Hikma Pharmaceuticals PLC

So good morning everyone and welcome to Hikma's 2026 interim results meeting with our CEO Said Darwazah and Acting CFO Areb KURDI and we also have Susan Ringdal and myself Guy Featherstone, Investor Relations. Before we start, I would like to remind you that any forward-looking statements or projections made by Hikma during this call are made in good faith, based on information currently available, and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. For further information, please see the Principal Risks and Uncertainties section in Hikma's latest annual report. And with that, I'll hand over to Saeed for opening remarks before we head to Q&A.

Thank you so much. So just quickly a few things to say. Obviously, so the results, sales are up. I think what's very exciting is that EBIT and EBITDA are up by almost 8%. EPS is up by 5%. And when we met last time, we said we had like four targets this year. One is to stabilize the business. And so we're talking about the injectable business. The other two businesses were doing well. and I think this has been achieved. We talked about making the company more agile, quicker decision making and we have taken tons of decisions and now the way the company is structured I think very much supports this quick decision making. It supports the senior management of the team to take quick decisions and to take quick actions and reactions where they are needed. We said we will invest for the future. We have done a lot of investment in people, I think is most important, in talent and people. We have done investment in equipment. And of course, R&D spend, as you can see, is up. So we are really setting up the company for the future. So we hope that, again, we feel extremely comfortable to reiterate fully your guidance. As we have seen, MENA has done extremely well, exemplary good. I've always told you this company has three engines to drive it, and I always said that even when one of the divisions or one of the engines is facing some headwinds, the others can make it up and move it faster. So MENA is doing extremely well, and obviously we have big ambitions for the MENA to continue. Injectables, as you see, as we said, we have stabilized the business. And Rx is delivering very good margins compared to where it was just a few years ago. So these are like the background. Again, I think we should always remember this is a company that's been driven, that has three businesses. And if you look at historically, we've always had one of the businesses And if you look at the CAGR of the last 10 years and of course the first six half of this year, we see that every year there has been growth both in sales and in profitability. I think CAGR for the last 10 years was 8% for sales and 6 or 5% for profitability. We hope to start driving the injectable business next year to start growing the profitability top line and bottom line there as we continue to move the other divisions forward. So with that Areb is here with me also and we are ready to take your questions.

James Gordon from Barclays and thanks for taking the two questions.