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 programs 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 phasing in 2025. We maintained strong profitability with a 32% operating margin and ended the quarter with 3.9 billion SEK in cash.

Importantly, we look forward to a robust growth trajectory for the rest of 2026. Commercially, reported product sales were down 12% year-on-year, or 6% at constant exchange rate.

However, underlying in-market growth was significant. Buvidal grew 17%, and Oclaesa delivered its first full commercial quarter with 4 million SEK in net sales in Germany alone.

Brixadi royalties increased 44%, or 59% at constant exchange rate. On the pipeline side, and this is what is going to be particularly eventful in the coming quarters, the FDA accepted the Oclaesa NDA in the US with an anticipated decision date of 10th of June this year.

Sorento continued to progress towards the primary readout in GEP-NET. 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, Fredrik. 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. Camurus reported quarterly revenue of 533 million, down from 558 million, a year-on-year 5% decrease.

However, at constant exchange rate, revenues grew by 3%. The overall decline is primarily due to the unfavorable currency effect and channel phasing.

On a sequential basis, revenue increased by 15% from Q4, driven by a one-time impact of 93 million SEK resulting from the change in the UK distribution model in the previous quarter. Total OpEx for the quarter amounted to 328 million SEK, 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 Buvidal and Oclaesa, as well as the company's entry to the US 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 US launch spend will primarily occur in the second half of this year. The operating result for the quarter was 168 million SEK, 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 SEK. Moving to the next slide showing the cash flow.

The quarterly cash flow shows a 150 million SEK increase in the cash position compared to the end of 2025, 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 -39 million SEK, primarily due to the establishment of a second manufacturer for Oclaesa in the US. Financing activities added 21 million SEK, mainly from the exercise of employee stock options.

This resulted in a very strong cash position of 3.876 billion SEK at the end of Q1, a 35% increase 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 seize strategic opportunities as they arise, all while creating sustainable value for our shareholders.

With that, I'll hand over to Richard.

Thank you, Anders. Starting with Buvidal, the quarter was in line with our guidance assumptions.

Reported sales of 422 million SEK were down 13% year-on-year, or 7% on a constant exchange rate basis, which reflects the UK channel phasing we've discussed. The more meaningful metric is in-market sales, which grew 17% year-on-year, underlying demand is strong.

Nordics, Germany, France, and Spain saw robust growth, and Portugal saw rapid initial uptake following the release of funding to the treating clinics. Overall, healthcare professional and patient response in Portugal has been very positive, as we've seen in other markets.

In Australia, we saw the usual seasonal softness from the summer period. Sales there typically build in Q4 ahead of the vacations before normalizing in Q1.

The UK remains a focus area. Funding restraints from the prior year carried into Q1, but importantly, a new 3-year budget was announced for the NHS financial year starting the 1st of April.

We expect this to lead to meaningfully improved patient access going forward. During the quarter, some notable policy support for Buvidal was published in both England and Wales, with calls for more access and funding for long-acting buprenorphine.

In Germany, the Federal Audit Office, who carry significant weight politically, has recommended shifting physician remuneration for opioid dependence treatment away from per-dispensing payments towards consultation and coordination of services, and has called on the Ministry of Health to update the reimbursement framework accordingly. If and when implemented, this structural change is expected to remove a key barrier to patient access to innovative treatments for opioid dependence.

At the end of the quarter, approximately 73,000 patients were estimated to be in treatment with Buvidal, and we continue working towards our 2027 ambition of 100,000 patients. Now turning to the US, Brixadi royalties in Q1 were 106 million SEK, up 44% year-on-year and 59% at constant exchange rates.

The quarter did see some seasonal softness from annual prior authorization renewals and payer mix dynamics, both of which we expect to normalize as the year progresses. The underlying trajectory remains very strong.

Brixadi's equivalent unit share reached approximately 32% of the US long-acting injectable buprenorphine segment, according to external audit data, which is up from 26% a year ago. That segment itself is growing more than 30% year-on-year, we're gaining share in an expanding market.

Braeburn continues to invest materially in the franchise, including expanded patient-facing commercial activities, and we remain confident in a strong trajectory through 2026. Now moving across to the launch of Oclaesa in Germany, where we had a good first full quarter.

Sales reached 4.2 million SEK, with approximately 50 patients in treatment, representing about 2.5% share after just one quarter. The product profile is resonating with both patients and physicians.

Whilst we anticipate the rate of uptake to normalize going forward due to the cadence of patient visits in clinics, we continue to expect penetration towards a double-digit share in Germany by year-end. Beyond Germany, launch preparations are advancing.

In the UK, we've secured listing on the NHS National Framework Agreement and have submitted 13 formulary applications. Pricing approvals are in place in Norway and Sweden.

Sales and medical teams are in place across our wave 1 markets. The opportunity in initial launch markets is an estimated 3,000 to 5,000 patients on current standard of care somatostatin analogs, and market research indicates a 30% to 60% willingness to switch.

Now turning to Oclaesa in the US, with the FDA PDUFA action date less than a month from today, our US commercial team organization is launch ready. The core team has spent the last year executing a comprehensive prelaunch plan across every work stream.

With these foundations in place, we are well-positioned for an anticipated US launch of Oclaesa in Q3 2026. With this, I'll hand back to Fredrik for the R&D update.

Thank you. Moving over to a brief pipeline update.

Starting with CAM2029, where we have three programs in parallel. In acromegaly, as Richard said, the PDUFA date is set, and we are ready to launch once and if, of course, we receive approval.

We have a strong presence at the ongoing European Congress of Endocrinology in Prague. We had a rapid-fire oral presentation, several posters, and a symposium on new acromegaly treatments that attracted around 500 participants.

The meeting is finishing this week, it's been a very good showcase for our octreotide data that continues to build, and we look forward to an equally productive meeting at ENDO in Chicago later on this month. In GEP-NET, Sorento is progressing according to plan.

Event accrual is tracking towards the target of 194 progression-free survival events expected in the second half, and this will be then followed by the readout of primary Phase 3 data. As with 332 patients across 12 countries, this is the largest randomized sustained-release somatostatin analog study in this indication to date.

A positive superiority outcome would be a major milestone for Camurus and, of course, also for patients. In polycystic liver disease, we completed an end-of-Phase 2 meeting with the FDA, and the first patients have now finished the 2.5-year Positano extension study.

Here the next steps will be informed by the FDA guidance and the extension data that is coming successfully here. We will also in this area present new Positano results at the EASL in Barcelona later this month with an oral presentation at the opening day.

Moving over to the next program of interest, of course, CAM2056, here we have had continued to work on the preparations for the Phase 2b study, which is advancing and is going to initiate in the second half of this year following a type B interaction with FDA that we had earlier in the quarter. In parallel, we are developing the final product format, including the autoinjector pen for Phase 3 and commercialization.

Our partnership programs have also advanced during the quarter with Eli Lilly. R&D activities on the long-acting incretins using our FluidCrystal technology are progressing to plan.

With Gubra, we are jointly developing a long-acting PTH analog for hypoparathyroidism with a candidate selection planned for mid this year. In addition, we have other new exciting programs advancing through early developments.

Let me now turn to our priorities going forward. As you heard, the quarter is on track with full-year guidance reaffirmed.

Underlying commercial momentum is strong: Buvidal in-market growth of 17%, Brixadi up at constant rate 59% over the year, and a good first quarter for Oclaesa in Germany. From here, we expect performance to build through the year, supported by improved market access, the UK funding framework now in effect, continued Brixadi momentum, and the continued European rollout of Oclaesa.

Looking ahead, several potentially significant milestones are, of course, in front of us, including the Oclaesa FDA action date, and the Sorento completion and primary results, and together also with the start of the CAM2056 Phase 2b study, and, of course, also our partnerships. We are, all in all, confident in delivering on our 2026 objectives, and with that, I'll just let the floor open for questions.

Please take over, Einar.

Hello, everyone, and thank you for taking my questions. The first one, I think that it would be great if you could provide some color on the UK situation.

In your report, you are mentioning that funding now it has been announced, but when is this funding in detail, if you could give us some color here, expected to arrive to clinics? Is it already in place since April 1st?

Have you started seeing some kind of momentum or positive signals in the UK here? I was wondering if you could also give us some color on your guidance range.

I don't know if you could provide some granularity on the top-line range that you provide. How much is the UK funding hitting clinics in the right time baked into these range?

Thank you so much.

Thank you. Richard, you want to start?

Sure. On the UK, obviously, the multiyear funding framework that's been announced is a meaningful step forward.

It provides, I think, the commissioners who are commissioning treatment a certainty over the 3 years and removes one of those key barriers that was preventing prescribing because some of the clinics didn't know whether they'd have continued funding. They now have that.

We expect the effect to build gradually. It takes time for the budget allocations coming through, but we expect to see it during Q2, and then obviously in the second half of the year.

The meaningful impact will be in the second half of the year. The grant itself is quite substantial.

It's a total public health grant of something like 13.4, I think it is, billion pounds. Obviously, that's not just for substance misuse, and other public health grants, but substance use is part of that program, and that's a meaningful increase than they've had before.

Really, the summary is it's 3 years, which is important, and it's an increase they haven't had before, we're positive that's going to make an impact.

Maybe we should add that we are also working on other complementary activities. This is very important foundation, but we are also looking at other options going forward.

When it comes to the guidance range, Anders, do you want to take that question?

Maybe it's being too specific going into the UK numbers, but I can confirm that the Q1 result is aligned with our internal projections, also on the country level overall. I can't go into specifics for the UK.

Okay. No, that's clear.

Thank you very much. One question if I have the chance is on Buvidal.

In your report, you say that you are expecting completion of events needed in the Sorento study to close in in H2. From what you know now, are you guys expecting more of a Q4 or and [unclear] push potentially readout to Q1 next year, or you're expecting readout also next year this year, sorry?

I assume you didn't mean Buvidal, but you mean CAM2029 or

Sorry. Yes.

Yeah. Yeah.

We maintain our expectations to have the readout in the second half or actually to have the events occurring in the second half, I should say. The readout shortly

[unclear] event, yeah.

Yeah. The events come in.

There are two pathways for that. We are expecting a large update in the end of May.

I will give you further clarity into more detailed planning of times once we have that. As event accrual is progressing aligned with our expectation.

You need to have the last event to be able to close the trial. There is always going to be some uncertainty in these numbers coming in.

Great. Thank you very much.

Yeah.

Hi, team. Thank you for the presentation today.

I have two quick questions. The first one, how do you expect growth to look like for patients on Buvidal treatments considering your target of 100,000 patients by year-end?

If I'm looking at an additional 3,000 patients on average quarter-over-quarter, how do you expect to reach your targets? A second question, you also mentioned that collaborations with Lilly and Gubra progress with development candidate selection for Gubra planned mid this year.

Are you able to provide some additional color on this, or is there any insights on clinical development timelines? Thank you.

Yeah. Do you want to start out, Richard?

Yes, I can start with the path to 100,000. We've set our ambition there for the end of 2027, and as you say, it needs a 3,000 net patient gain.

Obviously, going forward, this requires continued progress in the market access programs that we've ongoing. Obviously, the UK was a good step in the right direction, and we see that hopefully solving that problem.

We've also got expanding geographies as well, new markets are picking up well, and we're going to be launching a couple of new markets relatively soon as well. I think overall, we can still achieve that with the tracking that we're doing at the moment.

Yeah. Romy, could you please repeat the second question so I have

It was just any additional insights on clinical development timelines with Lilly and Gubra.

Yeah. Unfortunately, we don't provide any guidelines update on the Lilly collaboration at this point.

However, with Gubra, we are making good advances also in the preclinical side, and it's difficult to give direct estimates about when we can start clinical Phase studies, but we are working effectively together with them, and I think, potentially next year.

Great. Thank you.

That's how far I can go, I think. Thank you, Romy.

Hi there. Christopher Uhde, SEB.

Thank you very much for taking my questions. I guess I'd start off on perhaps the US side of things.

Indivior made some interesting comments on its call, noting sort of success with their rapid initiation, where they're saying they're the only ones who have that, and also the accelerated first dose. They talked a lot about their DTC, and then quote-unquote "enhanced service agreements" with key specialty pharmacies, and expecting to double volume growth basically year-over-year.

What are your reflections on the relative importance of these various initiatives in sort of, let's say, limiting Brixadi uptake after what was initially an extremely fast launch that's since kind of moderated a little bit. Obviously, you're still taking share, as you've pointed out.

To what extent is Braeburn pursuing any of these kinds of efforts itself as well? That's my first question, please.

Yeah. I think it's important to say that Braeburn's primary expansion potential is, of course, in the 90% of patients that are currently treated with sublingual therapy.

Nonetheless, that's still a very important question that you have here. In terms of the rapid initiation, we have, of course, had that from the beginning in terms of our weekly to monthly switch and the possibility of starting Brixadi directly along with many other features that are still making Brixadi into a very differentiated treatment.

I think for what I've seen from the Indivior regimen, of course, they are giving two monthly doses within the first week, which is, of course, going to be positive at least from a number of units perspective used in the treatment at the start of treatment. Definitely that will grow at least the initial part of the treatment.

I think it's useful for patients to have access to a new initiation regimen. We're seeing continued good uptake, and so, at least on our side, we feel quite comfortable with the situation we have and the differentiation that Brixadi has.

Thank you. Do you have anything else?

Yeah. If you wouldn't mind, there was an article in the San Francisco Chronicle recently discussing Brixadi and Sublocade and the importance of initiating at the correct dose and talking about patients who refused a second dose after experiencing withdrawal, I guess triggered by a too high dose of Brixadi.

Would you please talk a little bit about the level of adherence you see, how it compares to the competition to the best of what you're able to see? Can you help us quantify how your broad range of doses contributes to this, and particularly in view of the fact that your competitor's low dose is at the high end of what you offer?

I think this is a very intricate discussion, and I'm happy to take it, but I think it's a little bit too complex for this setting. It is true that very high initiation concentrations do have impact in terms of the side effects that can be seen with buprenorphine, if that's what you're referring to.

Having had this discussion in the European market, we see, for instance, now when patients are switched over to Brixadi or Buvidal in Europe, we see no changes whatsoever, and we see very high efficacy and very high retention. I cannot speak to a specific report from one physician in San Francisco.

It's difficult for me. Please share the information, and I can follow up on that separately.

All right. No, appreciate that.

Thanks. If I could throw in one last question just on Buvidal then.

Obviously, the UK is apparently resolved, but how will the new framework really work? Structurally, does it potentially cap your growth then in the UK over time, and if there is a cap, is it so high that it doesn't matter in practical terms?

Obviously, it was a bit of a slow start then in the year from the UK, but do you expect a sort of full or partial recovery then in revenue, let's say perhaps from the perspective of consensus expectations?

Yes, right now in the in-market, we're growing 17%, and the reported sales are impacted by the changed distribution models that we've had in the UK. Underlying that, the new funding, we do anticipate improving access to patients.

Typically, numbers talked about in the UK is somewhere between 20%, 25% of patients should have access to long-acting buprenorphine at least in the first wave, and that's what they'll be heading to. The new money helps that.

The certainty around the 3-year funding arrangement that goes up over 3 years also supports that as well, and I think it's given confidence both to commissioners to commission now because they know it can be a longer-term process, and also for providers of treatment to start initiating patients without the fear that the money might not be available next year. It's given that certainty to the market.

Okay.

I guess just a clarification, what I meant is, should we see it as phasing of what we're already thinking of, growing over 20% in Europe, or should we see it as perhaps moderating that slightly?

No, it's hope to grow. It takes time for those funding to come through to the clinics, of course, just because the bureaucracy around it, but we expect to see some signals in Q2, and then particularly in the second half.

Thanks very much.

Yeah. Thank you.

Next?

Hi, Shan.

Hi. Thank you so much for taking my questions.

I've got three, please, if I may, and I'll take them one at a time. Firstly, if you are to sort of order the varying headwinds in terms of the level of impact from greatest to least for Buvidal, how would you order Australia seasonality, UK distribution model change, FX?

How would you order those three in terms of level of impact?

I think we should limit that question to the headwinds in the quarter because I think we have quite a good outlook, but Richard, maybe you take that?

I'm not 100% sure what the question is really. The Australia will pick up.

The underlying growth is still there, so that's just seasonality that we know. We see that be improved in Q2.

The underlying growth in the UK will be reflected in Q2 rather than being impacted by the change in distribution model that we saw in Q1. Then you saw, I think from what I said, that of the revenue change, I think approximately half of it was down to FX and half was down to the distribution model change.

That's clear. Thank you.

Then my second question, please. I know sort of you mentioned Braeburn is doing some work on the commercial and the sales front in terms of sort of promoting Brixadi.

We know that Indivior had a DTC program for Sublocade. Is there anything similar for Brixadi, or can you be a bit more perhaps specific on the specific things that Braeburn is doing to promote Brixadi?

As we are saying in this report, Braeburn does have and they're investing increasingly into direct-to-patient activities. I can't specify them.

They are going various different routes, of course, via everything from social media to direct interactions. That is an initiative that has been ongoing for some time and accelerated during the first part of this year.

As I understand it, it's an investment that is having some good traction.

Got it. That's clear.

Then just one last one from me, please. When can we expect the full data set for CAM2056, and in which format?

Would it be a publication, a conference, or perhaps both?

Both. Yes.

I would say second half.

Got it. Thanks so much.

Good afternoon. I've just had one question.

Do you assume significant revenue contribution from Oclaesa and CAM2029 in your 2026 revenue guidance? Or if I phrase it like this, do you need revenue from Oclaesa and CAM2029 to reach your 2026 revenue guidance?

I think we have been pretty modest on that note. Maybe, Anders, if you want to

No, yeah. That can definitely be covered within the spread we have in the outlook.

It's not like it's so heavy as you're signaling in our assumptions.

Is that clear enough?

Thanks. Thanks.

Thank you.

Hi, this is Georg from ABG. I have a two-part question on CAM2029 in GEP-NET, SMA, please.

First, according to current tracking of number of events, is the readout more likely to be announced towards the beginning or end of H2? Secondly, given a successful readout, I wonder if you can remind us of the timelines from this to market launch in the US and Europe, respectively?

Thank you.

Yeah. Thank you.

In terms of the readout, as I said, we have a big data pull coming in later on this month. I think it's difficult to give you more precise detail about when the events will occur.

I would say very early in the second half is perhaps less likely. If that's giving you some direction, that's probably as far as we can comment right now.

On the other topic, can you repeat that? Oh, yes, the continued program.

Obviously, a positive superiority outcome would position us extremely well in terms of demonstrating the performance of CAM2029 in GEP-NET. The regulatory path from there on would be an NDA application to the FDA, and that would be submitted as quickly as possible post data.

I think we have a very tight process there in place. We believe that it's possible to have the approval, based on our assumption, within the fourth quarter of 2027.

That's the expectation based on our current understanding and regulatory review. In Europe, it would probably take slightly longer time because of the assessment timelines, it would be a initial launch and approval plan for the US.

Great. That was clear.

Thank you very much.

Thank you.

Thanks so much. A couple of questions, please.

First, on the option for Lilly to include amylin as part of the June 2025 agreement. If Lilly decides not to pick up the option when it expires this summer, would you anticipate other interest for using FluidCrystal applied to amylin from external parties?

I think this is at this moment quite speculative. Obviously, we will try to exploit our technology to its broadest application in indications which we consider are suitable.

When it comes to the specific case of amylin, let's wait and see how things evolve. We will be announcing any developments.

I'm not sure where the timeline has been provided, but so that's a question I cannot confirm. Otherwise, I would say that we'll update on that if it would become relevant.

Could I rephrase, maybe? When you signed the deal in June 2025, was there competitive interest, except Lilly, to include incretins as part of FluidCrystal?

We do have significant interest in different applications and mode of actions, of course, for the FluidCrystal technology, and we did so also before signing the agreement, yes.

Thank you. That's helpful.

Then secondly, recent court documents tied to ongoing legal dispute between investors back in the US partner Braeburn showed that there has been an offer made for Braeburn by an undisclosed party that was viewed unacceptable. Could I maybe use this opportunity to remind me where Camurus stands on its updated M&A agenda and key priorities?

Yes, we remain focused on potential strategic assets, of course, and we are having ongoing activities on various different targets, of course. However, we have said that it needs to have a clear fit for our further development in the company.

Far, we haven't announced anything, so that's an important point. Also, we see some new opportunities in our pipeline, we will see the opportunity to invest further into both mid- and late-stage development potentially in our pipeline.

There will be some prioritizations to consider going forward. Definitely, it's part of our agenda, and as we have also now Jane Bueslau-sen on board, and of course, part of her activities is related to that area, as well as our strong BD group.

That's very helpful. Thanks so much.

Thank you.

Hi, everyone, and thank you for taking my questions. Just a follow-up, it was briefly discussed already on Australia and also on the UK funding situation.

Australia, if we look at the numbers from back to 2023, it was performing better than Q1 this year, if you could just share a bit more what has been happening over the past years, 2024, 2025, and now this year. Then on the UK funding situation, it sounds promising, but as you noted yourself earlier, it has been quite tricky that the money actually is used in the clinics.

If you have some more detailed knowledge and how it has been going since April. Then one more general question, if there is time, and that is kind of the stickiness of the current solutions that compete with Brixadi, non-long-acting solutions, and what Braeburn is doing against that.

Sorry, one more question: how many salespeople will actually be activated directly upon US approval for Oclaesa in the US? Thank you.

Please, Richard.

Should I start? Okay.

On Australia, yes, the penetration is good in Australia. I think we have something in the region of 30% of total market share now on Buvidal, and we maintain our leadership in the long-acting buprenorphine segment with above 80% share of that segment.

Things are going on. That penetration is strong, and inevitably, you see growth rates slowing down a bit as you penetrate a market.

I think there's still an opportunity in Australia. I still think we're seeing growth, and we will continue to see growth.

Q1's a bit of an anomaly because of the seasonal distribution holdings in Q4 that normalize in Q1, but then we expect that to come back on Q2. That would go.

In the UK, yes, it's a good question. Last year they did announce the funding, it didn't come, and one of the problems was that it was only a year's funding.

This time, it's committed for 3 years, and I think it's very clear the government intends that to make its way to invest in treatments of opioid dependence. We have much more confidence, I think, that that money will come to the clinics, and it will take away some of the resistance, I think, of commissioners and clinics to start long-acting when they didn't have certainty about long-term funding.

They now have that, so that should take away that issue.

If it was the US sales force you said, I think we have talked about 20 people approximately in the sales force for Oclaesa post-approval.

They are already trained, they will be directly active, or will they be trained after approval?

They will be active at the point of launch, then the launch will occur within relatively short time frame from the approval. Active training will be implemented post-approval.

Okay. Thank you.

Thank you so much for listening into this call, and looking forward to our update next time in July. It's been a pleasure today, and thank you for the questions.

With that said, we can close the call. Thank you.