Camurus Ab

Thank you so much, Einar. And hello, everyone. Welcome to our third quarter earnings call. It's a beautiful autumn day here in Lund, Sweden, where we are sending this from. I will assume that you have read our forward-looking statements going forward here. So, again, the call today is as follows. We start with third quarter highlights, move on to financial and commercial performance reviews, followed by an update on R&D, and then we'll finish off with key takeaways and Q&A. With me on the call today is Anders Wadsholt, Chief Financial Officer, and Richard Jameson, Chief Commercial Officer. During the quarter, cameras delivered strong profitability, continued progress of pipeline programs, and prepared for the launch of our next commercial product. Starting then here with some highlights. On the financial side, our quarterly revenues increased by 18% year-on-year, 25% at constant exchange rate to 575 million SEK, driven by higher Bixadi royalties. Profitability remains strong, growing 48% to 245 million SEK, increasing our cash position to 3.5 billion. We maintained our profit guidance. However, due to the headwinds we have had, we have lowered our full-year revenue guidance. The commercial performance in the quarter was mixed, you could say. Vivid all sales in Europe slowed down temporarily, primarily due to ongoing funding issues, while Bricsadi reported double-digit sales growth quarter to quarter. In parallel, we prepared for the launch of Oxyisa in the European markets. This has been progressing very well. On the R&D side, marketing approvals for Oxyisa were received in the UK, and we also updated the NDA draft for the Oclays submission. This is pending completion of an inspection of the contract manufacturer. We were also granted two new orphan drug designations of CAM 2029 in autosomal dominant polycystic kidney disease. And in addition, the treatment was completed in the phase one B trial of our monthly semaglutide formulation CAM 2056. So all in all, the third quarter has presented both challenges, but also very important successful developments and progress. And with this, I leave the word over to Anders to review the financial performance of the quarter more in detail.

Thank you, Frederik. It's a pleasure to provide the first financial update after joining Chemuris in July. I'm generally pleased with the financial performance in the third quarter. Comiris reported 567 million SEC in revenue for the quarter, reflecting an 8% increase compared to the same period last year. Year to date, the reported revenue is 1.8 billion SEC, representing a 37% growth rate. from previous years. Product sales reached a 455 million second increase of 8% compared to the same period last year, but a decline of 3% compared to previous quarter. We have experienced stable in-market growth throughout the year, but the distribution model has caused some deviations in the timing of revenue recognition. Excited sales in the US generated 111 million sec in royalty income for the quarter, up 91% compared to the same period last year, and a 25% increase from the previous quarter. The company's profit before tax was 245 million SEK representing a 43% profit margin in the quarter and a 48% increase in profit compared to the same period last year. The profit margin year to date is 45%. The profit after tax for the quarter was 193 million SEK representing an earning per share after dilution of 3.19 SEK. Moving to the P&L, the company's gross margin was 93.1% for the quarter. Total operating expenditures were 298 million SEK, 2% reduction compared to the same period last year. The main components were we increased our investment in marketing and distribution by 27% to 142 million SEK to support market penetration, expanding Bullerdale into new markets, and building our U.S. operation. The recruitment of the US sales force has been aligned with new timelines for the launch of a place. Administrative expenses increased by 49% to support company growth and development, mainly in the US, reaching 40 million SEC compared to the same period last year. And then R&D investments were 109 million SEC, a reduction of 33% compared to the same period last year. This is mainly due to the completion of AgriNova trials and the absence of trial clinical trial milestone payments in the Sorrento and Positano programs during the quarter. Looking at the cash flow for the quarter, Chemuris increased its cash position by 167 million SEC, mainly driven by the operational activities adding 221 million SEC and proceeds from the employee stock option program adding 43 million SEC. Working capital investments decreased cash by 97 million SEC, resulting in a net cash position of 3.5 billion SEC, which is an increase of 28% compared to last year. Moving to the update of the 2025 financial guidance. Despite positive development in Brickside and Bovedale, revenue do not live up to our previous expectations and guidance for the full year. This is primarily due to Brickside US revenue is below the previous projections and there is uncertainty about the timing of a sales milestone. In addition, we have seen continued delays in allocation of committed governmental funding for the treatment in the UK. But importantly, our profitability has continued to develop positively with good financial discipline across the organization, and our planned U.S. expansion has been aligned with the updated approval timeline for both places. As a consequence, our restated full-year 2025 outlook is as follows. Our revenue guidance is lower to 2.3 to 2.6 billion Swedish kroners. and the profit before taxes unchanged in the range of 0.9 to 1.2 billion Swedish kronors. So nevertheless, Camurras ended the third quarter with a healthy financial position, promising outlook for continued growth, profitability, and pipeline progress. With that, I would like to hand over to Richard.

Thank you, Anders. I'll start with the Cameras markets. So net sales for Buvidal in the quarter were 455 million sec, up 8% year on year or 15% at constant exchange rate. Versus Q2, sales were down 3%, primarily due to the lower than expected orders in the UK, which also led us to reduce inventory levels. In contrast, underlying in-market sales grew 3% versus Q2 and are 21% year to date, driven by maintained growth in Australia, Norway, France and Spain as we continue to execute on our plans, while we saw flattening of growth in the UK and Germany due to two main factors. In the UK, there are ongoing delays in allocated funding reaching community clinics. However, growth began to accelerate in the criminal justice setting as allocated NHSE funding for long-acting injectable buprenorphine treatment in prisons has become available. In Germany, resistance to uptake remains due to the ongoing remuneration of physicians based on daily visits. Year-to-date in-market growth is positive, around 20% across markets, with the exception of Finland, where growth was single digit due to the high penetration we have there. There continues to be high demand from patients and physicians for long-acting injectable buprenorphine, and we continue to support this through active programs that build awareness of the benefits the product brings to patients and wider society. This, in turn, is increasing demand for wider accessibility and is expected to deliver renewed growth in 2026. So on the next slide, I share more detail of our ongoing strategy for improving patient access. We are continuing to grow the real world evidence base and develop economic models that demonstrate the improved outcomes and the value long acting buprenorphine brings over daily treatments. The economic models of which there are some publications on the left hand side of the slide clearly demonstrate the positive value of treatment with AIB. typically showing a more than three-time return for governments. These data and models are a critical part of our initiatives to improve access through a government affairs programme that is engaging a wide group of policy stakeholders who will benefit from improved access to these innovative treatment options. As a result of these programmes, we're seeing growing demand in criminal justice settings and the need for the community continuity of care on release, alongside support to address funding in community settings. This has already resulted in some success, including allocation and distribution of funding from the criminal justice setting in the UK that I mentioned earlier, and regional funding expansion in France. We also understand good progress is being made on alternative remuneration models in Germany that would address this key hurdle for Buvedal. The success of this activity is critical to expand the use of Buvedal in these markets in 2026. Now, moving across to the US, Brixardi had a strong quarter, as you've already heard, with royalties growing 25% versus previous quarter and 91% year-on-year. Brixardi continues to outgrow the market and has reached an approximate 30% share of the long-acting Bruper Northing segment, which in itself is growing 25% year-on-year and for the first time reached annualized sales of US$1 billion. In the US, the Brixardi represents a significant opportunity for future growth through penetration of the sublingual buprenorphine market with an estimated 1.8 million patients in treatment and with further potential in the criminal justice setting. Brixardi has a clear and differentiated profile and BraveBurn are successfully navigating the challenges in the OUD treatment market. So overall, we remain optimistic about the prospects for BRICS-RD in the US and the potential for significant growth in the coming years. And on this, I'll hand back to Fredrik.