Camurus third quarter revenue beats expectations on Buvidal gains

Camurus AB reported third-quarter revenue that exceeded expectations by 4%, driven by strong performance from its Buvidal product.

The Swedish pharmaceutical company’s operating profit came in 21% above analyst estimates.

The company’s third-quarter revenue beat both company-compiled consensus and Jefferies estimates, supported by broad-based Buvidal strength.

Operating profit surpassed expectations due to higher revenue, slightly improved gross margin, and lower operating expenses. Cash holdings stood at SEK4.4 billion compared to SEK4.1 billion in the previous quarter.

Brixadi royalties fell 5% short of estimates, while Buvidal sales exceeded consensus and Jefferies forecasts by 5%. The company estimated that 81,000 patients were receiving Buvidal treatment at the end of the third quarter, representing an increase of 4,000 patients from the prior quarter.

Brixadi reached its first sales milestone of $15 million, triggered by in-market sales exceeding $300 million. The first tranche of a $75 million milestone payment will be recognized in the fourth quarter of 2026.

Buvidal showed positive performance across the United Kingdom, Nordic countries, Germany, France, and Spain. UK growth stemmed from improved prison access, while Nordic countries benefited from broader access and continued switching from daily and other long-acting treatments.

Oczyesa sales exceeded estimates by SEK1 million, primarily driven by Germany, where penetration among acromegaly patients treated with somatostatin receptor ligands doubled to 5% from 2.5% at the end of the second quarter.

Camurus maintained its 2026 guidance but specified it expects results in the upper half of the ranges. The company projects total revenue of SEK2.6 billion to SEK2.9 billion and operating result of SEK0.9 billion to SEK1.2 billion.

The Phase III SORENTO study for CAM2029 is expected to reach the required 194 events for primary analysis by year-end 2026, with topline data anticipated in the first quarter of 2027.

The Oczyesa PDUFA date of December 18 could be extended by approximately three months due to the addition of a secondary US manufacturing site to the application.