DnB Markets - Camurus AB (7CA) Camurus (Buy, TP: SEK425.00) - Another earnings beat

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DnB Markets

Patrik Ling

EUR 88.68 For Business Accounts Only

Camurus (Buy, TP: SEK425.00) - Another earnings beat

The Q3 top line and earnings, even after adjusting for a one-off milestone of SEK25m not in our forecast, were well above expectations, with sales c10% and EBIT c56% (excluding the one-off) above consensus. Patient in-treatment was in line with our forecast, but realised average prices were higher and operating expenses lower. We reiterate our BUY and have raised our target price to SEK425 (380) on our forecast changes.

09/11/2023 1 EN

Underlying

Camurus AB

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.

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SE0007692850 Berlin Stock Exchange Germany

Provider

DnB Markets

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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Analysts

Patrik Ling

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Håkon Astrup

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Camurus (Buy, TP: SEK425.00) - Another earnings beat

Camurus Q1: Beat on profitability, Buvidal/Brixadi momentum preserved

Camurus: Oczyesa (CAM2029) in acromegaly received positive CHMP opinion

Camurus (Buy, TP: SEK725.00) - In line with consensus Q1 sales

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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