Welcome to Camurus' Q1 report 2026. During the questions and answer session, telco participants are able to ask questions by dialing pound key 5 on the telephone keypad. Now, I will hand the conference over to CEO, Fredrik Tiberg. Please go ahead.
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 and 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 U.K. distribution model change, and we made continued progress across our commercial programs and development pipeline. Financially, total revenues were SEK 533 million, a 15% increase versus previous quarter, but a 5% decline year-over-year, driven by FX and channel phasing in 2025.
We maintained strong profitability with a 32% operating margin and ended the quarter with SEK 3.9 billion 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 Oczyesa delivered its first full commercial quarter with SEK four million in net sales in Germany alone. Brixadi royalties increased 44% or 59% at the 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 Oclaiz NDA in the U.S. with an anticipated decision date of the 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. For 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 has reported quarterly revenue of SEK 533 million, down from SEK 558 million. Year-on-year, 5% decrease. At constant exchange rate, the 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 SEK 93 million resulting from the change in the U.K. distribution model in the previous quarter. Total output for the quarter amount to SEK 328 million, a 13% increase year-on-year, primarily driven by the continued investment in commercialization and R&D.
Marketing and distribution costs increased to SEK 130 million, fueled by the expansion of Buvidal and Oczyesa, as well as the company's entry to the U.S. market. Administrative expenses reached SEK 47 million. R&D spending was SEK 138 million, year-over-year an increase of SEK seven million. For clarity, the anticipated significant increase in R&D and U.S. launch spend will primarily occur in the second half of this year. The operating result for the quarter was SEK 168 million, 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 SEK 2.42. Moving to the next slide, showing the cash flow.
The quarter cash flow shows a SEK 150 million increase in the cash position compared to the end of 2025, primarily driven by a solid operating cash flow of SEK 162 million. The change in working capital had a modest negative impact of SEK nine million, primarily due to the reduced accounts payable and increased trade receivables. Cash flow from investing activities was negative SEK 39 million, primarily due to the establishment of a second manufacturer for Oclaiz in the U.S. Financing activities added SEK 21 million, mainly from the exercise of employee stock options. This resulted in a very strong cash position of SEK 3.876 billion 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 will 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 U.K. channel phasing we've discussed. The more meaningful metric is in market sales, which grew 17% year-on-year, so 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 U.K. remains a focus area.
Funding restraints from the prior year carried into Q1. Importantly, a new three-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 carries 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. Turning to the U.S., Brixadi royalties in Q1 were SEK 106 million, up 44% year-on-year and 59% at constant exchange rates. The quarter did see some seasonal softness from prior 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 U.S. 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, so 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. Moving across to the launch of Oczyesa in Germany, where we had a good first full- quarter. Sales reached SEK 4.2 million, 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, and whilst we anticipate the rate of uptake to normalize going forward due to the cadence of patients visiting clinics, we continue to expect penetration towards a double-digit share in Germany by year-end. Beyond Germany, launch preparations are advancing.
In the U.K., 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 market is an estimated 3,000-5,000 patients on current standard of care somatostatin analogues. Market research indicates a 30%-60% willingness to switch. Now turning to Oclaiz in the U.S. With the FDA PDUFA action date less than a month from today, our U.S. commercial team organization is launch-ready. The core team has spent the last year executing a comprehensive pre-launch plan across every work stream. With these foundations in place, we are well-positioned for an anticipated U.S. launch of Oclaiz 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 850 participants. The meeting is finishing this week, so it's been a very good showcase for our ACROINNOVA 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. This will be then followed by the readout of primary phase III data. As you know, 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, as we also for patients. In polycystic liver disease, we completed an end-of-phase II 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 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 continued to work on the preparations for the phase IIb study, which is advancing and is going to initiate in the second half of this year following a Type B interaction with the FDA that we had earlier in the quarter. In parallel, we are developing the final product format, including the auto-injector pen for phase III 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 is 59% over the year, and a good first quarter for Oczyesa in Germany. From here, we expect performance to build through the year, supported by improved market access, the U.K. funding framework now in effect, continued Brixadi momentum, and the continued European rollout of Oczyesa.
Looking ahead, several potentially significant milestones are, of course, in front of us, including the Oclaiz FDA action date and the SORENTO completion and primary results. Together also with the start of the CAM2056 phase IIb study and of course also our partnerships. We are all in all confident in delivering on our 2026 objectives. With that, I'll just let the floor open for questions. Please take over, Einar.
Thanks, Fredrik. The first question is from Gonzalo Artiach Castañon from Danske Bank. Please go ahead, Gonzalo. Your line is open, Gonzalo.
Hello everyone, thank you for taking my questions. The 1st one, I think that it would be great if you could provide some color on the U.K. situation. In your report, you're mentioning that funding now it has been announced, when is this funding in detail? I mean, if you could give us some color here, expected to arrive to clinics. Is it already in place since April 1st? Have you seeing some kind of momentum or positive signals in the U.K. 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.
I mean, how much is the U.K. funding hitting clinics in the right time, baked into this range? Thank you so much.
Thank you. Richard, do you wanna start?
Yeah, sure. on the U.K., obviously the multi-year funding framework that's been announced is a meaningful step forward, and it provides, I think, the commissioners who are commissioning treatment a certainty over three years, and removes one of those key barriers that was preventing prescribing, 'cause some of the clinics didn't know whether they have continued funding. They now have that. We expect the effect to build gradually. It takes time for these budget allocations coming through, but we expect to see it during Q2 and then obviously in the second half of the year. but the meaningful impact will be in the second half of the year. I mean, the grant itself is quite substantial. It is a total public health grant of something like 13.4, I think it is, billion GBP.
Obviously, that's not just for substance misuse and other public health grants, but the substance use is part of that program. That, that's a meaningful increase than they've had before. Really the summary is it's three years, which is important, and it, and it's an increase they've had before. We're positive that's gonna make an impact.
Maybe we should add that we are also working on other complementary activities. This is very important foundation, but we're also looking at other options going forward. When it comes to the guidance range, Anders, do you wanna take that question?
Maybe it's being too specific going into the U.K. numbers, but I can confirm that the Q1 result is aligned with our internal projections, also on the country level, overall. Yeah, but I can't go into specifics for the U.K.
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're expecting completion of events needed in the SORENTO study to close in H2. From what you know now, are you guys expecting more of a Q4 push potentially readout to Q1 next year, or you're expecting readout also this year, sorry?
We haven't. I assume you didn't mean Buvidal, but you mean CAM2029 or.
Yeah, sorry. Yes.
Yeah. Yeah. Yeah. I mean, 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, and the readout shortly.
Okay. Each event, yeah.
Yeah.
Okay.
The events coming in, I mean, 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 you know, event accrual is progressing aligned with our expectation. You know, 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.
The next question is from Romy O'Connor from Kempen. Please go ahead, Romy.
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 treatment, 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? The second question, you also mentioned that collaborations with Lilly and Gubra progress with development candidate selection for Gubra plans 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 wanna start out, Richard?
Yes, I can start with the path to 100,000. I mean, it's Yeah, we set our ambition there for the end of 2027. As you say, it needs a 3,000 net patient gain. Obviously going forward, it requires continued progress in the market access programs that we've ongoing. Obviously the U.K. was a good step in the right direction. We see that hopefully solving that problem. We've also got expanding geographies as well. Some new markets are picking up well. We're gonna 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? Romy?
It was just, any additional insights on clinical development timelines with Lilly and Gubra.
I mean, unfortunately, we have to be, we don't provide any guidelines updates 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. We are working effectively together with them, I think, you know, potentially next year.
Great. Thank you.
That's how far I can go, I think. Thank you, Romy.
Thank you.
The next question from Christopher Uhde from SEB. Please go ahead, Kristoffer.
Hi there. Christopher Uhde, SEB. Thank you very much for taking my questions. I guess I'd start off on perhaps the U.S. side of things. Indivior made some interesting comments on its call, noting sort of success with their rapid initiation where they're, you know, 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 since kind of moderated a little bit? Obviously, you're still getting, you know, 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.
I mean, first of all, I think that it's important to say that we are looking our primary expansion potential or 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 2 monthly doses within the 1st 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. I don't think I mean, we're seeing continued good uptake. We are not, 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. Well, if you wouldn't mind, I was wondering about. There was an article in the San Francisco Chronicle a little 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 from, you know, 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, well, I'm happy to take it, but I think it's a little bit too complex for this setting. I mean, it is true that very high initiation concentrations do have an impact in terms of the side effects that can be seen with buprenorphine, if that's what you're referring to. We are 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. I'll appreciate that. Thanks.
Yeah.
If I could throw in one last question, just on Buvidal then. Obviously the U.K. has apparently resolved, but how will the new framework really work? I mean, structurally, does it potentially cap your growth then in the U.K. over time? Is the Let's say, and if there is a cap, is it so high that it doesn't matter in practical terms? I mean, do you Obviously, the, you know, it was a bit of a slow start then in the year from the U.K., but do you expect a sort of full or partial recovery then in revenue, you know, let's say perhaps from the perspective consensus expectations?
Yes. I mean, right now we're in the market, we're growing 17% and the reported sales are impacted by the change in distribution models that we've had in the U.K. Underlying that, I mean, the new funding, we do anticipate improving access to patients. Typically, numbers talked about in the U.K. are 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 three-year funding arrangement, that goes up over three years, it also supports that as well, and I think it's given confidence both to commissioners, to commission now, 'cause 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.
Thanks.
Okay.
I guess just a clarification on the, you know, what I meant is, should we see it as phasing of what we were already thinking of, I mean, growing over 20% in Europe? Or should we see it as perhaps moderating that slightly?
No, I mean, it's obviously going to grow. I mean, it takes time for those funding to come through to the clinics, of course, just because the bureaucracy around it. We expect to see some signals in Q2, and then particularly in the second half.
Thanks very much.
Yeah. Thank you. Next.
Next question from Shan Hama from Jefferies. Please go ahead, Sian.
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 were 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, U.K. distribution model change, FX? Yeah, how would you order those three in terms of level of impact?
Yeah. I think we should limit that question to the headwinds in the quarter, because I think we have quite a good outlook. Richard, maybe you take that.
Yeah. I'm not 100% sure what the question is, really. I mean, Well, I mean, Australia will pick up. The underlying growth is still there, so that's just seasonality that we know. We see that being improved in Q2. I think the U.K., the underlying growth in the U.K. will be reflected in Q2 rather than being impacted by the change of distribution model that we saw in Q1. Effects of You saw, I think, from when I said that, of the revenue change, I think about approximately half of it was down to effects and half of it was down to the distribution model change.
Okay. That's clear. Thank you. Then my second question, please. I know sort of you mentioned Braeburn is doing some work in, on the commercial and the sales front in terms of, sort of promoting, Brixadi. We know that Indivior has 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?
Well, as we are saying in this report with, you know, Braeburn does have they're investing increasingly into direct-to-patient activities. I can't specify them. I mean, they are going various different routes, of course, via the 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's an investment that is having some good traction.
Got it. That's clear. Just one last one from me, please. When can we expect the full data 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.
Next question from Richard Ramanius from Redeye. Please go ahead, Richard.
Good afternoon. I just have one question. Do you assume significant revenue contribution from Oclaiz and Oczyesa in your 2026 revenue guidance? If I phrase it like this, do you need revenue from Oclaiz and Oczyesa to reach your 2026 revenue guidance?
I think we have been pretty modest on that note. Maybe, Anders, if you wanna.
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?
Okay. Thanks. Yeah. Yeah. Thanks.
Thank you.
Next one's from Georg Tigalonov-Bjerke from ABG Sundal Collier. Please go ahead, Georg.
Hi, this is Georg from ABG. I have a two-part question on CAM2029 in GEP-NET, if I may, 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 U.S. and Europe respectively. Thank you.
Yeah. Thank you. In terms of the readout, as I said, we have a big data pool coming in later on this month, and I think it's difficult to give you know, 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, what can you repeat that? Oh, yes. The continued program. I mean, 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, and we believe that it's possible to have the approval, you know, 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 will probably, you know, take a slightly longer time because of the assessment timelines. It would be a initial launch and approval plan for the U.S.
Great. That was clear. Thank you very much.
Thank you.
Next one is Mattias Häggblom from Handelsbanken. Please go ahead, Mattias.
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 use FluidCrystal applied to Amylin from external parties?
Yeah. I think this is, at this moment, quite speculative. Obviously, we will, you know, 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 am not sure where the timeline has been provided. 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 a competitor interest except Lilly to include increasing as part of FluidCrystal?
I mean, 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 the ongoing legal dispute between investors backing UU's partner Braeburn show that there has been an offer made for Braeburn by an undisclosed party that was viewed unacceptable. Could you maybe use this opportunity to remind me where Camurus stands on its updated M&A agenda and key priorities?
Yes. We remain focused on strategic potential strategic assets, of course. We are having ongoing activities on various different targets, of course. However, we have said that it needs to be have a clear fit for our further development in the company. So far we haven't announced anything, so that's an important point. Also, we see some new opportunities in our pipeline, so we have, and we will see the opportunity to invest further into both mid and the late-stage development potentially in our pipeline. There are, there will be some prioritizations to consider going forward. Definitely it's part of our agenda.
As you know, we have also now, Jane Buus Laursen on board and she will of course, be and part of her activities is related to that area, as well as our strong BD group.
That's very helpful. Thanks a lot.
Thank you.
Next one from Dan Akshuti from Pareto Securities. Please go ahead, Dan.
Hi, everyone, thank you for taking my questions. Just a follow-up. It was briefly discussed already on Australia and also on the U.K. funding situation to Australia. If we look at the numbers from down 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 this year. Then on the U.K. 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 on how it has been going since April.
One more general question if there is time, and that is kind of the stickiness of the current solutions that compete with Buvidal, the non-long-acting solutions and what Braeburn is doing against that. Sorry, one more question. How many salespeople will actually be activated directly upon U.S. approval for Oclaiz in the U.S.? Thank you.
Yeah, please, Rich.
Shall I start? Okay. On Australia, yes, I mean, it's 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 is a bit of an anomaly because of the seasonal distribution holdings in Q4 that normalize in Q1, we expect that to come back on Q2. That will go.
In the U.K., yes, the funding is a good question. I mean, last year they did announce the funding at income, and one of the problems was that it was only one year's funding. This time it's committed for three 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 U.S. sales force you said, I think we have talked about 20 people approximately in the sales force for Oclaiz, post-approval.
They are already trained, so they will be directly active, or will they be trained after approval?
They will be active, you know, at the point of launch. Then the launch will occur within relatively short timeframe from the approval.
Okay. Thank you
Active training will be implemented post-approval.
Okay. Okay, thank you.
There are no more questions from the telco, so I hand the word back to you, Fredrik, for closing comments.
Thank you so much for listening in to 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.