Camurus AB

Welcome to Camilo's Q3 report 2026. During the questions and answer session participants are able to ask questions by dialing pound key five on the telephone keypad. Now we'll hand the conference over to CEO Fredrik Tiberg. Please go ahead.

Good afternoon everyone and welcome to Canberra's presentation of the third quarter, 2026. I'm Fredrik Tiberg, President and CEO, and with me today are Anders Vadsholt, our Chief Financial Officer, and Richard Jameson, our Chief Commercial Officer. Please note the forward-looking statements which apply to everything we say today. So over to the agenda. I will start with highlights and this will take you through the financials. Richard will cover commercial development and I will return with an update on the pipeline and our priorities ahead before we open up for questions. So let me start with highlights. Q3 was our strongest quarter to date and the growth was broad based across the business. Revenues grew 28% to 724 million SEK, driven by record product sales. Operating result rose 40% to 322 million with a 44% margin. There was no milestone revenue in the quarter, so this is underlying growth. We ended the quarter with 4.4 billion SEK in cash and no debt. The growth is driven by strong commercial execution throughout our territories. Buvedal grew 26% with gains in every region, Riksady rose 23% and in Sweden we launched Oxisa and Acromegaly. At the same time we advanced the pipeline. The FDA accepted our CAM2029 NDA with a PDUFA date of 18th of December. Sorento is moving towards 194 events needed for a primary readout. And at this quarter end, or after the quarter end, we have those the first patients in our phase 2b obesity study. So all in all, strong earnings, a growing commercial base and a pipeline with significant near-term milestones. We'll come back to each of these later in the presentation. First, Anders on the financials.

Thank you, Fredrik. We had a strong third quarter and the numbers speak clearly. Let me focus on what's behind them. The third quarter revenue was 724 million SEK. No milestones revenue were recognized in the quarter, so the increase reflects underlying growth in the commercial business. Over the two-year period, revenue has grown from 480 million in Q3 of 24 to 567 million in 25, and now reaching 724 million this quarter, a compound annual growth rate of about 23%. Prior sales led growth reaching a record of 582 million SEK. Ubedale remains the main engine at 574 million and Auxesia contributed 8 million. The majority royalties from our partner Braeburn reached 137 million SEK. The sales features will be discussed further in the commercial section. Total operating expenses were 356 million SEK, up 20% from 298 million a year ago. Marketing and distribution costs rose to 153 million from 142 million, reflecting the commercial development of Buvedal and Oxisa and our expansion into the U.S. Administrative expenses rose to $53 million from $40 million. R&D costs increased to $142 million from $109 million, mainly due to the progress in the Sorento trial. Costs came below our own phasing plan, which I will discuss in the outlook. Regarding profitability, the operating results reached $322 million this quarter, up 40% or 33% of the constant exchange rate from $230 million last year. The operating margin was 44% up 3% from last year. Earnings per share after dilution were 4.5 Swedish kronor compared to 3.2 Swedish kronors last year. For the first nine months total revenue were 1.959 billion SEK and the operating result 783 million. Our cash position at the end of the quarter was 4.4 billion SEK, up from about 4.1 billion at the start of the quarter, reflecting a rise of approximately 285 million SEK and 24% higher than last year. The primary factor was net cash from operating activities, which contributed 329 million before working capital adjustments of 4 million. And we invested 41 million primarily to set up a second manufacturing facility. Importantly, we remain debt-free, giving us real flexibility as we look ahead. Regarding capital allocation for the rest of 2026, our priorities remain unchanged to finance the business organic growth, including commercial expansion and pipeline development, while maintaining a strong and flexible balance sheet to support partnerships and business opportunities as they arise. There were no acquisitions or divestitures in the quarter. On the cost side, we have updated the phasing. The additional spend to expand the US activities ahead of the Oglase launch is now around 100 million SEK this year compared with previously 200 million SEK as planned, as the build-up is aligned with the regulatory timeline. The additional R&D investment is around 50 million SEK compared with 150 million SEK previously. This is a change in phasing, not in ambition. The spend moves to 2027. We reaffirm our full year guidance. Based on the performance today, we now expect revenues and operating results in the upper half of the ranges 2.6 to 2.9 billion SEK and 0.9 to 1.2 billion SEK respectively. With that, I hand over to Richard for the commercial update.