Camurus AB

Go ahead.

Thank you so much, and good day, everyone. Thank you for joining. It's a pleasure to report on Canberra's second quarter earnings today. Before starting, please note our forward-looking statements. So the agenda for today's call will be a short summary of second quarter highlights, followed by a review of financial performance. We will then move to commercial and R&D pipeline updates. and finish off with Q&A. And with me in the call today, just like previously, is John Garay, our CFO, and Richard Jameson, Chief Commercial Officer. So we had a solid second quarter with strong operational performance across the business. This resulted in a positive financial development. Our revenues in the quarter were 445 million SECs. representing a 46% year-on-year growth, excluding a one-time revenue from the US approval of Brixadi in 2023. Profit before tax in the quarter was 104 million SEK and 201 million for the first half year. Our cash position at the end of the quarter grew to 2.6 billion SEK with no debt in the company. Commercially, we continued advancing our global leading position in the opioid dependence treatment area. Moving on, sales grew to 400 million SEK in the quarter. In the US, the adoption of Brixadi continued to be strong and royalties increased by 73% quarter on quarter to 45 million SEK. In R&D, we progressed our pipeline according to plan. EMA issued an acceptance for review of our market authorization application for CAM-2029 in acromegaly. And in parallel, FDA's review of the corresponding new drug application for CAM-2029 advanced towards the PDUFA date in October. On the clinical side, the core phase of the Acrinova 2 study was completed. I'll present some of the results later here. with final results announced yesterday. We also completed our preclinical studies for once monthly semaglutide and are preparing for a planned start of clinical study by the end of the year. So overall, we had a very productive second quarter with significant progress across our business. And with this positive initial remark, I leave the word to John for a financial review.

Thanks a lot, Frederic, and good afternoon, everyone. During the quarter, Camurus continued its development, delivering a strong profitability and remains on track to achieve 2027 vision. I would like to share now key highlights of our financial performance this quarter. At the end of the quarter, Camurus achieved 445 million SEG total revenue compared to 674 million SEG in the same period prior year. Excluding 369 million SEC one-time revenues driven by Brixadi FDA approval in 2023, company revenues grew by 139 million SEC, delivering a growth of 46% versus same period last year. Boobidal sales reached 400 million SEC, growing 31% versus prior year and 10% versus prior quarter. Shweedy's criminal depreciation has impacted positively reported figures by 3% year-on-year basis and 4% versus prior quarter. Bricsari sales in the U.S. represented a 45 million SEG royalty income in the quarter, representing a 19 million SEG improvement versus prior quarter. Company profit before tax was 104 million SEK, achieving an earning per share after dilution of 1.25 Schroeder-Schruner, equivalent to a profit after tax of 74 million SEK in the quarter. Moving to next slide, we can see the main components of our profit before tax. Company gross margin reached 92.9% in the quarter. Excluding one-time revenues impact, it represents an improvement of 233 basic points versus same period prior year, driven by three major factors. Firstly, supply chain efficiencies driven by Buvidal volumes scale-up represented 171 basic points. Secondly, 83 basic points are driven by Brixa deroyalty. And thirdly, FX represented a negative impact of 21 basic points. Total OPEX reached 331 million SEC, representing a 23% increase versus same period prior year, driven by following factors. Marketing and distribution investment to support market penetration in own territories, expansion of Boveda into new markets, and U.S. operations grew 39% to 131 million seconds. Administrative expenses aligned with corporate evolution to substantiate company development grew 97% versus same period last year to 24 million seconds. R&D investment reached 174 million SEC, growing 8% versus same period prior year, driven by progress in our preclinical and clinical pipelines. Company profit before tax reached 104 million SEC. Excluding one time revenues impact, it represents an improvement by 92 million SEC, increasing 763% versus same period prior year. Company cash position at quarter end was 2.6 billion SEC. Camurus improved its cash position by 293 million SEC in the quarter, driven by following four factors. Firstly, company operations generated 155 million SEC. Secondly, working capital increased by 56 million SEC, driven by receivables growth mainly. Thirdly, financing activities mainly driven by exercise of stock option program by our employees delivered 196 million SEC. And finally, company invested 2 million SEC in technological activities. As end of quarter, Camurus has no debt. All in all, Camurus closes second quarter with a strong operational performance and solid financial position. Camurus reiterates its 2024 financial outlook and expects to finalize in the mid to high end of current guidance. Having said that, I would like to pass the word to Richard. Thank you everyone for your attention.