Camurus delivered a solid second quarter, supported by renewed Buvidal® growth, continued Brixadi® royalty growth in the US, and disciplined execution across the business. Product sales increased 24 percent quarter-on-quarter, reflecting stronger demand across key European markets. With continued portfolio progress, including Lilly’s exercise of the amylin option, we enter the second half of the year with a positive commercial outlook and several value-driving milestones ahead.

Strong financial performance

The second quarter reflected strong financial performance. Product sales reached a record SEK 528 million, exceeding SEK 500 million for the first time, representing a growth of 13 percent year-on-year and 24 percent compared to the previous quarter. Total revenues amounted to SEK 702 million, including Brixadi US royalty and a USD 5 million milestone payment from Lilly related to the exercise of the amylin option. Operating result was SEK 293 million, corresponding to an operating margin of 42 percent, with strong cash flow from operating activities of SEK 338 million. Our financial position strengthened further, with cash and cash equivalents exceeding SEK 4 billion at the end of the quarter.

Total revenues in the first half year were SEK 1,235 million with an operating result of SEK 461 million, aligned with our full-year financial outlook.

Increased Buvidal growth in European markets

Buvidal was the main contributor to growth in the quarter, with strong performances in the Nordics, Germany, Spain and France, and improving sales in the UK as new NHS funding starts to become available. Sales in Australia were steady during the period. Prescribing capacity in parts of the Australian market is a limiting factor, and we are working with clinics and healthcare providers to address these constraints, with improvement expected during the second half of the year.

A total of 77,000 patients were estimated to be in treatment with Buvidal at the end of the quarter, a net increase of 4,000 in the period, and we sustain our trajectory toward 100,000 patients by the end of 2027.

Recently, it was announced in Australia that the other long-acting injectable buprenorphine (LAIB) product will be withdrawn from the market by the end of 2026.¹ The product holds a minority share of the LAIB market in Australia. Camurus will be working closely with clinics and healthcare providers to help ensure continuity for patients who are in treatment with long-acting buprenorphine. We have experienced similar situations in Sweden, Finland and Ger-many, where patient transfers to Buvidal have been smooth, and will draw on that experience in Australia. Our priority is that patients do not experience interruption in their care.

Brixadi US expansion

Brixadi* continued to grow in the US, with solid demand in the quarter and continued expansion across treatment settings, including office-based care, treatment centers and correctional facilities.

Royalty revenue from our partner Braeburn increased 42 percent year-on-year (reported) to SEK 127 million, driven by continued uptake of Brixadi in the expanding US market for long-acting buprenorphine treatment of opioid use disorder.

To meet growing demand and improve patient access to treatment with Brixadi, Braeburn has recently made a significant investment in expanding its US commercial organization. In parallel, Braeburn has further strengthened its medical affairs organization to support scientific and educational needs of the growing treatment community. We see substantial growth potential for Brixadi in the long-acting buprenorphine market for the treatment of opioid use disorder in the US.

CAM2029 regulatory update and progress

The Oczyesa® launch continued in Germany, with second quarter sales broadly in line with the first quarter as adoption builds in the still early phase of launch. Patient feedback continues to be very positive, and uptake is expected to build as patients progressively cycle through specialty clinic visits. Our focus for the second half of the year is to broaden adoption and move towards a double-digit share of acromegaly patients treated with somatostatin receptor agonists. Oczyesa is now also available in Sweden, with launch meeting in September, and formulary processes are progressing in the UK.

In the US, following the Complete Response Letter for CAM2029 (Oclaiz™**) in acromegaly, the outstanding FDA comments have been addressed, and we expect to provide a further regulatory update shortly. Our confidence in CAM2029 for acromegaly, and in the broader CAM2029 program, is unchanged.

In the pivotal Phase 3 SORENTO study of CAM2029 in patients with gastroenteropancreatic neuroendocrine tumors (GEP-NET), recent progression in the accumulation of progression-free survival (PFS) events indicates that the target number of PFS events for the primary analysis is expected to be reached in the fourth quarter of 2026.

In our third indication for CAM2029, polycystic liver disease, Phase 2 POSITANO results presented at EASL (European Association for the Study of the Liver) 2026, supported the treatment’s efficacy and safety in this rare and serious condition.^2,3 The POSITANO extension study is ongoing and a decision on a Phase 3 program is anticipated later this year.

Monthly semaglutide and expanded Lilly collaboration

In the early-stage clinical portfolio, preparations continued for the planned Phase 2b study of CAM2056, Camurus’ proprietary monthly semaglutide depot for overweight and obesity, which is on track to start in the second half of 2026.

Separately, Lilly exercised its option to include amylin receptor agonists in the collaboration on long-acting incretins. The expansion reflects continued progress in the ongoing projects and underscores the breadth and potential of our FluidCrystal® technology.

In the collaboration with Gubra, a lead parathyroid hormone agonist candidate was selected during the quarter for further development, from several candidates evaluated, marking further progress in the program.

Outlook reaffirmed, key milestones ahead

The second quarter showed the strength of our commercial business, with record product sales and a solid operating result, alongside continued progress in the development portfolio. We reaffirm our guidance for 2026 of revenues of SEK 2.6–2.9 billion and operating result of SEK 0.9–1.2 billion.

Several important milestones are expected in the second half, including start of readout of SORENTO Phase 3 results in GEP-NET, progress towards NDA approval for CAM2029 in the US, and the initiation of the Phase 2b study of CAM2056.

We are pleased with the performance and continued business progress in the quarter. Our advancing product and development portfolio offers further opportunities, and we remain focused on sustaining our progress toward our long-term goals.

Finally, I would like to thank our employees and partners for their contributions during the quarter, and wish everyone a pleasant summer.

Fredrik Tiberg

President and CEO

* Brixadi® is the US brand name for Camurus’ product Buvidal®
** Oclaiz™ is the proposed US brand name for CAM2029 for the treatment of acromegaly.