Slide 1: Full year and fourth quarter 2024 results
Full year and fourth quarter 2024 results Audiocast presentation 13 February 2025
Slide 2: Forward looking statements
Forward looking statements This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product developments and regulatory approvals and financial performance. Camurus is providing the following cautionary statement. Such forward-look
Slide 3: Agenda
Agenda • Business highlights Company participants • Financial performance Fredrik Tiberg, PhD • Commercial development President & CEO, CSO Jon Garay Alonso • R&D pipeline update Chief Financial Officer • Key take-aways Richard Jameson • Q&A Chief Commercial Officer 3
Slide 4: Business highlights
Business highlights
Slide 5: Excellent progress in 2024
Excellent progress in 2024 1 High sales growth and record profitability, alongside R&D investments and advances of key pipeline programs 2 Geographic expansion with establishment of US organization for next generation products 3 On track for our five-year vision Camurus’ vision 2027 5x 4 ~50% Sustai
Slide 6: Revenue growth and profitability
Revenue growth and profitability •Revenues •Profit before tax MSEK MSEK 2,000 1868 600 549 553 1717 400 1,500 200 1,000 956 73 0 601 500 -112 336 -200 -207 106 0 -400 -362 2019 2019 2020 2021 2021 2022 2023 2024 2022 2023 2019 2020 2021 2022 2023 2024 One-time revenue related to Brixadi US approval
Slide 7: Fourth quarter result exceeded estimates
Fourth quarter result exceeded estimates Commercial Advancing Corporate execution R&D pipeline development • Leadership in long-acting treatment • Positive final results from 52-week • Solid financial performance of opioid dependence ACROINNOVA 2 study in acromegaly • FY result exceeded earlier rais
Slide 8: Financial performance
Financial performance
Slide 9: Strong growth of operating revenue and profit
Strong growth of operating revenue and profit Revenue Profit before tax MSEK MSEK Cash position 2000 1868 600 SEK 2.9 billion 549 553 1717 +140% vs Q4 2023 500 +38% 1500 400 +409 MSEK Q4 1000 956 300 200 186 553 500 +48% 375 268 100 73 +204 MSEK 20 -18 0 0 Q4 FY Q4 FY Q4 FY Q4 FY Q4 FY Q4 FY 2022 20
Slide 10: Reported Q4 profit and loss
Reported Q4 profit and loss CER YTD CER MSEK Oct –Dec Change Change Jan – Dec Change YTD Change YTD 2024 vs. 2023 vs. 2023 2024 vs. 2023 vs. 2023 Total revenues 553 48% 44% 1,868 9% 9% excl. one-time milestones/license rev. +48% +44% +42% +41% Gross margin 520 267bps 257bps 1,738 19bps 37bps 94.0% 9
Slide 11: Healthy cash flow generation
Healthy cash flow generation MSEK 3000 2,751 2950 18 166 2900 -63 3 2,853 2850 -20 -3 2800 2,751 2750 2700 2650 2600 2550 2500 Cash Operating Stock option Working Investing Lease Other Cash end Q3 2024 activities program capital activities liabilities end Q4 2024 . 11
Slide 12: Financial Outlook 2025
Financial Outlook 2025 •Key considerations ‒ Market conditions in current macroeconomic environment ‒ Continued investments aligned with strategic vision 2027 • R&D investments approximately flat vs 2024 at SEK ~0.65 billion • Incremental investment in US operations and launch of Oclaiz to Full year
Slide 13: Commercial development
Commercial development
Slide 14: Buvidal – strong quarter and progress in the year
Buvidal – strong quarter and progress in the year •Good sales growth across all markets •Quarterly reported sales ‒ Net sales Q4 2024 was SEK 469 million; +28% YoY MSEK • Sales grew 11% vs previous quarter 500 469 ‒ Est. 60,000 patients in treatment with Buvidal end-2024 421 400 400 •Continued to ga
Slide 15: Solid Brixadi performance in the US
Solid Brixadi performance in the US •US opioid crisis continues Brixadi royalty by quarter ‒ Overall, 6-7 million people with OUD in the US1-3 MSEK ‒ Total number of ~2.3 million patients in treatment 100 in 2023 of which ~1.8 million on buprenorphine4 83 •Continued strong growth of Brixadi 80 43% ‒
Slide 16: Growing scientific evidence base
Growing scientific evidence base •Strong scientific support for Buvidal/Brixadi Recent key publications1-3 ‒ Documenting effectiveness in different treatment settings ‒ Positive health economical outcomes ‒ More than 220 scientific publications ‒ Ongoing clinical studies exploring new applications •
Slide 17: R&D update
R&D update
Slide 18: Octreotide SC depot, CAM2029
Octreotide SC depot, CAM2029 CAM2029 is a long-acting octreotide in development for three serious rare disease indications Acromegaly Gastroenteropancreatic neuroendocrine tumors (GEP-NET) Polycystic liver disease (PLD) Designed for enhanced efficacy and patient convenience vs. current somatostatin
Slide 19: CAM2029 clinical program overview
CAM2029 clinical program overview NDA filing MAA filing ACRO US ACRO EU 5 completed Phase 1 and 2 Open label extension clinical trials Interim results characterizing PK, PD and Fully recruited safety in Open label extension healthy subjects and Fully recruited patients Open label extension -2022 202
Slide 20: Regulatory update for CAM2029 in acromegaly
Regulatory update for CAM2029 in acromegaly •Complete response letter issued by the FDA ‒ CRL relating solely to a cGMP-inspection at a third-party manufacturing site • No concerns relating to CAM2029, incl. CMC, clinical efficacy or safety • Manufacturer responded to observations during the quarter
Slide 21: Medical information and dissemination of ACROINNOVA results
Medical information and dissemination of ACROINNOVA results •Medical affairs activities ACROINNOVA 1 data recently published1 ‒ Presentation of ACROINNOVA results at scientific meetings and conferences ‒ MSL teams meeting with acromegaly stakeholders ‒ National and regional advisory board meetings •
Slide 22: Commercial readiness for launch of CAM2029 (Oclaiz) in acromegaly
Commercial readiness for launch of CAM2029 (Oclaiz ) in acromegaly Pre-launch activities in US and EU ‒ In-depth market research ‒ Optimizing the distribution and supply chain model ‒ Payor interactions and advisory meetings ‒ Increasing awareness of Camurus among stakeholders • CAM2029 peak sales e
Slide 23: New clinical programs
New clinical programs Several early-stage programs advancing during the fourth quarter 2025 CAM2056 entered clinical development Positive data and assessments of multiple preclinical drug candidates, including long-acting incretins 23
Slide 24: CAM2056 entered clinical development
CAM2056 entered clinical development •CAM2056 – once monthly FluidCrystal semaglutide Completed preclinical program met target profile for pharmacokinetics, pharmacodynamics (incl. weight management) and tolerability •Clinical Phase 1 study initiated Phase 1 study assessing pharmacokinetics, pharmac
Slide 25: Camurus expanding
Camurus expanding •New headquarter in Science Village, Lund ‒ ~3,700m2 on the top floors of the “The Loop” ‒ Offices and state-of-the-art laboratories ‒ Capacity to grow ~250 people ‒ Sustainability profile with LEED Gold certification Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286
Slide 26: Solid 2024 performance lays foundation for 2025 expansion
Solid 2024 performance lays foundation for 2025 expansion Increasing Buvidal penetration in Europe and RoW Accelerating sales of Brixadi in the US Market approvals of CAM2029 in acromegaly Clinical results for CAM2029 and CAM2056 Diversification through business development Positive financial outloo
Slide 27: On track for Vision 2027
On track for Vision 2027 •Status update end-2024 following two years of execution towards the five-year vision 5x 4 ~50% Five-fold revenue growth Establishment of US Approvals for four R&D Operating margin (from 2022) commercial infrastructure pipeline programs (from 2022) around 50 percent 5x reven
Slide 28: Q&A
Q&A Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com
Slide 29: Shareholders and analyst coverage
Shareholders and analyst coverage Shareholders as of 31 January 2025 Number of shares % of capital % of votes Sandberg Development AB 20,530,692 34.9 35.0 Fjärde AP-fonden 2,808,776 4.8 4.8 Analysts State Street Bank and Trust 2,348,571 4.0 4.0 Carnegie Swedbank Robur Fonder 2,340,305 4.0 4.0 Erik H
Slide 30: Experienced and committed management team
30 Experienced and committed management team Fredrik Tiberg, PhD Education: M.Sc. in Chem. Eng., Lund Institute of Technology, Jon Garay Alonso Education: Bachelor in Business Administration by President & CEO, CSO PhD and Assoc. Prof. Physical Chemistry, Lund University. Chief Financial Officer Uni
Slide 31: Broad and diversified product portfolio and pipeline
Broad and diversified product portfolio and pipeline Products on the market Phase 1 Phase 2 Phase 3 Registration Market Buvidal® Opioid dependence EU, AUS, MENA Brixadi® Opioid use disorder1 US Key pipeline programs CAM2029 Acromegaly US, EU CAM2029 Gastroenteropancreatic neuroendocrine tumors CAM20