Camurus: CAM2029 Ph2/3 in PLD met primary endpoint, follow up Ph3 TBD

Camurus reported topline data from its phase 2/3 POSITANO study (n=71) evaluating CAM2029 in PLD which met the primary endpoint showing stat. sig. relative reduction of the liver volume (htTLV) from baseline to week 53 of 4.3% (p=0.044) vs pbo, with corresponding relative reduction in total liver c

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Camurus: Signs USD870m deal with Lilly for LAI incretins

Camurus signed a USD870m deal with Eli Lilly, licensing its FluidCrystal technology for up to four long-acting injectable (LAI) incretin candidates. The upfront, development and regulatory milestones of USD290, combined with USD580m in sales milestones and tiered mid-single digit royalties, further

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Norwegian biomass update

Seafood - Norwegian biomass update

Rates above USD 60k/day, but 0.7x P/NAV

Q1 above, Q2 below, net neutral

US terminal expansions are on track

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

Camurus reported its Q1'25 results, with topline revenues of SEK558m (c. -6% vs css, primarily due to FX), and a beat on profitability with PBT coming in at SEK254m (c. +20% vs css). Buvidal maintained its growth momentum in Q1 with 3,000 new patients on treatment (vs. 4,000 in Q4, but consistent w

Collateral damage

Q1: EBIT below consensus in small quarter

Needs to lock in 2026

Offshore Drilling (DNB Markets) (, ) - (39 pages)

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Another round of Aramco suspensions expected

Market sources suggest Saudi Aramco will further reduce its rig count in the coming months through early contract terminations and potentially more suspensions, which would mark the ‘fourth round’ of rig reductions. This follows last month’s request for dayrate discussions (historically, such requests have preceded it suspending rigs). We believe this round could be extensive, affecting c10 jackups out of its current rig count of c57 rigs. At the peak, Aramco had 92 jackups (22% of global demand...

Seafood - Chilean biomass update

Seafood - Chilean biomass update

Camurus: Oczyesa (CAM2029) in acromegaly received positive CHMP opinio...

Camurus announced on Friday that the EMA's CHMP adopted a positive opinion for the approval of Oczyesa (CAM2029) for the maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogues (SSAs). As a reminder, SSAs are considered as th

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Muted 2025 growth expectations

Following Q1 earnings calls by some of the oil service companies, 2025 outlooks appear more challenging than previously. Baker Hughes expects international upstream spending to decline by mid- to high-single digits, while Halliburton sees its international revenues flat to slightly down. Furthermore, Weatherford expects 2025 international revenue to decline by low double- to mid-double digits. Precision Drilling flagged additional rig suspensions by Saudi Aramco, and SLB highlighted a slow start...

ENI capex cut but maintains shareholder returns

Driven by macro headwinds and uncertainty around trade tariffs, ENI was the first large oil company to introduce capex cuts for 2025, contributing to a more challenging business environment for oil services. Over the past five years, we estimate ENI to have been the oil major with strongest offshore spending growth, and it has been considered active and opportunistic while others have been more conservative. Hence, we see its reduction as a soft datapoint for oil services. ENI has optimised its ...