Camurus AB (publ) (CAMX.ST) fair value

ACCE thesis

Camurus develops long-acting injectable formulations of established drugs, using its proprietary FluidCrystal depot technology, with Brixadi for opioid use disorder and Oclaiz for acromegaly among its marketed products. The moat sits in that delivery platform: a 93.1% gross margin and 41.7% operating margin point to a business that earns its royalties and product sales without much cost of goods, and a return on equity of 15.9% shows the capital base is working. Growth is the open question, with revenue up only 3.9% in the latest figures, so the near-term case depends on whether partner milestones and new product launches reaccelerate top-line expansion. At 59.1 times trailing earnings and 43.5 times forward, the stock prices in a meaningful step-up in earnings, which makes it worth a closer look on the pipeline and royalty timeline rather than on the current growth rate alone.