Redeye provides its first take on Camurus’ Q1 report 2026, published this morning. Buvidal sales and Brixadi royalties were below our forecast. Revenues increased Q/Q by 15%, but declined by -5% Y/Y (+3% on a constant currency basis). The EBIT margin increased Q/Q but decreased Y/Y to 31% (43% in Q1 2025 and 26% in Q4 2025). Overall, the report falls short of our expectations as we had expected a stronger Buvidal recovery and higher Brixadi royalties, but we judge that underlying demand is still robust.
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