Camurus (Buy, TP: SEK275.00) - Strong sales and strong guidance
Camurus reported strong Q4 earnings, with Buvidal sales beating our estimate by c7%. In our view, the sales guidance for 2022 was strong, indicating continued growth of c50% YOY. R&D spending in 2022 will most likely be higher than we initially forecast, which explains our earnings adjustment. We like the company’s positioning and strategy, and believe that the operations are progressing. Furthermore, we believe the market underestimates Buvidal’s profitability. We reiterate our BUY and SEK275 target price.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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