reports
- Patrik Ling
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 reite...
- Oscar Haffen Lamm
Camurus: Q3 highlighted strong profitability
Camurus reported its Q3 2024 results which came in slightly below market expectations for revenues, as i) total revenues came in at SEK480m (vs css SEK 499m, -3.8%), ii) Buvidal sales came in at SEK421m (vs css SEK429m, -1.9%), and iii) Brixadi royalties at SEK58m (vs css SEK66.8m, -13.2%). On a po
- Oscar Haffen Lamm
Camurus: Oclaiz receives unexpected CRL
This morning, Camurus announced that they received a CRL regarding Oclaiz (CAM2029) in Acromegaly due to facility-related deficiencies identified during a cGMP inspection of a third-party manufacturer. The CRL did not state any other concerns, including related to clinical efficacy or safety of CAM
- Oscar Haffen Lamm
Camurus: Brixadi gaining market shares, next to come is Oclaiz
After a recent pull-back (-6.2% vs -5.46% OMX PI over the past 30 days), yesterday was marked by a stock rally (+6.82%) after a positive read-across from Indivior which disclosed preliminary Q3 2024 results where forecasts for Sublocade were further cut to USD 725-745m (from USD 765m-805m), only th
- Patrik Ling
Camurus (Buy, TP: SEK750.00) - Sales and PDUFA date in focus
Ahead of the Q3 results (due at 07:00 CET on 7 November), we believe the stock market will continue to focus on Braeburn’s launch of Brixadi in the US and underlying sales growth of Buvidal in already launched markets. In addition, the company should receive an answer from the FDA regarding the potential approval of Oclaiz for acromegaly in the US (PDUFA date 21 October), and will most likely provide more details of the planned launch, in our view. We reiterate our BUY and SEK750 target price.
Camurus AB: 2 directors
A director at Camurus AB sold 10,000 shares at 680.640SEK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Bruno Bulic
- Oscar Haffen Lamm
Camurus: Q2 highlighted solid growth, with early-stage asset optionali...
Based on the strong momentum since launch that Brixadi has experienced in the US, and the KOLs real-life setting experience, we update our estimates taking into account higher market uptake and total peak sales of USD 1.52bn (vs USD 1.23bn) in 2032. We expect Brixadi to continue on its market uptak
- Patrik Ling
Camurus (Buy, TP: SEK750.00) - Continued strong growth
Q2 sales were in line with our forecast, but EBIT was slightly below due to higher-than-expected operating expenses. PTP was c3% below our forecast. The 2024 guidance was maintained, but we believe it could be adjusted, if necessary, after the Q3 results, when the outcome for Oclaiz is known (PDUFA date 21 October). We reiterate our BUY and have raised our target price to SEK750 (630).
- Bruno Bulic
- Oscar Haffen Lamm
Camurus Q2: Buvidal recovered, Brixadi grows
Camurus reported its Q2 2024 results which came in slightly below market expectations, as i) total revenues came in at SEK 445m (vs css SEK 450.2m, -1.16%), ii) profit before tax came in at SEK 104m (vs css 113.3m, -8.23%), with a cash position at SEK 2.567bn. We are encouraged to see that Buvidal
- Bruno Bulic
- Oscar Haffen Lamm
Camurus: long-term extension trial confirms good 52 week results
Camurus announced positive, final, topline results from the 52-week Phase 3 open-label ACROINNOVA 2 study, which evaluated safety and efficacy of the company’s once-monthly octreotide subcutaneous (SC) depot (CAM2029). As a reminder, this study was conducted to meet the required safety database in
- Bruno Bulic
- Oscar Haffen Lamm
Camurus: post hoc analysis shows Brixadi's effectiveness in fentanyl u...
Camurus published in JAMA Network Open (here) a new post hoc analysis comparing weekly and monthly SC Buvidal/Brixadi injections to daily sublingual buprenorphine/naloxone, where the data presented suggests the effectiveness in individuals with opioid dependence who use fentanyl is consistent with
- Patrik Ling
Camurus (Buy, TP: SEK630.00) - US royalties the big unknown
As it is difficult to get reliable prescription data for Brixadi in the US, we believe this is the big unknown for Q2 (results due at 07:00 CET on 16 July). Overall, our impression is that Buvidal sales remain strong, and that the pipeline is progressing. The next pipeline event is set to be the PDUFA date (21 October) for Oclaiz in the US. We reiterate our BUY and SEK630 target price.
- Patrik Ling
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.
- Oscar Haffen Lamm
CAMURUS reports Q1, showing encouraging sales uptake in the US
Camurus reported its Q1 2024 results, where i) total revenues came in at SEK 390m (vs css SEK 405m, -3.7%), of which SEK 364m product sales (+3% QoQ at CER), ii) profit before tax came in at SEK 97m (vs css 80.3m, +20%), and iii) a cash position at SEK 2,274m. We observe a steady increase in the nu
- Patrik Ling
Camurus (Buy, TP: SEK550.00) - Solid start to 2024e
We forecast solid Q1 earnings, albeit down slightly YOY on a higher operating cost base (results due at 07:00 CET on 8 May). However, with Q1 last year marking the low point of R&D spend in 2023, we do not find this alarming. We believe the company will reiterate its 2024 guidance. We reiterate our BUY and SEK550 target price.
- Oscar Haffen Lamm
Executing as planned with a PDUFA date set for 21st October 2024 in Ac...
This morning Camurus announced that the FDA has accepted the NDA for Oclaiz (CAM2029) for the treatment of patients with acromegaly, with a PDUFA target action date of 21st October 2024. Following the FDA decision, we expect a launch in early 2025 and we remind that we believe that it has the poten
- Oscar Haffen Lamm
CAMURUS: After strong 2023, cautious 2024 guidance highlights need for...
Yesterday, Camurus reported its FY 2023 results, where i) total revenues came in line with expectations at SEK 1,717m, of which SEK 1.299m product sales (+39% YoY), ii) profit before tax were at SEK 549.5m (estimate SEK 582.9m), and iii) FY 2024 guidance pointing towards total revenues of SEK 1,740
- Patrik Ling
Camurus (Buy, TP: SEK550.00) - Overreaction to 2024 guidance
The Q4 results were in line with the pre-announced figures from the capital raise earlier this year. However, we believe the 2024 guidance was perceived as weak for the top line and PTP. The latter guidance included cSEK300m in investments for building a commercial organisation in the US, well above what we and the market expected. We reiterate our BUY and have raised our target price to SEK550 (425), after adding a proportion of the value of the pipeline to our valuation.
- Maria Vara
- Oscar Haffen Lamm
Coverage update
Given team and strategy changes, Oscar Haffen Lamm is now assuming coverage of Medincell, Camurus, Valneva, Aelis Pharma, Abivax, Calliditas, Egetis Therapeutics, Basilea, Geneuro, Achilles, Valerio, Innate Pharma, Morphosys, Inventiva Pharma, Vicore, DBV Technologies, and Genfit.Maria Vara is now
BSLN BASILEA PHARMACEUTICA AG
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
ALMDT MEDIAN TECHNOLOGIES
EGTX EGETIS THERAPEUTICS AB
7CA CAMURUS AB
VICO VICORE PHARMA HOLDING AB
5142 ACHILLES CORP.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
XVIVO XVIVO PERFUSION AB
GNRO GENEURO SA
BONEX BONESUPPORT HOLDING AB
MOR MORPHOSYS AG
MED MEDARTIS AG
MEDCL MEDINCELL SA
CALTX CALLIDITAS THERAPEUTICS AB
IVA INVENTIVA ADS
CLNK B CELLINK AB
GNFT GENFIT
AELIS AELIS FARMA SA
ONWD ONWARD OPPORTUNITIES LIMITED
ALONX ONXEO
ABVX ABIVAX
- Alex Cogut
Best in class execution of a best in class LAI tech, upping PT and rei...
We update our view on Camurus, a Swedish specialty pharma developing long-acting injectables based on its proprietary FluidCrystal technology. The company reached sustainable profitability on the back of the successful launch of Buvidal in Europe and Australia for the treatment of opioid dependence
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