Camurus (Buy, TP: SEK725.00) - Strong earnings, raised guidance
While Q3 sales were a little light, earnings were well above our estimate and consensus. Following the results, Camurus raised its 2024 sales and PTP guidance. We believe the complete response letter (CRL) for Oclaiz™ in the US could be resolved by Q1 and the product launched in the US in Q2. A European approval for Oclaiz™ could come around mid-2025, we believe. Data read-out from the SORENTO trial (being an event-driven trial) is now expected late-2025/early-2026 (Q2 2025 originally). We reiterate our BUY, but have lowered our target price to SEK725 (750).Camurus AB is a Sweden-based research and development based pharmaceutical company with a focus on the development and commercialization of specialty medicines, providing patients suffering from serious and chronic disease, such as opioid dependence, pain, cancer, acromegaly, and neuroendocrine tumors. The Company has a diversified research portfolio, which includes five products in clinical trials, and a number of additional product candidates in the pre-clinical phase. The Company's product pipeline represents a mix of in-house and partnered projects in different development phases. Camurus AB is the parent company of the Group, which comprises four legal entities, namely Camurus Inc, Cubosome Inc, Camurus Development AB and Bioimplant Scandinavia AB.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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