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1. Company Snapshot

1.a. Company Description

Camurus AB (publ), a pharmaceutical company, develops and commercializes medicines for severe and chronic conditions in Europe, Australia, the United States, Japan, and internationally.The company offers Buvidal, a buprenorphine injection for the treatment of opioid dependence; episil oral liquid, a medical device for the treatment of inflammatory and painful conditions in the oral cavity; and Brixadi to treat opioid use disorder Its products pipeline also includes CAM2038 for the treatment of chronic pain; CAM2029, which is in phase III clinical trials for the treatment of acromegaly and neuroendocrine tumors, as well as in phase II clinical trial to treat polycystic liver diseases; and CAM2043 that is in phase I clinical trial for the treatment of pulmonary arterial hypertension, as well as in Phase II clinical trial to treat Raynaud's phenomenon.In addition, the company is developing CAM2032, which is in phase II clinical trials for the treatment of prostate cancer; CAM4072 that is in phase III clinical trials for the treatment of genetic obesity disorders; CAM4071, which is in phase I clinical trials for the treatment of endocrine disorder; CAM2047 for the treatment of chemotherapy-induced nausea and vomiting that is in phase 1 clinical trial; and CAM2048, which is in phase I clinical trial for postoperative pain.


Camurus AB (publ) was founded in 1991 and is headquartered in Lund, Sweden.

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1.b. Last Insights on CAMX

Camurus AB faces market challenges and investment demands, despite robust revenue growth and strategic advancements. The company's Q4 2025 earnings call highlighted strong financial performance, but also emphasized the need for investment. Additionally, European market volatility and the STOXX Europe 600 Index reaching new highs may impact the stock. The FDA's acceptance of the NDA resubmission for Oclaiz, a treatment for acromegaly, could be a positive development, but a PDUFA target action date of June 10, 2026, may weigh on short-term sentiment.

1.c. Company Highlights

2. Camurus' Q4 Report: Strong Revenue Growth and Expansion into the U.S.

Camurus reported a 21% growth in revenue to SEK 2.3 billion, driven by a 6% increase in product sales and an 87% growth in Brixadi royalty income. The company's quarterly revenue declined 16% year-over-year to SEK 464 million due to a change in the U.K. distribution model. However, Brixadi royalties in the U.S. showed strong year-on-year growth of 47%. The company's profit before tax increased to SEK 0.9 billion. The actual EPS came out at 1.67, missing estimates at 3.88.

Publication Date: Feb -17

📋 Highlights
  • Revenue Growth:: Achieved 21% YoY increase to SEK 2.3 billion, driven by 6% product sales growth and 87% Brixadi royalty surge.
  • Profitability:: Profit before tax rose to SEK 0.9 billion, reflecting strong operational performance despite quarterly revenue declines.
  • U.S. Royalty Growth:: Brixadi royalties in the U.S. grew 47% YoY (82% at constant exchange rate), offsetting U.K. distribution model disruptions.
  • 2026 Guidance:: Revenue projected at SEK 2.6-2.9 billion with operating profit of SEK 0.9-1.2 billion, driven by U.S. expansion and product launches.
  • Pipeline Momentum:: Regulatory approval for Oczyesa in EU/UK and U.S. launch of Oclaiz, supported by FluidCrystal technology enhancing bioavailability in trials.

Financial Performance

The company's financial performance was marked by a significant increase in revenue and profit before tax. The quarterly revenue decline was largely due to the change in the U.K. distribution model, but Brixadi royalties in the U.S. showed strong growth. The company's EPS was lower than expected, but the revenue growth was in line with expectations.

Valuation Metrics

Camurus' current valuation metrics indicate a P/E Ratio of 38.63, P/B Ratio of 7.33, and P/S Ratio of 12.82. The EV/EBITDA ratio is 26.27, indicating a relatively high valuation. The ROE is 21.18%, indicating a strong return on equity. As Fredrik Tiberg mentioned, "We see significant growth opportunities in new markets, but it's a mix of linear and back-end loaded growth." This suggests that the company's growth prospects are promising, but the valuation metrics indicate that the stock may be priced at a premium.

Growth Prospects

The company is expanding into the U.S. and has established a commercial infrastructure, positioning it for upcoming launches and long-term success. The company has a strong pipeline, with several products in development, including Oczyesa and Oclaiz. The revenue guidance for 2026 is SEK 2.6-2.9 billion, with an operating result of SEK 0.9-1.2 billion. This indicates a strong growth trajectory, driven by the company's expanding product portfolio and increasing presence in the U.S. market.

Outlook

The company's guidance for 2026 is based on current understanding of the pricing landscape, reimbursement willingness, and potential upside from development programs. With a solid financial, operational, and scientific base, Camurus is well-positioned to create sustainable value. The company's objective of reaching 100,000 patients on Buvidal by the end of 2027 remains ambitious, but achievable with continued growth in Europe and the U.S.

3. NewsRoom

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Acromegaly Market Poised for Significant Expansion During the Forecast Period (2026-2036) as New Treatment Options Emerge | DelveInsight

Feb -23

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Camurus AB (CAMRF) Q4 2025 Earnings Call Highlights: Strong Financial Performance and Strategic ...

Feb -12

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February 2026's European Stocks Estimated To Be Below Fair Market Value

Feb -10

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European Value Stocks With Estimated Discounted Valuations

Jan -12

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Camurus announces FDA acceptance of NDA resubmission for Oclaiz™ for the treatment of acromegaly

Jan -09

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European Stocks Estimated To Be Trading Below Intrinsic Value In December 2025

Dec -12

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Global's November 2025 Stock Picks For Estimated Value Opportunities

Nov -13

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Camurus reports positive topline results for CAM2056, semaglutide monthly depot

Nov -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.08%)

6. Segments

Pharmaceutical

Expected Growth: 9.08%

Camurus AB's 9.08% growth is driven by increasing demand for its innovative injectable drugs, particularly in the treatment of opioid dependence and cancer. Strong sales of its lead product, Buvidal, and expansion into new markets, such as the US, contribute to the company's growth momentum.

7. Detailed Products

Episil

A prescription medicine used to treat episodic breakthrough pain in adults with cancer who have developed tolerance to opioid medications.

Buvidal

A weekly and monthly depot injection for the treatment of opioid dependence.

Intermezzo

A sublingual tablet for the treatment of middle-of-the-night awakenings.

8. Camurus AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Camurus AB (publ) has a moderate threat of substitutes due to the availability of alternative treatments for opioid dependence and chronic pain management.

Bargaining Power Of Customers

Camurus AB (publ) has a low bargaining power of customers due to the specialized nature of its products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

Camurus AB (publ) has a moderate bargaining power of suppliers due to the presence of multiple suppliers for its raw materials and the company's dependence on a few key suppliers.

Threat Of New Entrants

Camurus AB (publ) has a low threat of new entrants due to the high barriers to entry in the pharmaceutical industry, including regulatory hurdles and the need for significant investment in research and development.

Intensity Of Rivalry

Camurus AB (publ) operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.61%
Debt Cost 6.62%
Equity Weight 98.39%
Equity Cost 8.20%
WACC 8.17%
Leverage 1.64%

11. Quality Control: Camurus AB (publ) passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Genmab

A-Score: 5.8/10

Value: 3.2

Growth: 9.7

Quality: 9.5

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
ALK-Abelló

A-Score: 5.0/10

Value: 0.2

Growth: 8.2

Quality: 7.8

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Alkermes

A-Score: 5.0/10

Value: 4.9

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Rovi

A-Score: 4.8/10

Value: 1.8

Growth: 7.7

Quality: 8.1

Yield: 2.5

Momentum: 3.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Camurus

A-Score: 4.7/10

Value: 0.2

Growth: 9.3

Quality: 9.1

Yield: 0.0

Momentum: 7.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Zealand Pharma

A-Score: 3.3/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

469.4$

Current Price

469.4$

Potential

-0.00%

Expected Cash-Flows