137,268^{1)} | 0.23%^{1)} | 1 Jun, 2027-31 Dec, 2027 | 243 | ||
| PSP 2025/2028 | 156,997 | 0.26% | 1 Jun, 2028-31 Dec, 2028 | 268 | ||
| Total | 316,265 | 0.53% |
1) No further allocation can be made.
2) Market valuation in accordance with Black & Scholes model. Data used in the valuation are volatility in the share, dilution effect, subscription price at exercise, interest rate and the term for the warrants.
| Change in existing incentive programs | Number of shares granted instruments may entitle to |
|---|---|
| 1 January, 2026 | 432,092 |
| Change during the January-March period 2026 | |
| Returned instruments | |
| PSP 2024/2027 | -1,637 |
| PSP 2025/2028 | -1,690 |
| Exercised instruments | |
| ESOP 2022/2026 | -109,000 |
| Expired instruments | |
| ESOP 2022/2026 | -3,500 |
| Total change | -115,827 |
| Number of shares granted instruments may entitle to as of 31 March, 2026 | 316,265 |
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Note 3 Significant risks and uncertainties
The company management makes estimates and assumptions about the future. Such estimates can deviate considerably from the actual outcome, since they are based on various assumptions and experiences.
The estimates and assumptions that may lead to the risk of significant adjustments to reported amounts for assets and liabilities relate mainly to measurement and allocation of revenues and costs in connection with licensing agreements and deferred tax receivables. Risks in ongoing development projects comprise technical and manufacturing related risks (including products failing to meet set specifications post manufacturing), safety and effect-related risks that can arise in clinical trials, regulatory risks relating to non-approval or delays of clinical trial applications and market approvals, and commercial risks relating to the sale of proprietary and competing products and their development on the market, as well as IP risks relating to approval of patent applications and patent protection. In addition, there are risks relating to the development, strategy and management decisions of Camurus' partners. There is also a risk that differences of opinion will arise between Camurus and its partners or that such partners do not meet their contractual commitments.
Camurus pursues operations and its business on the international market and the company is therefore exposed to currency risks, since revenues and costs arise in different currencies, mainly AUD, EUR, GBP, NOK, SEK, and USD.
A more detailed description of the group's risk exposure is included in Camurus Annual Report 2025 (The Director's Report).
The Board of Directors has not changed its outlook about future risks and uncertainties development in relation to their outlook published in the Annual Report 2025.
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Note 4 Segment information
The highest executive decision maker is the function responsible for allocating resources and assessing the operating segments results. In the group this function is identified as the CEO based on the information he manages. As the operations in the group, i.e. the development of pharmaceutical products based on Camurus' technology platform, is organized as an integrated unit, with similar risks and opportunities for the products and services produced, the entire group's business constitutes one operating segment. The operating segment is monitored in a manner consistent with the internal reporting provided to the chief operating decision maker. In the internal reporting to the CEO, only one segment is used.
Group-wide information
To follow is a breakdown of revenues from all products and services.
| Revenues allocated by products and services | 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec |
|---|---|---|---|
| Sales of development related goods and services | 994 | 32 | 2,252 |
| Licensing revenues and milestone payments | - | - | 115,136 |
| Royalties | 105,932 | 73,760 | 396,475 |
| Product sale^{1)} | 426,173 | 484,550 | 1,751,515 |
| Total | 533,099 | 558,342 | 2,265,378 |
1) Related to Buvidal and Oczyess.
| Revenues allocated by geographical area | 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec |
|---|---|---|---|
| Europe | 323,183 | 340,374 | 1,138,037 |
| (whereof Sweden) | (40,914) | (25,243) | (117,170) |
| North America | 106,048 | 73,782 | 512,213 |
| Africa, Middle East and Asia (including Oceania) | 103,868 | 144,186 | 615,128 |
| Total | 533,099 | 558,342 | 2,265,378 |
Revenues during the quarter of approximately MSEK 143 (187) relate to one single external customer.
99 (99) percent of the group's fixed assets are located in Sweden.
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Note 5 Earnings per share
a) Before dilution
Earnings per share before dilution is calculated by dividing the result attributable to shareholders of the parent company by a weighted average number of ordinary shares outstanding during the period. 480,000 shares have been repurchased and are held as treasury shares by the parent company.
b) After dilution
In order to calculate earnings per share after dilution, the number of existing ordinary shares is adjusted for the dilutive effect of the weighted average number of outstanding ordinary shares. The parent company has one category of ordinary shares with anticipated dilution effect in the form of employee stock options and performance share awards. For this category, a calculation is made of the number of shares that could have been purchased at fair value (calculated as the average market price for the year for the parent company's shares), at an amount corresponding to the monetary value of the subscription rights linked to outstanding warrants and options. The number of shares calculated as above are compared to the number of shares that would have been issued assuming the employee stock options are exercised.
| | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Result attributable to parent company shareholders | 143,818 | 197,253 | 735,568 |
| Weighted average number of ordinary shares outstanding (thousands) | 59,438 | 58,639 | 58,754 |
| | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| Result attributable to parent company shareholders | 143,818 | 197,253 | 735,568 |
| Weighted average number of ordinary shares outstanding (thousands) | 59,438 | 58,639 | 58,754 |
| Adjustment for stock options (thousands) | 391 | 1,043 | 773 |
| Weighted average number of ordinary shares used in calculation of earnings per share after dilution (thousands) | 59,829 | 59,682 | 59,527 |
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Note 6 Financial instruments – Fair value of financial assets and liabilities
All of the group's financial instruments that are measured at amortized cost are short-term and expire within one year. The fair value of these instruments is deemed to correspond to their reported amounts, since discounting effects are minimal.
Financial assets and liabilities in the group that are reported at fair value consist of derivatives (currency futures). All derivatives are included in level 2 when valuing at fair value, which means that fair value is determined using valuation techniques that are based on market information as much as possible, while company-specific information is used as little as possible. All significant input data required for the fair value measurement of an instrument is observable. The fair value of forward exchange contracts is determined as the present value of future cash flows based on exchange rates for forward exchange contracts on the balance sheet date.
| Balance sheet assets, KSEK | 31-03-2026 | 31-03-2025 | 31-12-2025 |
|---|---|---|---|
| Financial assets measured at amortized cost | |||
| Trade receivables | 453,832 | 508,825 | 429,574 |
| Cash and cash equivalents | 3,875,616 | 2,878,054 | 3,725,967 |
| Financial assets measured at fair value through the result | |||
| Derivatives – currency futures (part of Other receivables) | 149 | 27,690 | 3,081 |
| Total | 4,329,597 | 3,414,569 | 4,158,622 |
| Balance sheet liabilities, KSEK | 2026-03-31 | 2025-03-31 | 2025-12-31 |
| --- | --- | --- | --- |
| Financial liabilities measured at amortized cost | |||
| Trade payables | 60,555 | 65,187 | 105,450 |
| Other liabilities | 190 | 190 | 190 |
| Financial assets measured at fair value through the result | |||
| Derivatives – currency forwards (part of Other liabilities) | 20,134 | 3,521 | 451 |
| Total | 80,879 | 68,898 | 106,091 |
Note 7 Related party transaction
There were no related party transactions outside of the Camurus group during the period. No receivables or liabilities existed as of 31 March, 2026.
Note 8 Information on cash flow
Adjustment for non-cash items:
| KSEK | 2026
Jan-Mar | 2025
Jan-Mar | 2025
Jan-Dec |
| --- | --- | --- | --- |
| Depreciations | 6,884 | 5,643 | 25,006 |
| Derivatives - currency futures | 22,615 | -22,977 | -1,438 |
| Incentive programs | -4,081 | 18,634 | -2,588 |
| Total | 25,418 | 1,300 | 20,980 |
Note 9 Tax
Tax expense for the quarter amounted to MSEK 40 (57), attributable to the positive result in the period. As of 31 March, 2026, the Group's deferred tax receivables amounted to MSEK 0 (86). Deferred tax liabilities were MSEK 37 (0), mainly related to the elimination of reported appropriations.
Note 10 Equity
The change in equity during the quarter is attributable to the result during the period and the fourth window of program ESOP 2022/2026, which led to the issuance of 109,000 shares.
This information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the Chief Executive Officer, 07.00 am (CET) on 12 May, 2026.
camurus. CAMPUUS AB | Rydbergs Torg 4, SE-224 84 Lund, Sweden
T +46 46 286 57 30 | [email protected] | camurus.com