Camurus (Buy, TP: SEK630.00) - US royalties higher than expected
Q1 earnings were much higher than we and consensus expected, despite a top-line miss. While Buvidal sales were c6% below our forecast, Brixadi royalties of SEK26m were well above our SEK15m estimate. The 2024 guidance was reiterated. Following the results we have raised our 2024–2026e EPS by 13% on average, and in turn our target price to SEK630 (550). We reiterate our BUY.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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