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Hello and welcome to this presentation of ALK's Q3 results and full year outlook. And thank you all for joining us. Let's turn to slide number two with the agenda and speakers. My name is Pierre Klotnikoff. I'm Head of Investor Relations. And with me today are CEO Peter Helling and CFO Klaus Steinsen-Sølje. We'll first share a couple of quarterly highlights, followed by a closer look at markets, products and financials. We will detail some of our strategic focus areas before we cover the new full year outlook. As usual, we will end the presentation with a Q&A session. And to get us started, I'll hand over to Peter and slide number three. Please go ahead, Peter.

Thank you, Per, and thank you all for joining this call. Q3 was characterized by a strong focus on execution of our key strategic initiatives. The pediatric tablet launches a new partnership for China and the commercialization of NEFI. Market responses to the tablet launches for children are truly encouraging. The rollout of the HowStuffMyTablet Acarisax for children progressed well and continues to contribute to the inflow of new patients in Q3. Moreover, Acarisax is attracting new prescribers, not least amongst pediatricians, suggesting that the children indications have the potential to expand LK's addressable markets. We also saw encouraging early uptake of the tree tablet in tulip sacks for children and adolescents. In China, we entered into a partnership with GenSci, a strong local Chinese partner, committed to accelerating the uptake of ALK's house-to-smite allergy products. GenSci has already taken over sales and marketing of Alutard, our SCID product, and skin-print tests. The partnership is projected to become margin-accreditive to LK's mid-term, largely driven by cost savings in China, combined with the income from product supply, as well as upfront and milestone payments of up to 1.3 billion DKK. A couple of weeks ago, we introduced Euronefi, the adrenaline spray in the UK, Europe's and LK's largest anaphylaxis market. Meanwhile, Euronefi is gaining traction in Germany, our first market entry. The product was launched in July. Other market introductions are imminent. While still very early days, market response so far confirms the product's long-term potential, despite long-standing clinical practices favoring traditional anaphylaxis products, which we will need to work carefully with. Financial results in Q3 were strong, with double-digit growth across sales regions and product groups. Revenue grew by 18% and was higher than expected, while earnings were up 41% in local currencies, yielding an EBIT margin of 28%. Based on the Q3 result and the outlook for Q4, especially in Europe, we have adjusted the full-year outlook. Revenue is now expected to grow 13-15%, while the EBIT margin is expected to increase to approximately 26%. Now, we'll detail all of this later, but first, I'll hand it over to you, Claus, and slide four.

Thank you, Peter. So, let's take a closer look at our three sales regions' performance. Our main region, Europe, reported 18% growth. The revenue growth was driven by sales of tablets, anaphylaxis products, and slit drops. Q3 growth was, to a minor extent, positively influenced by some phasing of sales between Q3 and Q4. Tablet sales was up 23% on a broad-based growth across brands and markets. Let me also point out that we did observe that wholesalers carry slightly higher inventories, potentially indicating slightly increasing trading patterns, which is natural in a launch situation like we are in with the children's tablets right now. Growth of the tablet business in Europe was, first and foremost, linked to higher volumes, driven by more patients on treatment, whereas prices and rebate adjustments had a much less impact. Volume growth was powered by new patients, with the highest contribution coming from our Hausdorffsmite Akai sacs and the 3-poly Natura sacs patients. The children indications for Akai sacs contributed positively across markets, while the recent launch of Etula sacs now has started to contribute to the patient inflow, especially in the key German market. Combined sales of skid and slit drops were up 7% in Europe. Slit drop sales continue to benefit from an expansion of patient and prescriber bases in France. Skid sales picked up temporarily due to one-off changes to patient supply patterns, but the underlying growth was still hampered by fewer patients starting up on our legacy products. Sales of other products grew by 39% in Europe, led by 44% growth in the Anaphylaxis portfolio. Sales of JEXT auto injectors were driven by strong commercial execution, including newly won tenders in southern European markets as a consequence of recent supply issues at our competitor. Revenue also included a modest contribution from NEFI. If we turn to North America, then revenue increased by 20%. The U.S. business continued to bounce back from last year's stagnancy while the Canadian business sustained its growth. Tablet sales in North America grew by 20%. The pediatric indication for doctor continued to drive a higher uptake among allergists and, to a minor extent, new pediatric prescribers in the US. Growth in Canada was higher, driven by continued demand and volume growth, combined with some destocking at wholesalers. North American sales of skid bulk increased by 1%, while sales of other products were up 41% on higher volumes and better pricing of our life science products. Revenue from other products also included, as planned, a modest cost reimbursement from AIS Pharma related to our co-promotion agreement for NEFI in the U.S. Revenue in international markets was up 14%. due to the increased SCID shipment to China. We resumed shipments to China in Q2 after the renewal of ALK's import license and these continued in Q3 so that SCID revenue in this region increased by 43%. In-market sales in China continued to grow by double digits. Tablet revenue in international markets It was down 4% after decreasing shipments to minor markets, while revenue from the primary market, Japan, was unchanged. In-market sales in Japan grew by double digits, although capacity constraints still prevented our partner, Tori, from fully meeting demand for the ZetaCure tablets. TORI's new API manufacturing facility is now becoming fully operational, but it will still take some time before the extra capacity flows through the manufacturing cycle. Now let's turn to a brief update on the product lines on slide 5. Global tablet revenue was up 17% on solid growth in Europe and North America, predominantly driven by higher volumes. All brands grew by double digits, except for Cedar Cure, which saw modest growth, as I just touched on. Combined revenue from skid and slip drops increased by 11% after progress in all sales regions. The main growth driver was the resumption of skid shipments to China and the very solid growth in slip drops in our big market, France. Revenue from other products increased by 42%, and the Anaphylaxis portfolio was at the front with 68% growth. JEX did very well across markets, and NEFI also contributed to growth at this early stage of the commercial rollout. In conclusion, strong growth in all product lines and in all sales regions in Q3. After these quarterly updates, let's move to the year-to-date results on slide 6. Revenue for the first nine months of 2025 exceeded 4.5 billion Danish kroner after 14% growth in local currencies. Growth mainly echoed higher sales of tablets and anaphylaxis products. A gross profit of 3 billion DKK yielded a gross margin of 67%, a big increase of 3 percentage points. These improvements reflected higher volumes, changes to the sales mix, where especially European tablet sales contributed to the positive development. We also saw good production efficiencies coming through. The gross margin was also indirectly helped by the muted growth in tablet sales in international markets, which holds lower margins as a consequence of the partnership with Tori. In addition, we currently only have a minor contribution from the NEFI business, which also holds lower gross margins compared to our European tablets. Capacity cost increased by 5% to 1.8 billion Danish kroner. At the Q2 earnings call in August, after we upgraded the full-year outlook, we said that we plan to take advantage of the higher than expected revenue to further invest in various growth initiatives. We started doing so in Q3, where R&D expenses were up 16%, while sales and marketing costs increased 3%. Still, the cost increase was lower than planned, meaning that you should expect higher capacity costs in Q4. I'll come back to that later. The operating profit, EBIT, improved by 44% in local currencies to almost 1.3 billion Danish kroner, raising the EBIT margin from 22% to 28%. The EBIT margin progressed due to higher sales, cross-margin improvements and modest increase in capacity cost. Moreover, no one-off costs to optimizations were recognized, opposite to last year where one-offs amounted to 49 million Danish kroner. Free cash flow almost doubled to 836 million Danish kroner. higher earnings offset investment to scale up tablet production, upgrade legacy production, and expand the anaphylaxis operation. We continued to use some of the cash generated to repay our debt. Cash flow from financing was minus 736 million. This means our net debt to EBITDA ratio right now is down to minus 0.1, i.e. we do not have any debt at this stage. So all in all, a solid set of results which further solidified ALK's financial position and confirmed that we are on track to deliver on our long-term financial targets. So with this, I would like to hand it back to you, Peter, and slide 7 for status on our key strategic initiatives.