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Camurus AB
(CAMX)
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Rating:79Outperform
Price Target:
kr733.00
▲(20.86% Upside)
Action:Reiterated
Date:10/16/26
The score is driven primarily by very strong financial performance (rapid growth, high margins, and low leverage). Earnings-call commentary supports the outlook via affirmed guidance, strong cash position, and multiple pipeline/commercial catalysts, partially offset by FDA CRL-related regulatory timing risk and near-term cash/investment outflows. Technicals are supportive with an established uptrend, while the high P/E meaningfully tempers the overall rating.
Positive Factors
Commercial growth
Growth is supported by expanding patient treatment and stronger royalty flows, not just a single product shipment. Buvidal’s increasing adoption and Brixadi’s U.S. momentum can reinforce recurring revenue, improve commercial scale, and support continued expansion over the next several quarters.
Negative Factors
U.S. regulatory timing
The Complete Response Letter delays the U.S. approval pathway for CAM2029 and creates dependence on remediation acceptance and a likely follow-up inspection. Even though the issue was not linked to efficacy or safety, uncertain timing can defer commercialization, revenue contribution, and return on development investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial growth
Growth is supported by expanding patient treatment and stronger royalty flows, not just a single product shipment. Buvidal’s increasing adoption and Brixadi’s U.S. momentum can reinforce recurring revenue, improve commercial scale, and support continued expansion over the next several quarters.
Read all positive factors
Camurus AB (CAMX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr40.57B
Dividend YieldN/A
Average Volume (3M)90.11K
Price to Earnings (P/E)58.8
Beta (1Y)0.65
Revenue Growth<0.01%
EPS Growth-6.75%
CountrySE
Employees316
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)11.39
Shares Outstanding60,559,185
10 Day Avg. Volume87,011
30 Day Avg. Volume90,113
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)8.62
Price to Sales (P/S)16.11
P/FCF Ratio49.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr865.00Price Target Upside42.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)15.07
Revenue Forecast (FY)kr2.83B
Camurus AB Business Overview & Revenue Model
Company Description
Camurus AB (publ), a biopharmaceutical company, develops and commercializes medicines for severe and chronic diseases in Europe, Africa, the Middle East, North America, and Asia. The company offers Buvidal, a buprenorphine injection for the treatm...
How the Company Makes Money
Camurus makes money primarily by (1) selling its proprietary pharmaceuticals in markets where it commercializes directly and (2) earning revenues from partners/licensees in markets where products based on its technology are commercialized by other...
Camurus AB Earnings Call Summary
Earnings Call Date:Jul 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive commercial and financial picture: record product sales, broad‑based Buvidal growth, accelerating U.S. Brixadi royalties, improving underlying revenue CAGR (~21%), strong profitability (42% margin) and a robust cash position (SEK 4.1 billion). Pipeline momentum is substantial with SORENTO nearing primary analysis, CAM2056 advancing, positive POSITANO data and an expanded Lilly collaboration. Key negatives center on a manufacturing‑related FDA Complete Response Letter for the U.S. CAM2029 filing, short‑term working capital and investment outflows, increased SG&A as commercial scale‑up continues, and market/capacity constraints in Australia. Overall, the positives (record sales, revenue growth, strong cash and multiple near‑term pipeline catalysts) outweigh the material but addressable regulatory and operational risks.Positive Updates
Record Quarterly Revenue and Strong Profitability
Total revenues SEK 702 million, up 4% year‑on‑year and 32% sequentially; operating result SEK 293 million with a 42% operating margin; earnings per share SEK 4.05; cash position SEK 4.1 billion (≈SEK 190 million increase during the quarter).
Negative Updates
FDA Complete Response Letter (Oclaiz / CAM2029) — Manufacturing Observations
FDA issued a Complete Response Letter in June related to GMP inspection observations at a third‑party contract manufacturer (not efficacy/safety). Remediations have been completed, but resubmission timing remains uncertain (management views 2026 as possible) and an FDA inspection of the manufacturer is considered highly likely — regulatory timing risk for the U.S. approval pathway.
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Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong Profitability
Total revenues SEK 702 million, up 4% year‑on‑year and 32% sequentially; operating result SEK 293 million with a 42% operating margin; earnings per share SEK 4.05; cash position SEK 4.1 billion (≈SEK 190 million increase during the quarter).
Read all positive updates
Company Guidance
Management affirmed full‑year guidance despite the FDA CRL and set clear capital priorities: an extra SEK 200m for commercial expansion (notably U.S./Oclaiz) and SEK 150m for R&D, to be funded from cash. Q2 metrics underpinning the guidance include SEK 4.1bn net cash (debt‑free), total revenues SEK 702m (+4% YoY, +32% sequential), operating result SEK 293m (42% margin), EPS SEK 4.05, record product sales ≈SEK 528m, Buvidal +12% YoY/+24% q‑o‑q, Brixadi royalties +42% YoY to SEK 127m (+20% q‑o‑q), and operating cash flow SEK 338m before working capital (WC outflow SEK 104m, SEK 41m invested). Near‑term milestones guiding the outlook: SORENTO targeting 194 PFS events with a Q4 readout, CAM2056 phase IIb start in H2, Oclaiz U.S. resubmission/PDUFA timing (2026 possible), and a 100,000‑patient ambition by end‑2027 (77,000 now).Camurus AB Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.27B | 2.27B | 1.87B | 1.72B | 956.34M | 600.57M |
| Gross Profit | 2.10B | 2.11B | 1.74B | 1.59B | 853.08M | 515.22M |
| EBITDA | 884.72M | 909.18M | 568.24M | 564.57M | 87.59M | -97.72M |
| Net Income | 678.17M | 735.57M | 428.39M | 431.44M | 55.55M | -90.45M |
Balance Sheet | ||||||
| Total Assets | 5.31B | 4.74B | 3.76B | 1.91B | 1.31B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 4.07B | 3.73B | 2.85B | 1.19B | 565.54M | 411.57M |
| Total Debt | 108.40M | 106.03M | 17.04M | 24.51M | 26.22M | 25.66M |
| Total Liabilities | 626.04M | 504.56M | 467.33M | 414.82M | 301.80M | 232.99M |
| Stockholders Equity | 4.68B | 4.24B | 3.29B | 1.49B | 999.04M | 848.91M |
Cash Flow | ||||||
| Free Cash Flow | 655.37M | 730.78M | 358.62M | 596.75M | 99.29M | -148.37M |
| Operating Cash Flow | 812.55M | 869.30M | 387.99M | 606.88M | 101.20M | -143.43M |
| Investing Cash Flow | -157.82M | -138.52M | -29.37M | -10.13M | 5.38M | -4.94M |
| Financing Cash Flow | 59.46M | 158.30M | 1.30B | 28.76M | 43.70M | 98.90M |
Camurus AB Technical Analysis
Positive
606.50
Price Trends
616.47
Positive
596.12
Positive
574.37
Positive
Market Momentum
12.76
Negative
68.15
Neutral
85.99
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CAMX, the sentiment is Positive. The current price of 606.5 is below the 20-day moving average (MA) of 634.90, below the 50-day MA of 616.47, and above the 200-day MA of 574.37, indicating a bullish trend. The MACD of 12.76 indicates Negative momentum. The RSI at 68.15 is Neutral, neither overbought nor oversold. The STOCH value of 85.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CAMX.
Camurus AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr40.57B | 58.82 | 15.54% | ― | <0.01% | -6.75% | |
69 Neutral | kr26.73B | 253.11 | 5.18% | 0.71% | -46.09% | -90.13% | |
56 Neutral | kr3.89B | -4.78 | ― | ― | -3.57% | 8.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr267.87M | -5.63 | -13.41% | ― | -68.66% | -137.27% | |
45 Neutral | kr519.69M | -2.78 | -26.00% | ― | ― | 44.46% | |
43 Neutral | kr1.42B | -2.72 | -99.58% | ― | -87.22% | -70.29% |
* Healthcare Sector Average
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Camurus AB Corporate Events
Camurus Sets Nomination Committee and Timetable for 2027 AGM
Sep 11, 2026
Camurus has appointed its Nomination Committee for the 2027 Annual General Meeting, naming representatives from Sandberg Development AB, Fjärde AP-fonden, Handelsbanken Fonder, and the company’s chairman, collectively representing about...
Camurus’ Acromegaly Drug CAM2029 Resubmission Accepted by U.S. FDA
Jul 17, 2026
Camurus has secured acceptance from the U.S. Food and Drug Administration for the resubmission of its New Drug Application for CAM2029, an extended-release octreotide injection for patients with acromegaly. The FDA has set a Prescription Drug User...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.