Business
Camurus : CEO Presentation (ceo presentation)
Camurus : CEO Presentation (ceo
About this update from Camurus Ab
Annual General Meeting 2026 CEO presentation 28 May 2026 Camurus snapshot Rapidly growing commercial stage company Leader in opioid dependence treatment. Commercial infrastructure in Europe and Australia, building out to the US. Unique FluidCrystal ® technology platform Commercially validated with a broad range of applications Advancing late-stage pipeline with blockbuster potential Prospect for multiple new approvals in rare disease and oncology indications Strong operational and financial performance Sustainable profitability since 2022 3 Listed on Nasdaq Stockholm Ticker: CAMX ~ 300 employees 2025 progress and highlights PIPELINE Oczyesa ® approved EU and UK approval of our second commercial product First launch in Germany in November 2026 PARTNERSHIPS Lilly long-acting incretins License agreement worth up to USD 870 million in milestones plus tiered royalties on sales Entered partnership with Gubra on long-acting PTH analog GROWTH 21% revenue growth* SEK 2.3 billion in revenue Profit before tax up 69% to SEK 933 million Continued growth of Buvidal® across Europe and Australia Brixadi® royalties grew 87% - gaining share in growing US market Positive POSITANO Phase 2b and CAM2056 Phase 1b clinical results Improved sustainability performance and ratings New HQ and labs 4 * At constant exchange rate (CER) Growth and high profitability MSEK 2 500 2 000 1 500 1 000 500 0 Revenues 2265 1868 1717 956 601 2021 2022 2023 2024 2025 MSEK 1 000 800 600 400 200 0 -200 Operating result 874 526 469 73 -111 2021 2022 2023 2024 2025 5 Positive 2026 outlook* Revenues SEK 2.6 - 2.9 billion Midpoint + 21% vs. 2025 Operating result SEK 0.9 - 1.2 billion Midpoint + 20% vs. 2025 * Excl. potential licensing revenues from development partnerships 6 Continued advancement towards our vision 2027 Status after 3 of 5 years - end-2025 Vision 2027: 5x Revenue growth to SEK 4.5 bn US Commercial infrastructure 4 R&D program approvals ~50% Operating margin Status today: SEK 2.3 billion Full year 2025 Launch-ready Oclaiz US launch H2 2026 2 of 4 Brixadi US and Oczyesa EU/UK 39% Full year 2025 Buvidal® - effective opioid dependence treatment Weekly and monthly, subcutaneous buprenorphine for individualized treatment of opioid dependence within a framework of medical, social and psychological treatment in adults and adolescents 16 years or over 1 7 1 SmPC Buvidal Strengthened market leadership for Buvidal in Europe and Australia 70,000 patients in treatment at end-2025 17% in-market growth in 2025 >80% share of LAI segment in Australia Continued growth across Europe, Australia and MENA New funding framework in the UK Price approvals in further European markets Significant growth potential in larger European markets Goal of more than 100,000 patients in treatment by 2027 Buvidal sales 1 752 1 654 1 299 936 594 323 72 MSEK 1 500 1 000 500 0 2019 2020 2021 2022 2023 2024 2025 8 LAIB - long-acting injectable buprenorphine Brixadi® gaining share in growing US market +87% net revenue growth in 2025 ~32% share of US LAIB segment (e-units) >30% year-on-year growth of LAIB segment Brixadi royalties MSEK 396 212 9 500 400 300 Gaining share in an expanding market Estimated 6-7 million people with opioid dependence in the US, ~2 million in treatment 1-4 Braeburn increasing investments in patient-facing activities Estimated peak sales potential above USD 1 billion 5 200 100 0 2023 2024 2025 9 LAIB - long-acting injectable buprenorphine 1 Keyes KM, et al. Drug Alc. Dep. Reports 2022; 2 CDC, Opioid Use Disorder: https://www.cdc.gov/dotw/opioid-use-disorder; 3 Symphony Health Data ; 4 SAHMSA 2025 ; 5 Company estimate 10 Daniel, Buvidal Patient benefits - our motive Marie, Buvidal Will, Buvidal Santiago, Buvidal Richard, Buvidal Cullan, Buvidal Beny, Buvidal CONFIDENTIAL Antonio, Buvidal Nina, Buvidal Mattias, Buvidal Oczyesa® - our next medicine US - LAUNCH READY Oclaiz awaiting FDA decision FDA accepted NDA resubmission PDUFA date 10 June 2026 US commercial team ready for Q3 2026 launch Secondary manufacturer EUROPE - LAUNCHED Oczyesa ® for acromegaly EU and UK approvals secured Launched in Germany Q4 2025 - strong early uptake 11 Planned roll-outs in additional European markets during 2026 R&D pipeline Broad and diversified R&D pipeline R&D pipeline programs Preclinical Phase 1 Phase 2 Phase 3 Registration Market CAM2029 Acromegaly CAM2029 GEP-NET 1 CAM2029 Polycystic liver disease CAM2038 Chronic pain 2 CAM4072 Genetic obesity diseases 3 CAM2043 Raynaud's phenomenon CAM4071 Endocrine disorders CAM2056 Metabolic diseases Lilly collaboration on long-acting incretins Gubra collaboration on PTH 4 agonists US CNS Rare diseases Oncology Other clinical stage programs include CAM2032 (prostate cancer), CAM2043 (PAH 5 ), and CAM2047 (CINV 6 ) 13 1 GEP-NET - Gastroenteropancreatic neuroendocrine tumors; 2 Licensed to Braeburn Pharmaceuticals in North America; 3 Licensed to Rhythm Pharmaceuticals worldwide; 4 PTH - parathyroid hormone; 5 PAH - Pulmonary arterial hypertension; 6 CINV - Chemotherapy-induced nausea and vomiting Commercially validated FluidCrystal® technology Easy and convenient administration Rapid onset & long-acting release For peptide and small molecule drugs Compatible with prefilled syringes and auto-injector pens Scalable manufacturing Injection of liquid formulation using autoinjector pen or prefilled syringe H O 2 Encapsulating liquid crystal gel triggered by water uptake Slow release of drug Drug release and biodegradation of gel matrix to full resolution time Strong and updated patent portfolio drug blood conc. 14 Source; Tiberg F, et al. Chapter in Long Acting Injections and Implants, Advances in Delivery Science and Technology 2012; Tiberg F, et al. OnDrugDelivery 2010; Tiberg F, et al. Drug Del. Sci. Tech., 21 (1) 101-109 2011. CAM2029 designed for key unmet medical needs Commercially validated FluidCrystal technology Rapid onset and long-acting octreotide release 1 5-fold octreotide bioavailability vs Sandostatin LAR with potential for improved efficacy 1-3 State-of-the-art, pre-filled autoinjector pen enabling convenient patient self-administration Subcutaneous administration with thin needle (22-gauge, 12.5mm) Room temperature storage 15 1. Tiberg F, et al., Br J Clin Pharmacol. 2015; 80(3): 460-472; 2. Constant dose; 3. Pavel M , et al., Cancer Chemotherapy and Pharmacology 2019; 83: 375-383; 4. Adelman D et al. Adv Ther. 2020;37(4):1608-19. CAM2029 - one drug, three indications Acromegaly Approved in EU and UK Self-administered, patient-friendly profile Marketed as Oczyesa first launch in Germany NDA accepted for review US PDUFA date June 2026 Multiple presentations at ACE, ECE and ENDO MARKETED / FILED GEP-NET SORENTO Phase 3 advancing Largest randomized SRL study in GEP-NET to date Active-controlled, head-to-head against standard of care ENETS medical symposium in Krakow 4-6 March Target number of 194 PFS events exp. H2 2026 PHASE 3 PLD POSITANO Phase 2 positive Positive Phase 2 results - primary endpoint met End-of-phase 2 meeting with FDA completed Next steps informed by FDA guidance and extension data PHASE 2 COMPLETE 16 FDA - US Food and Drug Administration; NDA - New Drug Application; PDUFA - Prescription Drug User Fee Act; GEP-NET - gastroenteropancreatic neuroendocrine tumors; PLD - polycystic liver disease Early-stage programs Several early-stage programs advancing CAM2056 once-monthly semaglutide Partnership with Eli Lilly for long-acting incretins Collaboration with Gubra on long-acting PTH analog 17 CAM2056 and early R&D programs CAM2056 Monthly depot of semaglutide Positive Phase 1b data announced in Nov 2025 - Superior body weight and HbA1c reduction vs Wegovy - Comparable safety profile Type B meeting with the FDA program Phase 2b study planned start in H2 2026 Final product design (including autoinjector pen device) Partner programs Long-acting incretins with Eli Lilly Partnership entered Jun 2025 Covers dual GLP-1/GIP and triple GLP-1/GIP/glucagon agonists with FluidCrystal Progressing according to plan Option to include amylin agonists Long-acting PTH analog with Gubra Partnership entered Dec 2025 Development progressing according to plan 18 FDA - US Food and Drug Administration; GLP-1 - glucagon-like peptide 1; GIP - glucose-dependent insulinotropic polypeptide; PTH - parathyroid hormone Strategic priorities in 2026 Building on a position of strength Strong financial position and operational platform open additional strategic options for 2026 and beyond SEK 3.9 billion Cash position end-Q1 2026 Organic growth High performing commercial teams and important products Validated FluidCrystal proven across multiple programs R&D PORTFOLIO EXPANSION Investing in the next wave New FluidCrystal programs into clinical development Expanding CAM2029 and CAM2056 programs Building in endocrinology, rare disease, and oncology New labs and scaling R&D capacity M&A AND PARTNERING Selective M&A to accelerate growth Assets with clear commercial fit Endocrinology, oncology, CNS, rare disease In-licensing, partnerships, acquisitions Disciplined criteria for preserved financial flexibiliy 20 CONFIDENTIAL 2026 - a potentially transformative year Three near-term events that could redefine Camurus June 2026 Oclaiz US approval Entry into US market with own commercial team Building on successful EU launch of Oczyesa H2 2026 SORENTO readout Reach target number of PFS events for primary endpoint Potential to become new first line SoC for GEP-NET $2+ billion peak sales potential H2 2026 CAM2056 Phase 2b Next stage of our once-monthly FluidCrystal based semaglutide Following the positive Phase 1 data presented in 2025 21 Thank you! Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│ i [email protected] │ camurus.com Shareholders and analyst coverage Shareholders as of 30 April Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.5 30.5 Fourth Swedish National Pension Fund 2,929,277 4.9 4.9 Swedbank Robur Fonder 1,948,007 3.3 3.3 Vanguard 1,624,495 2.7 2.7 Handelsbanken fonder 1,560,273 2.6 2.6 Fredrik Tiberg, CEO 1,542,000 2.6 2.6 Avanza Pension 1,314,839 2.2 2.2 Capital Group 1,290,822 2.2 2.2 Carnegie Fonder 1,168,281 2.0 2.0 Afa Försäkring 928,112 1.6 1.6 BlackRock 838,843 1.4 1.4 Jupiter Asset Management 737,348 1.2 1.2 Norges bank 727,171 1.2 1.2 Second Swedish National Pension Fund 629,211 1.2 1.2 Third Swedish National Pension Fund 616,582 1.0 1.0 Other shareholders 23,790,231 39.7 39.7 In total 59,989,184 100.0 100.0 23 Source: Modular Finance, Monitor report * Not commissioned by Camurus Analysts DNB Carnegie Erik Hultgård Handelsbanken Suzanna Queckbörner Jefferies Shan Hama Nordea Viktor Sundberg Pareto Dan Akschuti Stifel < Oscar Haffen Lamm SEB Christopher Uhde ABG Sundal Collier Georg Tigalonov-Bjerke Van Lanschot Kempen Romy O'Connor Danske Bank Gonzalo Artiach Castañon Redeye* Richard Ramanius 24 Development of long-acting medications Drug blood concentration Typical short-acting release profile Long-acting release profile Therapeutic window Less frequent dosing Sustained therapeutic exposure Improved treatment compliance Improved efficacy and/or reduced side effects More convenient treatment Time Strategy for continued value creation Maximizing the value of our marketed products Expand and diversify our commercial portfolio Accentuate growth through business development Camurus' vision 2027 Sustainable value creation for all stakeholders : 5x 4 ~50% 25 Revenue growth to SEK 4.5 billion (vs. 2022) Establishment of US commercial infrastructure R&D program approvals Operating margin Buvidal has demonstrated significant benefits to patients and society Superior treatment outcome and patient satisfaction 1-4 Blocks subjective opioid effects from first dose 2 Reduces treatment burden and improve quality of life 4,5 Decrease risk of diversion, misuse and pediatric exposure 6,7 Provides cost savings 8 1 Lofwall et al. JAMA Int. Med. 2018;178(6); 764-773; 2 Walsh et al, JAMA Psychiatry 2017;74(9):894-902; 3 Frost , M., et al. Addiction. 2019;114(8):1416-1426. doi: 10.1111/add.14636 ; 4 Lintzeris, N., et al. JAMA Network Open. 2021;4(5):e219041. doi:10.1001/jamanetworkopen.2021.9041 , 5 Barnett et al Drug and Alcohol Dependence 2021; https://doi.org/10.1016/j.drugalcdep.2021.108959 ; 6 EPAR for Buvidal; 7 Dunlop, A. J., et al. Addiction. 2021. https://doi.org/10.1111/add.15627 ; 8 Dunlop, A. Oral presentation at CPDD June 2020. 26 Significant growth opportunity for Buvidal in larger European countries High access markets Australia, Nordics, Scotland and Wales Average patient share 35% of total 100,000 treated patients Continued double-digit growth expected in 2026 High potential, limited access markets England, Germany, France and Spain Single digit patient share of total 500,000 patients in treatment Steady growth of ~20% expected in 2026 Large upside if funding situation is resolved in UK or France and when renumeration change is implemented in Germany Expansion markets Including IT, PT, AT, CH, BE, IE, SI and MENA Single digit patient shares of total 100,000 patients Expected growth in double-digit range in 2026 from smaller base High access markets Limited access, high potential markets Limited access, expansion markets 27 Comprehensive CAM2029 clinical program 5 completed Phase 1 and 2 clinical trials characterizing PK, PD and safety in healthy subjects and patients Final results Open label extension Fully recruited Open label extension Fully recruited Final results Open label extension -2022 2023 2024 2025 2026 2027 ACROINNOVA 1 Phase 3 RCT Randomized, double-blind, placebo-controlled trial in SRL responders ACROINNOVA 2 Phase 3 LST Open label, long-term safety and extension trial in partial and full SRL responders SORENTO Phase 3 RCT Active controlled Phase 3 trial in patients with metastatic/ unresectable GEP-NET POSITANO Phase 2/3 RCT Randomized, double-blind, placebo-controlled Phase 2/3 trial in patients with PLD 28 Timelines are indicative. PK - pharmacokinetic; PD - pharmacodynamic; RCT - randomized control trial; LST - long-term safety trial; ACRO - acromegaly, GEP-NET - gastroenteropancreatic neuroendocrine tumors; PLD - polycystic liver disease; SRL - Somatostatin receptor ligands Phase 1b study of once-monthly semaglutide Randomized Phase 1b study comparing CAM2056 with once-weekly semaglutide (Wegovy ® ) Assessing pharmacokinetics, pharmacodynamics and safety in 80 participants with overweight or obesity Study design n=16 R n=16 n=16 Part A randomized Part B dose escalation Screening n=16 n=16 Day 1 Dosing occasion 1.25mg 2.5mg 5mg* CAM2056 1.25mg 2.5mg 5mg CAM2056 2.5mg 5mg 10mg CAM2056 5mg 10mg 15mg CAM2056 Day 29 Day 57 Day 85 Day 113 Day 140 End of treatment Group 1 0.25mg 0.5mg 1.0mg 1.7mg 2.4mg Wegovy Group 2 Group 3 Group 4 Group 5 29 * Lower strength 5mg Greater reductions in body weight and blood glucose levels with CAM2056 Weight reduction A1c reduction Day 29 Day 57 Day 85 -1,6 -2,7 -5,3 -5,2 -8,0 -9,3 Body weight change from baseline (%) 0 HbA1c change from baseline (%) 0,2 Day 29 Day 57 Day 85 0,03 0,01 -0,10 -0,12 -0,38 -0,44 0 -5 -0,2 -0,4 -10 -15 Weekly semaglutide Wegovy) CAM2056 Group 4 -0,6 -0,8 Weekly semaglutide (Wegovy) CAM2056 Group 4 30 Data on file Attention : This is an excerpt of the original content. 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