Almirall, S.A.

Good day and thank you for standing by. Welcome to the Almiral 9-month 2025 Financial Results and Business Update conference call and webcast. 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 not hear an automated message advising your hand is raised. To withdraw a question, please press star, 1, and 1 again. Please be advised that today's conference has been recorded. I would now like to hand the conference over to our first speaker today, Pablo Divasson, Head of IR. Please go ahead, sir.

Thank you very much, Nadia, and good morning, everyone. Thank you for joining us for today's quarterly earnings update and review of Almiral's nine-month balance of results of 2025. As always, we are sharing 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 from what we are sharing today. Please move to slide number three. Presenting today, we have Carlos Ayala, Chairman and Chief Executive Officer. John Garay, Chief Financial Officer, and Carl Sigalán, Chief Scientific Officer. Carlos will start with the business highlights covering the first nine months of 2025, followed by an update specifically on biologics and the key growth drivers of our medical dermatology platform. Carl will provide you with an R&D status update presenting our pilot. We then talk to you through the financial before Carlos concludes the presentation, and we open for questions. I will now hand over to Carlos Gallego, our chairman and CEO. Please, move to the number five.

Carlos Gallego- Thank you, Pablo, and good morning to everyone on the call. Amirai delivered strong year-to-year-to-date results in 2025, and we are confident to reiterate our guidance, meet the outlook, and fix expectations. Our consistent growth is powered by the success of our medical dermatology portfolio, but we continue to deliver innovative treatments and broaden access for patients to support our physician community. EPLIS delivers strong momentum in the third quarter of 2025, as European markets start to scale, with launches now completed in the key countries. Encouraging upticks in newly launched geographies reinforces our confidence in the product's positioning and growth potential. E-lumetri continues to deliver steady year-on-year growth, keeping us on track to achieve peak sales of over 300 million. With Thora now capturing leading market chain in tea countries, together with Caixiri's strong performance across Europe, are two other important contributors to our European remedy base. This underscores the breadth of our Dermatology portfolio and RBI's position as a comprehensive provider, one-stop shop for diverse dermatological needs. We've built our strong presence in the medical dermatology field throughout the year. In addition to participating in major events, such as the 2025 annual AAB meeting, we reinforced our presence at the 2025 European Academy of Dermatology and Venerology Congress in Paris. Our contributions include 44 scientific abstracts two expert-led symposia, and the presentation of two-year positive study data on Illumetri as a late-breaking abstract. On the clinical side, we are excited to share that the anti-IL-1 RAP antibody has entered Phase II for intrathelitis superlative. We also plan to start Phase II studies in the upcoming months for the other proof-of-concept acids. CAR will soon provide a full update on the recent developments in our pipeline. Please move on to slide 7 for an update on our biologics portfolio. In the first nine months of 2025, Illumetri generated $171 billion in net sales, marking a steady 12% growth year-on-year. We remain on track to achieve over $300 million in peak net sales, even as the product and the class start to reach a more mature stage in its growth curve. Pneumetri continues to be well positioned in the psoriasis market, keeping its market share and consolidating its position as a leading prologue within the leading anti-ALT entity class. The successful launch of the 200mg formulation provides greater dose inflexibility for patients, enhancing its competitive positioning and supporting long-term growth. In addition, two-year positive study data presented at the 2025 EADB highlights that followed long-term value and the overall impact on patient well-being. Please move on to the next slide on Eclipse highlights. We view Eclipse as one of the most successful atopic dermatitis launches in recent years, since we gained approval in Germany in December 2023. It has quickly become our second best-selling product. Meanwhile, the advanced therapy segment within the atopic dermatitis market in EU5 continues to expand rapidly, growing at an annual rate of around 30 percent. Sales for the first nine months of the year nearly quadrupled year-on-year to 75.5 million, while QC sales reached 31 million. Our focus execution has delivered solid quarterly growth momentum as European markets are scaling at a healthy pace following launches in most countries, with Portugal and Ireland undergoing negotiations. Encouraging early fractional market share uptake are evident across Europe's geographies, building confidence in EFTI's growth trajectory and positioning it as a key driver for future expansion. It is important to note that could reimburse reflects the higher net need in atopic dermatitis and the value healthcare systems place on innovation. We are continuing to expand and increase brand awareness across multiple markets within the first year, with which we are very pleased. In terms of clinical advancements, our collaboration with Lilly remains highly productive, fostering valuable knowledge exchange that drives on-going market development. At EADB 2025, we presented numerous study results on Levitizumab, reinforcing our commitment to advancing care in a complete manner. This included newly-enrolled evidence from the AD LIFE study, long-term extension data up to three years, patient-reported outcomes, and safety analysis. Collectively, these results highlight rapid symptom relief for sustained efficacy, further the differentiated profile. Let me turn it over to Karl for an update on our .