Almirall, S.A.

Good day and thank you for standing by. Welcome to the Admiral Full Year 2025 Earnings 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 the 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 Dibason, Head of Investor Relations. Please go ahead.

Thank you very much, Sandra, and good morning, everyone. Thank you for joining us for today's quarterly earnings update and review of Almirals' full-year financial 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, Carlos Gallardo, Chairman and Chief Executive Officer, John Garay, Chief Financial Officer, and Carl Sigabar, Chief Specific Officer. Carlos will start with the guidance and business highlights of 2025, followed by an update specifically on biologics and the key growth drivers of our medical dermatology portfolio. Carl will provide you with an update on the pipeline and R&D programs. John will then walk through the financials before Carlos concludes the presentation, and we open for questions. I will hand over to Carlos Gallardo, our chairman and CEO. Please move to slide number five.

Good morning to everyone in the call. Before turning to the highlights of the year, I'm pleased to report that we met our 2025 guidance in line with our mid-term outlook. For 2025, we guided for net sales growth of 10 to 13% and delivered closer to the upper end with 12.4%, bringing net sales to 1,108 million. On profitability, we expected everything in the range of 220 to 240 million, and we closed the year at nearly 233 million, comfortably within the range. Turning now to 2026, I'd like to share our guidance, which remains aligned with our medium-term targets. We expect net sales growth of 9% to 12%, and EBITDA in the range of $270 million to $290 million. With that, let's revisit our midterm guidance on the next slide. We are pleased to reiterate our midterm guidance, which remains unchanged. Between 2023 and 2030, we expect to deliver a double-digit compound annual growth rate in net sales and reach an EBITDA margin of around 25% by 2028. Together with the new 2026 guidance, this confirms our confidence in both short and medium term. Please turn to the next slide on the 2025 highlights. Almirai delivered solid performance in 2025, in line with our expectations. exceeding for the first time 1 billion euros in net sales. Growth is supported by successful commercial and operational execution, particularly in the sales and biologics. We continue to deliver innovative treatments, broaden access for patients, and support our physician community. Illumetri continues to deliver steady growth, reaching 234 million in sales, and is on track to achieve peak sales of over 300 million. Eblis maintained a strong momentum during 2025, as the rollout is now complete in all key European geographies, and these markets begin to scale. The good performance reinforces our confidence in the product's positioning and growth potential. Regarding our products, Winthora keeps its leading market share in key countries, while CliCity maintains a strong performance across Europe. During 2025, we have focused on continuing the development of our strong presence in the medical dermatology field. We presented at major events such as the 2025 annual AAD meeting, and we reinforced our presence at the 2025 European Academy of Dermatology and Venerology Congress in Paris. On the clinical side, we're excited about the new developments in our pipeline. We have initiated three phase two proof of concept studies, and three other POC studies are on track to enter phase two in the upcoming quarters. Most of these assets are either first or best in class. CAR will soon provide a full update on the recent developments in our pipeline. Please move on to slide 9 for an update on our biologics portfolio. In 2025, Illumetri net sales reached $234 million, representing a steady 12% year-on-year increase. The brand continues to perform consistently and we remain firmly on track to deliver the more than 300 million pixels in excess. Even at both the product and the IR23 class move into a more mature phase of their growth cycle. Illumetri remains well positioned within the psoriasis market, maintaining its market share and remains one of the leading therapies within the class. A successful launch of the 200 milligram formulation thereby strengthening the product's competitive profile and supporting long-term growth. Additionally, the two-year positive study results presented at EADB 2025 further demonstrate Illumetri's long-term value, highlighting meaningful real-world benefits in patient well-being and reinforcing the product's clinical and commercial relevance. Please move to the next slide on EPLIS highlights. Eblis continues to be the most successful atopic dermatitis launch in recent years. Since its approval in Germany in December 2023, it has quickly become our second best selling product. The advanced therapy segment in India across the EU five nations continues to expand rapidly at around 30% growth annually. Full-year sales more than tripled to 111 million, up from 33 million in 2024, reflecting the successful European rollout, with healthy scaling across all key markets and encouraging early traction in new country launches. This gives us strong confidence in Eblis as a major growth driver in the coming years. Patient and physician acceptance, along with good commerce and operational execution, have been key elements to achieve this result. Clinically, our collaboration with Lilly remains highly productive. At EADB 2025, we presented a wide set of labrachytum update, including real-world evidence, long-term results up to three years, patient-reported outcomes, and safety data, all showing rapid and sustained efficacy and reinforcing its differentiated profile. Please turn over to the next slide. We are working closely with our partner, Lilly, to build a growing data set for EGLIS through a series of synergistic post-phase three studies on delivery. The objective is to strengthen the evidence base through lifecycle management, supporting broader patient access, expanding our market presence, and exploring additional indications for these advanced treatments. As part of this effort, Almeida recently initiated a new phase three study in pneumo-rexema, Carl will provide you with additional details in the following section. Additionally, we will be conducting a face-to-face study to further strengthen the profile of the product. Let me turn it over to Carl for the pipeline update.