Q2 2024 Camurus AB Earnings Call Transcript
Key Points
- Camurus AB (CAMRF) reported a 46% year-on-year revenue growth, excluding one-time revenue from the US approval of Brixadi in 2023.
- The company achieved a profit before tax of SEK104 million for the quarter and SEK201 million for the first half of the year.
- Camurus AB (CAMRF) has a strong cash position of SEK2.6 billion with no debt.
- Sales of Buvidal grew by 31% year-on-year and 10% quarter-on-quarter, with strong performances in major markets like the UK, Australia, Germany, France, and Spain.
- The adoption of Brixadi in the US continues to be strong, with royalties increasing by 73% quarter-on-quarter to SEK45 million.
- Total operating expenses increased by 23% year-on-year, driven by marketing, distribution, and administrative expenses.
- Administrative expenses grew by 97% year-on-year to SEK24 million.
- R&D investment increased by 8% year-on-year to SEK174 million, impacting overall profitability.
- The Swedish kroner depreciation had a mixed impact, positively affecting reported figures by 3% year-on-year but also contributing to cost increases.
- The tax rate for the quarter was higher than expected, partly due to the start of booking taxes for US operations.
Thank you so much and good day, everyone. Thank you for joining. It's a pleasure to report on Camurus 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 update. I'll finish off with Q&A.
And with me in the call today is like previously is Jon 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 SEK445 million, representing a 46% year-on-year growth, excluding onetime revenue from the US approval of Brixadi in 2023.
Profit before tax in the quarter was SEC104 million and SEK201 million for the first half year. Our cash position at the end of the quarter grew to SEK2.6
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