Almirall, S.A.

Good day and thank you for standing by. Welcome to the El Mural First Half 2024 Financial Results and Business Updates Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star 1-1 on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw a question, please press star 1-1 again. Please be advised that this conference is being recorded. I would like to hand the conference over to our speaker today, Pablo Dibasson. Please go ahead.

Thank you very much, Nadia. Good morning, everyone. Thank you for joining us to review Almiral's H1 2024 financial results and business update. As usual, you can find the slides we are using today in the investor section of our website at almiral.com. Please move to slide number two. Let me remind you that the information presented in this call contains forward-looking statements which involve known and unknown risk, uncertainties, and other factors that may cause actual results to materially differ. With that, please advance to slide number three. Presenting today, we have Carlos Gallardo, Chairman and Chief Executive Officer, Mike Matilla, Chief Financial Officer, and Carl Siengeberg, Chief Scientific Officer. Carlos will start the H1 2024 highlights, as well as the update on our biological drivers that are crucial to our ambition achieving leadership in medical dermatology. Carlos will provide you with details on the progress of the pilot. Mike will review the financials before Carlos concludes the presentation, and we will take your questions. I would like to invite Carlos Gallardo, our chairman and CEO, to summarize our half-year business overview. Please move to slide number five.

thank you pablo and good morning to everyone in the call i am pleased to share with you that we have delivered strong results in the first half of the year our biologics continue to be the driving force behind our business momentum we are pleased with the growth trajectory of our global portfolio this vast performance is a foundation for our leadership in medical dermatology this year we continue to focus on the execution of the eggless rollout and on advancing our pipeline that, as you know, is fully dedicated to medical dermatology. In line with our expectations, our first half 2024 net sales grew 7% and EBITDA grew 3.2% to a total of 104.5 million. Based on this good overall business performance, we are reiterating our full year guidance for the year. In the first half of the year, our European dermatology portfolio continued to drive our business. Our recently launched products are at the forefront of our portfolio's performance. Let me give you a few highlights. Illumetri, our psoriasis biologic, continues to deliver solid performance across different regions. It has become a highly successful product in the medical dermatology market and also exemplifies our strong market access and commercial capabilities in the biologic space within dermatology. Since we launched WinSora and Klycerin in Europe, we have increased our presence and market share in medical dermatology in the main countries. We have delivered the most notable growth in Spain and Germany. In terms of . It's still every day, but we are also very encouraged by the strong progress of the sales, of the product sales. We have now launched in Germany, Norway, and recently in the UK. More details on FDs later. Moving to R&D, we are pleased with the significant pipeline progress in the first half of the year. We are excited about the recent FDA approval of Client City Large Field in the US. We expect to launch next month. We also made very good progress with our early stage assets, which we expect that will fuel our future growth. In March 2024, we announced a license agreement to acquire the rights to an acid that is aimed at rare dermatological diseases from ENOX. This technology is an oral breakthrough inducer addressing non-sense mutations, and we are pleased that the Phase I trial started this month. In February, we successfully licensed the anti-IL-21 monoclonal antibody from NOVA Nordisk, and both our anti-IL-1 RAP monoclonal antibody and anti-IL-2 mutant fission compounds are in Phase I. Please move on to slide 7 for an update of our biologics, starting with Illumetri. On the chart, you can see that Illumetri continues to perform well with a 25% growth year-on-year, reaching 52 million in quarter 2 and reaching over 100 million in the first half of the year. The anti-IL-23 class leads the area of advanced therapies in the dynamic psoriasis market, and Illumetri continues to show strong performance within the class. This is the foundation for Illumetri's continued growth in addition to a balanced performance across various geographies. While Germany remains our key market, we continue to see healthy growth in other European countries. New launches are progressing well and drive additional growth. We also support the brand with new real-world evidence. We recently disclosed the interim results of the positive study. demonstrating improvement in physical symptoms and overall well-being of patients with moderate to severe psoriasis. All these factors make us confident that we are on track to achieve that 250 million pixels target we forecasted. Please move to slide eight for an update on the EPLIS launch, our biologic in Europe for atopic dermatitis. The first half performance of EPLIS demonstrates why we are excited about our progress with EPLIS. Eblis continues its positive performance trajectory. In Q2, it grew 100% quarter on quarter, reaching a sales total of 7.2 million and putting our first half 24 sales close to 11 million. In the first half of the year, awareness of Eblis amongst healthcare professionals has increased significantly. We have secured double VGT share of the new dynamic market share. As you know, This data captures patients new to the brand, including first-time users and switches from other therapies. The data up to May show that Eblis has surpassed all other advanced systemics, except for the current standard of care. In addition, we keep receiving very positive feedback from both dermatologists and their patients on Eblis. This is supported by the data showing intention to prescribe by dermatologists. The recent positive NICE recommendation in the UK, highlighting its cost effectiveness, further supports our confidence in EFLIS. We are very pleased with this progress. It's the result of our investments and our team's focus on executing EFLIS launch with excellence. All these data points are in line with our expectations and continue to drive our confidence about the potential of EFLIS. Please move to slide nine. As you know, Germany is the most important market for biologics in Europe. Looking at Germany gives us a valuable insight into the market potential of EPLIS. The data show that an increasing number of atopic dermatitis patients in Germany are treated with advanced therapies. In 2018, around 4,000 patients were treated with advanced therapeutics, which increased to over 31,000 in 2023. With a compounded annual growth rate of 50%, This means a market expansion of eight in just five years. In 2024, this trend continues, and based on previous insights, the biologics market accelerates following the launch of new products. The psoriasis market follows the same dynamic and is a good indicator of how market growth is driven by new therapies. As you will see in the next slide, we are already seeing some of this dynamic metabolism. You will know that atopic dermatitis is a large and growing market. While we expect to capture a significant share of the advanced therapy segment in AD, there is also a significant opportunity for EGLIF to contribute to the expansion of the market. Today, only 6% of uncontrolled moderate to severe atopic dermatitis patients in Europe are treated with advanced therapies. It is expected that by 2031 in the UE5, around 400,000 patients will receive advanced therapies. The number of available treatments is still limited, despite patients requiring a wide variety of options. There are still only three mechanisms of action available in Europe. Therefore, we are convinced that EGLIS has the potential to be a first-line treatment for atopic dermatitis and to deliver significant growth going forward. Now, please move to slide 11 for an overview of the launch map. Here you see the plan for our English launches in Europe. We are on track. After launching in Germany at the end of last year, we have launched in Norway last month. More recently, we launched in the UK and are on track to launch in Denmark, Austria, and Spain before the end of the year. We will then roll out English in the remaining countries in Europe in 2025. We'll keep you updated of these launches. Next, let's move on to slide 13 for Carl to give us an update on our progress in R&D, both on the pipeline and the lifecycle management activities.