Camurus AB (CAMX) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Camuro's Q1 Report 2026. During the questions and answer session, telco participants are able to ask questions by dialing pound key five on the telephone keypad. Now I will hand the conference over to CEO Fredrik Thibard. Please go ahead. Thank you so much, Einar. Good day, everyone, and welcome to our first earnings call in 2026. Please note first our forward-looking statements. Here is the agenda for today. I'll start with the highlights. Anders will cover the financials, Richard the commercial update, and I'll return with a pipeline update and key takeaways before moving to Q&A. Starting with a few words on the quarter. As we stated in the report released earlier today, Q1 was on track with our full year guidance. Revenues recovered following the UK distribution model change, and we made continued progress across our commercial programmes and development pipeline. Financially, total revenues were 533 million SEK, a 15% increase versus previous quarter, but a 5% decline year on year, driven by FX and channel facing in 2025. We maintained strong profitability with a 32% operating margin and ended the quarter with 3.9 billion SEC in cash. Importantly, we look forward to a robust growth trajectory for the rest of 2026. Commercially, reported price sales were down 12% year on year or 6% at constant exchange rate. However, underlying in-market growth was significant. Buvedal grew 17%. And Oxyisa delivered its first full commercial quarter with 4 million SEK in net sales in Germany alone. Brixari royalties increased 44% or 59% at the constant exchange rate. And on the pipeline side, and this is what is going to be particularly eventful in the coming quarters, the FDA accepted the Oclays NDA in the US with an anticipated decision date of 10th of June this year....