Interim report
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INTERIM REPORT FOR THE THIRD QUARTER 2026 ”Strong third quarter with important milestones ahead” Q3 Camurus is an international, science-led biopharmaceutical company committed to developing and commercializing innovative, long-acting medicines for improving the lives of patients with severe and chronic diseases. New drug products with best-in-class potential are conceived based on the company’s proprietary FluidCrystal® technology and its extensive R&D expertise. The R&D pipeline includes products for the treatment of dependence, pain, cancer, and endocrine diseases. Camurus has operations across Europe, the US, and Australia, with headquarters in Lund, Sweden. The company’s shares are listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit camurus.com and LinkedIn
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2 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 20262 Financial analysts, investors and media are invited to attend a webcast and presentation of the results on 5 November at 2 pm (CET). To access the webcast: https://camurus.events.inderes.com/ q3-2026 To participate and ask questions: https://events.inderes.com/camurus/ q3-2026/dial-in Third quarter 2026 Total revenues SEK 724 million +28% (+25% at CER) Operating result SEK 322 million +40% Cash position SEK 4.4 billion +24% July – September • Total revenues increased 28% (25% at CER 1) to MSEK 724 (567) • Product sales increased 28% (25% at CER 1) to MSEK 582 (455) • Brixadi® royalty revenue increased 23% (21% at CER 1) to MSEK 137 (111) • Operating result increased 40% to MSEK 322 (230) • Cash position at the end of the period BNSEK 4.4 (3.5) • The US FDA accepted for review the resubmission of the NDA for CAM2029 for the treatment of acromegaly. PDUFA target action date set to 18 December, 2026. • Oczyesa® approved by the TGA in Australia for the treatment of acromegaly January – September • Total revenues MSEK 1,959 (1,801) • Product sales MSEK 1,536 (1,409) • Brixadi royalty revenue increased 35% (36% at CER1) to MSEK 370 (274) • Operating result increased 3% (5% at CER1) to MSEK 783 (761) • Financial outlook for 2026 reiterated; revenues and operating result expected in the upper half of the ranges of BNSEK 2.6 to 2.9 and BNSEK 0.9 to 1.21 Events after the period • Health Canada issued a Notice of Compliance (i.e. regulatory approval) for Oczyesa® XR for the treatment of acromegaly • Brixadi reached the first sales milestone of MUSD 15, to be recognized in Q4 2026 • Dosing initiated in CAM2056 Phase 2b study in patients with obesity and overweight Third quarter summary MSEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Total revenues2 724 567 28% 1,959 1,801 9% 2,265 whereof product sales, 582 455 28% 1,536 1,409 9% 1,752 royalties 137 111 23% 370 274 35% 396 OPEX 356 298 20% 1,050 921 14% 1,237 Operating result 322 230 40% 783 761 3% 874 Profit before tax 341 245 39% 834 806 3% 933 Result for the period 270 193 40% 655 635 3% 736 Earnings per share, after dilution, SEK 4.53 3.24 40% 10.98 10.66 3% 12.35 Cash position 4,353 3,515 24% 4,353 3,515 24% 3,726 1. At constant exchange rate. 2. See Financial information, Note 4.
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3 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Step up in both sales and profitability The third quarter was our strongest to date. Total revenues increased 28 percent to SEK 724 million (25 percent at CER). Product sales reached a record SEK 582 million, representing growth of 28 percent year-on-year and 10 percent compared with the second quarter, while Brixadi royalties in the US increased 23 percent year-on-year to SEK 137 million. With no milestone revenue in the quarter, the increase reflects the underlying growth of the commercial business. The operating result increased 40 percent to SEK 322 million, corresponding to an operating margin of 44 percent. Cash flow from operating activities amounted to SEK 325 million, and the cash position increased to around SEK 4.4 billion at the end of the quarter. For the first nine months, total revenues were SEK 1,959 million and the operating result SEK 783 million. The comparison with 2025 Broad-based growth and strong earnings Camurus had a record third quarter, with total revenues of SEK 724 million, up 28 percent, and an operating result of SEK 322 million, up 40 percent, with no milestone revenue in the period. Product sales reached an all-time high SEK 582 million on continued growth for Buvidal®, and Brixadi royalties increased 23 percent. During the quarter, the FDA accepted the resubmission of the NDA for CAM2029 for review in acromegaly and Oczyesa was approved in Australia. After the period, Oczyesa XR was approved in Canada, and Brixadi reached its first sales milestone. Based on performance to date, full-year revenues and operating result are expected in the upper half of the guided ranges. includes license revenues from Lilly in both periods: SEK 46 million during 2026 and SEK 115 million last year. Excluding these one-time revenues, revenues grew around 13 percent and the operating result grew approximately 14 percent. Overall, the third quarter marks continued progress in both sales and profitability. Buvidal growth and continued patient expansion Buvidal sales reached SEK 574 million in the quarter, an increase of 26 percent year-on-year. Underlying in-market sales increased 26 percent year-on-year and 5 percent sequentially, reflecting broad-based growth across our markets. Performance was positive in the UK, the Nordics, Germany, France and Spain. UK growth was driven mainly by improved access in prisons, while work continues with stakeholders to trans- late recently allocated community funding into broader patient Third quarter was our strongest to date
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4 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Estimated 81,000 patients receiving Buvidal at the end of the quarter B rixadi net sales triggering a first USD 15 million sales milestone p ayment, to be recognized in Q4 access. Progress in the community setting has been slower than expected, but the direction is positive. Sales in the Nordics benefited from expanded access, continued switching from daily treatment and the transfer of remaining patients from another long-acting buprenorphine product. Germany continued to deliver further solid market penetration. In Australia, patient transfers from another long-acting treatment began toward the end of the quarter, with most patients expected to transfer by year-end. For the first nine months, reported Buvidal sales increased approximately 8 percent (9 percent at CER), while in-market sales grew approximately 27 percent. The difference reflects inventory build at UK wholesalers in the first half of 2025, before the UK operating model was changed. At the end of the quarter, an estimated 81,000 patients were receiving Buvidal – around 4,000 more than at the end of the second quarter – keeping us on track toward our ambition of 100,000 patients at the end of 2027. Brixadi* reaches first sales milestone on continued US growth Brixadi continued to grow in the US during the quarter, with increased use across treatment settings. Royalty revenues from our license partner Braeburn increased 23 percent year-on-year (21 percent at CER) to SEK 137 million, and 8 percent compared with the previous quarter. For the first nine months, royalties increased 35 percent (36 percent at CER). Braeburn further expanded its US commercial organization to drive Brixadi performance, and its medical organization to strengthen scientific exchange and clinical education with health- care providers. The growing adoption of long-acting injectable buprenorphine in the US reinforces the longer-term opportunity for Brixadi, the only long-acting injectable buprenorphine offering both weekly and monthly dosing, in this expanding market. After the period, Brixadi net sales in 2026 exceeded USD 300 million, triggering the first USD 15 million sales milestone payment, to be recognized in the fourth quarter. Oczyesa positive market response and continued launch progress Oczyesa offers people with acromegaly a new treatment option designed to provide effective disease control, with the convenience of once-monthly self-administration using an autoinjector pen. The sales of Oczyesa grew 83 percent compared with the previous quarter to SEK 8 million, with the majority coming from Germany, our initial launch market, with a limited contribution from Sweden following its launch in September. In Germany, the share of acromegaly patients treated with somatostatin receptor ligands who received Oczyesa increased to 5 percent, from 2.5 percent at the end of the second quarter. The response from healthcare professionals and patients remains generally very positive, supporting our ambition for strong and sustainable growth. The pace of uptake depends on how frequently patients visit their clinic, as these visits provide the opportunity to discuss and implement a change in treatment. In the UK, where Oczyesa has been available since March, broader adoption depends on local formulary decisions, the first of which are expected in the fourth quarter. In August, Oczyesa received marketing authorization in Australia. The launch timing will be decided in the context of a potential future indication in gastroenteropancreatic neuroendo- crine tumors (GEP-NET). After the period, Oczyesa XR received Notice of Compliance (i.e. regulatory approval) from Health Canada, and launch in Canada is planned for 2027. CAM2029 regulatory update and SORENTO progress The US FDA accepted the resubmission of the NDA for CAM2029 (Oclaiz**) in acromegaly in July, with a PDUFA target action date of 18 December, 2026. The review is progressing, and we are in dialogue with the FDA regarding the timing of a reinspection of the current third-party manufacturing site. In parallel, we are preparing to add a secondary manufacturing site, based in the US, to the application. This site recently completed an FDA GMP inspection. Additionally, a Phase 1 study in 130 healthy volunteers has demonstrated bioequivalence between product from the current European and the new US manufacturer. The FDA has been informed about our plans to establish an alternative manufacturing site, and the information has been shared with the review team. The addition would constitute a major amendment, which could extend the review period by three months from the current PDUFA date. Our objective is to have a robust and flexible manufacturing and supply chain established in good time ahead of the planned US submission of CAM2029 in GEP-NET, subject to a positive result in the SORENTO study. GEP-NET represents a significant opportunity for CAM2029. Somatostatin receptor ligands (SRL) are the standard first-line treatment, and we estimate that 38,000 patients with metastatic GEP-NET are treated with SRLs in the US alone.1 The pivotal Phase 3 SORENTO study includes 332 patients in twelve countries globally * Brixadi® is the US brand name for Camurus' product Buvidal®. ** Oclaiz™ is the proposed US brand name for CAM2029 for the treatment of acromegaly.
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5 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 and is the largest randomized study of an SRL in GEP-NET. A positive outcome on the primary endpoint of progression-free survival could position CAM2029 as a new first-line treatment option. The target of 194 events (tumor progression or death) required for readout of results is estimated to be reached around the end of the year, reflecting the rate of accrual, and topline results are expected in the first quarter of 2027. In polycystic liver disease (PLD), we expect new data from the ongoing POSITANO extension study by year-end. The result will inform decisions and planning in the development program in the indication, which will be considered in the context of the SORENTO results. Early-stage pipeline and partnerships During the quarter, the clinical trial application was approved for a randomized, placebo-controlled, Phase 2b study with CAM2056, our once-monthly semaglutide in patients with obesity. The first patients were dosed after the period, and the study is progressing to plan. In parallel, we continue to advance the development of a new autoinjector pen for CAM2056. Also, our collaborations with Lilly on long-acting incretins, recently expanded to amylin receptor agonists, and with Gubra on a long-acting parathyroid hormone analog, advanced as planned. Changes in the Executive Management Team Richard Jameson, Chief Commercial Officer, will retire at the end of 2026 after more than ten years with Camurus. As the company’s first commercial hire, Richard has been instrumental in building our operation in Europe, Australia and the MENA region. He remains in his position through year-end to support an orderly transition and will thereafter support Camurus as an advisor. Starting 1 January, Samantha Nickerson will succeed Richard as SVP International Commercial and join the Executive Management Team. Samantha joined Camurus in 2020 as General Manager of the UK & Ireland affiliate and assumed additional responsibility for the Benelux region in 2023. Under her leadership, the UK has developed into one of Camurus’ larger markets, with expanded patient access. I would like to thank Richard for his significant contributions to Camurus and welcome Samantha to her new role. Outlook and long-term growth Camurus had a strong third quarter with important milestones ahead. Based on performance to date, we now expect full-year revenues and operating result to be in the upper half of the guided ranges of SEK 2.6 to 2.9 billion and SEK 0.9 to 1.2 billion, respectively. In the coming months we will focus on the US regulatory process and launch preparations for CAM2029 (Oclaiz), completion of event accrual in SORENTO and readout of results, the execution of the CAM2056 Phase 2b study, and preparations for the Canadian launch of Oczyesa XR. Camurus is well positioned for continued growth. Buvidal and Brixadi hold leading positions in long-acting treatment of opioid dependence across Europe, Australia and the US, and the develop- ment is in line with our target of 100,000 patients in treatment with Buvidal by the end of 2027. With Oczyesa approved in the EU, the UK, Australia and Canada, and a US decision ahead, we are building a second commercial platform in acromegaly. A positive outcome in SORENTO could extend CAM2029 into first-line treat- ment of GEP-NET, a substantially larger market opportunity. In addition, CAM2056, and our partnerships with Lilly and Gubra, all based on our FluidCrystal® technology, offer opportunities in some of the largest therapeutic areas in healthcare. We have a strong financial position, with record high profitability and SEK 4.4 billion in cash. Our commitment remains unchanged: to develop and commercialize innovative long-acting medicines that improve the lives of patients with severe and chronic diseases, with the financial and operational discipline that supports profitable, sustainable growth. I would like to thank our employees for their dedication and our partners for valuable collaboration. We are entering an important period and are looking forward to a strong finish to the year. Fredrik Tiberg President and CEO References 1. Camurus estimate based on published US epidemiology and treatment-pattern data. Clinical trial application was approved for a Phase 2b study with CAM2056
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6 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Products and pipeline Camurus has an advanced and diversified portfolio spanning early-stage programs to established marketed products, focused on improving the lives of patients with severe and chronic diseases. New drug candidates are developed by combining the proprietary FluidCrystal® technology with new or well-c haracterized active substances with clinically documented efficacy and safety. Leveraging strong R&D capabilities, a scalable commercial organization, and a solid financial foundation, Camurus is entering a new growth phase – building on established products while progressively expanding across indications and therapeutic areas to drive long term value and patient impact. 1) Licensed to Braeburn in North America 2) Licensed to Rhythm Pharmaceuticals, globally Central nervous system (CNS) Rare diseases Oncology Other Product on the market Buvidal® Opioid dependence Brixadi® Opioid use disorder1 Oczyesa® Acromegaly Pipeline programs CAM2029 Acromegaly CAM2029 GEP-NET CAM2029 Polycystic liver disease CAM2038 Chronic pain 1 CAM4072 Genetic obesity disorders2 CAM2043 Raynaud’s phenomenon CAM2056 Metabolic diseases (Monthly semaglutide depot) CAM4071 Endocrine disorders Phase 1 Phase 2 Phase 3 Registration Market EU, UK, AUS, MENA US EU, UK, AUS, CAD US Other clinical stage programs include CAM2032 (Prostate cancer), CAM2043 (PAH – Pulmonary arterial hypertension), and CAM2047 (CINV – Chemotherapy-induced nausea and vomiting)
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7 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Buvidal (buprenorphine) prolonged-release solution for injection is indicated for the treatment of opioid dependence within a framework of medical, social and psychological treatment, in adults and adolescents aged 16 years and over.1 Available as weekly and monthly formulations in multiple dose options, Buvidal offers the flexibility to tailor treatment to individual patient needs. Buvidal is based on Camurus’ FluidCrystal® technology. The product provides rapid onset and extended release of buprenor- phine, which supports sustained reductions in illicit drug use, withdrawal, and cravings.2 With its opioid-blocking effect, Buvidal may help prevent relapse and overdose.3 Treatment can start on day one or by switching from daily buprenorphine using an established dose-conversion table. Clinical studies and real-world evidence demonstrate that Buvidal reduces treatment burden and improves patient satisfaction and quality of life compared to daily sublingual buprenorphine. 2,4,5 Evidence also points to substantial cost savings for healthcare systems, custodial settings, and society at large.6-8 Buvidal is available to patients across Europe, Australia, and the MENA region. In the US, the product is marketed as Brixadi by Camurus’ license partner Braeburn. Buvidal®/Brixadi® – Treatment of opioid dependence Commercial operations Read more about Buvidal and Brixadi on camurus.com/science/products
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8 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 • Buvidal reported sales for the first nine months grew 8% (9% at CER*) YoY, while in-market sales grew around 27% – Difference reflects inventory build at UK wholesalers in the first half of 2025, before the UK operating model was changed • 81,000 patients were estimated to be in treatment with Buvidal at the end of Q3 2026, a net increase of 4,000 patients compared to Q2 2026 US • Royalties from Brixadi net sales in Q3 grew 23% (21% at CER*) vs. Q3 2025 to MSEK 137 and increased 8% (5% at CER*) vs. Q2 2026 • For the first nine months, Brixadi royalties grew 35% (36% at CER*) YoY to MSEK 370 (274) • After the period, Brixadi net sales in 2026 exceeded MUSD 300, triggering the first sales milestone under the license agreement. The one-time payment of MUSD 15 will be recognized in Q4 2026. Medical affairs • Participation and presentations of clinical data and real-world evidence at scientific conferences: – Sponsorship and seminars at Drug and Alcohol Nurses of Australasia’s (DANA) National Conference, 6–8 Aug in Wollongong, NSW, Australia Commercial development Europe, Australia and MENA region • Reported Buvidal sales in Q3 reached MSEK 574, an increase of 26% (23% at CER*) vs. Q3 2025, and an increase of 10% vs. Q2 2026 • In-market sales grew by 26% vs. Q3 2025 and 5% vs. Q2 2026, characterized by: – Positive development across all geographies with notable highlights in Germany, France, the Nordics, the UK, and Spain – Germany recorded strong sales with continued market penetration – The Nordics delivered strong growth primarily driven by increasing access, continued switch from daily treatments alongside the transfer of the last remaining patients on another LAIB product (see information November 20259) – The UK grew mainly through improved access in prisons. In the community setting, the focus continued on working with all stakeholders to improve funding to enable broader patient access. – In Australia, the transfer of patients from another LAIB product (see information August 202610) was initiated toward the end of the quarter, supported by Camurus’ medical affairs team, with most patients expected to be transferred by year end * At constant exchange rate. Status Q3 2026 – Hosted the 2nd annual and international HOPE meeting, initiated by Camurus, 1–3 September in Amsterdam, the Netherlands, with presentations, workshops and interactive forums bringing together leading medical experts on an international arena • Expanded evidence base with several new publications demonstrating positive outcomes for Buvidal and LAIB: – A US study found low rates of adverse events related to Brixadi reported to the FDA during the first 18 months after launch, with the most common events consistent with findings from clinical trials11 – An Australian survey exploring patients involved in the criminal justice system and their perspectives on treatment with LAIB underscored the importance of individualized treatment for patient-centered care12 – A secondary analysis of a clinical trial comparing treatments with sublingual buprenorphine and Brixadi in pregnant women found that patients with an active depression and/or anxiety symptoms may benefit from LAIB treatment in terms of increased illicit opioid abstinence and reduced withdrawal symptoms13 Regulatory • Four national marketing authorization applications under review in the MENA region and in Europe
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9 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Oczyesa (octreotide) prolonged-release solution for injection is indicated for maintenance treatment in adult patients with acromegaly who have responded to and tolerated treatment with somatostatin analogs. 14 Designed for effective disease control, Oczyesa also offers the convenience of once-monthly self-administration via a ready-to-use autoinjector pen. The product is based on Camurus’ proprietary FluidCrystal technology. It is stored at room temperature and does not require refrigeration. Oczyesa received marketing authorization in the EU and the UK in 2025, supported by a comprehensive clinical program including two Phase 3 studies within the ACROINNOVA program. In the pivotal ACROINNOVA 1 study, Oczyesa demonstrated a significantly higher proportion of patients achieving normalized IGF-1 levels compared with placebo. The ACROINNOVA 2 study confirmed sustained IGF-1 normalization, reduced symptoms, and improved quality of life over 52 weeks. Patients also reported higher treatment satisfaction compared with their previous standard-of-care treatment. Oczyesa was generally well tolerated, with a safety profile comparable to established somatostatin receptor ligands. 15,16 The European launch of Oczyesa commenced in November 2025, with Germany as the first market. Oczyesa® – Treatment of acromegaly Commercial operations • Oczyesa Q3 product sales were MSEK 8, an increase of 83% (80% at CER*) vs Q2 2026 – G ermany continues to perform well with increasing uptake with volume sales indicating 1 00 patients now on treatment, corresponding to around 5% of acromegaly patients treated with a somatostatin receptor ligand – F irst patients treated in the UK, with continued support for formulary applications to widen access – O czyesa was launched in Sweden, with the first ten patients successfully transferred to Oczyesa • A n on-interventional study collecting real-world safety and patient-reported outcomes data is ongoing in Germany with several patients treated Status Q3 2026 Read more about Oczyesa at camurus.com/science/products CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 * At constant exchange rate.
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10 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 CAM2029 is a novel, once-monthly octreotide depot developed for effective disease control and convenient self-administration. The product candidate is under development for the treatment of three diseases: acromegaly, gastroenteropancreatic neuroendo- crine tumors (GEP-NET) and polycystic liver disease (PLD). Compared with currently available long-acting octreotide, CAM2029 delivers approximately five-fold greater octreotide bioavailability, with the potential for improved treatment efficacy. Unlike other somatostatin receptor ligands (SRLs), which require intramuscular or deep subcutaneous injection with large needles and are generally administered by a trained healthcare professional17,18, CAM2029 is self-administered as a subcutaneous injection using a pre-filled autoinjector pen. The product is ready-to-use and stored at room temperature. CAM2029 has been evaluated in a comprehensive clinical program encompassing five Phase 1 and 2 studies, two Phase 3 CAM2029 – Acromegaly, GEP-NET and PLD Progress in key pipeline programs studies in acromegaly (ACROINNOVA 1 and 2), a Phase 2b study in PLD (POSITANO), and an ongoing Phase 3 study in GEP-NET (SORENTO). SORENTO19 is a pivotal, randomized Phase 3 study evaluating the efficacy and safety of CAM2029 versus standard-of-care treatment with octreotide LAR or lanreotide ATG in patients with metastatic or unresectable GEP-NET. With 332 patients enrolled across more than 100 sites globally, it is the largest randomized clinical study of an SRL in GEP-NET to date. The primary endpoint is superiority in progression-free survival compared with current first-line treatments. A positive outcome could position CAM2029 as a new first-line treatment option for patients with GEP-NET. Read more about our development programs at www.camurus.com/science CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026
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11 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Acromegaly • Oclaiz resubmitted NDA was accepted for review by the US FDA, with PDUFA target action date 18 December, 2026 – Ongoing dialogue with the FDA regarding timing of a r einspection at the current third-party manufacturer – In p arallel, preparations are underway to add a se condary US-based manufacturer to the application, following a recently completed FDA GMP inspection at the site. The addition could extend the review period by three months from the current PDUFA date. – To pline results from a Phase 1 study in 130 healthy volunteers demonstrated bioequivalence between pr oduct from the current European and the new planned US manufacturer • Marketing authorization approval for Oczyesa granted b y the TGA in Australia in August • Aft er the period, Health Canada issued a Notice of Compliance (i.e. regulatory approval) for Oczyesa® XR in Canada • Tw o poster presentations at ENEA (European Neuro- endocrine Association) Congress 9–12 Sep in Paris, France • Presentation at the 18th Consensus conference on a cromegaly 15–17 September in Santiago de Compostela, Spain on the ACROINNOVA clinical development program GEP-NET • The Phase 3 SORENTO study of CAM2029 in patients with GEP-NET progressed. Accrual of progression-free survival events indicates that the target number of 194 events is expected to be reached around year-end, followed by readout of primary results in Q1 2027. PLD • A 2.5-year open label extension period of the Phase 2b P OSITANO is ongoing and new data is expected by year- end. The result will inform decisions and planning in the development program in the indication, which will be considered in the context of the SORENTO results. Status Q3 2026
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12 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Additional R&D program CAM2056 CAM2056, Camurus’ monthly formulation of semaglutide, has been evaluated in a Phase 1b study with positive results. The study assessed pharmacokinetics, pharmacodynamics (incl. weight and hemoglobin A1c) and safety and tolerability of CAM2056 compared to commercially available weekly semaglutide in participants who were overweight or obese and otherwise healthy. Results showed that CAM2056 was well tolerated and achieved significant dose-dependent reductions in body weight, hemoglobin A1c, and fasting glucose, matching or exceeding those observed with weekly semaglutide.20 Early R&D programs Long-acting incretins: The collaboration between Lilly and Camurus currently includes both incretins and amylin receptor agonists. Pre-clinical R&D activities for the ongoing projects advanced according to plan during the quarter. The collaboration relates to the development of long-acting dual GIP and GLP-1 receptor agonists, triple GIP, glucagon and GLP-1 receptor agonists, and amylin receptor agonists using Camurus’ proprietary FluidCrystal technology. Long-acting parathyroid hormone analog (PTH): The collaboration project between Camurus and Gubra A/S proceeded according to plan during the quarter following the lead PTH-analog candidate selection in the previous quarter. The partnership relates to the development of a novel long-acting PTH analog for the treatment of hypoparathyroidism, combining Gubra’s lead peptide candidate and Camurus’ FluidCrystal technology. • A clinical trial application for start of a Phase 2b study of CAM2056 in people with obesity or overweight was approved, and dosing in the study was initiated after the period • Final product design development progressed according to plan for implementation in potential forthcoming clinical Phase 3 development Status Q3 2026
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13 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Scaling for growth Building on the commercial success of its first products, Camurus is entering its next phase of growth by scaling the business across indications and pursuing active corporate development. The focus is on maximizing the value of marketed products, diversifying the commercial portfolio, and driving long-term growth through targeted business development. The strategy is supported by a growing team of skilled professionals, a scalable commercial infrastructure, and a commitment to sustainability embedded across operations and decision making. Corporate development and sustainability Status Q3 2026Status Q3 2026 • S amantha Nickerson was appointed Senior Vice President International Commercial and member of Camurus’ Executive Management Team, starting 1 January 2027. Nickerson joined Camurus in 2020 as General Manager UK & Ireland and assumed responsibility for Benelux in 2 023. She succeeds Richard Jameson, Camurus’ Chief Commercial Officer, who will retire at the end of 2026 and continue to support Camurus as an advisor. • C amurus disclosed its second Carbon Disclosure Project (CDP) report, see Camurus’ website • C amurus’ Vendor Code of Conduct was updated, see Camurus’ website • G lobal Healthcare Interactions Policy was updated with associated e-training launched for all customer- facing staff • C amurus for the 8th year supported International Overdose Awareness Day, IOAD, on 31 August, the world’s largest campaign to end overdose, reduce stigma, and promote evidence-based prevention and drug policies Sustainability in action Camurus’ commitment to improving patients’ lives carries a clear sustainability dimension: creating value for patients and society while minimizing risks and environmental impact across the value chain. The sustainability strategy rests on four pillars – patients, people, planet, and responsible business – supported by concrete ambitions, goals, and initiatives aligned with the UN’s Sustainable Development Goals (SDGs). Camurus' continuous improvement is reflected in strong scores across international ESG ratings. Read more about Camurus’ sustainability work at www.camurus.com/sustainability References 1. Buvidal SmPC, https://www.ema.europa.eu/en/documents/ product-information/buvidal-epar-product-information_en.pdf 2. Lofwall MR, et al. JAMA Intern Med. 2018;178(6);764-773. 3. Walsh L., et al. JAMA Psychiatry. 2017;74(9):894-902. 4. Lintzeris N., et al. JAMA Network Open. 2021;4(5):e219041. 5. Frost M., et al. Addiction. 2019;114:1416-1426. 6. Gauffin, E., et al. BMC Health Services Research. Vol 25; 1397, 22 Oct, 2025. 7. Stöver, H., et al. Gesundheitswesen. 2023 Jun;85(6):573-577. 8. Sayers, C., et al. Subst Abuse Rehabil. 2025 Apr 15:16:83-93. 9. Läkemedelsverket: https://www.lakemedelsverket.se/sv/nyheter/ kommande-avregistrering-av-subutex-och-suboxone 10. NSW Health: https://www.health.nsw.gov.au/aod/professionals/Pages/ sublocade-discontinuation.aspx 11. Dawson, et al. J Subst Use Addict Treat. Aug 25:210095, 2026. 12. Woods, et al. Drug Alcohol Rev. Sep;45(6):e70214, 2026. 13. Cochran, et al. Drug Alcohol Depend. Sep 11;288:113358, 2026. 14. Oczyesa SmPC, https://www.ema.europa.eu/en/medicines/human/EPAR/oczyesa 15. Ferone, D., et al. J Clin Endocrinol Metab. Published 8 October, 2024. 16. Press release 15 July, 2024: https://www.camurus.com/media/press-releases/ 2024/camurusannounces-positive-phase-3-results-from-the-acroinnova- 2-study-of-octreotide-scdepot-cam2029-in-acromegaly-patients/ 17. Prescribing Information SANDOSTATIN® LAR, https://www.accessdata.fda.gov/ drugsatfda_docs/label/2024/021008Orig1s047Corrected_lbl.pdf 18. Prescribing Information SOMATULINE®, https://www.accessdata.fda.gov/ drugsatfda_docs/label/2023/022074s026lbl.pdf 19. https://clinicaltrials.gov/study/NCT05050942 20. Press release 10 November, 2025: https://www.camurus.com/media/ press-releases/2025/camurus-reports-positive-topline-results-for- cam2056-semaglutide-monthly-depot/
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14 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Financial statements CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026
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15 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Revenues Total revenue for the quarter reached MSEK 724 (567), a 28 percent increase (25 percent increase at CER1) compared to the same period last year, and a 3 percent increase compared to the previous quarter. Product sales amounted to MSEK 582 (455), representing a 28 percent increase (25 percent at CER) compared to the same quarter previous year and an increase of 10 percent (8 percent at CER) compared to last quarter. Buvidal® accounted for the major part of the sales increase while Oczyesa® sales amounted to MSEK 8 (0) in the quarter. Royalty revenue from Brixadi® in the US increased by 23 percent year-on-year (21 percent at CER) to MSEK 137 (111), indicating continued growth in the US opioid use disorder treatment market. For the period January-September, total revenue reached MSEK 1,959 (1,801), while product sales amounted to MSEK 1,536 (1,409). Royalty revenue from Brixadi was MSEK 370 (274) for January-September, an increase of 35 percent (36 percent at CER) compared to last year. For further information, see Note 4. Operating result Marketing and distribution costs amounted to MSEK 153 (142) in the quarter and to MSEK 457 (391) for January-September, an increase driven by the commercial development of Buvidal and Oczyesa and the company’s expansion into the US. Administrative expenses for the quarter were MSEK 53 (40) and MSEK 157 (133) year-to-date. R&D costs in the quarter amounted to MSEK 142 (109), an increase mainly due to progress in the pivotal Phase 3 SORENTO study in GEP-NET, and the Phase 2b study with CAM2056 (semaglutide) in patients with obesity. For January-September the costs amounted to MSEK 405 (392). Operating result in the quarter amounted to MSEK 322 (230), an increase of 40 percent (33 percent at CER), corresponding to an operating margin of 44 percent. Year-to-date, the operating result amounted to MSEK 783 (761). Financial items Financial items in the quarter were MSEK 19 (15) and MSEK 51 (45) year-to-date. 1) At constant exchange rates. Financial overview Profit before tax and tax Profit before tax in the quarter was MSEK 341 (245) and MSEK 834 (806) for January-September. The tax expense in the quarter amounted to MSEK 71 (53) and MSEK 179 (172) year-to-date, reflecting the company’s profitability. Result for the period Result for the period was MSEK 270 (193) in the quarter and MSEK 655 (635) year-to-date. Earnings per share before dilution were SEK 4.54 (3.25) in the quarter and SEK 11.01 (10.78) for January-September, while earnings per share after dilution were SEK 4.53 (3.24) in the quarter and SEK 10.98 (10.66) year-to-date. Cash flow and investment Cash flow from operating activities, before change in working capital, amounted to MSEK 329 (221) in the quarter and MSEK 838 (816) year-to-date, mainly driven by a higher operating result. The change in working capital affected the cash flow by MSEK -4 (-61) in the quarter and MSEK -116 (-202) for January-September, primarily driven by higher trade receivables due to the increased revenue. Cash flow from investing activities in the quarter was MSEK -41 (-31) and MSEK -122 (-93) for January-September, mainly related to the establishment of a secondary manufacturer. Cash flow from financing activities was MSEK -5 (39) in the quarter and MSEK 13 (155) year-to-date. Pipeline and corporate highlights In July, the US FDA accepted the resubmission of the NDA for CAM2029 (Oclaiz™) in acromegaly for review. A PDUFA target action date was set to 18 December, 2026. In August, Oczyesa received marketing authorization by the TGA in Australia and in September Oczyesa was launched in Sweden. In the Phase 3 SORENTO study of CAM2029 in gastroenteropancreatic neuroendocrine tumors (GEP-NET), the target number of PFS events required for readout of results, is expected to be reached around the end of the year and topline results are expected in the first quarter of 2027. During the quarter, the clinical trial application for a randomized, placebo-controlled, Phase 2b study with CAM2056 with semaglutide in patients with obesity was approved.
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16 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Financial position The cash position for the group as of 30 September, 2026 was MSEK 4,353 (3,515). There were no loans as of 30 September, 2026 and no loans have been taken since this date. Consolidated equity as of 30 September, 2026 was MSEK 4,974 (4,117). The difference compared to last year mainly relates to the company's profitability and exercise of employee stock options. Total assets for the group were MSEK 5,648 (4,627). Parent company The company’s total revenue in the quarter amounted to MSEK 700 (537) and MSEK 1,889 (1,717) year-to-date. Result after tax in the quarter was MSEK 267 (180) and MSEK 622 (593) for January-September. On 30 September, 2026, equity in the parent company amounted to MSEK 4,635 (3,983) and total assets to MSEK 5,306 (4,268), of which MSEK 4,155 (3,353) were cash and cash equivalents. Acquisitions and divestitures No acquisitions or divestitures have taken place during the quarter.
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17 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Camurus’ share Camurus’ share is listed on Nasdaq Stockholm. At the end of the period, the total number of shares and votes was 60,559,184 (59,848,634), with a quota value per share of SEK 0.025. The difference compared to last year mainly relates to the share issue made under Performance Share Plan 2026/2029. Currently, Camurus has four long-term share-based incentive programs ongoing, one employee stock option program and three performance share programs, for the company’s employees. During the quarter, the result was negatively impacted by MSEK 20, after tax and without any cash flow effect, related to the programs, and MSEK 40 during the first nine months of the year. For further information about the programs, see Note 2.3. Personnel At the end of the period, Camurus had 323 (280) employees, of whom 165 (130) were within research and development and medical affairs, 121 (115) within business development and marketing and sales, and 36 (34) within administration. The number of employees, in terms of full-time equivalents, amounted to 304 (272) in the quarter and 294 (264) during January-September. Financial outlook for 2026 When providing market guidance, the company has considered: a) Market conditions in current macroeconomic environment – Anticipated market dynamics and competitive developments – Pricing conditions and reimbursement landscape – Macroeconomic uncertainties b) Investments in organization and R&D in 2026 – Increase of MSEK 100 for scaling up US operations for the anticipated launch of Oclaiz, compared to prior increase of MSEK 200 – R&D expenditures are expected to increase by ~MSEK 50, compared to prior increase of MSEK 150 c) Scope of guidance – Outlook only includes revenue from product sales (including royalty and relevant sales milestones), but excludes potential licensing revenue from new and existing development partnerships 1) At constant exchange rates. Camurus’ full year 2026 outlook is reiterated as follows: – Revenue BNSEK 2.6 to 2.91, midpoint +21% vs. 2025 – Operating result BNSEK 0.9 to 1.21, midpoint +20% vs. 2025 – Expected to finalize in the upper half of the intervals Audit This report has been reviewed in summary by the company’s auditor. Forward-looking statements This report includes forward-looking statements about expected and assumed future events, such as start of new development programs, regulatory approvals, market potential and financial performance. These events are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from previous judgements. Financial calendar 2026-2027 Webcast Q3 Interim Report 2026 5 November, 2026, at 2 pm CET Full Year Report 2026 11 February, 2027 Annual Report 2026 15 April, 2027 Q1 Interim Report 2027 13 May, 2027 AGM 2027 13 May, 2027, at 5 pm CET Q2 Interim Report 2027 15 July, 2027 Q3 Interim Report 2027 4 November, 2027 Further information For further information, please contact: Fredrik Tiberg, President and CEO Tel. +46 46 286 46 92, e-mail: ir@camurus.com Lund, Sweden, 5 November, 2026 Camurus AB Board of Directors Other disclosures
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18 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Auditor’s report To the Board of directors in Camurus AB, corporate identity number 556667-9105 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Camurus AB as of 30 September, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Lund 5 November, 2026 Öhrlings PricewaterhouseCoopers AB Johan Rönnbäck Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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19 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Consolidated statement of comprehensive income KSEK Note 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Total revenue 4 724,006 567,072 1,959,183 1,800,915 2,265,378 Cost of goods sold -46,353 -39,331 -127,651 -119,760 -156,136 Gross profit 677,653 527,741 1,831,532 1,681,155 2,109,242 Marketing and distribution costs -152,575 -141,588 -457,470 -390,696 -527,778 Administrative expenses -52,526 -39,544 -157,432 -132,964 -180,375 Research and development costs -141,916 -109,337 -404,692 -391,978 -516,915 Other operating income 379 310 1,196 887 1,193 Other operating expenses -9,087 -7,364 -30,303 -5,254 -11,439 Operating result 321,928 230,218 782,831 761,150 873,928 Financial income 20,089 16,498 55,619 49,288 64,922 Financial expenses -1,472 -1,435 -4,362 -4,188 -5,758 Net financial items 18,617 15,063 51,257 45,100 59,164 Result before tax 340,545 245,281 834,088 806,250 933,092 Income tax 9 -70,551 -52,638 -179,444 -171,563 -197,524 Result for the period1) 5 269,994 192,643 654,644 634,687 735,568 Other comprehensive income Exchange-rate differences 5,308 -1,204 14,558 -9,558 -11,087 Comprehensive income for the period1) 275,302 191,439 669,202 625,129 724,481 1) All attributable to parent company shareholders.
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20 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Earnings per share based on earnings attributable to parent company shareholders for the year (in SEK per share) Note 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Earnings per share before dilution, SEK 5 4.54 3.251) 11.01 10.781) 12.471) Earnings per share after dilution, SEK 5 4.53 3.241) 10.98 10.661) 12.351) 1) Adjusted for treasury shares held by the parent company. For more information about calculation of earnings per share, see Note 5. Presently, the company has four long-term share-based incentive programs active. For further information see page 17 Camurus’ share, and Note 2.3.
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21 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Consolidated balance sheet KSEK Note 30-09-2026 30-09-2025 31-12-2025 ASSETS Fixed assets Intangible assets Capitalized development expenditure 20,244 22,023 21,577 Tangible assets Lease assets 105,850 107,166 106,491 Equipment, fixtures and fittings 37,793 37,876 37,657 Construction in progress 251,399 90,394 134,685 Financial assets Other long-term receivables 878 1,499 1,592 Deferred tax assets 9 – 6,999 – Total fixed assets 416,164 265,957 302,002 Current assets Inventories Finished goods and goods for resale 99,417 71,791 61,386 Raw materials 49,910 53,406 50,236 Total inventories 149,327 125,197 111,622 Current receivables Trade receivables 519,811 513,626 429,574 Other receivables 21,445 58,769 13,637 Prepayments and accrued income 188,267 148,709 157,174 Total current receivables 6 729,523 721,104 600,385 Cash and cash equivalents 4,353,368 3,514,706 3,725,967 Total current assets 5,232,218 4,361,007 4,437,974 TOTAL ASSETS 5,648,382 4,626,964 4,739,976 KSEK Note 30-09-2026 30-09-2025 31-12-2025 EQUITY AND LIABILITIES EQUITY Equity attributable to parent company shareholders Share capital 1,514 1,496 1,497 Other contributed capital 3,698,445 3,610,248 3,629,366 Other reserves 8,670 -4,359 -5,888 Retained earnings, including result for the period 1,264,970 509,559 610,440 Total equity 10 4,973,599 4,116,944 4,235,415 LIABILITIES Long-term liabilities Lease liabilities 85,154 86,714 85,898 Social security fees incentive programs 16,759 12,177 13,384 Deferred tax liabilities 9 30,833 – 38,105 Total long-term liabilities 132,746 98,891 137,387 Short-term liabilities Trade payables 72,463 63,273 105,450 Lease liabilities 21,900 19,591 20,132 Income taxes 120,549 64,492 20,418 Social security fees incentive programs 10,647 42,698 14,331 Other liabilities 48,847 40,828 30,492 Accrued expenses and deferred income 267,631 180,247 176,351 Total short-term liabilities 6 542,037 411,129 367,174 TOTAL EQUITY AND LIABILITIES 5,648,382 4,626,964 4,739,976
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22 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Consolidated statement of changes in equity KSEK Note Share capital Other contri- buted capital Other reserves Retained earnings, including result for the period Total equity Opening balance 1 January, 2025 1,472 3,408,062 5,199 -125,052 3,289,681 Comprehensive income for the period Result for the period – – – 634,687 634,687 Exchange-rate differences – – -9,558 – -9,558 Transactions with shareholders Share issues 6 – – – 6 Exercise of stock options 18 173,193 – – 173,211 Employee stock options and performance share programs – 32,206 – – 32,206 Issuance costs, net after deferred tax – -3,213 – – -3,213 Acquisition of own shares (240,000) – – – -76 -76 Closing balance 30 September, 2025 1,496 3,610,248 -4,359 509,559 4,116,944 Opening balance 1 January, 2025 1,472 3,408,062 5,199 -125,052 3,289,681 Comprehensive income for the period Result for the period – – – 735,568 735,568 Exchange-rate differences – – -11,087 – -11,087 Transactions with shareholders Share issues 6 – – – 6 Exercise of stock options 19 180,682 – – 180,701 Employee stock options and performance share programs – 44,101 – – 44,101 Issuance costs, net after deferred tax – -3,479 – – -3,479 Acquisition of own shares (240,000) – – – -76 -76 Closing balance 31 December, 2025 1,497 3,629,366 -5,888 610,440 4,235,415 KSEK Note Share capital Other contri- buted capital Other reserves Retained earnings, including result for the period Total equity Opening balance 1 January, 2026 1,497 3,629,366 -5,888 610,440 4,235,415 Comprehensive income for the period Result for the period – – – 654,644 654,644 Exchange-rate differences – – 14,558 – 14,558 Transactions with shareholders Share issues 14 – – – 14 Exercise of stock options 3 25,874 – – 25,877 Employee stock options and performance share programs – 43,909 – – 43,909 Issuance costs, net after deferred tax – -704 – – -704 Acquisition of own shares (570,000) – – – -114 -114 Closing balance 30 September, 2026 10 1,514 3,698,445 8,670 1,264,970 4,973,599
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23 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Consolidated statement of cash flow KSEK Note 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Operating activities Operating profit/loss before financial items 321,928 230,218 782,831 761,150 873,928 Adjustments for non-cash items 8 34,681 -21,500 91,783 24,161 20,980 Interest received 20,088 16,500 55,612 49,289 64,927 Interest paid -1,472 -1,435 -4,362 -4,188 -5,758 Income taxes paid -46,403 -2,517 -87,841 -14,499 -27,104 Cash flow from operating activities before change in working capital 328,822 221,266 838,023 815,913 926,973 Increase/decrease in inventories 1,213 -1,378 -35,836 14,338 27,712 Increase/decrease in trade receivables -2,954 -2,216 -78,219 -103,590 -20,713 Increase/decrease in other current receivables -11,614 -18,922 -36,743 -53,602 -37,353 Increase/decrease in trade payables -28,562 -17,045 -34,307 -52,680 -9,871 Increase/decrease in other current operating liabilities 38,232 -21,248 68,883 -6,505 -17,446 Cash flow from changes in working capital -3,685 -60,809 -116,222 -202,039 -57,671 Cash flow from operating activities 325,137 160,457 721,801 613,874 869,302 Investing activities Acquisition of intangible assets – -640 – -640 -640 Acquisition of tangible assets -40,759 -30,542 -121,607 -92,095 -137,884 Cash flow from investing activities -40,759 -31,182 -121,607 -92,735 -138,524 Financing activities Amortization of lease liabilities -4,496 -4,070 -13,102 -13,948 -18,114 Share issue after issuance costs – 43,427 25,004 169,170 176,524 Acquisition of own shares – – -114 -76 -76 Other long-term receivables -4 3 721 59 -37 Cash flow from financing activities -4,500 39,360 12,509 155,205 158,297 Net cash flow for the period 279,878 168,635 612,703 676,344 889,075 Cash and cash equivalents at beginning of the period 4,068,607 3,347,420 3,725,967 2,852,699 2,852,699 Translation difference in cash flow and liquid assets 4,883 -1,349 14,698 -14,337 -15,807 Cash and cash equivalents at end of the period 4,353,368 3,514,706 4,353,368 3,514,706 3,725,967
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24 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Income statement – Parent company KSEK Note 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Total revenue 699,603 536,994 1,889,221 1,716,952 2,164,544 Cost of goods sold -51,871 -34,942 -135,010 -105,426 -145,906 Gross profit 647,732 502,052 1,754,211 1,611,526 2,018,638 Marketing and distribution costs -133,161 -155,038 -450,812 -397,390 -517,833 Administrative expenses -45,481 -25,955 -138,504 -113,705 -148,904 Research and development costs -141,140 -109,280 -402,992 -392,349 -516,556 Other operating income – – 28 56 56 Other operating expenses -11,003 -328 -31,099 -6,503 -5,395 Operating result 316,947 211,451 730,832 701,635 830,006 Revenue from interest in group companies – – – – 10,940 Interest income and similar items 19,502 16,001 54,191 47,694 62,958 Interest expense and similar items -406 -431 -1,028 -1,310 -1,673 Result after financial items 336,043 227,021 783,995 748,019 902,231 Appropriations – – – – -228,805 Result before tax 336,043 227,021 783,995 748,019 673,426 Tax on result for the period -69,345 -47,093 -162,443 -154,622 -137,962 Result for the period 266,698 179,928 621,552 593,397 535,464 Total comprehensive income is the same as result for the period, as the parent company contains no items that are recognized under other comprehensive income.
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25 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Balance sheet – Parent company KSEK Note 30-09-2026 30-09-2025 31-12-2025 ASSETS Fixed assets Tangible assets Equipment, fixtures and fittings 33,642 33,324 33,379 Construction in progress 251,399 90,394 134,685 Financial assets Interests in group companies 70,373 48,566 53,231 Deferred tax assets 5,569 – – Other financial assets 745 1,386 1,467 Total fixed assets 361,728 173,670 222,762 Current assets Inventories Finished goods and goods for resale 75,930 68,056 51,057 Raw materials 49,910 53,406 50,236 Total inventories 125,840 121,462 101,293 Current receivables Receivables subsidiaries 39,962 21,074 47,346 Trade receivables 434,772 431,156 322,115 Other receivables 13,400 27,661 4,508 Prepayments and accrued income 175,643 139,450 147,281 Total current receivables 663,777 619,341 521,250 Cash and bank deposit 4,154,874 3,353,376 3,602,128 Total current assets 4,944,491 4,094,179 4,224,671 TOTAL ASSETS 5,306,219 4,267,849 4,447,433 KSEK Note 30-09-2026 30-09-2025 31-12-2025 EQUITY AND LIABILITIES EQUITY Restricted equity Share capital (60,559,184 shares) 1,514 1,496 1,497 Statutory reserve 11,327 11,327 11,327 Total restricted equity 12,841 12,823 12,824 Unrestricted equity Share premium reserve 3,664,831 3,576,634 3,595,752 Retained earnings 335,340 -200,010 -200,010 Result for the period 621,552 593,397 535,464 Total unrestricted equity 4,621,723 3,970,021 3,931,206 Total equity 10 4,634,564 3,982,844 3,944,030 UNTAXED RESERVES Depreciation/amortization in excess of plan 8,733 3,486 8,733 Tax allocation reserve 223,558 – 223,558 Total untaxed reserves 232,291 3,486 232,291 LIABILITIES Long-term liabilities Liabilities to subsidiaries 489 489 489 Social security fees incentive programs 12,885 9,583 10,378 Total long-term liabilities 13,374 10,072 10,867 Short-term liabilities Trade payables 54,260 52,452 89,114 Income taxes 109,005 33,430 11,594 Social security fees incentive programs 8,610 36,163 10,980 Other liabilities 37,578 14,148 15,865 Accrued expenses and deferred income 216,537 135,254 132,692 Total short-term liabilities 425,990 271,447 260,245 TOTAL EQUITY AND LIABILITIES 5,306,219 4,267,849 4,447,433
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26 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Key figures and definitions Cash and cash equivalents Cash and bank balances Equity ratio, percent Equity divided by total capital Weighted average number of shares, before dilution Weighted average number of shares before adjustment for dilution effect of new shares Weighted average number of shares, after dilution Weighted average number of shares adjusted for the dilution effect of new shares Earnings per share before dilution, SEK Result divided by the weighted average number of shares outstanding before dilution Earnings per share after dilution, SEK Result divided by the weighted average number of shares outstanding after dilution Equity per share before dilution, SEK Equity divided by the weighted number of shares at the end of period before dilution Equity per share after dilution, SEK Equity divided by the weighted number of shares at the end of the period after dilution R&D costs as a percentage of operating expenses Research and development costs divided by operating expenses (marketing and distribution costs, administrative expenses, research and development costs, and other operating expenses), excluding items affecting comparability Key figures, MSEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Total revenue 724 567 1,959 1,801 2,265 Operating expenses -356 -298 -1,050 -921 -1,237 Operating result 322 230 783 761 874 Result for the period 270 193 655 635 736 Cash flow from operating activities 325 160 722 614 869 Cash and cash equivalents 4,353 3,515 4,353 3,515 3,726 Equity 4,974 4,117 4,974 4,117 4,235 Equity ratio in group, percent 88% 89% 88% 89% 89% Total assets 5,648 4,627 5,648 4,627 4,740 Weighted average number of shares, before dilution 59,509,184 59,196,9361) 59,485,628 58,864,1101) 58,994,2891) Weighted average number of shares, after dilution 59,637,637 59,534,6841) 59,611,928 59,537,8491) 59,537,0511) Earnings per share before dilution, SEK 4.54 3.251) 11.01 10.781) 12.471) Earnings per share after dilution, SEK 4.53 3.241) 10.98 10.661) 12.351) Equity per share before dilution, SEK 83.58 69.551) 83.61 69.941) 71.791) Equity per share after dilution, SEK 83.40 69.151) 83.43 69.151) 71.141) Number of employees at end of period 323 280 323 280 285 Number of employees in R&D at end of period 165 130 165 130 132 R&D costs as a percentage of operating expenses 40% 37% 39% 43% 42% 1) Adjusted for treasury shares held by the parent company.
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27 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Note 1 General information Camurus AB, corp. ID No. 556667-9105 is the parent company of the Camurus group and has its registered office based in Lund, Sweden, at Rydbergs Torg 4, 224 84 Lund. Camurus AB group’s interim report for the third quarter 2026 has been approved for publication by the Board of Directors and the Chief Executive Officer. All amounts are stated in SEK thousands (KSEK), unless otherwise indicated. Figures in brackets refer to the year-earlier period. Note 2 Summary of key accounting policies The consolidated financial statements for the Camurus AB group (”Camurus”) have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, as well as the Swedish Financial Reporting Board’s Recommendation RFR 1 Supplementary Accounting Rules for groups, interpretations from IFRS interpretations Committee (IFRS IC), and the Swedish Annual Accounts Act. This interim report has been drawn up in accordance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and RFR 1 Supplementary Accounting Rules for groups. The parent company statements have been prepared in accordance with the Annual Accounts Act and recommendation RFR 2 Accounting for legal entities from the Swedish Financial Reporting Board. The application of RFR 2 means that the parent company in the interim report for the legal entity shall apply all EU-approved IFRS standards and statements as far as possible within the framework of the Annual Accounts Act, the Pension Obligations Vesting Act (Tryggandelagen) and taking into consideration the relationship between accounting and taxation. The parent company’s accounting policies are the same as for the group, unless otherwise stated in Note 2.2. The most important accounting policies that are applied in the preparation of these consolidated financial statements are detailed below and are the same and consistent with those used in the preparation of the Annual Report 2025, see www.camurus.com/investors/financial-reports. 2.1 BASIS OF PREPARATION OF REPORTS 2.1.1 Changes to accounting policies and disclosures No new or revised IFRS standards, with any material impact on the group, have come into force. The new standard IFRS 18 Presentation and Disclosure in Financial Statements, replacing IAS 1 Presentation of Financial Statements, effective for the financial year beginning on or after 1 January, 2027. The group will apply the new standard from the 1 January, 2027 with a retrospective application for the comparative year 2026. The standard will not impact the recognition or valuation of the items in the financial statements, but an evaluation of the impact on the presentation of reports and disclosures is ongoing. 2.1.2 Derivatives Derivatives are reported in the balance sheet on the transaction day and are valued at fair value, both initially and in subsequent revaluations at the end of each reporting period. The group does not apply hedge accounting and all changes in the fair value of derivative instruments are reported directly in the income statement as Other operating income or Other operating expenses. Derivatives are reported in the balance sheet as Other receivables and Other liabilities. 2.2 PARENT COMPANY’S ACCOUNTING POLICIES The parent company applies accounting policies that differ from those of the group in the cases stated below. 2.2.1 Internally generated intangible assets All expenses that relate to the development of internally generated intangible assets are recognized as expenses as they arise. 2.2.2 Interests in subsidiaries Interests in subsidiaries are reported at cost, less any impairment losses. The cost includes acquisition-related expenses and any additional considerations. When there is an indication that interests in subsidiaries have decreased in value, a calculation is made of the recoverable amount. If this amount is lower than the reported amount, an impairment is carried out. Impairment losses are recognized under the item Result from interest in group companies. 2.2.3 Group contributions Group contributions paid by the parent company to subsidiaries and group contributions received from subsidiaries by the parent company are recognized as appropriations.
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28 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 2.2.4 Financial instruments IFRS 9 Financial instruments addresses the classification, measurement and recognition of financial assets and liabilities and is applied with the exceptions that RFR 2 allows, i.e. at amortized cost. Derivatives with a negative fair value are reported in the balance sheet as Other liabilities and changes in the fair value of derivative instruments are reported directly in the income statement on the line Other operating income or Other operating expenses. Derivatives with a positive fair value are reported at the lower of acquisition value and fair value. 2.3 SHARE-BASED PAYMENTS 2.3.1 Employee stock options programs Camurus has one Employee Stock Options Program (ESOP) active for the company’s employees. The program was adopted by the Annual General Meeting (AGM) in 2023. The options are granted free of charge and have a term of approximately three years from the grant date. Once vested, the options can be exercised during the exercise period provided that the participant is still employed. Each vested option gives the holder the right to acquire one share in Camurus at a pre-defined price corresponding to 125 percent of the volume-weighted average price for the company’s share on Nasdaq Stockholm during the ten trading days immediately following the company’s AGM in which the program was adopted. The ESOP 2023/2026 program comprises a maximum of 200,000 employee stock options. The fair value of the service that entitles to the allotment of options through the program is reported as a personnel cost with a corresponding increase in equity. The total amount to be expensed is based on the fair value of the employee stock options granted, including the share target price, and that the employee remains in the company’s service during the exercise period. The total cost is reported over the vesting period. At the end of each reporting period, the company reconsiders its assessment of how many options are expected to be exercised and the difference is reported in the income statement and a corresponding adjustment is made in equity. As a basis for allocating social security contributions, a revaluation of fair value is continuously made for the employee stock options earned at the end of each reporting period. Social security contributions are reported as personnel costs and the corresponding provision is made under long- or short-term liabilities depending on the remaining term. In total 22,000 employee stock options remain outstanding since the launch of the program, all to other senior executives. 2.3.2 Performance share programs Camurus has three Performance Share Programs (PSP) active for the company’s employees. The programs were adopted by the Annual General Meeting (AGM) in 2024, 2025 and 2026. PSP awards are granted free of charge and have a term of approximately three years from the grant date. The allocation of performance shares is subject to the achievement of performance conditions. Dependent on the achievement of the performance conditions, the number of performance shares allocated to the participants after expiration of the vesting period may amount to between 0 and 120 percent of the PSP award in PSP 2024/2027 and PSP 2025/2028 and between 0 and 200 percent in PSP 2026/2029. PSP 2024/2027 and PSP 2025/2028 comprise a maximum of 240,000 shares respectively, while PSP 2026/2029 comprises a maximum of 570,000 shares. The fair value of the service that entitles to the allotment of shares through the programs is reported as a personnel cost with a corresponding increase in equity. The total amount to be expensed is based on the fair value of granted PSP awards and that the employee remains in the company’s service during the exercise period. The total cost is reported over the vesting period. At the end of each reporting period, the company reconsiders its assessment of how many shares are expected to be granted and the difference is reported in the income statement and a corresponding adjustment is made in equity. As a basis for allocating social security contributions, a revaluation of fair value is continuously made for earned PSP awards at the end of each reporting period. Social security contributions are reported as personnel costs and the corresponding provision is made under long- or short-term liabilities depending on the remaining term. Since the launch of the programs, PSP awards corresponding to 302,611 underlying performance shares have been allocated under PSP 2024/2027 and PSP 2025/2028, of which 13,455 to the CEO and 39,733 to other senior executives. No further allocations may be made under these programs. Under PSP 2026/2029, PSP awards corresponding to 175,697 underlying performance shares have been allocated, of which 11,923 to the CEO and 30,192 to other senior executives. Allocations to newly hired employees may be made until the company's AGM in 2027. 2.3.3 Calculation of fair value of employee stock options programs and performance share programs The fair value of the options when implementing the employee stock options program has been calculated using Black & Scholes’ valuation model, which takes into account the exercise price, the term of the option, the share price on the allotment date and the expected volatility in the share price, and risk-free interest for the option. The fair value of the PSP awards has been calculated using the Monte Carlo model, which takes the term of the PSP award, the share price on the allotment date and the expected volatility in the share price, risk-free interest for the option, and company assessment on probability to achieve and level of achievement for performance conditions into account. For further information about the programs, see the minutes from the 2023, 2024, 2025 and 2026 Annual General Meetings published on the company’s website, www.camurus.com/investors/ corporategovernance/general-meetings.
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29 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Change in existing incentive programs Number of options and PSP awards granted 1 January, 2026 432,092 Change during the January-June period 2026 Returned instruments PSP 2024/2027 -1,637 PSP 2025/2028 -1,690 Exercised instruments ESOP 2022/2026 -109,000 Granted instruments PSP 2025/2028 13,993 PSP 2026/2029 170,094 Expired instruments ESOP 2022/2026 -3,500 Total change 68,260 Number of granted instruments as of 30 June, 2026 500,352 Change during the third quarter 2026 Returned instruments PSP 2024/2027 -2,575 PSP 2025/2028 -3,072 PSP 2026/2029 -477 Granted instruments PSP 2026/2029 6,080 Total change -44 Number of granted instruments as of 30 September, 2026 500,308 2.3.4 Summary of ongoing incentive programs (number of shares) Full exercise of allotted employee stock options as of 30 September, 2026 corresponds to a total of 22,000 shares and would result in a dilution of shareholders with 0.04 percent. Maximum achievement of the performance targets for allotted performance shares as of 30 September, 2026 corresponds to a total of 714,528 shares and would result in a dilution of shareholders with 1.18 percent. For more information see the below summary. If decided, but not yet granted, performance share awards, corresponding to a further total of 218,606 shares, are granted and fully vested, the total dilution of shareholders would increase to 1.58 percent. Program Number of granted PSP awards Number of shares granted PSP awards may entitle to Potential dilution of granted PSP awards Subscription period Number of employees participating in the program PSP 2024/2027 134,6931) 161,6321) 0.27%1) 1 Jun, 2027 - 31 Dec, 2027 238 PSP 2025/2028 167,9181) 201,5021) 0.33%1) 1 Jun, 2028 - 31 Dec, 2028 292 PSP 2026/2029 175,697 351,394 0.58% 1 Jun, 2029 - 31 Dec, 2029 304 Total 478,308 714,528 1.18% 1) No further allocation can be made. 2) Market valuation in accordance with Black & Scholes valuation model. Data used in the valuation are volatility in the share, dilution effect, subscription price at exercise, interest rate and the term for the options. Program Number of shares granted options entitles to Potential dilution of the granted options Subscription period Strike price in SEK for subscription of shares upon exercise Market value2) Number of employees participating in the program ESOP 2023/2026 22,0001) 0.04%1) 1 Jun, 2026- 346.30 1 Jun, 2023: 2 31 Dec, 2026 SEK 79.75 Total 22,000 0.04%
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30 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Note 3 Significant risks and uncertainties The company management makes estimates and assumptions about the future. Such estimates can deviate considerably from the actual outcome, since they are based on various assumptions and experiences. The estimates and assumptions that may lead to the risk of significant adjustments to reported amounts for assets and liabilities relate mainly to measurement and allocation of revenues and costs in connection with licensing agreements and deferred tax receivables. Risks in ongoing development projects comprise technical and manufacturing related risks (including products failing to meet set specifications post manufacturing), safety and effect-related risks that can arise in clinical trials, regulatory risks relating to non-approval or delays of clinical trial applications and market approvals, and commercial risks relating to the sale of proprietary and competing products and their development on the market, as well as IP risks relating to approval of patent applications and patent protection. In addition, there are risks relating to the development, strategy and manage- ment decisions of Camurus’ partners. There is also a risk that differences of opinion will arise between Camurus and its partners or that such partners do not meet their contractual commitments. Camurus pursues operations and its business on the international market and the company is therefore exposed to currency risks, since revenues and costs arise in different currencies, mainly AUD, EUR, GBP, NOK, SEK, and USD. A more detailed description of the group’s risk exposure is included in Camurus Annual Report 2025 (The Director’s Report). The Board of Directors has not changed its assessment regarding the development of future risks and uncertainties compared to the outlook published in the Annual Report 2025.
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31 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Note 4 Segment information The chief operating decision maker is the function responsible for allocating resources and assessing the operating segments´ results. In the group, this function is identified as the CEO based on the information he manages. As the operations in the group, i.e. the development of pharmaceutical products based on Camurus’ technology platform, are organized as an integrated unit, with similar risks and opportunities for the products and services produced, the entire group’s business constitutes one operating segment. The operating segment is monitored in a manner consistent with the internal reporting provided to the chief operating decision maker. In the internal reporting to the CEO, only one segment is used. Group-wide information To follow is a breakdown of revenues from all products and services. Revenues during the quarter of approximately MSEK 178 (150) relate to one single external customer. 99 (98) percent of the group’s fixed assets are located in Sweden. Revenues allocated by products and services 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Sales of development related goods and services 4,912 680 6,595 2,191 2,252 Licensing revenue and milestone payments – – 46,321 115,136 115,136 Royalties 137,337 111,327 369,999 274,362 396,475 Product sales1) 581,757 455,065 1,536,268 1,409,226 1,751,515 Total 724,006 567,072 1,959,183 1,800,915 2,265,378 1) Related to Buvidal and Oczyesa. Revenues allocated by geographical area 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Europe 395,370 305,562 1,085,921 963,986 1,138,037 (whereof Sweden) (49,562) (29,026) (138,550) (83,989) (117,170) North America 138,790 111,377 417,960 390,101 512,213 Africa, Middle East and Asia (including Oceania) 189,846 150,133 455,302 446,828 615,128 Total 724,006 567,072 1,959,183 1,800,915 2,265,378
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32 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Note 5 Earnings per share a) Before dilution Earnings per share before dilution is calculated by dividing the result attributable to shareholders of the parent company by a weighted average number of ordinary shares outstanding during the period. 1,050,000 shares have been repurchased and are held as treasury shares by the parent company. b) After dilution In order to calculate earnings per share after dilution, the number of existing ordinary shares is adjusted for the dilutive effect of the weighted average number of outstanding ordinary shares. The parent company has one category of ordinary shares with anticipated dilution effect in the form of employee stock options and performance share awards. For this category, a calculation is made of the number of shares that could have been purchased at fair value (calculated as the average market price for the period for the parent company’s shares), at an amount corresponding to the monetary value of the subscription rights linked to the outstanding instruments. The number of shares calculated as above are compared to the number of shares that would have been issued assuming the employee stock options and PSP awards are exercised. 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Result attributable to parent company shareholders 269,994 192,643 654,644 634,687 735,568 Weighted average number of ordinary shares outstanding (thousands) 59,509 59,197 59,486 58,864 58,994 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Result attributable to parent company shareholders 269,994 192,643 654,644 634,687 735,568 Weighted average number of ordinary shares outstanding (thousands) 59,509 59,197 59,486 58,864 58,994 Adjustment for stock options and PSP awards (thousands) 128 338 126 674 543 Weighted average number 59,638 59,535 59,612 59,538 59,537 of ordinary shares used in calculation of earnings per share after dilution (thousands)
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33 CAMURUS INTERIM REPORT FOR THE THIRD QUARTER 2026 Financial assets in the balance sheet, KSEK 30-09-2026 30-09-2025 31-12-2025 Measured at amortized cost Trade receivables 519,811 513,626 429,574 Cash and cash equivalents 4,353,368 3,514,706 3,725,967 Measured at fair value through profit or loss Derivatives – currency forwards (part of Other receivables) 470 9,447 3,081 Total 4,873,649 4,037,779 4,158,622 Financial liabilities in the balance sheet, KSEK 30-09-2026 30-09-2025 31-12-2025 Measured at amortized cost Trade payables 72,463 63,273 105,450 Other liabilities 190 190 190 Measured at fair value through profit or loss Derivatives – currency forwards (part of Other liabilities) 24,824 1,389 451 Total 97,477 64,852 106,091 Note 6 Financial instruments – Fair value of financial assets and liabilities All of the group’s financial instruments that are measured at amortized cost are short-term and expire within one year. The fair value of these instruments is deemed to correspond to their reported amounts, since discounting effects are minimal. Financial assets and liabilities in the group that are reported at fair value consist of derivatives (currency forwards). All derivatives are included in level 2 when valuing at fair value, which means that fair value is determined using valuation techniques that are based on market information as much as possible, while company-specific information is used as little as possible. All significant input data required for the fair value measurement of an instrument is observable. The fair value of forward exchange contracts is determined as the present value of future cash flows based on exchange rates for forward exchange contracts on the balance sheet date. Note 7 Related party transactions There were no related party transactions outside of the Camurus group during the period. No receivables or liabilities existed as of 30 September, 2026. KSEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Depreciations 7,188 6,422 21,198 18,349 25,006 Derivatives – currency forwards 1,424 5,741 26,984 -6,866 -1,438 Incentive programs 26,069 -33,663 43,601 12,678 -2,588 Total 34,681 -21,500 91,783 24,161 20,980 Note 8 Information on cash flow Adjustment for non-cash items: Note 9 Tax Tax expense for the quarter amounted to MSEK 71 (53), attributable to the positive result in the period. As of 30 September, 2026, the Group’s deferred tax receivables amounted to MSEK 0 (7). Deferred tax liabilities were MSEK 31 (0), mainly related to elimination of reported appropriations. Note 10 Equity The change in equity during the quarter is mainly attributable to the result during the period. This information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the Chief Executive Officer, 07.00 am (CET) on 5 November, 2026. Note 11 Events after the reporting period In October, Brixadi net sales in 2026 exceeded MUSD 300, triggering a sales milestone payment of MUSD 15. The revenue will be recognized in the fourth quarter.
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Camurus AB | Rydbergs Torg 4, SE-224 84 Lund, Sweden T +46 46 286 57 30 | info@camurus.com | camurus.com