Camurus AB: Camurus' Full Year Report 2025

"Fourth quarter performance paves the way for a productive 2026"

Fourth quarter and full year summary

October - December

• Total revenues decreased 16% (3% at CER¹) to SEK 464 (553) million, impacted by a one-time repurchase of inventory of 93 MSEK due to a change of the UK distribution model at the end of the period
• Product sales decreased 27% (17% at CER¹) to SEK 342 (469) million
• Royalties increased 47% (82% at CER¹) to SEK 122 (83) million
• Profit before tax decreased 32% (0% at CER¹) to SEK 127 (186) million
• The cash position at the end of the quarter was SEK 3.7 (2.9) billion
• European launch of Oczyesa^® for the treatment of acromegaly initiated in Germany
• New Drug Application for Oclaiz for the treatment of acromegaly resubmitted to the US FDA
• Positive topline Phase 1b results for monthly semaglutide depot (CAM2056) in participants with overweight or obesity
• Camurus and Gubra entered collaboration and license agreement to develop a long-acting treatment for hypoparathyroidism

January - December

• Total revenues grew 21% (30% at CER¹) to SEK 2,265 (1,868) million
• Product sales increased 6% (12% at CER¹) to SEK 1,752 (1,654) million
• Royalties increased 87% (113% at CER¹) to SEK 396 (212) million
• Profit before tax increased 69% (98% at CER¹) to SEK 933 (553) million

Financial outlook 2026²

• Revenues SEK 2.6 to 2.9 billion, midpoint +21% vs. 2025
• Operating result SEK 0.9 to 1.2 billion, midpoint +20% vs. 2025

1. At constant exchange rate
2. Includes revenues from product sales (including royalty and relevant sales milestones), but excludes potential licensing revenues from new and existing development partnerships

Fredrik Tiberg, President and CEO:
"Camurus demonstrated solid performance in the fourth quarter, marked by increased patient uptake of Buvidal^® and Brixadi^® and the launch of Oczyesa^® in Germany. Total revenues and profit were at the low end of forecasts, mainly due to a change to the UK distribution model and FX headwinds. In the R&D pipeline, the New Drug Application for Oclaiz for the treatment of acromegaly was resubmitted to the US FDA. The SORENTO study advanced in neuroendocrine tumors, and our Phase 1b study showed that monthly semaglutide (CAM2056) resulted in faster and greater body weight and blood glucose reductions compared to currently marketed weekly product, Wegovy^®, with a similar safety and tolerability profile. Additionally, a new partnership was entered with Gubra for the development of long-acting parathyroid hormone analogues."

Webcast
Financial analysts, investors and media are invited to attend a webcast and presentation of the results at 2.00 pm CET.

Access the webcast using this link: https://camurus.events.inderes.com/q4-report-2025

To participate in the presentation and ask questions, please register using the link below. After registering, please use the provided phone number and conference ID to dial in: https://events.inderes.com/camurus/q4-report-2025/dial-in

For more information:
Fredrik Tiberg, President and CEO
Tel. [phone]
[e-mail]

Fredrik Joabsson, Chief Business Development Officer
Tel. [phone]
[e-mail]

About Camurus
Camurus is an international, science-led biopharmaceutical company committed to developing and commercializing innovative, long-acting medicines for improving the lives of patients with severe and chronic diseases. New drug products with best-in-class potential are conceived based on the company's proprietary FluidCrystal^® technology and its extensive R&D expertise. The R&D pipeline includes products for the treatment of dependence, pain, cancer, and endocrine diseases. Camurus has operations across Europe, the US, and Australia, with headquarters in Lund, Sweden. The company's shares are listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit www.camurus.com and LinkedIn.

This information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation and to the Securities Markets Act. The information was submitted for publication, through the agency of the chief executive officer, at 07.00 am CET on 12 February, 2026.