Camurus AB said fourth-quarter revenue and profit were materially below market expectations, and the company issued a 2026 outlook that implies substantial downward revisions relative to consensus forecasts.
Revenue for the fourth quarter was SEK464 million, roughly 25% lower than consensus estimates. Management said the shortfall was partly due to a one-off inventory repurchase of SEK93 million tied to a change in the United Kingdom distribution model ahead of Oczyesa’s planned launch. The company added that, even after stripping out this one-time repurchase and adjusting for foreign exchange effects, reported revenue still missed consensus by about 6%.
Profit before tax for the quarter was SEK127 million, about 44% below analyst expectations. The company attributed the profit miss primarily to the softer top line, despite efforts to lower operating expenses.
Product-level results showed Buvidal sales of SEK341 million in the quarter, approximately 30% below consensus. The company cited three factors affecting Buvidal sales - the inventory repurchase, foreign exchange headwinds and continuing funding delays for opioid-use disorder treatment in England. Camurus said around 70,000 patients were treated with Buvidal at the end of 2025, an increase of roughly 3,000 patients during the fourth quarter.
Brixadi royalties reached SEK122 million, which was about 6% under consensus. Camurus reported that Brixadi maintained a 30% market share in the US long-acting injectable buprenorphine market at year-end. The company also stated that long-acting injectable buprenorphine products accounted for about 10% of the overall buprenorphine market in the United States.
Oczyesa, which was recently launched in Germany for the treatment of acromegaly, produced initial sales of SEK1 million in the period versus consensus expectations of SEK8 million. The company noted that about 20 patients were receiving Oczyesa at year-end, representing roughly a 1% market share in Germany.
Looking to 2026, Camurus provided revenue guidance in a range of SEK2.6-2.9 billion and an operating result range of SEK0.9-1.2 billion. The company said both guidance ranges are significantly below consensus estimates, and that the midpoint of those ranges implies potential downgrades of approximately 15% to consensus revenue forecasts and roughly 37% to consensus operating result forecasts.
Camurus expects research and development investment to rise by SEK150 million to SEK667 million in 2026. Selling, general and administrative (SG&A) expenses are projected to increase by SEK200 million to SEK908 million in 2026.
On the development front, the company anticipates top-line data from its Phase III SORENTO study of CAM2029 in gastroenteropancreatic neuroendocrine tumours (GEP-NET) are likely in late 2026. Separately, the U.S. Food and Drug Administration PDUFA date for Oclaiz in acromegaly is scheduled for June 10, 2026.
Sector impact - The results and guidance affect the pharmaceuticals and biotech sectors, and have implications for healthcare investors tracking long-acting opioid-use-disorder treatments and acromegaly therapies.