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Camurus AB (7CA) Q3 2026 Earnings Report

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DE:7CA Q3 2026 EPS Results

Actual EPS
EUR 0.41
Consensus EPS
EUR 0.34
Beat/Miss
Beat by +EUR 0.07
One Year Ago EPS
EUR 0.30

DE:7CA Q3 2026 Revenue Results

Actual Revenue
EUR 65.71M
Expected Revenue
EUR 63.93M
Beat/Miss
Beat by +EUR 1.77M
YoY Revenue Growth
+27.67%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
Before Open
Conference Call
Thursday, November 5, 2026
DE:7CA Upcoming Earnings

Camurus AB's next earnings date is estimated for February 18, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:7CA Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:3.60%|
Earnings Call Sentiment|Positive

The call was strongly positive overall, led by record revenue, operating profit, product sales, broad-based Buvidal growth, a growing cash position, reaffirmed full-year guidance in the upper half of the ranges and multiple commercial and pipeline milestones. The main challenges were uncertainty around the timing of the FDA reinspection and potential review extension, U.K. market and funding difficulties, Australian access constraints, and a stated expectation that higher 2027 investment could keep the operating margin below 50%.

Company Guidance

Camurus reaffirmed full year guidance, with revenues and operating results now expected in the upper half of the ranges of SEK 2.6 billion to SEK 2.9 billion and SEK 0.9 billion to SEK 1.2 billion, respectively; additional U.S. spend is now around SEK 100 million this year compared with previously SEK 200 million, and additional R&D investment is around SEK 50 million compared with SEK 150 million previously, with the spend moving to 2027. Buvidal remains on track for the 100,000 patient ambition by the end of 2027, Brixadi’s $15 million onetime payment will be recognized in the fourth quarter, the FDA’s current PDUFA date for Oclaiz is 18th of December, SORENTO is expected to reach 194 events around year-end with top line results in the first quarter of 2027, POSITANO extension-study data are due by the end of the year, and CAM2056 results are expected in the first half of 2028. For next year, the operating margin is expected to be in the range between 44% and 50%, although “we will not easily get up to 50% because we have to invest next year.”

  • Record Quarterly Revenue and Operating ResultQ3 was Camurus' strongest quarter to date. Revenues grew 28% to SEK 724 million, driven by record product sales, while the operating result rose 40% to SEK 322 million, representing a 44% operating margin. The company stated that there was no milestone revenue in the quarter, so the growth reflected underlying commercial growth.
  • Strong Nine-Month Financial PerformanceFor the first nine months, total revenue reached SEK 1.959 billion and the operating result was SEK 783 million. Diluted earnings per share increased to SEK 4.53 in Q3 from SEK 3.24 a year earlier.
  • Record Product Sales and Broad-Based Commercial GrowthProduct sales reached a record SEK 582 million. Buvidal sales were SEK 574 million and Oczyesa contributed SEK 8 million, while Brixadi royalties reached SEK 137 million. Management said growth was broad-based across the business and across regions.
  • Buvidal Continued Record GrowthBuvidal sales increased 26% year-on-year and 10% sequentially to SEK 574 million. In-market sales also grew 26% year-on-year, which management said reflected real demand, and growth came from every region. The company said revenue and volume growth were similar because there had been no significant price changes this year.
  • Buvidal Patient Growth and 2027 AmbitionAround 81,000 patients were on Buvidal treatment at the end of the quarter, net 4,000 more than in June. Management said this keeps the company on track for its ambition of 100,000 patients by the end of 2027.
  • Progress Across Buvidal MarketsGermany continued to penetrate the market; the Nordics grew through expanded access, continued switching from daily treatment and transfers from another long-acting buprenorphine; U.K. growth came mainly from improved prison access; and Spain and France benefited from increased market penetration and greater acceptance of long-acting buprenorphine. In Spain, Buvidal's position as a first-line treatment has supported penetration.
  • Brixadi Royalties Continued to IncreaseBrixadi royalties rose 23% year-on-year and 8% from Q2 to SEK 137 million. Royalties were up 35% for the first nine months. Demand was reported to be growing across treatment settings, and Braeburn expanded its commercial and medical organizations.
  • Brixadi Reached U.S. Sales MilestoneAfter the period, Brixadi's U.S. net sales for 2026 passed $300 million, triggering the first sales milestone under the license agreement. A one-time payment of $15 million is expected to be recognized in Q4.
  • Oczyesa Commercial ExpansionOczyesa sales were SEK 8 million, up 83% from Q2. In Germany, approximately 100 patients were on treatment, representing about 5% of patients on somatostatin receptor ligands, up from 2.5% in June. Oczyesa launched in Sweden in September, with the first 10 patients in treatment.
  • Additional Oczyesa Regulatory and Market ProgressOczyesa was approved in Australia in August, with launch timing to be decided in the context of a possible future NET indication. Health Canada approved Oczyesa XR after the quarter, with a planned launch in 2027. In the U.K., a large number of formulary applications were submitted, with decisions expected in Q4, and a few private patients had started treatment.
  • Strong Cash Position and Debt-Free Balance SheetCash increased by approximately SEK 285 million during the quarter to SEK 4.4 billion, which was 24% higher than last year. Net cash from operating activities contributed SEK 329 million before working capital adjustments of SEK 4 million. Camurus remained debt-free and invested SEK 41 million, primarily to establish a second manufacturing facility.
  • Full-Year Guidance ReaffirmedManagement reaffirmed full-year guidance and now expects revenue and operating result to be in the upper half of the respective ranges of SEK 2.6 billion to SEK 2.9 billion and SEK 0.9 billion to SEK 1.2 billion.
  • CAM2029 Regulatory Progress in AcromegalyThe FDA accepted the resubmitted NDA for Oclaiz in July, with a current PDUFA date of December 18. CAM2029 is already approved in the EU, the U.K., Australia and Canada under the Oczyesa or Oczyesa XR trade names.
  • Alternative CAM2029 Manufacturing Path PreparedCamurus manufactured CAM2029 at a secondary U.S. site, completed stability work and a Phase I bioequivalence study in 130 healthy volunteers. The study demonstrated bioequivalence between products from the two sites, and the U.S. site recently completed an FDA GMP inspection. Management said the alternative application pathway was essentially ready, with submission a matter of weeks.
  • SORENTO Trial Approaching ReadoutThe SORENTO study includes 332 patients across 12 countries, with progression-free survival as the primary endpoint. Camurus expects to reach the 194-event target around year-end, with top-line results expected in the first quarter of 2027. Management said the trial had been tracking in line with its latest prediction, while noting that some events could occur in early 2027.
  • Early Pipeline AdvancementCAM2056, Camurus' once-monthly semaglutide, moved into Phase IIb after trial and ethics approvals in Q3, and the first participants were dosed after quarter-end. The study is enrolling 150 participants randomized 1:1:1 to CAM2056 at 20 or 10 milligrams or placebo, with relative weight change at week 36 as the primary endpoint and results expected in the first half of 2028.
  • Partnership Programs Remained on TrackCamurus said its partnerships were on track. With Lilly, the company is developing long-term incretins and has three programs running in parallel following the June option exercise for an amylin agonist. With Gubra, it is developing a long-acting PTH analog and preparing for the first clinical trial with a selected lead candidate.
  • Additional Pipeline Data ExpectedNew data from the POSITANO extension studies in polycystic liver disease were expected by the end of the year, after which Camurus would decide on next steps together with the SORENTO results.
  • Commercial Leadership Transition PlannedRichard Jameson will retire as Chief Commercial Officer at year-end and continue as an adviser. Samantha Nickerson will become SVP International Commercial from January 1, with responsibility for Europe, Australia and the rest of the world, while Richard will continue leading the North American business.

DE:7CA Earnings History

DE:7CA earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 18, 20272026 (Q4)0.55-0.15――
Nov 05, 20262026 (Q3)0.340.410.338.53% (+0.11)
Jul 15, 20262026 (Q2)0.290.370.37-0.37% (-0.00)
May 12, 20262026 (Q1)0.320.220.3-28.36% (-0.09)
Feb 12, 20262025 (Q4)0.210.150.22-31.84% (-0.07)
Nov 06, 20252025 (Q3)0.300.300.251.39% (+0.10)
Jul 17, 20252025 (Q2)0.310.370.11226.40% (+0.26)
May 15, 20252025 (Q1)0.260.300.12146.32% (+0.18)
Feb 13, 20252024 (Q4)0.170.22-0.021007.41% (+0.25)
Nov 07, 20242024 (Q3)0.140.200.1444.00% (+0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed