Camurus Ab

Thank you Einar and hello everyone. Welcome to our fourth quarter earnings call and full year. As customary, please note our forward-looking statements, which I will assume that you have read. So moving over to the agenda, we will begin today's call with an introduction and business highlights, followed by financial, commercial and R&D pipeline reviews, before finishing off with the key takeaways and Q&A. With me in the call today is Anders Wadsholt, Chief Financial Officer, and Richard Jameson, Chief Commercial Officer. So a quick overview of CAMERAS. We are a rapidly growing commercial stage biopharmaceutical company, focused on developing and delivering innovative long-acting treatments for people living with serious and chronic illnesses. We have become a global leader in opioid dependence therapy with our products Buvidal and Brixadi. Our commercial reach covers Europe and Australia, and we are now expanding into the US as we gear up for upcoming product launches. At the core of our offerings is the fluid crystal technology, which supports advanced long acting injectable treatments and has proven successful through both our commercial and clinical results and collaborations. Alongside our meaningful investments in the R&D pipeline, We have maintained sustainable profitability since 2022, placing us in a good position for ongoing growth. Now turning to full year highlights. In 2025, we achieved several significant milestones that further strengthened our leadership in opioid dependence treatment and our ongoing expansion. We continue to build momentum with Buvilar and Brixadi, expanding the reach and impact across key regions. Importantly, the first of our new wave products, Oxyisa, received regulatory approval for acromegaly in both the EU and the UK. Supporting our strategic expansion into the US, the commercial infrastructure is now firmly established, positioning the company for upcoming launches and long-term success in this critical market. During the year, we also entered a strategic license agreement with Lilly, opening new opportunities in the long-acting incretin therapy space. The year also marked substantial improvements in sustainability performance, evidenced by high external ratings and reinforcing our commitment to responsible and sustainable business practices. As a testament to the performance of our teams, full year revenues for 2025 continued to their positive trajectory, reaching 2.3 billion SEK. At the same time, profit before tax increased to just above 0.9 billion SEK, accomplished while maintaining significant investments in R&D and expanding the U.S. operations. In the fourth quarter, results demonstrated a balanced performance with an overall positive conclusion for the year. Brixari royalties in the U.S. showed strong year-on-year growth of 47% and increased 82% at constant exchange rate. Bubidal sales declined temporarily due to FX headwinds and a change in our UK distribution model. The launch of Oxuisa in Germany represented a notable milestone as it is the first European country to introduce this product to patients with acromegaly. Turning to R&D, we resubmitted the NDA for Oclase, which the FDA now has accepted with a PDUFA date in June. additionally we reported compelling phase 1b results for camp 2056 and our strategic collaboration with lily advanced to plan financially we delivered solid profitability strengthened our cash position giving us increased financial flexibility and lastly we entered a new licensing and commercialization partnership with gubra in denmark adding another promising asset to our endocrinology pipeline. So with this, I will hand over to Anders to take you through the financial performance of the quarter and of the full year.

Thank you, Fredrik. Well, I'm pleased with the financial performance during the year. The figures I refer to in my presentation on Swedish kronor. ChemRex reported quarterly revenue of 464 million down from 553 million A 16% decline compared to the same period last year, while quarterly product sales reached 342 million, reflecting a 27% decrease. This reduction is primarily due to a change in the UK distribution model. Consequently, we repurchased 93 million worth of inventory from our UK wholesaler. Quarterly royalty income from Bricsati sales in the US increased by 47% year-on-year, reaching $122 million. A potential milestone payment from Braeburn relating to Bricsati sales is now expected in 2026. Full-year revenue reached $2.27 billion, up from $1.87 billion, representing a 21% growth. or 30% of constant exchange rates. Product sales increased by 6%, while the Bixati royalty income increased by 87%. When reviewing operating costs, marketing and distribution expenses decreased by 12% during the quarter, but increased 7% over the year. The annual increase was mainly driven by the commercial rollout of Buvedal in Europe and Australia, as well as companies expansion in the US. In R&D, we observed a 25% reduction in cost during the quarter and a 24% reduction for the full year. This reduction results from the completion of clinical trials in CAM 2029 and CAM 2056 with new trial schedule for 2026. Some costs related to the Sorrento study have been deferred to 2026. The increase in general administrative expenses is primarily due to a change in Camurio's internal cost allocation model. And definitely, we have boosted our investment in digitalization throughout the organization. The operating result for the quarter decreased 32% to $113 million, while the full-year result increased with 86% to $874 million. Ubedale sales and Brickside royalty income mainly drove the increase. Looking at the quarter's cash flow, the cash position increased by $211 million, mainly driven by the operating activities, which contributed $111 million and a change in working capital, adding $144 million. Investment reduced cash by $46 million, resulting in a net cash position of $3.7 billion, a 30% increase from previous year. Moving to the 2026 financial guidance, the key considerations for the guidance are anticipated market dynamics and competitive developments, pricing conditions and the reimbursement landscape, clinical progress and regulatory outcome, and not least the current macroeconomic uncertainties. We expect an increase in OPEX to be primarily caused by organizational expansion and increased R&D activities. additional 200 million will be allocated to expanding u.s operations in preparation of the plant or blaze launch mid-2026 and r d expenses are expected to increase by roughly 150 million we provide guidance on revenue and profit we have shifted from reporting Profit before tax to operating results. Revenues consist of product sales, including royalties and milestones. Potential licensed income from new and existing development partners are not included. Our full year 2026 outlook is as follows. Revenue guidance is 2.6 to 2.9 billion SEC, an increase of approximately 21%. Operating results in the range of 0.9 to 1.2 billion SEC, an increase of approximately 20%. The numbers are reported or measured at Constantine Strange Street. With that, I would like to hand over to Richard.

Thank you, Anders. So I'll start with Cameras Markets. As already stated, invoice sales were impacted due to a one-time accounting adjustment associated with a change to the UK distribution model at the end of the period. Importantly, though, across markets, the underlying in-market growth remains solid, growing at 5% quarter-on-quarter, with notable performances from Australia, which continues to grow from a high base, and Buvertal is maintaining its leadership position in the long-acting buprenorphine segment. And in the Nordics, where Buvidal continues to gain market share, which was increased by the competitive withdrawal from the market, and the UK showed improved growth, mainly from the criminal justice system, as NHS England funding is reaching those treatment centers. On a four-year basis, overall growth was 17%, a constant exchange rate versus 2024, with a growth spread across geographies. Those markets with high buvidal penetration, such as Australia, the Nordics, grew at 15% from their high basis. A positive contribution was achieved from the larger European markets that have lower penetration due to access issues. These markets grew in the region of 21%. And at the end of 25, there are an estimated 7,000 patients currently in treatment with Buvedal, a net gain of 3,000 patients in the quarter. There remains a significant growth opportunity at Buvedal and notably in those larger European markets. As I already mentioned, in countries where funding and access hurdles have been addressed, penetration is high. In Australia, Nordic, Scotland and Wales, Buvedal share ranges from 26 to 70% with an average of 35% of all patients and we expect continued growth in 2026. In the larger markets where access is currently limited to Bouvadal, Bouvadal has gained single digit share of patients in treatment, so represents a significant opportunity when the funding and infrastructure issues are addressed. In England and France, the main challenge remains the prioritisation for funding in this area. In Spain and France, there are restrictions on Bouvadal access, either which patients are approved for treatment or limitations on the treatment setting where Bouvadal can be prescribed. We achieved a notable success in Q4, where we reached agreement in Spain with the Spanish Ministry of Health to remove restrictions on the patient populations for Buvidal, allowing access to the large methadone segment. And in Germany, physician remuneration remains the hurdle. Additionally, we continue to expand geographically in other markets where our focus is penetration to deliver double-digit growth in 2026. Now, to address the challenge access challenges in these high potential markets, the teams are focused and delivering on critical policy affairs programmes that call for and drive improved patient access. On the next slide are some examples of the outcomes already achieved from these programmes and the growing support from across stakeholder groups for broader access to long acting injectable buprenorphine, which we expect to drive growth in 2026. So take these in turn. In the UK, the Home Office Select Committee, the Justice Committee, the Independent Review on Drugs and a recent report from the experience in Wales have all called for improved access to long-acting injectable buprenorphine. We are already seeing good access in prisons, though challenges remain in the community setting. And we have ongoing discussions with the Department of Health to address this. In France, reports from both the Senate and the Assembly have similarly made calls for improved access, and some progress has been made in funding for Boomerdale at both a national and a regional level. In Germany, again, there's wide stakeholder support from physician societies, patient organisations and policymakers, such as the Drug Policy Group in the Bavarian Parliament, for change in the remuneration system to allow access to innovative treatments. The progress on this is slow. However, it is understood that there are ongoing discussions on this topic with the regional and federal associations of physicians and the health insurers. In Spain, as mentioned already, restrictions on patient access have now been removed. With this growing policy support for better access, we continue to work with payers to find ways to deliver on changes that will allow more patients to benefit from the advantages Boverdale brings. Now moving across to the US, BrickSardi continued its strong performance in the year, with Q4 royalties of 122 million sec, up 10% from previous quarter and 47% year on year. For the full year, Brixardi royalty grew 113% at constant exchange rate versus 24. According to our estimates, Brixardi has captured at least 30% of the long-acting buprenorphine segment. In the US, this segment, the long-acting buprenorphine segment, is now above 1 billion in annual sales. And looking ahead to 26, continued market penetration is expected. The key areas of focus remain conversion of patients from daily sublingual buprenorphine. Note there are an estimated 2 million patients that access treatment on sublingual buprenorphine in a year. Also improving access for patients outside of treatment or in the criminal justice setting. And Braeber and our partner continues to communicate the evidence base and the clear value proposition of BRICS-ADI. So overall, we remain optimistic about the prospects for Bixardi in the US and the potential for significant growth in the coming years. And in parallel to this, we are preparing for the launches of Oxasa in Europe, the first monthly subcutaneous octreotide medication that enables convenient self-administration for patients and enhanced octreotide plasma exposure. The European launch has now been initiated in the wave one countries that have an estimated four to five thousand acromegaly patients currently treated with first generation SRLs. The response to Oxazer from physicians and patients has so far been encouraging with a positive view on the product profile and the clinical data and market research shows a high willingness to switch to Oxazer from current SRLs. In our first launch market in Germany, we've seen a strong start with the uptake in the first month of launch and estimated 20 pensions, which is about 1% share, and high patient engagement with the advantages of the simple self-administration. In addition, initial feedback from other payers has been favorable and pricing is now approved in the UK and Norway, where we're now ready to launch. And with the resubmission of the NDA for Occlays, we're also gearing up, as Frederick said, for the US launch mid-2026. The team is launch ready with a clear understanding of the market, a developed go-to-market strategy that includes market access, advocacy, and distribution plans. During the review time of the NDA, we will take the opportunity to build the sales leadership, followed by the sales teams onboarding, and look forward to the execution of the launch plan if approval is granted. And on this, I will hand back to Frederick.