Camurus Ab

Thank you, Einar, and hello, everyone. Welcome to our second quarter earnings call. Here are our forward-looking statements. So the agenda for our call today is a summary of highlights in the quarter, followed by financial and commercial performance reviews, then an update on the pipeline and business development before finishing off with Q&A. So with me to provide the financial update is John Garay, CFO, Also present are Richard Jameson, Chief Commercial Officer, and Anders Walshorp, incoming CFO. Camurus had a successful second quarter with good performances across our business. Financially, we delivered all-time record revenues, high profitability, further strengthening our cash position for planned expansions and pipeline investments. And on the corporate side, we entered a strategically important license agreement for long-acting incretins with Eli Lilly, as you know, a world leader in cardiometabolic disease. Commercially, our teams continued execution with Bovidal growing in Europe and the rest of the world, Brixhadi regaining momentum after a quiet first quarter, and in the R&D pipeline, key milestones were achieved. Of course, the EU approval of Oxisa for the treatment of Acromegaly was a clear highlight, which is now the first of a new generation products based on our innovative fluid crystal technology. We also received positive results from the Positano study and also the AcroInnova extension trials. So with this notable progress, I hand over to John for actually his final review of our financial performance. So here, John.

Yes, indeed, Frederik. Thanks a lot, Frederik, and good afternoon, everyone. Camurus delivered strong financial performance in Q2, and I would like to share now the main highlights. Camurus achieved 676 million SEK total revenue in the quarter delivering a 52% growth compared to the same period last year. Product sales reached 470 million SEK, growing 17% versus prior year, but declining 3% versus prior quarter. Swedish Krunor appreciation impacted reported figures negatively by 6 points versus prior quarter and 9 points versus same period prior year. Bricsaddy sales in the US represented an 89 million SEK royalty income in the quarter, growing 100% versus prior year and 21% versus prior quarter. Shuri's Kronor appreciation has impacted negatively royalty reported figures by 11 points versus prior quarter. Company profit before taxes was 307 million SEK, representing 45% over sales and growing 195% versus prior year. Earning per share after dilution was 4.08 Swedish kronor, equivalent to a profit after tax of 245 million SEK in the quarter. Finally, our cash position was 3.35 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 93.9% in the quarter, representing an improvement of 106 basic points versus same period prior year. The improvement was driven by two major factors. Firstly, Brixady royalty and license revenue from collaboration agreement with Lilly represented a 146 basic points positive impact. And secondly, FX represented again a negative impact of 40 basic points in the quarter. No material variances occurred in bubidal gross margin. Total OPEX reached 343 million SEG, growing 4% versus same period prior year, driven by following factors. Marketing and distribution investment to support market penetration in own territories, expansion of bubidal into new markets and US operations grew 2% to 133 million SEG, Administrative expenses aligned with corporate evolution to substantiate company development grew 118% versus same period last year to 52 million SEK. R&D investment reached 151 million SEK, representing a 13% decline versus same period prior year, driven by lower milestones in our ongoing clinical trials and acromegaly study ramp down. Company profit before taxes reached 307 million SEK, growing 195% versus prior year, representing 45% of ourselves. Company cash position at quarter end was 3.35 billion SEK. Camurus improved its cash position by half a billion SEK in the quarter, driven by two main factors. Firstly, company operations generated 349 million SEK. And secondly, a stock option program exercised by employees delivered 126 million SEK. Finally, other minor concepts, as mainly less liabilities update, represented a negative impact of 5 million SEK. As end of quarter, Camurus has no debt. All in all, Camurus closes first half of 2025 with a solid financial position interesting growth opportunities, and based on financial performance to date, the company maintains the full year guidance. Having said that, I would like to pass the word to Richard. Thank you everyone for your attention.

Thank you, John. So I'll start with an update in cameras markets and then move over to the U.S. So moved out, continue to grow in cameras markets, increasing three percent quarter on quarter and 26 percent year on year at constant exchange rates, with performance being led by Australia, Spain and the Nordics. At the end of the period, we estimate about 65,000 patients were in treatment with Buberdell. Overall, Boverdale sales are growing in accordance with internal expectations and are aligned with its contribution to our guidance. In the quarter, reported sales were affected by exchange rates with a 6% points impact and purchase order patterns from distributors and wholesalers, while in the UK there was a short-term delay in committed funding reaching the clinics. As part of our expansion plans for Boverdale, we also initiated the launch in Portugal, which has nearly 20,000 patients in opioid dependence treatment. The interest and the feedback from healthcare professionals have been very positive. We have a clear opportunity to gain meaningful market shares over the coming years. Based on the current market development for Boverdale, we expect improved growth in the second half of the year as we address funding hurdles, improve access to treatment and order flows are stabilised. Now moving across the U.S., where Brixardi gained momentum in the second quarter, our royalties on net sales grew 21% versus the first quarter, and reaching 89 million sec, a quarter on increase of 32% at constant exchange rate. The renewed growth reflects our U.S. licensee Braeburn's continued execution and the easing of the first quarter headwinds, including seasonal prescription authorizations and the impact of last year's cuts in federal funding in the criminal justice system. Braeburn expects Brookside to continue its growth in the coming quarters, supported by state-level initiatives to expand and improve access to OUD treatments, and of course, long-acting injectable buprenorphine. Furthermore, the federal medical assistance percentage for Medicaid seems to remain unchanged at current levels, and the budget reconciliation bill exempt substance use of disorder patients from the work requirements. So on that brief update, I'll hand back to Frederick.