olivLaw · European equity research
Camurus AB CAMX.ST
Sweden · Nasdaq Stockholm · ISIN SE0007692850 · Vertical: Listed companies from Sweden
Camurus AB is a Swedish pharmaceutical company developing long-acting treatments, with a focus on opioid use disorder through Buvidal and Brixadi. The company gains relevance as access to long-acting injectable treatment expands in Australia and the United States.
At the close of 03 Nov 2026, Camurus AB (CAMX.ST) stock was 677.50 SEK (+0.52% on the day), with market capitalisation 40.1 bn SEK, P/E 55.3 on diluted EPS of 12.26 SEK over the last 12 months, beta 0.88, 52-week range 437.40–704.00 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 68.8
- strong (55–70)
- Bollinger (20, 2)
- 623.63 – 687.92
- in the upper half of the band · %B 0.84 · band width 9.8%
- SMA 50 / 200
- 625.02 / 574.77
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 14.19 / 13.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.4% | −1.0% | +12.4 pp | — |
| 3 months | +12.6% | −3.9% | +16.5 pp | — |
| 6 months | +24.3% | +7.2% | +17.2 pp | — |
| Year to date | +10.0% | +6.6% | +3.4 pp | — |
| 1 year | +8.1% | +9.1% | −1.0 pp | −9.0% |
| 3 years | +92.8% | +47.9% | +44.9 pp | +8.1% |
| 5 years | +354.1% | +43.3% | +310.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 4-quarter history (min 50.2, median 75.1, max 260.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 956.3 m | 1.7 bn | 1.9 bn | 2.3 bn |
| Revenue YoY | unavailable | +79.5% | +8.8% | +21.3% |
| Net income | 55.6 m | 431.4 m | 428.4 m | 735.6 m |
| Net income YoY | unavailable | +676.6% | −0.7% | +71.7% |
| Diluted EPS | 0.97 | 7.50 | 7.20 | 12.26 |
| Diluted EPS YoY | unavailable | +673.2% | −4.0% | +70.3% |
| net % | 5.8% | 25.1% | 22.9% | 32.5% |
| Free cash flow | 99.3 m | 597.7 m | 360.4 m | 731.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.7 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 4.2 bn SEK
- Total assets
- 4.7 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 12.09x
- ROE
- 19.5%
- ROA
- 17.3%
- FCF margin
- 32.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 956.3 m | 1.7 bn | 1.9 bn | 2.3 bn | esef· 28 Oct 2026verified |
| Cost of revenue | 103.3 m | 122.3 m | 129.5 m | 156.1 m | esef· 28 Oct 2026verified |
| Gross profit | 853.1 m | 1.6 bn | 1.7 bn | 2.1 bn | esef· 28 Oct 2026verified |
| Research & development | 473.8 m | 637.7 m | 683.6 m | 516.9 m | esef· 28 Oct 2026verified |
| Operating income | 72.0 m | 525.9 m | 469.2 m | 873.9 m | esef· 28 Oct 2026verified |
| Interest expense | 1.5 m | 1.3 m | 1.1 m | 5.8 m | esef· 28 Oct 2026verified |
| Pre-tax income | 73.1 m | 549.3 m | 552.5 m | 933.1 m | esef· 28 Oct 2026verified |
| Income tax | 17.6 m | 117.9 m | 124.1 m | 197.5 m | esef· 28 Oct 2026verified |
| Net income | 55.6 m | 431.4 m | 428.4 m | 735.6 m | esef· 28 Oct 2026verified |
| Diluted EPS | 0.97 | 7.50 | 7.20 | 12.26 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 565.5 m | 1.2 bn | 2.9 bn | 3.7 bn | esef· 28 Oct 2026verified |
| Inventories | 107.4 m | 101.0 m | 140.2 m | 111.6 m | esef· 28 Oct 2026verified |
| Current assets | 915.3 m | 1.6 bn | 3.5 bn | 4.4 bn | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 22.7 m | 22.7 m | 21.6 m | esef· 28 Oct 2026verified |
| Total assets | 1.3 bn | 1.9 bn | 3.8 bn | 4.7 bn | esef· 28 Oct 2026verified |
| Current liabilities | 281.6 m | 368.6 m | 438.6 m | 367.2 m | esef· 28 Oct 2026verified |
| Equity | 994.7 m | 1.5 bn | 3.3 bn | 4.2 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 55.0 m | 55.5 m | 58.0 m | 59.2 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 101.2 m | 606.9 m | 388.0 m | 869.3 m | esef· 28 Oct 2026verified |
| Capex | 1.9 m | 9.2 m | 27.6 m | 137.9 m | esef· 28 Oct 2026verified |
| Free cash flow | 99.3 m ≈ | 597.7 m ≈ | 360.4 m ≈ | 731.4 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | 5.4 m | -10.1 m | -29.4 m | -138.5 m | esef· 28 Oct 2026verified |
| Financing cash flow | 43.7 m | 28.8 m | 1.3 bn | 158.3 m | esef· 28 Oct 2026verified |
| Share repurchases | — | 0 | 76.0 k | 76.0 k | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 40.1 bn SEK
Key indicators
Coverage and freshness
Score by group
- Quality100
- Growth100
- Valuation12
- Balance sheet100
- Returns0
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 32.5% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 99.4% | 99 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 33.3% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 132.9% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 151.8x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 12.1x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 55.3x | 4 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.8% | 23 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation12/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Camurus AB (CAMX.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.3 bn SEK in 2025; YoY growth 21.3%; net margin 32.5%; ROE 19.5%.
The estimated value range is 189.79–385.09 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 258.86 SEK, the price of 677.50 SEK leaves a potential of -61.8% (value / price − 1) and a margin of safety of -161.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 32.5%
- FCF conversion: 99.4%
- Revenue CAGR 3Y: 33.3%
- EPS CAGR 3Y: 132.9%
- Interest coverage: 151.8x
- Current ratio: 12.1x
What contradicts it
- P/E (TTM): 55.3x
- FCF yield: 1.8%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 224.6 bn | 27.2 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 140.5 bn | 14.9 | 13.3% | 10.1% | +4.8% | +10% / +78% |
| CAST.STCastellum Aktiebolag | 65.4 bn | 69.7 | 1.2% | 9.8% | −2.6% | +24% / +4% |
| AAK.STAak Ab (publ) | 45.3 bn | 13.3 | 17.2% | 7.5% | +2.2% | −34% / −18% |
| CAMX.STCamurus AB | 40.1 bn | 55.3 | 19.5% | 32.5% | +21.3% | +10% / +47% |
| BRAV.STBravida Holding AB | 32.0 bn | 26.0 | 13.7% | 4.4% | −4.9% | +95% / +137% |
| ASKER.STAsker Healthcare Group AB | 27.0 bn | 54.8 | 9.8% | 2.9% | +11.7% | −25% / unavailable |
| ALLEI.STAlleima AB | 22.9 bn | 34.1 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +20% |
| AQ.STAQ Group AB | 21.0 bn | 31.0 | 14.9% | 7.5% | +6.0% | +21% / +132% |
| ALTRA.STAltra Fastigheter AB | 17.6 bn | 32.6 | 3.0% | 15.1% | −2.2% | +4% / +15% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.8 | 15.1% | 4.3% | +0.1% | +34% / +225% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.4 bn | 16.3 | 2.9% | 23.9% | −2.0% | −36% / −47% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.4 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.5 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 9.8 bn | 42.8 | 31.3% | 3.2% | +10.1% | +5% / unavailable |
| BOOZT.STBoozt AB | 9.6 bn | 34.1 | 10.4% | 3.6% | +0.5% | +42% / +29% |
| ACTI.STActive Biotech AB (publ) | 5.1 bn | — | -84.5% | — | unavailable | −30% / −76% |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +113% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.3 | 13.0% | 2.2% | +16.7% | +2% / +25% |
| CEVI.STCellaVision AB | 4.6 bn | 29.8 | 18.0% | 20.2% | +4.9% | +16% / +8% |
| BHG.STBHG Group AB | 4.4 bn | 30.5 | 2.5% | 1.4% | +6.2% | −20% / +109% |
| CARA.STCarasent AB (publ) | 1.9 bn | 53.4 | 4.1% | 10.1% | +24.9% | −5% / +93% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +11% / −54% |
1- and 3-year price returns: for CAMX.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 448.50 Total return -34% · Per year -34% | 789.29 Total return 17% · Per year 17% | 1,183.94 Total return 75% · Per year 75% |
| 3 years | 531.99 Total return -21% · Per year -8% | 1,043.84 Total return 54% · Per year 15% | 1,704.87 Total return 152% · Per year 36% |
| 5 years | 631.03 Total return -7% · Per year -1% | 1,380.48 Total return 104% · Per year 15% | 2,455.02 Total return 262% · Per year 29% |
- Exit P/E± 260.96
- Net margin± 182.67
- Annual revenue growth± 136.24
- Annual dilution± 15.35
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Camurus AB is a Swedish pharmaceutical company developing long-acting treatments, with a focus on opioid use disorder through Buvidal and Brixadi. The company gains relevance as access to long-acting injectable treatment expands in Australia and the United States 1.
SWOT
Strengths
- Buvidal has a documented clinical profile and a broad patient base across several countries 1.
- The FluidCrystal technology provides a formulation advantage underpinning the long-acting products 1.
- A leading position in long-acting injectable treatment gives the company recognition among prescribers 1.
Weaknesses
Opportunities
Risks
- Dependence on opioid-related productshigh
Revenue is concentrated in opioid dependence treatment, so changes in this segment could have a significant effect.
- Reimbursement policyhigh
Authority decisions on reimbursement and pricing could change patient access and revenue, particularly in Australia and the US.
- US distribution partnermedium
Marketing of Brixadi depends on Braeburn, and any problems at the partner could affect sales.
- Shortage of prescribersmedium
Insufficient numbers of prescribing doctors could limit patient growth.
- Competitionlow
Other treatment forms could gain share if they offered comparable clinical or economic evidence.
Investment thesis
What would need to be true (bull case)
- If the trend of rising patient numbers on long-acting injectables continues, revenue from Buvidal and Brixadi could keep growing 1.
- The leading position in Australia and the US market share could provide a solid base for expansion into other countries 1.
- Health economic studies could support broader access to treatment 1.
What would break the thesis
- If price pressure or reimbursement changes intensify, margins could fall.
- Dependence on a single therapeutic segment could make the company sensitive to policy or market shifts.
- A shortage of prescribers could slow growth in several countries.
What to watch
- Development of patient numbers on Buvidal and Brixadinext 10-K
- Brixadi market share in the US2027
- Effects of the PBS programme and pharmacy administration on access in Australia2027
- Progress in expanding the prescriber network2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Camurus develops medicines based on its patented FluidCrystal technology, designed for long-term treatment of chronic conditions, especially opioid use disorder. Its main product, Buvidal (buprenorphine), is available in weekly and monthly forms and is used within medical, social and psychological treatment 1. By the end of 2024, more than 60 000 patients were in treatment with Buvidal, which was available in 24 countries 1. In the US the product is marketed as Brixadi by licence partner Braeburn 1.
Segments
Opioid use disorder (Buvidal and Brixadi)
This is the company's main commercial segment. Buvidal had over 15 000 patients in Australia at the end of 2024 and is the most used buprenorphine medicine for opioid dependence in the country 1. Brixadi reached a market share of close to 25 percent in the US long-acting buprenorphine segment by the end of 2024 1.
Acromegaly, neuroendocrine tumours and polycystic liver disease
Camurus also reports other clinical programmes in acromegaly, neuroendocrine tumours and polycystic liver disease, presented in the annual report as development areas separate from the opioid business 1.
Market context
The annual report describes a growing global market for long-acting opioid dependence treatments, against a backdrop of many overdose deaths. In Australia, about 160 000 people are estimated to live with opioid dependence, and more than 1 800 unintentional drug-related deaths are reported per year 1. Long-acting injectables have changed treatment in many countries, and Camurus says it has established a globally leading position in this segment 1.
Market share growth depends on reimbursement access, the expansion of distribution networks and the number of prescribers. The company flags a shortage of prescribers for opioid dependence and is exploring ways to attract new ones 1.
Trends
- Expansion of pharmacy-based treatmenttailwind
In Australia the PBS has covered opioid dependence treatment since July 2023, and pharmacies can administer injections such as Buvidal, which could increase patient access in rural areas 1.
- Rising use of long-acting buprenorphinetailwind
According to the report, the number of patients treated with buprenorphine has exceeded those treated with methadone, and the trend could continue if these patterns hold 1.
- Shortage of prescribers and waiting listsheadwind
Experts cited in the report point to waiting lists, an ageing prescriber workforce and stigma, factors that could limit growth 1.
- Pricing and reimbursement pressuremixed
Changes to reimbursement systems and cost pressure in healthcare systems could influence prices and access conditions for the company's products, depending on authority decisions 1.
Competitive position
In opioid dependence treatment, Camurus competes with other forms of buprenorphine and with methadone. The report shows that long-acting buprenorphine has gained ground against methadone, but competition remains active in each market 1.
Competitive position depends on clinical evidence, healthcare system costs and the capacity of distribution partners. Camurus cites studies showing reduced treatment burden and economic benefits for healthcare systems 1.
- Daily sublingual buprenorphine tablets
Daily oral administration, which the report considers less convenient than long-acting injections 1.
- Methadone
Traditional opioid dependence treatment, overtaken in patient numbers by long-acting buprenorphine in the region described 1.
- Other long-acting buprenorphine injections
Competing products in the long-acting injectable segment, particularly in Australia, where the report mentions use of several such products 1.
- Braeburn
Licence partner marketing Brixadi in the US, and therefore a key actor in the product's development 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Camurus AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.