Camurus AB

Welcome to Camuro's Q1 Report 2026. During the questions and answer session, telco participants are able to ask questions by dialing pound key five on the telephone keypad. Now I will hand the conference over to CEO Fredrik Thibard. Please go ahead.

Thank you so much, Einar. Good day, everyone, and welcome to our first earnings call in 2026. Please note first our forward-looking statements. Here is the agenda for today. I'll start with the highlights. Anders will cover the financials, Richard the commercial update, and I'll return with a pipeline update and key takeaways before moving to Q&A. Starting with a few words on the quarter. As we stated in the report released earlier today, Q1 was on track with our full year guidance. Revenues recovered following the UK distribution model change, and we made continued progress across our commercial programmes and development pipeline. Financially, total revenues were 533 million SEK, a 15% increase versus previous quarter, but a 5% decline year on year, driven by FX and channel facing in 2025. We maintained strong profitability with a 32% operating margin and ended the quarter with 3.9 billion SEC in cash. Importantly, we look forward to a robust growth trajectory for the rest of 2026. Commercially, reported price sales were down 12% year on year or 6% at constant exchange rate. However, underlying in-market growth was significant. Buvedal grew 17%. And Oxyisa delivered its first full commercial quarter with 4 million SEK in net sales in Germany alone. Brixari royalties increased 44% or 59% at the constant exchange rate. And on the pipeline side, and this is what is going to be particularly eventful in the coming quarters, the FDA accepted the Oclays NDA in the US with an anticipated decision date of 10th of June this year. And Sorrento continued to progress towards the primary readout in GapNet. I'll come back to both of these programs later on in the call. With that said, Anders, over to you and financials.

Thank you, Frederick. Overall, the first financial quarter results met our expectations. Moving to the next slide, we can see the main components of the profit and loss. Cameroon's reported quarterly revenue of $533 million, down from $558 million, a year-on-year 5% decrease. However, a constant exchange rate, the revenues grew by 3%. The overall decline is primarily due to the unfavorable currency effect and channel phasing. And the sequential basis revenue increased by 15% from Q4, driven by a one-time impact of 93 million SEC, resulting from the change in the UK distribution model in the previous quarter. Total open for the quarter amounted to 328 million SEC. A 13% increase year-on-year, primarily driven by the continued investment in commercialization and R&D. Marketing and distribution costs increased to $130 million, fueled by the expansion of Buberdale and Axis, as well as the company's entry to the U.S. market. Administrative expenses reached $47 million. R&D spending was $138 million. Year-over-year, an increase of $7 million. For clarity, the anticipated significant increase in R&D and U.S. loan spend will primarily occur in the second half of this year. The operating result for the quarter was 168 million SEC, down 30% or 15% at constant exchange rate compared to the same period last year. The operating margin was 32% and earnings per share before dilution were 2.42 SEC per share. Moving to the next slide showing the cash flow. The quarter cash flow shows 150 million SEC increase in the cash position compared to the end of 25, primarily driven by a solid operating cash flow of 162 million. The change in working capital had a modest negative impact of 9 million, primarily due to the reduced accounts payable and increased trade receivables. cash flow from investing activities was negative 39 million sec primarily due to the establishment of a second manufacturer for place in the u.s financing activities added 21 million sec mainly from the exercise of the employee stock options this resulted in a very strong cash position of 3.876 billion sec at the end of q1 a 35 increase on the same time compared to the same time last year This solid financial position gives us the flexibility to continue investing in our pipeline, expand our global commercial operation and see strategic opportunities as they arise, all while creating sustainable value for our shareholders. With that, I'll hand over to Richard.