Almirall, S.A.

Good day and thank you for standing by. Welcome to the 2026 first half earnings call of Almarol. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll 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 Vasson, Head of Investor Relations. Please go ahead.

Thank you very much, Sharon, and good morning, everyone. Thank you for joining us for today's quarterly earnings update and review of Almirall's first half-year financial results of 2026. As always, the slides we are using today are shared in the investor section of our website at almirall.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, German and Chief Executive Officer, John Garay, Chief Financial Officer, and Karl Ziegelbauer, Chief Scientific Officer. Karl will start with the business highlights of the first half of 2026, followed by an update on biologics and the key growth drivers of our medical dermatology portfolio. Karl will provide you with an update on the pipeline and R&D programs, and then John will Go 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.

Thank you, Pablo, and good morning to everyone in the world. Amirai delivered a steady first half of 2026, broadly in line with our expectations and the trajectory set out at the beginning of the year. with performance expected to build progressively through the remainder of the year. Net sales reached 603 million, with European dermatology once again acting as the primary growth engine. These results remain broadly consistent with recent trends and our full year guidance. This is why we are reiterating our full year 2026 guidance, with growth expected to pick up towards the second half of the year. Turning to products, Illumetri delivered steady double-digit growth around 125 million in the first half, and remains firmly on track towards peak sales of over 300 million. Eplis generated 84.5 million in the first half, close to doubling year-on-year. I will provide a bit more context on Eplis on the following slides. Among other products, Winthora continues to lead market share across key regions, while Klyceri delivered stable growth overall. We remain closely connected to the dermatology community, strengthening our partnerships with physicians through ongoing engagement at key platforms such as the 2026 American Academy, Skin Academy and European Academy of Dermatology and Venereology Symposium. On the innovation side, we continue to make progress. We have several proof of concept and phase two programs advancing, most of which are first or potentially best in class. The initiation of phase two of our anti-21 monoclonal, IL-21, sorry, monoclonal antibody marks, a key step in our hydranitis superlative strategy. Combined with the IL-1 RAP, now we have two differentiated assets targeting a disease with significant and med need. We also signed a strategic research collaboration and licensing agreement with Certest Biotech, adding further depth to our innovation efforts. Karl will revisit our pilot updates in greater detail. Please move on to the next slide for an update on our biologics portfolio. Illumetri net sales reached 125 million in the first half of the year, marking a steady 10.5 year-on-year increase. Illumetri continues to demonstrate a solid position in the crisis market, maintaining its share within the leading anti-IL-23 class, supported by real-world evidence such as the positive study data presented at the latest AAD and EADP congresses. which continue to highlight meaningful long-term benefits in patients' well-being and disease control. Moreover, we see additional opportunity to further strengthen the profile of Illumetri. For that reason, we plan to initiate the evolved study in psoriasis to study the effect of the 200 mg dose in biologic naive patients diagnosed for less than two years, further reinforcing Illumetri's strong and growing long-term clinical evidence base. Karl will provide additional details on the OCOF study. 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 for Eblis highlights. Since its approval in Germany in December 2023, Eblis has rapidly displayed to become our second largest product. underscoring one of the most successful atopic dermatitis launches in recent years. Second quarter sales reached 43 million, up from around 26 million a year earlier, bringing first half sales to approximately 85 million, close to double the level in the first half of 2025. Despite the positive trajectory of the launch, the performance in the second quarter reflects two factors. First, we must recall that we had a strong performance in the first quarter, which sets a higher base for comparison. Secondly, we experienced some softness in the countries like Germany, where a relatively modest pricing adjustment created a short-term uncertainty, and we may have resulted in some sales shifting from June to July. In addition, we also experienced temporary minor volatility in certain other countries. Overall, we have not changed our mid- and long-term view on Eblis, and we expect a strong clinical profile and continued healthy growth in the AD market to support Eblis sales. While we do not typically like to comment on individual product sales for the year, we are aware that we are the consensus seed for Eblis, and we remain comfortable around that figure. On the clinical side, our collaboration with Lilly continues to support Eblis positioning. with extensive Leiblich-Izumab data, including the long four-year results and the Adorable One pediatric data presented at recent scientific meetings. This week, the EMA admitted the submission of the pediatric indication of EPLIS. In June, the FDA approved the every eight-week maintenance dosing regimen for EPLIS in the U.S. This approval further strengthens EPLIS' profile in atopic dermatitis and supports its long-term competitiveness in the market. We are also conducting the ADHOPE2 trial in Europe, which has the potential to support an extension of the dosing interval to every 12 weeks. I will now hand over to Karl to walk you through our pilot developments in more detail.