Camurus AB (publ) (CAMRF) Q2 2026 Earnings Call Transcript

Camurus AB (publ) (CAMRF) Q2 2026 Earnings Call July 15, 2026 8:00 AM EDTCompany ParticipantsFredrik Tiberg - President, CEO, CSO & DirectorAnders...

Company Participants Fredrik Tiberg - President, CEO, CSO & Director Anders Vadsholt - Chief Financial Officer Richard Jameson - Chief Commercial Officer Conference Call Participants Gonzalo Artiach Castanon - Danske Bank A/S, Research Division Shan Hama - Jefferies LLC, Research Division Filip Wiberg - Pareto Securities AS, Research Division Christopher Uhde - SEB, Research Division Georg Tigalonov-Bjerke - ABG Sundal Collier Holding ASA, Research Division Presentation Operator Good afternoon, and welcome to Camurus's Q2 Report 2026. [Operator Instructions] Now I will hand the conference over to CEO, Fredrik Tiberg.

Please go ahead. Fredrik Tiberg President, CEO, CSO & Director Thank you so much, and good day, everyone, and welcome to Camurus's Second Quarter 2026 Results Call. Thank you for joining us.

Before we begin, please take note of our forward-looking statements, which apply throughout today's presentation. Turning to the agenda. We will start with highlights, moving over to financial and commercial performance reviews before finishing with a short R&D pipeline update, key takeaways and then, of course, Q&A. With me on the call today are Anders Vadsholt, our Chief Financial Officer; and Richard Jameson, our Chief Commercial Officer.

So let me start with some highlights. I'm very pleased to report a solid second quarter, marking a clear return to growth after a softer start of the year for Camurus. Total revenues were SEK 702 million, up 4% year-on-year and 32% sequentially, with an operating result of SEK 293 million, corresponding to a 42% margin and finishing with SEK 4.1 billion in cash.

Commercially, product sales reached a record of SEK 528 million. It's the first time we are above SEK 0.5 billion in the quarter. Buvidal grew 12% year-on-year and 24% over the quarter.

Brixadi royalties in the U.S. increased 42% and the Oczyesa launch continued in our