Almirall, S.A.

Good day and thank you for standing by. Welcome to the Armoural H1 2025 Financial Results and Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Pablo Deverson, Head of Investor Relations. Please go ahead.

Thank you very much, Heidi, and good morning, everyone. Thank you for joining us today's quarterly earnings update and review of Admiral's first half year financial results of 2025. As always, we are sharing the slide we are using today in the investor section of our website at admiral.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 from what we are sharing today. Please move to slide number three. Presenting today are Carlos Gallardo, Chairman and Chief Executive Officer, Mike McGillan, Chief Financial Officer, Carl Ziegabar, Chief Scientific Officer, and we also have John Garay, our new CFO, joining us for the first time today. Carlos will start with the business highlights covering the first half of 2025, followed by an update especially on biologics, as the key co-drivers of our medical dermatology portfolio. Kai will provide you with the R&D status update regarding our pilot. And Mike will then talk you through the finances before Carlos concludes the presentation, and we open for questions. And we hand over to Carlos Gallardo, our chairman and CEO. Please move to slide number five.

Thank you, Pablo, and good morning, everyone. Almirai's performance in the first half of 2025 reflects the strength and consistency of our sustained long-term growth strategy. We are happy to reaffirm our full-year 2025 guidance, as well as our midterm outlook and peak sales expectations. This confidence is underpinned by the solid momentum across our medical dermatology portfolio, where we continue to expand access to meaningful treatments for patients and physicians. Alvarez's position as a European leader in medical dermatology has never been stronger, supported by our commitment to innovation and operational excellence. EBLIS continues to deliver strong sales growth during the second quarter of 2025, driven by a robust uptake in Germany and positive traction from recent country launches. Illumetri continues to display steady year-on-year growth, which supports our peak self-expectations that we are happy to reconfirm today. Meanwhile, Winthor and Glyceria remain important contributors to our European revenue base, reinforcing the strength of our dermatology portfolio. We have maintained strong engagement in the medical dermatology field this year, participating in major events such as a 2025 annual AAD meeting, the 16th Skin Academy in Barcelona, the 11th World Congress of Melanoma, the 21st EADO Congress, and most recently, the 2025 International Congress of Dermatology, ICD, in Rome. As a key part of our business development efforts, we actively pursue external innovation opportunities in early and mid-stage clinical development, aiming to strengthen our pipeline and broaden our impact in dermatology. We are excited to share that we have recently expanded our collaboration agreement with CIMSIR to now include new B-specific antibodies for immunodermatology diseases. Carl will soon share further insights on this opportunity, along with the remaining pipeline updates. Please move to slide seven for an update on our biologics portfolio. Illumetri continues to demonstrate good momentum within the psoriasis market. solidifying its position within the broader and the IR23 class. The recent rollout of the 200 milligram formulation has been well received and is contributing nicely to our performance. We also received a positive CHMP opinion regarding inclusion of the new scalp trial data. This strengthens silumetric differentiation and reinforces the perceived efficacy of silumetric in treating patients suffering from scalp psoriasis. In quarter to 2025, Illumetri generated net sales of 58 million, marking a 13% increase year over year. This growth reinforces our confidence in the brand's trajectory, as it has consistently delivered solid year-on-year-on-year growth since its initial European launch back in 2018. We continue to reaffirm our pixel guidance of over 300 million. Illumetri remains a key growth driver in our portfolio. and we believe it's well positioned to make a lasting impact to patients in the evolving psoriasis treatment landscape. Now that our partner, Sun Pharma, has successfully completed the psoriatic arthritis studies, we are assessing the commercial viability of expanding Illumetri into this indication. As a reminder, Almirai holds the right to develop and commercialize Illumetri in Europe, which includes new indications. Please move to the next slide on EBLIS Highlights. Epiglyphs continues to deliver a strong performance just over a year and a half since its launch in Germany in December 2023. Cumulative sales have now reached 79 million. We view this as the most successful atopic dermatitis launch in recent years, reflecting strong market uptake and effective commercial execution. Overall, the advanced therapies market for atopic dermatitis in the EU5 is experiencing strong growth. expanding at an annual rate of approximately 30 to 40%. Our disciplined approach to launch execution and commercial rollout resulted in a solid market position in Germany and has laid the groundwork for successful expansion across Europe. Within the first year, Eblis captured the second highest dynamic new patient share in the German market, and we are seeing similar trend in other markets. Reimbursement pricing outcomes have been favorable. which we are very pleased about. This reflects the higher net need for advanced treatment options in this disease and the value that national healthcare systems place on innovations in this space. Brand awareness has also based benchmarks in various markets within one year from the launch. First half-year sales quadrupled over year-on-year and rose 31% quarter-on-quarter, reaching around 25.5 million. While Germany remains the largest contributor of Eprilis, early launch countries are beginning to scale following a promising initial uptake. Eprilis is now Almirai's second highest selling product, available in most major European markets, covering over 90% of our total sales potential. As of today, the product is commercially reimbursed in 14 European countries. We are expecting to launch in Portugal and Ireland before the end of the year. Our collaboration with Lilly continues to be highly constructive, fostering valuable knowledge exchange that supports ongoing market development. I will now hand over to Carl to provide an update of the progress of the company's pipeline and R&D efforts.