Camurus’ Interim Report Third Quarter 2020

” Good performances were seen on all markets and we are on track to deliver on our revenue guidance”

Summary third quarter 2020

• Net revenues amounted to SEK 100.3 million (40.2), an increase of 150%
• Net product sales totaled SEK 94.3 million (19.5), an increase of 383%
• Product sales increased by 24% compared to the previous quarter, or 26% at exchange rates from June 2020 (CER)
• For the period January to September, net revenue amounted to SEK 230.4 million (70.6), an increase of 226%, and product sales were SEK 218.6 million (41.8), an increase of 423%
• Raised full year financial guidance from June 2020 reiterated, while operating expenses guidance is reduced from SEK 570–610 million to SEK 505–525 million
• Applications for Buvidal® label extensions submitted in the EU and Australia
• Brixadi™ under review by the US FDA for expected final US approval on 1 December 2020
• Recruitment to CAM2029 Phase 3 studies reinitiated after temporary stall due to Covid-19
• Pivotal Phase 3 study of CAM2029 for treatment of neuroendocrine tumors aligned with the FDA in advisory meeting
• Camurus completed a directed share issue raising proceeds of SEK 300 million before issue costs

Outlook for 2020

• Net revenues are expected to be in the region of SEK 340-380 million¹, with product sales of SEK 310-340 million. Operating expenses are expected to be in the region of SEK 505-525 million².
  ¹ excluding milestone payments relating to Brixadi™ in the US.
  ² Without regards to the outcome of the ongoing arbitration process

Financial summary third quarter 2020

• Total Revenue MSEK 100.3 (40.2)
  – whereof product sales MSEK 94.3 (19.5)
• OPEX MSEK 113.4 (113.0)
• Operating result MSEK -23.4 (-77.4)
• Result for the period MSEK -20.3 (-62.7)
• Earnings per share SEK -0.38 (-1.31), before and after dilution
• Cash position MSEK 475.7 (192.3)

Fredrik Tiberg, President and CEO:
“During the third quarter, we continued to make excellent progress with Buvidal^® for the treatment of opioid dependence despite the challenge of Covid-19. Product sales in the quarter grew by 383%, net revenue by 150%, and operating costs were unchanged compared to the third quarter of 2019. New, compelling real-world evidence in support of treatment with Buvidal was presented in scientific publications, at conferences and featured in international media. After a temporary stall due to Covid-19, recruitment to our Phase 3 studies of CAM2029 for the treatment of acromegaly was reinitiated. We held an advisory meeting with the US FDA aligning the design for the pivotal Phase 3 study of CAM2029 in neuroendocrine tumors (NET). In addition, we completed the development of an autoinjector for CAM2029 for use in clinical studies and received approvals for the start of two new clinical trials.”

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/13067

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.

This information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the chief executive officer, 7:00 AM CET on 5 November 2020.