Redeye comments on Camurus' Q3 report 2026, which was clearly above our estimates. Buvidal sales reached a record SEK574m on broad-based European growth, and the operating result rose 40% to SEK322m, a 44% margin. Camurus now expects 2026 revenue and operating result in the upper half of its guided ranges (up to SEK2.9bn and SEK1.2bn), and the first USD15m Brixadi sales milestone will be recognised in Q4. The Oclaiz PDUFA date of 18 December and the SORENTO readout in Q1 2027 are the key catalysts ahead. We raise our Fair Value to SEK745 (SEK670); the Camurus share screens as “Fairly Priced”.
