Hi, everyone. I'm Shan Hama from the European Pharma and Biotech team here at Jefferies. Today, I'm delighted to have with us the CEO of Camurus, Fredrik Tiberg. Firstly, we'll go through a more introductory bit to this session. Let's think more broadly about Camurus as a whole. Camurus occupies a fairly unique space in the European biopharma space as an established player. How do you frame the investment case for Camurus today? Oh, thank you, Shan. First of all, I just say thank you for joining this session here this late in the day. Yeah. Camurus, as you say, we are uniquely placed in the treatment space in Europe because a biopharma. We're driving a profitable commercial business in the opioid use disorder area, which is fully funding our developments in the pipeline, which are substantial late-stage programs across endocrinology, niche oncology indications, and also in the CNS area. We are uniquely situated in that way, and we have an exciting period coming up with multiple milestones, both in our late-stage developments, partnerships with Eli Lilly, among others. We have an interesting business with many legs to stand on. Great, thanks for that. If we stay zoomed out, 2025 was a mixed year, let's say, for Camurus, and it looks like this sort of continued into 2026. How can we remain confident on the guide you provided for this year? Are you expecting a step change throughout this year compared to last year? Well, I think, yeah, as you say, 2025 was a mixed year. We had a slightly slower growth than we expected at the beginning of the year, partly due to funding situations in some of our markets, like the U.K.. Overall, I think we made very good progress. We grew almost 20%, 17% in the year. We produced record profitability, and we did advance several of our programs into the late-stage development. Understood. Now let's deep dive a little bit into your assets. You have Buvidal, which is an opioid use disorder ex U.S.. You changed your distribution model in the U.K. in 4Q 2025. How long are you anticipating that particular change to have an effect on Buvidal revenues throughout this year? We have talked about the guidance, and we have seen that we are expecting positive developments during the year. Due to the phasing that we had of stock and the distributor changes that we made, we had some negative impact on the first quarter this year. This is now normalizing, and we expect to see very good, healthy growth in the third and fourth quarter of the year. I'm looking forward to that and normalized conditions where we have good synergy between the in-market and the reported sales going forward. Understood. This next question's a bit multifaceted, but could you elaborate on how funding for treatments like Buvidal works in the U.K., and how that translates into revenues? What do you expect with the GBP 1.1 billion of ring-fenced funding that's been given for substance use disorder? I think overall, I would like to say that we are operating globally in the opioid use disorder market. Each country has specific funding mechanisms and oftentimes very different access conditions. The U.K. is one country within itself. Scotland has a very different funding structure to Wales, which has a different funding structure to England. England has been more challenging for us. There is a community-based treatment systems that we are basically funded through. They have a budget for the year. Last year, 2025, it was only one-year budget, which limits the interest in starting long treatment periods with a new treatment. That has been resolved now. There is a three-year framework, as you pointed out. We feel that the U.K. is going to grow in 2026 according to plan. Understood. Thanks for that. Now, Buvidal has been on the market notably longer than the U.S. BRIXADI, and regions such as Australia and the Nordics have very high market penetration. Where do you see the greatest opportunity for further penetration, despite the fact that you already are very highly penetrated in certain regions? Yeah. It's a good question. I had this question myself about Finland because we didn't think we could grow further there, but we reached 90% of the market share recently and 70% of patients. Obviously, I was wrong. I think the big growth opportunities for Buvidal in Europe is in the large markets, U.K., Germany. There are big possibilities in France if we get through with the government funding system there. We have an expanding market in Spain. I would say that the large European markets are where we have the biggest potential going forward for Buvidal. That's very clear. Your aim for Buvidal is to treat 100,000 patients by the end of 2027. I believe the figure from the 1Q results was 73,000 to date. Do you reiterate that goal? How should we be thinking about the ramp to that 100,000, given arguably softer last 12 months? Yeah. First of all, the 100,000 patients was a vision that we adopted in 2022, I believe. We take everything we adopt very seriously, so we are definitely doing all we can to realize the vision of 100,000 patients by the end of next year. That's not patients total, but that's actually patients in treatment. It doesn't include patients getting in and out of treatment. It's a very hard target in that sense. We are working towards that, yes, for sure, and my team is committed to delivering. That's very clear. Thank you. Moving on to BRIXADI. This is the same drug, but in the U.S., and commercialized by your partner, Braeburn. Yeah. Could you provide us with any further color on the funding environment in the U.S., particularly in the criminal justice system, and how those contracting dynamics actually work? Well, I can't give you a very detailed insight into the U.S. criminal justice system. It varies. Many of the systems are state-run, and you have the federal system, which is about 20% of all eligible patients, if you put it that way. Right now, the situation is such that the federal prison system is not open for long-acting injectable treatments. There is a discussion because I think there was initially too fast adoption, which was challenging financially. The state systems, it's run state by state, and there are different mechanisms in contracting and so forth that I can't go into in detail, but that's essentially the structure. Understood. In the U.S. At what point are you expecting to recognize that first tranche of your milestone from Braeburn? It's $75 million, the whole package, in three tranches. I know you haven't disclosed the size of the milestone, but is there any sort of color you could give on how big that could be? I think we did indicate. I think, first of all, we have seen very good progress in the U.S. and uptake by BRIXADI, and that's the basis for any milestones coming out. We said that we were very close last year, which implies then that with the strong growth that we see, we will have the first milestone paid out in 2026. I was about to say 2027, but it's still 2026. We do expect that. I don't want to pinpoint it to a specific quarter, but obviously second half would be a reasonable timeframe. Okay. That's very clear. Moving on to CAM2029. Let's touch on SORENTO. I've been getting a lot of inbound on this particular study. It's the phase III GEP-NET study. Could you clarify your expectations for the readout, given it's a major catalyst and the readout's been extended by two times? It's always difficult with event-driven trials, obviously, to predict the accrual rates of events. We have seen, and I think it's a positive indicator that the timelines have been extended, which indirectly implies that progression is going slower than expected for the patient cohort that we have recruited in the trial. I think what we have said in the latest estimates was for a readout or actually reaching the target of 194 events in the second half of this year, and that remains the situation. Very clear. In your 1Q call, you stated that you're expecting a large data update, I believe, at the end of May this year, which would provide further clarity on the timing of the readout and the event accruals. Could you give us any information on those findings? The complexity in this is that we have progression events are evaluated by the local investigator, and then it's going to the blinded independent review committee. Those processes are going in parallel. Then the blinded independent committee, they are also having different readers or two readers for each image. If they don't agree, there will be adjudication. What I was referring to then was that those adjudications are going at different time periods. We are in the middle of such a process right now. We will intensify the number of adjudications because that way we will come to the goal or be clear about the goal at a faster time point than not. Makes sense. It's a complex routine. I can imagine. Could you remind us of the commercial opportunity for CAM2029 and GEP-NET? What is the offering of CAM2029? It's every two weeks dosing. Standard of care is once a month. What's the offering there? Yeah. The offering that we are having in our product target profile is essentially improved efficacy in terms of prolonged progression-free survival to start with. We will also assess overall survival. The other target is, of course, that we have a much more convenient administration through an injection pen device, much like a Wegovy pen, instead of having to go into the clinic for an intramuscular injection every month. It's much more convenient for patient treatment. The most important aspect is, of course, the aim to demonstrate superiority in outcomes. In terms of market size, we have said that it's in the range of $ 1.5 billion to up to $ 2 billion-plus. We are working on updating our estimates, and the indication is that it might be even larger. Of course, plus is not a very defined measure. We are expecting it to be at least in the $2 billion range- Okay. Based on the target product characteristics that I referred to. Makes sense. I think in terms of the potential scenarios for the outcome, there's obviously superiority, non-inferiority, failure. I don't think anyone's expecting an outright failure. It's really between superiority and non-inferiority. If it was the case that the data were showing non-inferiority compared to standard of care, how would that impact your strategy for the asset and the peak sales potential? Yeah, sure. Without the superiority outcome, the case becomes a different case in many ways. It will impact our pricing expectations, uptake perhaps. It's still an attractive profile. Not the profile we are aiming for, but we see and we get excellent feedback from patients in terms of the performance and the patient satisfaction that is reported in the trial. Obviously, the most important thing for us is to get a clear superiority outcome. We believe we have the margin for that. We went in, our expectations was a 0.55, 0.6 hazard ratio, we powered the trial for 0.65, I think we have an opportunity to demonstrate statistical superiority up to 0.75 perhaps. I think the opportunities is broad, and we have good options. Makes sense. Now, you have CAM2029 in acromegaly as well. Yeah. Smaller opportunity. It's the one that's on the market in Europe at the moment. The FDA PDUFA date is 10th of June, so it's imminent. What's your level of confidence in FDA approving Oclaiz in the U.S.? We feel very confident. Obviously, as you know, we had no objections to the product and the drug characteristics in the previous round. We feel very confident in the data we have supplying for efficacy, safety, and CMC. The outstanding question is how the contract manufacturer will be judged. Let's say it's next week, it's not this week, so I refrain from commenting at this point. Fair. There's another player on the market, Crinetics- Yeah. With paltusotine. It's an oral versus your offering, which is an injectable. How do you see Oclaiz competing with paltusotine in the acromegaly market? Similarly, how should we expect physicians to choose between the newer drugs and the current standard of care, the SSAs? I can speak for Oclaiz or Oczyesa as it's called in Europe. I think that it feels very an important medical need for patients because of the improved convenience, monthly dosing with an auto-injector, high efficacy demonstrated in clinical trials. Patients are currently used to standing on a monthly treatment. It's a natural switch to a product that can be easily administered by patients themselves and has multiple benefits in terms of injection volume or the ease of injection, which have been demonstrated also in the clinical studies in terms of patient satisfaction, in terms of quality of life, and other outcomes. I believe it's a natural and easy switch for patients. There is also a benefit of oral that is associated with daily administration, also fasting conditions, and a new drug product. With perhaps a less well-known safety profile. We'll see. I think we're sitting in a good position, but I think it's important that these patients get new products and improved treatment outcomes. Very clear. Overall. You mentioned Oczyesa in Europe. It's currently approved in Germany, but when can we expect additional launches in Europe? How do you compare the potential performance in Europe versus U.S.? Well, performance-wise, I don't see a big difference. From a patient perspective or a treatment provider perspective, I think there is equal benefits in the different geographies. When it comes to the rollout, we are ready to move in. Sweden has recently approved price. U.K., we are discussing. You know that the U.K. system is first price and then you have the negotiations with the different clinical settings. That process is going according to plan, and we will expand into further markets as we speak. Makes sense. Thank you. If we touch on the other indication, polycystic liver disease- Yeah. For CAM2029, you had positive phase II data. Could you speak a bit about the opportunity here and what the conversation with FDA was like in your end of phase II meeting? Yeah. polycystic liver disease is an indication where there's currently no approved treatment, so obviously there's a large medical need. It's the third indication that we are pursuing with this specific drug product. There are other potentials as well. We had a Type A meeting with the agency in regards to the phase III and registrational program. We got good feedback from them. Based on that feedback and the continued study that we have, the extension study that is ongoing for POSITANO, where we are waiting for further data, we will take the decision on the prioritization for phase III and how we are going to drive that program. Makes sense. Thank you. Moving on to obesity, which I'm sure everyone's very excited about. Yeah. Before we get to the recent news, you shared some really good data actually on your long-acting Wegovy, CAM2056, last year. When could we see the full data set for the study and in which format? A conference publication? Conference and publication will probably be the best answer to that question. I'm not going to specify exactly when, but it's forthcoming. We have provided quite a lot of information. In terms of the efficacy outcomes, we have been quite generous in terms of the information available. On the safety side, it was consistent tolerability, despite the fact that with our once monthly sema, we were going much more aggressive in terms of dosing. The initial dose was 10 times the labeled initiation dose for Wegovy, so it was significantly more aggressive and still we could retain a good tolerability profile that was similar or comparative to the Wegovy profile. With clear improvements in weight reduction as well as HbA1c data. Understood. The phase II-B study is expected to start the second half of this year. What can you share in terms of your thinking about what phase II-B could look like in terms of the number of sites, number of patients, titration regimen? Could you provide us with any more detail on that? We are in the process of finalizing all the preparations and protocol. What we have said is that we have extended the study timeline. It was only three months based on safety data in the previous phase I-B study. This will be a patient population, not a healthy volunteer obese population. There's a difference there. We think it's interesting to see what higher exposure is going to mean in terms of weight reduction. That will be explored also in the phase II. We're doing what we think are all the necessary preparations to start a phase III trial in parallel, as quickly as we have the final product confirmation. Very clear. Thank you. You have a partnership with the Eli Lilly that was signed almost, I think, exactly a year ago now. Yeah. I remember I was at the conference when that happened. You shared some exciting news actually while I was on the plane. Yeah. What happened in terms of that development? What does that mean for Camurus going forward in terms of their partnership with Eli Lilly? Yeah. Our collaboration with Eli Lilly is obviously very important to us, and it's an interesting, good addition to our own developments in this space. I cannot speak very generally here, but what we have is a collaboration on dual GLP-1 as well as triple-G, so including also glucagon. That relationship was then extended beginning of this week to also include amylin. That means that we have quite a broad collaboration across three substance classes with very interesting opportunities going forward. We're working nicely together with Lilly on this. Great. Thanks for that. Then could you, I know you're limited in what you can say, but could you provide more clarity on development timelines, including could programs run sequentially, or would it be in parallel? How long does CMC typically take for these assets? Yeah. First of all, again, we have disclosed the class. We haven't disclosed the compounds. It depends on if it's an approved compound or not approved compound, and I can't say that in this setting. If we're looking at our own development, I think starting from a similar position with semaglutide, for instance, then it's an established active compound. 18 months is approximately the time it took us for going from initiation of the program up to submission of a CTA in IND. That pertains to Camurus. I can't speak for others. Very clear. When should we expect milestone payments associated with those programs? Is it sort of when it starts phase I, or potentially earlier? I don't think I can answer that question, but generally speaking, in these type of collaborations, license agreements, Lilly, you go from, it's typically clinical milestones and a few regulatory milestones. That's all I can say. Okay. Starting from early to late- That's fair. Development. If we sort of switch to M&A in the last few minutes, you've been pretty open over the past few years in terms of working actively on M&A. What sort of company asset would you acquire? What profile are you looking at? Anything that Behshad likes. No. I think anything with clear commercial synergies. If it is in the indication, complementarities from a product perspective, distribution pathways, and so forth. We're really looking at endocrinology is one important area, CNS, and oncology. We are looking both mid early stage up to commercial, with focus on late stage commercial. However, with NET approaching and looking at the dynamics of the company overall, I think we feel quite positive about the potential for our future growth trajectory. We are looking also at earlier assets. Very clear. Yeah. Just out of interest, when you're looking at these assets, are these assets that you're thinking about combining with your FluidCrystal tech, or could they just be assets that you could commercialize without that tech? Focus is on innovation and patient benefit, but definitely there's an advantage to have a technology platform to exploit in this setting as well. Understood. What's your firepower, and how much would you theoretically spend on one single asset or one single company, let's say? We are in the kind of $400 million area now in terms of net cash. We have pretty good leverage. We are continuing to generate revenue. We do have a firepower, at least in the $1 billion mark, depending on the opportunity and how well it fits with our future strategy. Understood. Would you spend that $1 billion on a single company, or would it be more of a string of pearls approach? I think it depends completely on the opportunity. We really want to work in areas where we also can build value through our own efforts and developments. Yeah. Very clear. Thank you. Does anyone have any questions from the audience? No. Do you have any closing remarks? Well, yeah. I think Camurus is in a very interesting stage of development. We have a number of very important milestones coming up, or catalysts, if you want to call it that. I think it's a company to follow. We are uniquely positioned in the sense that we have a growing commercial business, which is financing the pipeline extension. I think we have many things for us, and building from our base in Lund, Sweden, and now having a U.S. business driven from Princeton here in the area. Yeah. Thank you for listening. Thank you so much. Thank you, much. Thank you, everyone.