Almirall, S.A.

standing by. Welcome to the Emerald First Quarter 2026 Results 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 the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 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 de Barzón, Head of Investor Relations. Please go ahead.

Thank you very much, Matalena. Good morning, everyone. Thank you for joining us for today's quarterly earnings update and review of Almiral's first quarter financial results for 2026. As always, we are sharing the slides we are using today in the investor sections of Almiral.gov. 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 risks, uncertainties, and other factors that may cause adverse results to materially differ from what we are sharing today. Please move to slide 3. Presenting today, we have Carlos Gallardo, Chairman and Chief Executive Officer, John Garay, Chief Financial Officer, and Carl Sigelberg, Chief Scientific Officer. Carlos will start with the business highlights of the first quarter, followed by an update on biologics as 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 you through the panaceas 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.

Thank you, Pablo, and good morning to everyone in the call. Almirai delivered steady performance in line with our expectations and market consensus in the first quarter of 2026. The results reflect the high competitive base in the first quarter of 2025, which was boosted by divestments, alongside a minor revenue-facing effects across quarters. It was anticipated and flagged at the 2025 full-year results presentation. Excluding the different effects, growth remains in line with the guidance and with the recent trends. being last 12 months net sales growth of 9% as of Q1 2026, consistent with our 2026 guidance. Which is why we remain comfortable reiterating our guidance, with growth expected to be driven by our biologics, as well as the strength in our core medical dermatology business. Growth this quarter is underpinned by effective commercial and operational execution, led by solid biologics performance in medical dermatology across Europe. We also continue to advance innovation, broaden patient access, and support the physician community. Turning to products, Illumetri delivered steady double-digit growth, reaching 62 million in sales and remains on track to peak sales of over 300 million. With 42 million in net sales, every momentum picked up in the last quarter following completion of the rollout across growth prospects. Among other products, Winthora continues to beat market share across key regions, while Glycine delivered stable sales growth overall. We remain highly active within the medical dermatology community, continuing to strengthen our presence in the field. At the 2026 American Academy of Dermatology Annual Meeting, we presented more than 15 posters featuring new data across atopic dermatitis, alkenic keratosis, and acne. Earlier in the year, Amirai hosted the 17th edition of Skin Academy, bringing together leading global experts in medical dermatology, focusing on the latest advances in atopic dermatitis and the importance of individualized treatment in psoriasis. We are encouraged by our pipeline developments, with three proof-of-concept studies currently in Phase II and a further three more POC studies on track to begin Phase II over the coming quarters. Most of these assets are either first or best in class. Our B-specific antibody targeting atopic dermatitis has progressed into phase one, and we recently entered a new collaboration with WHOA-OTA to advance the development of a monoclonal antibody with potential applications across multiple indications within medical dermatology. Carl will revisit our pipeline in greater detail. Please move on to the next slide for an update on our biologics portfolio. In the first quarter, Illumetri net sales reached 62 million, marking a steady 12% year-on-year increase. The two-year positive study results were presented at both the 2026 American Academy of Dermatology Annual Meeting and 2025 European Academy of Dermatology and Veterinology Congress. The data continue to highlight Illumetri's long-term value, demonstrating meaningful real-world benefits in patients' well-being Elements. Illumetri continues to demonstrate a solid position in the psoriasis market, maintaining market share in the leading anti-Io253 class. Performance remains consistent, and we therefore continue to be firmly on track to deliver over 300 million in peak net sales, even as both the product and the class enter a more mature phase of the growth cycle. Please move to the next slide on Ably Hype. Since its approval in Germany in December 2023, Evry has rapidly scaled to become our second largest product, underscoring one of the most successful atopic dermatitis launches in recent years. This outcome reflects a strong patient and physician adoption, supported by solid commercial and operational execution. At the same time, the advanced therapy segment in atopic dermatitis across the EU5 continues to expand at around 30% annually. First quarter sales more than doubled to 42 million from 19 million a year earlier, driven by the successful European rollout and continued scaling across key markets. EPLIS has already achieved double-digit market shares in several strategic regions, alongside encouraging early traction in new country launches. This underpins our confidence in EPLIS as a major growth driver in the years ahead. We aim to become a first-line treatment and capture increasing market share. We are confident in the product's potential, targeting the elder 13, as it is the predominant interlocking in AD patients, and there is a broad number of clinical studies validating the product's good efficacy, which is the main factor in picking the most adequate treatment. Our clinical collaboration At the 2026 American Academy of Dermatology annual meeting, Amirai presented extensive Levikithium-up data, including 80 long results showing durable disease control for up to four years. Prior to that, Lilly published their AdorableOne pediatric study data, demonstrating significant screen clearance and improved disease severity children with moderate to severe atopic dermatitis. Please turn over to the next section for Carl to explain our pipeline developments in more detail.