Camurus’ Interim Report Third Quarter 2024
“Solid third quarter and raised full-year outlook”
Summary third quarter 2024
July - September
- Total revenues amounted to SEK 480 (384) million. Excluding one-time revenues1 of SEK 36 million in Q3 2023, company growth was 38% (41% at CER2).
- Product sales of Buvidal® were SEK 421 (346) million, an increase of 22% (24% at CER2) and 5% (6% at CER2) compared to previous quarter
- Brixadi® royalties were SEK 58 (1) million, an increase of 30% (39% at CER2) compared to previous quarter
- Operating result was SEK 142 (104) million
- Profit before tax was SEK 165 (110) million. Excluding one-time revenues1, profit before tax increased by SEK 92 million, an increase of 125%.
- Cash position at the end of the quarter was SEK 2,751 (1,154) million
- Positive topline Phase 3 results from ACROINNOVA 2 in patients with acromegaly
- EMA recommended orphan drug designation for CAM2029 for treatment of polycystic liver disease
January - September
- Total revenues amounted to SEK 1,314 (1,342) million. Excluding one-time revenues1, total revenues grew by SEK 378 million, an increase of 40% (40% at CER2)
- Product sales of Buvidal were SEK 1,185 (933) million, an increase of 27% (27% at CER2)
- Brixadi royalties were SEK 129 million
- Operating result was SEK 303 (554) million
- Profit before tax was SEK 366 (567) million. Excluding one-time revenues1, profit before tax grew by SEK 205 million, an increase of 127%.
Significant events after the period
- FDA issued a Complete Response Letter for CAM2029 for the treatment of acromegaly, relating to a cGMP-inspection at a third-party manufacturer’s facility, and pending issuance of an inspection classification
- Full year 2024 outlook for total revenues raised to SEK 1,810–1,880 million and profit before tax to SEK 450–510 million
Financial summary third quarter 2024
- Total revenues MSEK 480 (384)
- whereof product sales MSEK 421 (346) - OPEX MSEK 304 (253)
- Operating result MSEK 142 (104)
- Result for the period MSEK 129 (86)
- Profit before tax SEK 165 (110) million
- Earnings per share, after dilution, of SEK 2.16 (1.50)
- Cash position MSEK 2,751 (1,154)
- Excluding one-time milestones related to the Brixadi approval by the FDA in the US in 2023
- At constant exchange rate
Fredrik Tiberg, President and CEO:
“Camurus has had another good quarter with positive financial development and excellent performance across our businesses. Sales of Buvidal and Brixadi continued to grow, resulting in our best result to date, excluding one-time revenues. Our pipeline progressed well with positive Phase 3 results from the ACROINNOVA 2 study, confirming the long-term safety profile and efficacy of CAM2029 in patients with acromegaly. In parallel, our clinical studies of CAM2029 for the treatment of neuroendocrine tumors and polycystic liver disease advanced. In the US, the FDA continued its review of our new drug application for CAM2029 in acromegaly. After the quarter, a Complete Response Letter was received from the Agency, solely relating to a cGMP-inspection at a third-party manufacturing site and pending issuance of an inspection classification.”
Audiocast
Financial analysts and media are invited to attend a telephone conference and presentation of the results today at 2.00 pm (CET). The conference call can also be followed by a link on www.camurus.com or via external link: https://financialhearings.com/event/48851
For more information:
Fredrik Tiberg, President and CEO
Tel. +46 (0)46 286 46 92
[email protected]
Fredrik Joabsson, Chief Business Development Officer
Tel. +46 (0)70 776 17 37
[email protected]
About Camurus
Camurus is a Swedish science-led biopharmaceutical company committed to developing and commercializing innovative and differentiated medicines for the treatment of severe and chronic conditions. New drug products with best-in-class potential are conceived based on the company’s proprietary FluidCrystal® drug delivery technologies and its extensive R&D expertise. Camurus’ clinical pipeline includes products for the treatment of dependence, pain, cancer, and endocrine disease, developed in-house and in collaboration with international pharmaceutical companies. The company’s shares are listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit www.camurus.com.
This information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation and to the Securities Markets Act. The information was submitted for publication, through the agency of the chief executive officer, at 07.00 am CET on 7 November, 2024.
