Slides
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Audiocast presentation 6 November 2025 Third quarter 2025 results
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2 Forward looking statements This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product developments and regulatory approvals and financial performance. Camurus is providing the following cautionary statement. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations, and it may cause any or allof our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include currency exchange rate fluctuations, delay or failure of development projects, loss or expiry of patents, production problems, unexpected contract, patent, breaches or terminations, government-mandated or market-driven price decreases, introduction of competing products, Camurus‘ ability to successfully market products, exposure to product liability claims and other lawsuits, changes in reimbursement rules and governmental laws and interpretation thereof, and unexpected cost increases. Camurus undertakes no obligation to update forward-looking statements.
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3 Agenda • Business highlights • Financial performance • Commercial development • R&D pipeline update • Key take-aways • Q&A Company participants Fredrik Tiberg, PhD President & CEO, CSO Anders Vadsholt Chief Financial Officer Richard Jameson Chief Commercial Officer
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Business highlights
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5 Commercial execution Advancing R&D pipeline Financial & corporate development Third quarter highlights YoY – year-on-year; QoQ – quarter-on-quarter; CER – constant exchange rate; PLD – polycystic liver disease; PDUFAA – Prescription Drug User Fee Act approval date • Total revenues grew 18% YoY (25% CER) to SEK 567 million • Profit before tax of SEK 245 million, up 48% YoY – 43% margin • Cash position increased to SEK 3.5 billion • Topline guidance revised – profit maintained • Enhanced ESG ratings • Buvidal quarterly sales grew 8% YoY (15% at CER) to SEK 455 million • Brixadi, royalties grew 91% YoY and 25% QoQ • Oczyesa® acromegaly launch readiness – First launch in Germany 1 Nov 2025 • Further European launches planned for the coming quarters • Oczyesa® market approval in the UK for the treatment of acromegaly • Oclaiz NDA resubmission expected in Q4 with PDUFA in H1 2026 • CAM2029 granted ODD for ADPKD in the US and EU • Last patient last visit in Phase 1b study of monthly semaglutide
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Financial performance
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7 0 500 1000 1500 2000 Revenue 0 200 400 600 800 1000 Cash position SEK 3.5 billion +28% vs Q3 2024 Solid revenue growth and profitability YTD – year-to-date Q3 384 1342 1801 MSEK 2023 2024 2025 480 567 1314 MSEK Profit before tax 110 567 366 165 245 806 +48% 2023 2024 2025 +37% +18% +120% One-time revenues YTD Revenues Q3 excl. one-time revenues Revenues YTD excl. one-time revenues One-time revenues YTD Profit Q3 excl. one-time revenues Profit YTD excl. one-time revenues
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8 Reported Q3 profit and loss YTD – year-to-date MSEK Jul – Sep 2025 Change vs. 2024 CER Change vs. 2024 YTD Jan – Sep 2025 Change YTD vs. 2024 CER Change YTD vs. 2024 Total revenues 567 +18% +25% 1,801 +37% +43% Gross margin 528 93.1% 5bps 25bps 1,681 93.4% 67bps 94bps Marketing and distribution costs -142 +27% +35% -391 +16% +21% Administrative expenses -40 +49% +52% -133 +100% +102% Research and development costs -109 -33% -32% -392 -24% -23% Other operating expenses -7 – – -4 – – Operating result 230 40.6% +62% +83% 761 42.3% +151% +184% Profit before tax 245 43.3% +48% +65% 806 44.8% +120% +145%
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9 221 43 -61 -31 -5 3,347 3,515 Cash end Q2 25 Operating activities Stock option program Working captial Investing activities Other Cash end Q3 25 Improved cash position . MSEK Operating activities ESOP 22/26 Working Capital Other Cash end Q3 2025 Cash end Q2 2025 Investing activities
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10 Revised financial outlook FY2025 FY – full year • Previous outlook Revised outlook Revenue SEK 2.7 – 3.0 billion + 45 – 61% vs. 2024 SEK 2.3 – 2.6 billion + 23 – 39% vs. 2024 Profit before tax SEK 0.9 – 1.2 billion + 63 – 117% vs. 2024 SEK 0.9 – 1.2 billion + 63 – 117% vs. 2024 •Key consideration for the revised revenue guidance – Expected FY revenues from Brixadi in the US are below previous projection, and uncertainty about the timing of a sales milestone payment – Continued delays in allocation of committed government funding for treatment in the UK •Profit before tax maintained based on – Continued cost discipline across the business – Expansion of US operations aligned with updated approval timelines for Oclaiz
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Commercial development
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12 366 364 400 421 469 485 470 455 0 100 200 300 400 500 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Buvidal – slowing growth in the quarter •Sales impacted by access barriers ‒ Net sales SEK 455 million, +8% YoY (+15% at CER), and -3% (-3% at CER) QoQ ‒ In-market growth was +3% QoQ • Positive in Australia, Norway, Spain, France • Flattened in UK, Germany, Sweden ‒ Year to date growth positive • Around 20% across markets • Single digit in Finland due to high penetration •Headwinds in Europe ‒ Treatment funding delays in the UK, impacting stock level ‒ Continued resistance in Germany, due to remuneration •Opportunities ‒ High demand from patients and physicians ‒ Increasing stakeholder awareness of LAI benefits ‒ Renewed growth expected in 2026 •Quarterly sales MSEK CER – constant exchange rate 2024 20252023 Salesat CER1
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13 Strategies to improve patient access •Growing real-world evidence base to demonstrate value ‒ 250+ scientific publications ‒ Wider socioeconomic outcomes presented •Compelling economic models ‒ Health and social economic models published ‒ Highlighting the positive value of treatment1 •Government affairs and access initiatives ‒ Ongoing discussions to widen access progressing ‒ Growing demand in criminal justice system and need for continuity of care ‒ Independent stakeholders progressing remuneration changes in Germany 1Keel G. et al, ISPOR Vol 26, Issue 12, Supplement S216, Dec 2023; 2Chappuy M. et al, Communication at ALBATROS; 3 Gauffin E. et al, . 2025 Oct 22;25(1):1397; 4Auriacombe M. et al, Drug & Alc, Dep. 267:112241 Recent publications1-4
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14 8 26 45 58 83 74 89 111 0 20 40 60 80 100 120 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 MSEK Brixadi royalty by quarter Encouraging trend for Brixadi in the US •Increasing quarterly sales ‒ Royalty grew 91% YoY (100% at CER) to MSEK 111 ‒ Quarterly growth 25% (20% at CER) •Increasing market share in the US ‒ Brixadi reached est. ~30% share of LAIB segment ‒ LAIB at ~8% of total buprenorphine market, growing approximately 25% YTD versus 2024 ‒ US LAIB market to reach ~1.1 billion USD in 2025 •Significant opportunity for further growth ‒ High unmet medical need ‒ Competitive product profile and growing evidence base ‒ Significant untapped market potential; conversion from daily sublingual treatment, a large untreated population, and in the criminal justice system CER – constant exchange rate; LAIB – long-acting injectable buprenorphine; YTD – year-to-date 2024 2025 2023 Salesat CER1
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Pipeline update
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16 Octreotide SC depot, CAM2029 CAM2029 is a long-acting octreotide in development for three serious rare disease indications Acromegaly Gastroenteropancreatic neuroendocrine tumors (GEP-NET) Polycysticliver disease (PLD) Designed for enhanced efficacy and patient convenience vs. current somatostatin receptor ligands (SRLs)
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17 Openlabelextension Comprehensive CAM2029 clinical program Timelines are indicative. PK – Pharmacokinetic; PD – Pharmacodynamic; RCT – Randomized control trial; LST – Long-term safety trial; ACRO – Acromegaly, GEP-NET – Gastroenteropancreatic neuroendocrine tumors; PLD – Polycystic liver disease; SRL – Somatostatin receptor ligands ACROINNOVA 2 Phase 3 LST Open label, long-term safety and extension trial in partial and full SRL responders ACROINNOVA 1 Phase 3 RCT Randomized, double-blind, placebo-controlled trial in SRL responders SORENTO Phase 3 RCT Active controlled Phase 3 trial in patients with metastatic/ unresectable GEP-NET POSITANO Phase 2/3 RCT Randomized, double-blind, placebo-controlled Phase 2/3 trial in patients with PLD 5 completed Phase 1 and 2 clinical trials characterizing PK, PD and safety in healthy subjects and patients Openlabelextension Openlabelextension Fully recruited Fully recruited -2023 Positive results Positive results Positive results Positive results 2024 2025 2026 2027 2028
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18 CAM2029 GEP-NET update SORENTO Phase 3 start Q4 2021 SORENTO fully enrolled Q4 2023 Target number PFS events exp. mid to late 2026 (revised based on accruals) Subcutaneous Octreotide Randomized Efficacy in Neuroendocrine TumOrs Recent scientific symposium at NANETS1
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19 SORENTO assessing CAM2029 superiority in PFS vs SoC in patients with GEP-NET •Randomized, active-controlled Phase 3 study ‒ Randomized, multi-center, open-label, active-controlled Phase 3 study of CAM2029 vs. long-acting octreotide or lanreotide in patients with GEP-NET ‒ Fulfills regulatory requirements for safety and efficacy •Patient population ‒ Patients with confirmed, advanced and well-differentiated GEP-NET (grade 1 to grade 3). ‒ SORENTO has a majority Grade 2 NETs •Primary endpoint ‒ Superiority in progression free survival, PFS, vs. standard of care (first-line medical treatment), hazard ratio 0.65 ‒ Assessed after 194 documented PFS events •Secondary endpoints include ‒ Overall survival ‒ PROs (e.g., treatment satisfaction, quality of life) ‒ Safety •Recruitment completed end 2023 ‒ 332 patients enrolled across 12 countries, exceeded randomization target (302) PFS – progression free survival; SOC – Standard of Care; GEP-NET – gastroenteropancreatic neuroendocrine tumors; PRO - patient reported outcome; LAR – long-acting release; ATG - autogel R Primary endpoint CAM2029 Octreotide LAR or lanreotide ATG 0 Weeks N=332 1:1 6 10 44 31 16 14 13 49 14 12 76 47 2 4 7 8 4 4 3 11 4 4 15 13 0 20 40 60 80 # randomized patients # sites with randomized patients
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20 Orphan drug designation for PLD in EU and US Positive POSITANO study results in June 2025 Orphan designation for ADPKD in the US and EU End-of-phase 2 meeting with FDA early 2026 Polycystic liver Safety and efficacy TriAl with subcutaneous Octreotide CAM2029 PLD update
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21 *Oczyesa®, octreotide subcutaneous depot, for the maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogs ACROINNOVA Phase 3 program completed European commission granted marketing authorization for Oczyesa 30 June 2025* MHRA approved marketing authorization for Oczyesa in the UK 28 August 2025* NDA resubmission with potential new PDUFA H1 2026 Second Oczyesa® approval in acromegaly
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22 Oczyesa® - the first monthly subcutaneous octreotide depot1-3 Autoinjector pen Oczyesa is indicated for maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogues. 1 5-fold bioavailability vs octreotide LAR with potential for improved efficacy1,2,5 Stored at room temperature and ready to use1,4 Autoinjector pen with a hidden, thin (22-gauge) needle 1,4 LAR – Long-acting repeatable 1. Oczyesa® Summary of Product Characteristics (SmPC), Camurus AB, Sweden. June 2025; 2. Tiberg F et al. Br J Clin Pharmacol 2015;80:460–72; 3. Pavel M et al. Cancer Chemother Pharmacol 2019;83:375–85; 4. Ferone D et al. J Clin Endocrinol Metab 2025;110:1729–39; 5. GlatardA et al. Clin Pharmacokinet. 2025;64(7):1079-1092. Convenient and easy self- administration to improve patients’ treatment experience1-3 Internal photographic material
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23 Initiating the European launch of Oczyesa •Start in wave 1 countries ‒ Significant switch opportunity from SoC • Est. 3,000 – 5,000 acromegaly patients on first generation SRL treatments • Additional 500 - 800 newly diagnosed patients start treatment every year • Notably, current estimates indicate significantly higher numbers, representing a potential upside •Positive response from physicians and patents ‒ Appreciated product profile and clinical evidence ‒ High willingness to switch to Oczyesa ‒ Promising initial response from payers •Teams in place and ready to go •~10 sales representatives, 5 MSLs and 3 market access •Planning PMA submissions in wave 2 SoC – standard-of-care; SRL – somatostatin receptor ligand; Denmark GermanyUK Sweden Norway Oczyesa wave 1 countries
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24 LAUNCH IN GERMANY 1 NOVEMBER 2025 Individuals shown are AI generated models, not real patients
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25 Considerable opportunity in Germany • High interest to switch to treatment with Oczyesa ‒ Physician indicate that initially 30 – 60% of patients are suitable for switching to Oczyesa ~2,000 target patients in Germany1-5 Market potential in Germany ‒ SRL acromegaly annual sales ~EUR 50 million6 German physician’s positive to Oczyesa profile Sources: 1Akromegalie - DEXIMED – Deutsche Experteninformation Medizin, 2Orphanet: Akromegalie, 3EntwurfPoster_20050307_pj.cdr, 4Acroline-Behandlungsablauf.pdf, 5Akromegalie: Harte Daten; 6Company estimate; 7M3 Global Market Research (data on file) Prevalence ~5,000 – 10,000 Incidence ~270-330/year Acromegaly register ~2,950 patients Not in register ~2,000 – 7,000 Surgery (first line) 60 – 80% ~1,770 – 2,360 patients Post-op SRL therapy ~50% ~885 – 1,180 patients Total number with SRL therapy ~1,475 – 2,380 patients Directly start SRL 20 – 40% ~590 – 1,180 patients “It will make it possible to treat acromegaly much more effectively and with fewer complications.” “It is a self-injection with a subcutaneous pen. Everyone knows this from the weight loss jabs. That’s a blockbuster.” “Autoinjector – means that one can self-administer but without seeing the needle and that is unique.” “It’s very positive. And very different from all the other treatments we have for acromegaly. Hopeful. Very, very good I would say.”
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26 Early-stage programs Several early-stage programs advancing All patients completed Phase 1 study of monthly semaglutide (CAM2056) Topline clinical results in November 2025 Partnership with Eli Lilly for long-acting incretins progressing
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Key take-aways
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28 Robust third quarter results despite challenging market conditions Strong profitability and cash-flow Stable Buvidal sales in Europe and Australia Brixadi showing sustained high growth in the US UK approval of Oczyesa in acromegaly Launch readiness for Oczyesa in Germany Advancement of long-acting incretin programs
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Camurus AB│Rydbergs torg 4, SE-224 84 Lund, Sweden P +46 46 286 57 30│info@camurus.com│camurus.com Q&A
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30 < Shareholders and analyst coverage Shareholders as of 30 September 2025 Number of shares % of capital % of votes Sandberg Development AB 18,280,692 30.5 30.5 Fourth Swedish National Pension Fund 2,808,776 4.7 4.7 Swedbank Robur Fonder 2,564,932 4.3 4.3 Fredrik Tiberg, CEO 1,500,000 2.5 2.5 Vanguard 1,424,473 2.4 2.4 Handelsbanken fonder 1,385,784 2.3 2.3 Avanza Pension 1,238,601 2.1 2.1 Capital Group 1,149,991 1.9 1.9 AFA Försäkring 906,812 1.5 1.5 SEB Funds 850,383 1.4 1.4 Carnegie Fonder 834,652 1.4 1.4 Norges bank 742,052 1.2 1.2 BlackRock 741,773 1.2 .1.2 Länsförsäkringar Fonder 658,140 1.1 1.1 Jupiter Asset Management 619,488 1.0 1.0 Other shareholders 24,142,085 40.3 40.3 In total 59,848,634 100.0 100.0 Analysts DNB Carnegie Erik Hultgård Handelsbanken Suzanna Queckbörner Jefferies Shan Hama Nordea Viktor Sundberg Pareto Dan Akschuti Stifel Oscar Haffen Lamm SEB Christopher Uhde ABG Sundal Collier Georg Tigalonov-Bjerke Kempen Romy O’Connor Redeye* Richard Ramanius Source: ModularFinance, Monitor report * Not commissionedby Camurus
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31 Experienced and committed management team PSP units – Performance Share Plan units Markus Johnsson Senior VP R&D In Company since: 2003-2017, 2019- Holdings: 16,000 shares and 2,918 PSP units Education: Ph.D. in physical chemistry and M.Sc. in chemistry from Uppsala University. Previous experience: More than 20 years of experience from pharmaceutical development and project management Fredrik Joabsson, PhD Chief Business Dev. Officer In Company since 2001 Holdings: 40,170 shares and 2,918 PSP units Education: M.Sc. in Chemistry, PhD in PhysicalChemistry, Lund University Previous experience: More than 20 years of experience in pharmaceutical R&D, business development, alliance management and investor relations. Richard Jameson Chief Commercial Officer In Company since: 2016 Holdings: 29,193 shares and 6,082 PSP units Education: B.Sc. in Applied Biological Sciences from University West of England Previous experience: General Manager, UK & Nordics for Reckitt Benckiser (2010 – 2013) and Area Director Europe, Middle East and Africa for Indivior (2013 – 2016). Behshad Sheldon President Camurus Inc. In Company since 2024 Holdings: 1,000 shares, 2,000 employee options and 2,918 PSP units Education: B.Sc. in Neuroscience from University of Rochester Previous experience: More than 25 years of experience from the international pharma industry, including President & CEO of Braeburn Pharmaceuticals and senior positions within Smithkline Beecham, Bristol-Myers Squibb and Otsuka Pharmaceuticals. Agneta Svedberg VP Clinical Dev. In Company since: 2015 Holdings: 22,987 shares and 2,918 PSP units Education: M.Sc. In Radiophysicsand B.Sc. In Medicine from Lund University, ExecutiveMBA from ExecutiveFoundation Lund Previous experience: More than 25 years of experience in drug development, incl. as COO at Zealand Pharma, CEO of Cantargia, Senior VP Clinical Development at Genmab. Maria Lundqvist Head of Global HR In Company since 2021 Holdings: 2,918 PSP units Education: B.Sc: in Business and Economics, Uppsala University. Previous experience: More than 20 years of experience of leadership roles within Human Resources, including HR Director Nordics at Teva Pharmaceuticals and HR positions at Tetra Pak, Vestas and AstraZeneca. Annette Mattsson VP Regulatory Affairs In Company since: 2017 Holdings: 2,004 shares and 2,918 PSP units Education: Bachelor of Pharmacy, Uppsala University and Business Economics, Lund University Previous experience: More than 25 years of experience within regulatory affairs, including European RA Director/Global RA Lead at AstraZeneca and Global RA Lead at LEO Pharma. Fredrik Tiberg, PhD President & CEO, CSO In Company since 2002 Holdings: 1,500,000 shares, 42,000 employee options and 13,500 PSP units Education: M.Sc. in Chem. Eng., Lund Institute of Technology, PhD and Assoc. Prof. Physical Chemistry, Lund University. Previous experience: More than 20 years executive leadership experience from the pharmaceutical industry. Prof Physical Chemistry, Lund University; Visiting Prof at Oxford University; Section Head, Inst. for Surface Chemistry. Anders Vadsholt Chief Financial Officer In Company since: 2025 Holdings: 2,300 PSP units Education: M.Sc. In Corporate Law and Economics, Copenhagen Business School, and MBA, University of Melbourne Previous experience: More than 25 years experience in corporate finance, venture capital, and the biotech industry, incl. Orphazyme A/S, MinervaX ApS, and Topotarget A/S. Alberto M. Pedroncelli Chief Medical Officer In Company since 2023 Holdings: 1,000 shares, 20,000 employee options and 1,500 PSP units Education: MD University of Milan. Ph. D. endocrinology post-graduate school University of London Previous experience: Head of Clinical Development and Medical Affairs Recordati, Senior Leadership positions Novartis, clinician and research fellow Dept. Endocrinology, University Hospital Bergamo, Italy Bo A. C. Tarras-Wahlberg VP Legal & Group General Councel In Company since 2024 Holdings: 2,918 PSP units Education: LLM from Lund University and studies at Queen Mary College Previous experience: More than 20 years of experience as lawyer and from international senior legal positions, incl. as Assoc. General Counsel at Baxter, Gambro, legal private practice and as law clerk at District Court. Susanne Lagerlund VP, Technical Operations In Company since 2023 Holdings: 250 shares and 2,618 PSP units Education: M. Sc. Chemical Engineering and studies Business Econoics, Lund University Previous experience: More than 30 years of experience from pharmaceutical industry, including Global Regulatory CMC Director at AstraZeneca, VP Regulatory Affairs at Cantargia, and Global Portfolio Lead at LEO Pharma.
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32 Broad and diversified product portfolio and pipeline 1Licensed to Braeburn Pharmaceuticals in North America; 2GEP-NET – Gastroenteropancreativneuroendocrinetumors; 3Licensed to Rhythm Pharmaceuticals worldwide; 4PAH – Pulmonaryarterialhypertension; 5CINV – Chemotherapy-inducednauseaand vomiting CNS Rare diseases Oncology& supportivecare Other clinical stage programs include CAM2032 (prostate cancer), CAM2043 (PAH4), and CAM2047 (CINV5) CAM4072 Genetic obesity diseases3 CAM4071 Endocrine disorders CAM2056 Metabolic diseases (q4w semaglutide) CAM2038 Chronic pain CAM2029 Acromegaly CAM2029 GEP-NET2 CAM2029 Polycystic liver disease Key pipeline programs US Phase 1 Phase 2 Phase 3 Registration Market EU, AUS, MENA US Approved products Buvidal® Opioid dependence Brixadi® Opioid use disorder1 CAM2043 Raynaud’s phenomenon EUOczyesa® Acromegaly Approved30 June 2025
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33 Progress of clinical study of CAM2056 •CAM2056 – once monthly FluidCrystal semaglutide Completed preclinical program met target profile All patients completed treatment in Phase 1 study of CAM2056 in overweight or obese participants Top-line results expected November 2025 * Wegovy® End of treatment CAM2056 (dose titration schedules) Reference drug (dose titration according to label)* 0 TreatmentScreening CAM2056 (dose schedule escalation) CAM2056 (two dose titration schedules) Weekly comparator (dose titration to label)* Part A Part B R Potential indications • Type 2 diabetes • Weight management • Inflammation • Neuropsychiatric disorders • Substance use disorders