Camurus Ab

Thank you so much, Einar, and good day, everyone. Thank you for joining our first quarter earnings call. As previously, please note our forward-looking statements. So the agenda for today's call is as follows. We start with business highlights, followed by reviews of financial and commercial performance, then finish off with a short R&D update before moving over to Q&A. So as previously with me today are John Garay, our Chief Financial Officer, and Richard Jameson, Chief Commercial Officer. So overall, Canberra's had a productive and highly profitable first quarter 2025. This was driven by continuous commercial execution in Europe and Australia, strengthening our leadership position in opioid dependence treatment, Bividual sales increased to 485 million SEK, increasing 6% versus the previous year at constant exchange rate. Brixari royalties from the US increased 185% versus previous year, however, were flat versus previous quarter at CET. Notably, the overall buprenorphine OUD market in the US was down 13% during the same period. In the R&D pipeline, dosing was initiated in a phase one study of R1's monthly semaglutide. The phase three Sorrento-Positano studies of CAMP2029 in neuroendocrine tumors and polycystic liver disease progressed according to plan. And in addition, after the period, we received positive CHMP recommendation for approval of CAMP2029 in acromegaly in the EU. under the trade name Oxyisa. Financially, we had a strong first quarter with operating results growing 204% year on year to 239 million SEK. In parallel, we continued strengthening our sustainability profile, inaugurated our new headquarters in Lund and R&D laboratories. And after the period, we announced the appointment of Anders Wadsholt, as our next CFO, joining Camurus on the 1st of July, thereby ensuring a smooth transfer over from John. With that said, let's move over to the financial update.

Thanks a lot, Fredrik, and good afternoon, everyone. Camurus delivered a strong financial performance in Q1, and we would like to share now its main highlights. Camurus achieved 558 million SEK total revenue in the quarter, delivering a growth of 43% versus same period last year, with product sales of 485 million SEK, growing 33% versus prior year and 3% versus prior quarter. Swedish kronor appreciation has impacted reported figures negatively by three points versus prior quarter. Bricsaddy sales in the US represented a 74 million SEG royalty income in the quarter, growing 185% versus prior year, and 1% versus prior quarter at constant rate. Shredded scroller volatility has impacted negatively royalty reported figures by 12 points versus prior quarter, hence the minus 11% growth you can see in our reporting numbers. Company profit before taxes was 254 million SEK, representing 45% over sales and growing 162% versus prior year. Earning per share after dilution was 3.29 Swedish kronor, equivalent to a profit after tax of 197 million SEK in the quarter. Finally, our cash position was 2.9 billion SEK at the end of the quarter. Moving to next slide, we can see the main components of our profit before taxes. Company gross margin reached 93% in the quarter, representing an improvement of 88 basic points versus same period prior year. The improvement was driven by three major factors. Firstly, geographical mix represented 29 basic points. Secondly, 40 basic points are driven by BRICS-ADI royalty. And thirdly, FX represented a positive impact of 19 basic points. Total OPEX reached 289 million SEC remaining flat versus same period prior year driven by following factors. Marketing and distribution investment to support market penetration in known territories. Expansion of Woobidal into new markets and US operations grew 25% to 116 million SEC. Administrative expenses aligned with corporate evolution to substantiate company development grew 158% versus same period last year to 42 million SEK. R&D investment reached 131 million SEK, 27% below same period prior year, driven by lower milestones in our ongoing clinical trials and acromegaly study ramped down. Company profit before taxes reached 254 million SEK, growing 162% versus prior year and representing 45% over sales. Company cash position at quarter end was 2.9 billion SEK. Camurus improved its cash position by 25 million SEK in the quarter, driven by following four factors. Firstly, company operations generated 246 million SEK. Secondly, working capital increased by 168 million SEK, driven by receivables growth, payables and liabilities reduction, following R&D milestones and company bonus payout. Thirdly, company invested 34 million SEK in new headquarters and technological activities. And finally, company balances translation represented a negative impact of 12 million SEK. Ascent of quarter, Camurus has no debt. All in all, Camurus closes first quarter 25 with a strong financial performance, interesting growth opportunities, and is on track to deliver 2027 vision. Having said that, I would like to pass the word to Richard. Thank you everyone for your attention.

Thank you, John. I'll start with the cameras markets and then move across to the US. So starting with cameras markets, which include Europe, Australia and the rest of the world, we continue to deliver strong performance across geographies with net sales growing 33% versus previous year and 6% versus previous quarter at constant exchange rate. At the end of the quarter, we estimate close to 63,000 patients are in treatment with Buvidal. Growth was seen across our markets, led by UK, Australia, Germany, and Nordics, as our teams continue to successfully improve access for patients through addressing funding by demonstrating the value Buvedal brings to healthcare and society, the growing awareness of innovative treatment options, and supporting informed choice for patients and those outside of treatment. Alongside this, our sales teams continue to execute on their plans to drive penetration at a clinic level. We further expanded into new markets with launches and first patients treated in both Switzerland and Luxembourg and finalized reimbursement process in Portugal and have launched at the beginning of Q2. Additionally, we received regulatory approval in Serbia and have initiated a reimbursement process and three other regulatory applications are under review. Now moving across the US, as John has already said, the royalty from Brixardi grew 185% year on year and grew 1% in the quarter at constant exchange rate with an FX headwind of minus 12 in the quarter. The US Buprenorphine market was challenging, as down 13% compared to the previous quarter. This is likely due to a combination of transient headwinds, including the unwinding of Medicaid continuous enrollment that was set up during COVID, ongoing budget restrictions in federal prisons limiting access of long-acting Buprenorphine, alongside the usual seasonal impact on new authorizations. Our licensee Braeburn expects Brixardi to deliver renewed growth in the coming quarters as these headwinds diminish. So on that I hand back to Fredrik.