Camurus’ Interim Report Second Quarter 2020

”For the fourth quarter in a row, we saw Buvidal® sales growth of more than 50%”

Summary second quarter 2020

• Net revenues amounted to SEK 80.9 million (11.9), an increase of 579%
• Net product sales totaled SEK 75.8 million (11.3), an increase of 568%
• Product sales increased by 56% compared to the previous quarter
• Net revenue for the period January to June amounted to SEK 130.2 million (30.4) and product sales SEK 124.4 million (22.3)
• The full year 2020 guidance for revenue and product sales was raised
• Buvidal® reimbursed in Sweden after a positive TLV decision
• Buvidal launched in Austria after a legislative change
• Request for final approval of Brixadi™ submitted to the US FDA
• FDA announced a PDUFA date of Dec 1, 2020 for final approval of Brixadi in the US
• Arbitration proceedings initiated in England to determine whether Camurus’ US partner Braeburn violated the 2014 licensing agreement
• Positive results from the clinical studies DEBUT and UNLOC-T presented at the CPDD Annual Scientific Meeting 2020
• Camurus’ partner Rhythm announced positive Phase 2 results for once-weekly formulation of setmelanotide for the treatment of rare obesity diseases

Significant event after the period

• Camurus completed a directed share issue raising SEK 300 million before issue costs

Outlook for 2020

• Net revenues are expected to be in the region of SEK 340-380 million*, with product sales of SEK 310-340 million. Operating expenses are expected to be in the region of SEK 570-610 million.
  * excluding milestone payments relating to Brixadi™ in the US

Financial summary second quarter 2020

• Total Revenue MSEK 80.9 (11.9)
  - whereof product sales MSEK 75.8 (11.3)
• OPEX MSEK 102.1 (120.1)
• Operating result MSEK -23.3 (-109.8)
• Result for the period MSEK -20.0 (-87.6)
• Earnings per share SEK -0.39 (-1,70), before and after dilution
• Cash position MSEK 222.0 (283.1)

Fredrik Tiberg, President and CEO:
“During the second quarter, we continued to deliver strong growth in our markets in Europe and Australia resulting in an increase in our revenue and product sales forecast for the full year 2020. Quarterly product sales increased by 56% driven by high demand and increased access to Buvidal® for the treatment of opioid dependence. We received a positive decision on pricing and reimbursement for Buvidal in Sweden and extended our prescribing base in Australia. Furthermore, a legislative change in Austria meant that we could begin to launch Buvidal in this market in May. A request for final market approval of Brixadi™ (the US trade name for Buvidal) was submitted to the US FDA, with the date for the decision set for 1 December 2020. An advisory meeting was held regarding the market authorization application for Buvidal/CAM2038 for chronic pain in the EU, and our partner Rhythm received positive Phase 2 data for once-weekly setmelanotide FluidCrystal® in patients with severe genetic disorders of obesity.”

Audiocast
Financial analysts and media are invited to attend a telephone conference and presentation of the first quarter results today at 2 pm (CET). The conference call can also be followed by a link on camurus.com or via external link: https://financialhearings.com/event/12773

For more information:
Fredrik Tiberg, CEO and Head of Research
Tel. +46 (0)46 286 46 92
fredrik.tiberg@camurus.com   

Fredrik Joabsson, Chief Business Development Officer
Tel. +46 (0)70 776 17 37
ir@camurus.com

About Camurus
Camurus is a Swedish, science-led biopharmaceutical company committed to developing and commercializing innovative, long-acting medicines for the treatment of severe and chronic conditions. New drug products with best-in-class potential are conceived based on the company’s proprietary FluidCrystal® drug delivery technologies and its extensive R&D expertise. Camurus’ clinical pipeline includes products for the treatment of cancer, endocrine diseases, pain and addiction, which are developed in-house and in collaboration with international pharmaceutical companies. The company’s shares are listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit www.camurus.com.

The information was submitted for publication 7.00 AM CET on 16 July 2020.