Fagron Sa Ord

Hello and good morning, everyone. Welcome to Fagron's H1 2026 results webcast. I'm joined today by our CEO, Rafael Padilla, and our CFO, Karin de Jong. Rafael will start by discussing the company's performance and a closer look at regional developments. Kenny will then walk you through the financial results. We will open the floor for questions at the end of the session. With that, I will hand over to Rafael.

Thanks Ignacio and good morning all. We're pleased to report a strong performance with revenues reaching 552 million euro. This reflects 3.1% organic growth at CR, 7% when normalizing the GLP-1 effect. Growth was driven by brands, Latin America, V&E North America and EMEA. Profitability grew by 12.7% to 107 million euro. The margin of 19.4% reflects an improvement in both EMEA and Latin America and temporary effects in North America Pacific Compound Services. On M&A, we closed the acquisition of Amber in Singapore and Malaysia, completing five acquisitions across all regions in 2026. We also entered into a collaboration agreement with NutraConnect in Asia, which will complement our Nutraceutical platform. integration of earlier announced acquisition remains on track. We have also appointed Amy Jones to lead the North American Pacific region. Finally, we're also reiterating our full year guidance of mid to high single digit growth at CR and an adjusted EVDA margin of around 20%. Moving on to the regions, in EMEA, Performance was led by brands on the back of continuous strategic focus while essentials remain balanced. We saw again strength in compounding services through high demand for key therapies and our focus on operational excellence translated into better availability and procurement savings supporting both top line and margin expansion. During the period, we completed the acquisitions of Pharmavit, Machilab and Amber and are working on integrating them into the group. Pharmavit and Machilab will strengthen our European platform and enhance our market positioning, while Amber will help us further expand our footprint in Asia. Finally, we continue making progress in our capacity expansion project in the Netherlands. In Latin America, Strong organic performance was led by the successful execution of our commercial strategy. In brands, our global R&D center in Brazil continues to be the engine of our global innovation. During the period, we completed the acquisition of Puri Pharma and Vepacum. Like Inimia, synergies and efficiencies during the integration process supported the region's profitability. In North America Pacific, performance was led by brands and essentials, together with contributions from CareFirst and UCP. Revenue growth in B&E was driven by new customer wins, improved product availability, strong essential sales, and continued operational improvements. Compounding services was affected by the normalization of GLP-1-related revenues and an industry-wide IV back record. Henthal Wellness continue to deliver solid growth driven by high demand for personalized therapies and new product launches. On M&A, over the last 18 months, we have done 17 deals across all regions. So far, all previously announced acquisitions have been completed except for Intraplast. During the first half of this year, we have focused our effort on integrating this successfully. Our teams have achieved significant synergies during the integration process, as shown in EMEA's and Latin America's margin performance. We will continue to benefit from further synergies during the integration process, which usually lasts 18 to 24 months. In H1 2026, M&A contributed around €69 million to the overall group revenues, with all acquisitions performing as expected or better. and as Karin will comment, our balance sheet continues strong and we remain open to exploring more opportunities across our regions and categories while maintaining a disciplined approach. On our expansion projects, as announced during our CMD in April last year, we plan to add 500 million extra capacity by 2028. In the Netherlands, the Sterl facility with a 15 million euro capital investment has a revenue potential of 15 million euro. In North America Pacific, our new 503A Tampa facility is already online with extra revenue potential of $100 million, while Wichita and Las Vegas, both 503Bs, are ongoing with a combined capex of around $68 million and revenue potential of $350 million. all expansion projects are currently progressing as planned. The additional capacity positions us to successfully capture future growth opportunities. Moving on to the health and wellness activities, we have received a lot of questions regarding peptides, especially after the hearing that took place last week where the PCAC recommended the FDA six peptides for inclusion in the 503A books list. Given our existing infrastructure and our proven track record, inclusion in the 503A books list will be an overall tailwind. The time to market is variable and can range from six to 18 months post inclusion, depending on various factors such as qualifying the right API suppliers and performing validations. And finally, on our North America Pacific leadership team, Amy Jones has been appointed area leader after being instrumental in transforming our B&E business. She brings 15 years experience in pharmaceutical compounding and will help scale the region to the next phase of growth. Additionally, building on our existing quality infrastructure, we're happy to announce the appointment of Kenneth Bonnell as the Global Head of Quality. Ken brings over 30 years of experience working in the industry across quality systems, quality assurance, regulation and compliance. With this, we hand over to Karin.

Thank you, Rafa. Good morning, everyone. Thank you for joining this call and let me walk you through the first half of the 2026 financial results and provide more color for the full year 2026. In H1 2026, revenues increased by 16% on a reported basis to 552.5 million, driven by acquisitions and organic growth in the regions. Cross-margin decreased by 218 basis points year-on-year driven by acquisitions and change in North America-Pacific product mix. Our operating expenses increased by 10% year-on-year owing to our recent acquisitions, though as a percentage of revenue, they decreased by 230 basis points. At a group level, our profitability margin decreased by 60 basis points year on year to 19.4%, mainly due to lower production volumes in compounding services in North America Pacific. We maintain our strong cash generating capabilities as operating cash flow improved by 10.8% year on year to 58.1 million for the first half of the year. And lastly, our net debt to EBITDA ratio increased to 2.1 times, largely because of payments for acquisitions. However, it remains below our internal threshold of 2.8 times. Moving on to the next slide, the bridge illustrates our revenue development for the first half of 2026. EMEA reported a solid 4.1% organic growth at constant exchange rates, while LATAM America posted an 8% organic revenue growth at CER, supported by strong performance of brands in Brazil. North America Pacific revenue was largely flat, growing at 0.2% organic at CER, where a strong performance in the brands and essentials was offset by soft compounding services. Our recent acquisitions contributed 68.7 million to the revenue. And FX during the period was a headwind, mainly in the US due to the weakening of the US dollar. On the right side, our P&L shows a 16% revenue increase together with our adjusted EBITDA growing 12.7%. Depreciation and amortization increased by 27.6% year on year due to the recognition of acquired intangible assets on a larger asset base reflecting both the acquisitions and continued investments in capacity and R&D. Our financial costs increased versus last year driven by increased debt because of funding of the acquisitions and higher interest rates on our debt. As a result, earnings per share grew by 1.6% to 63 cents for the first half of the year. Turning to the next slide, EMEA, revenue growth reflected a solid organic demand across all categories and countries alongside the contribution from acquisition. Geographical diversification along with a mix of price and volume increase drove organic revenue growth. and looking at the region's profitability, adjusted EBITDA margin expanded by 30 base points versus H1 2025, supported by operational excellence initiatives, sales mix and integration benefits. And as Rafa mentioned earlier, we closed the acquisitions of Pharmafit, Magilab and Amber during H1 2026. Moving on to Latin America, sales increased by 38.7% to 120.5 million, reflecting strong organic growth in brands and contributions from recently acquired companies, aided by a strengthening of the Brazilian REI. Organic growth at CER was 8% and it was largely led by a strong volume growth and recent product launches in brands in Brazil. We achieved a 120 base points adjusted EBITDA margin expansion to 18.6% supported by operational improvement and strong performance of the acquisitions, especially for PACOM. Moving on to the next slide, revenues in North America Pacific grew by 0.4% to 213.2 million. A strong traction in brands and essentials was offset the short-term headwinds in compounding services. Reported growth was also affected by currency movements. B&E continues to grow at a fast pace, mainly supported by operational improvements in product availability, leading to volume growth. Compounding services performance was impacted by the reduction of GLP-1 production at our 503b facility and limited availability of the IV bags. Adjusting for the GLP-1 impact, the organic growth for the region will be around 10%. Our operating costs in the region increased slightly year on year due to acquisitions and ongoing investments. Overall, this resulted in an adjusted EBITDA margin of 17% in H1 2026. Turning now to our cash flow, our business model has several strengths and one of them being the strong cash conversion. Our operating working capital increased by 310 basis points to 16.9% due to the recent acquisitions and higher inventories to support product availabilities in brands and essentials. Operating cash flow increased by 10.8% to 58.1 million and maintenance capex ended at 2.6% of revenue when excluding the one-off projects. Our free cash flow conversion was 40.9% when adjusting for one-off capex. Slightly below our guidance, however, we've seen during full year 2025 We expect it to correct towards the end of the year as working capital normalizes. Moving to our net debt evolution, the bridge shows an increase of 222.1 million in our net debt, growing from 283.3 million at the end of full year 2025 to 505.4 million as of H1 2026. The increase is mainly related to acquisition and working capital movements. As a result, our net debt to EBITDA increased to 2.1 times, however, still below our internal threshold of 2.8 times, giving us ample room to pursue opportunities. So before I hand it back to Rafa, let me go through our full year 2026 outlook. For the group, we are expecting revenues to be in the mid to high single digit organic row at CER. with different dynamics depending on the region, and a profitability margin of circa 20%. We expect maintenance capex to be at 3.5% of revenues for 2026, excluding the already announced one-off projects and investments. I would now like to hand it back to Rafa for his closing remarks.

Thanks, Karin. To conclude, Pagron is a unique, Global vertically integrated company operating in the fast-growing, highly fragmented market of pharmaceutical compounding with a defensive business model, predictable revenues and strong cash conversion. We have highlighted over the years the resilience of our business model and how it is reinforced by our diverse global footprint. This was clearly visible in H1 2026 when excellent growth in EMEA and Latin America more than offset the challenges in North America Pacific. These factors coupled with demographic trends and our emphasis on personalization are the basis of our success. Our quality focus together with our ongoing operational excellence initiatives will optimize our business through global synergies. While a disciplined M&A strategy remains a key part of our growth, sustainability is a paramount priority and a strategic cornerstone for us, as together we create the future of personalizing medicine. Let's open the floor for questions. Thank you.

Ladies and gentlemen, we're now ready to take your questions. If you have a question, please press pound key five on your telephone keypad. The first question comes from Frank Glazer from Proof.com. Please go ahead.

Yes, good morning all. I've got two questions. First of all, on the issue with the IV bag, the supplier, could you elaborate how much did that impact your Q2 or first half results and when do you expect it to be solved? So that's the first question. and then secondly, on the situation in the Middle East, the turmoil. Could you elaborate? How is that impacting your business model? Do you already see inflation on raw materials, APIs or logistical costs? Could you elaborate on that situation? Thank you.

Good morning, Frank. Yeah, so starting with your first question on the Issue with the IV bag. So if we look at North America compounding services for the first six months, we see minus 8%. If we take the GLP-1 impact out of that, which as you all know, normalized, will be around 4% roughly. So this is below the guidance of high single digit, low double digit before any capacity expansion for that segment. So this gap was driven by the availability of the IV bags at our compounding services facility. And so that gap really is driven by, on the one side, the missed sales. You see that impact in Q1 and Q2, but also a CAPA that was initiated by the supplier and triggering a revalidation of us. So we expect to be back in the course of Q3 with the IV bags.

Yes, and good morning, Frank, on the Middle East one. so far we have not seen any disruption in supply so we have as we have discussed before and you always ask the operational questions so thanks for that our product ability is high it's good what we have seen on the raw materials derivating from oil and increase there which of course we have the ability as we also saw with COVID and the previous years that we have the ability to pass the price increase through It's also true that at the beginning of the year we took a strategic move and we also discussed this during Q1 to increase our inventories for key items, mainly for the A items also, again, coming from this oil source.

Okay, that's helpful. Thank you.

Thanks, Frank. Thanks, Frank.

The following question comes from Steng de Maeser from ING. Please go ahead.

Yes, good morning. Thanks for taking my question. I have a couple. Maybe first on peptides. The PCAC hearing showed that support for these peptides is not unanimous, given these drugs often lack some medical evidence and burden to self-medication. Nevertheless, the drive from the industry to grow this segment seems very strong. Can you address any concerns that there won't be unfavorable resolutions down the line, such as adverse results from using these drugs? That's the first question. And secondly, on the profitability outlook of circa 20%, can you decompose that a bit for the different regions? And then lastly, The 503 A to B developments. To what extent are you currently benefiting from this regulatory change that was implemented a while ago? Could you maybe give some examples on where this is boosting your business? Thanks.

Yes, thanks a lot for the question, Stijn, and good morning. On the peptides, you have said it really well. So there are six peptides that were voted for inclusion in the 503 A books list. What's currently happening now is a grave market, an important market from Asia of Finnish goods, and people are self-medicating. So with this initiative, of course, if the FDA votes for it, because the last word is on the FDA, then this market will be regulated, will produce compounded infantry facilities across the country and have adverse effects. Of course, we cannot comment on these ones, as we are not technically capable to do that. We believe that we are well positioned to capture this growth opportunity, as we have a nice network of 503As. We have one in Tampa, as we said previously today, with the capacity of $100 million. We have Kerfirst in the northeast part of the country. And of course, UCP, our last acquisition in the US, in the West Coast, in San Diego. So we are well prepared to capture this growth. And of course, we have a good track record on that.

Yeah, good morning, Stijn. And on your question on guidance for profitability. So the first half of the year, profitability was supported by strong performance in EMEA and LATAM, driven by solid underlying business momentum and also the positive contribution from recent acquisitions and early realization of integration synergies. So for H2, EMEA is expected to maintain its strong performance with further integration benefits still to be captured. It is important to note that while a portion of the readily achievable synergies have already been realized, our integration program typically delivered a majority of benefits over an 18 to 24 month period, providing continued or more gradual potential for margin improvement. For LATAM, we expect you to deliver further margin expansion in H2, supported by favorable seasonal trends, as we always see, and the additional synergy realization of the acquisitions, mainly Purifarma. And now moving to North America, the profitability was temporarily impacted by product availability constraints within compounding services. And as we said, we expect a gradual improvement during the second half as the production capacity is restored again and we recover our volume. So we expect to step up also in North America. So overall, we reiterate our guidance of circa 20% adjusted EBITDA margin for the full year.

And on the last question Stein, on the B2A developments, next to the fact that the underlying market is increasing rapidly driven by telehealth, there are two Thank you very much. substantially our revenues in the U.S. in the upcoming years. Therefore, we took the strategic decision of investing in new capacity. We have explained that on the 503B side of the business, we're bringing $350 million extra capacity in 2028 in both Wichita and Las Vegas. We have identified already 20 items that we want to produce. Of course, we need to go through all the validation steps that you are very much aware of. and at this moment in time, we have already one item being sold and we have five more in the pipeline ready to be launched during the second semester. So of course, when we get those 20 items that we expect to get during next year with extra capacity, this will be a nice tailwind for us.

Thank you. I'll put myself back in the queue because I have some more questions.

The following question comes from Usama Tariq from AVN AMRO or OVHF. Please go ahead.

Hi, good morning team. Thank you for the opportunity. I just have two general questions. Number one, with respect to, for instance, yesterday's press release by Medios, they they are expecting some trouble with regards to their pricing and margins especially in the medical cannabis market I just wanted to indicate I just wanted to ask is there a trend that you are seeing in EMEA or is it something that is only related to the beer and my second question would be with regards to the to the peptide market I mean I apologize for my ignorance, but if something really concludes for Fagron, if it's an opportunity going forward, when would be the earliest that you see some of it flowing into your sales? Would it be more like a 2027 opportunity or 2028? Some clarity there would be really great. Thank you.

Yes, thanks a lot, Oussama. On your first one on cannabis, as you know, for the last 20 plus years, We work together with BMC, that's part of the Dutch Ministry of Health, distributing European scale cannabis. We also repack that one in one of our facilities in the Netherlands. And so far we have not seen any price erosion from that part of the business. And then on your second question on the peptides, After inclusion, that time between now and inclusion, there's uncertainty. As we were discussing with Stan, it's an FDA call, of course. So after inclusion, it will take for us a period between six and 18 months and depends on two things. First is the sourcing of an API supplier, of a peptide supplier, of course, FDA-registered. and the second one, it's all the validation process that we always go through in our compounding facilities.

Thank you. Thank you, Osama.

The following question comes from Michael Heider from Berenberg. Please go ahead.

Hi, good morning from my side. Thanks for Taking my questions, most of them have been answered, but maybe you can shed a little bit more light on the margin in Latam. I was positively surprised, to be honest, to see the progress already in the first half. You already explained that you had early synergies, but maybe you can Yeah, give a little bit more detail here. How much of the synergies have already been seen in the first half? How much more do you expect to come? And how did you manage to realize them so quickly?

Thanks. Thank you, Michael. Yeah, so indeed, what we see in LATAM, but we saw a similar pattern in EMEA that When we exclude the contribution from acquisitions is that the underlying business is performing very strong. So the profitability compared to last year for both regions Thank you very much. strengthened our position in that market. And you see that in the underlying performance of that region. And historically, we guided that it would go towards 19 to 20%, and we're well on track of that. If we then look at the two acquisitions specifically for the Lotham region, we have Purifarma, which is dilutive, as you know. According to our M&A playbook, we've lined out the synergy benefits over a period of time, in this case, 18 months. And of course, on the back of that playbook, we have some early wins on procurements and some cost savings. That's what you see translated. and second for Pacom also performed very nicely in their running business so overall positive for the region and as said we expect a continuation of that in H2 on the back of seasonality that we have in that region but also a further improvement of the performance specifically for Purifarma.

Okay so Purifarma by itself would still be dilutive of course but you're still working on that right?

Yeah, yeah, yeah, of course. So we have usually for all acquisitions an 18 to 24 month period where we work on our initiatives for synergies and so we expect a continuation. So it's not at the level yet.

Yeah. Many thanks. Great.

Thanks.

Thank you, Michael.

The next question comes from Mathijs Geert-Danau from KBCS. Please go ahead.

Hi, congrats on the results. First of all, I had a small question on North American performance, because the organic road was down compared to last year, and I was wondering about what you see in the underlying demand for compounding services there. Thanks.

Thanks a lot, Matthijs. And as we were discussing before, The underlying demand remains strong. We see clear tailwinds. Telehealth is one of the tailwinds. This is also related to the prevention lifestyle market. It's clear that not only in the US, also in the rest of the region's countries, we see that people want to live longer and better. And that's what the prevention lifestyle is about. And personalization plays an important role there. And outsourcing is also a clear tailwind. You see regulation. quality requirements increasing and of course as you know really well Matthijs one of our strategic enablers is quality focus we want to outperform the market from a quality perspective and therefore you see us well positioned to capture this this market growth okay top thanks and you still see the capacity to yeah to to fill all of the capacity capacity that you are building now because yeah that's quite a lot

So a lot of growth will be needed to fill that.

Yes, that's correct. That's a very good question, Matthijs. So next to our current capacity, so what we're explaining 503A, we have three sites, Tampa, brand new, 100 million revenue, Curve First Northeast was in a position, also NEO, Sunny and the rest of the team, they built up a nice facility. We're around 40% there. And then UCP as well. We see a nice facility in the West Coast. in California, so we have capacity on our 3A facilities. And then when you go to the Bs, we have integrated them, as we were discussing many quarters ago. And you have Las Vegas, which is at 85, 90% capacity, the current Wichita one. As we said, during this year, we would reach at 80, 90% capacity, and that's when we start filling the factory. And then, of course, we need to wait for a new capacity. and then of course we have those two facilities that we were discussing before, the new one in Las Vegas and the new one in Wichita, 350 million extra capacity that will be online during 2028 and the growth that will come next year will be coming from our Boston facility, which is at around 40% now. So we have a lot of room for growth there. It's a new facility coming from Prisinius Cabi. So we are well-placed to capture this growth and we have good visibility on the market, on how the market is developing. So we are quite confident that we will fill this capacity in the upcoming years.

Okay, top. Sounds good.

Thanks Matthijs.

Thanks Matthijs.

The following question comes from Eric Wilmer from KEMPA. Please go ahead.

Good morning Rafa and Karin. I also had a question on your EMEA profitability, which I believe came in ahead of expectations. Perhaps this margin was helped a bit by M&A, particularly the margin profiles. Some of your more recent deals may have fueled it, but yet I would expect the usual time it takes to pass on inflationary costs to more than outweigh this, especially given from where you source the majority of your APIs and also basically from the lessons we've learned, I would say, past COVID. And I guess a lot comes down to operational savings from potentially previous deals. So I'm just very keen to understand where specifically you managed to further optimize your operational footprint and squeeze out the sequential improvement for EMEA. Thank you.

Yeah, good morning, Eric. If we look at the EMEA region, they had a strong improvement in profitability if we take out the acquisitions. And if we take out the biggest one that we announced, Varmafit, it has a dilutive impact on the overall margin of EMEA. We see that if we exclude that, that EMEA had strong performance. And it was driven by a couple of elements. We have operational excellence initiatives which are paying off and that's what you see in product availability increase having a direct impact on top line. We see procurement savings having an impact on margins and then we have solid pricing power of our strong position that we currently have in certain markets. So the combination of that we see translated into our Ebenap improvement of the underlying business. On top of that, we indeed have some early synergy benefits from the acquisitions. And as I earlier mentioned, we expect a continuation of that, maybe a bit more gradual over the period, but we do expect to see improvement. As said, of course, we are well positioned when we have price increases on our raw materials to pass them through to our customers. There can be a lagging impact there in the sense that it can take a bit more time but in general we have the experience that we are able to do that so from on the back of that we believe that there's still upside potential for the EMEA margins to increase will of course be at the lower part than for instance North America.

That's helpful, thank you.

Thank you Eric.

Thank you Eike.

The next question comes from Stein de Meester from ING. Please go ahead.

Yes, thank you. Two additional ones from ING. First one may be Falmavit. This has been a somewhat larger acquisition at a below group margin in a relatively new product category, which may also be a little more competitive product category. Can you comment on the integration of this acquisition, where you are in terms of margin, and also uptake of these nutraceutical specific clients? Second question is on the guidance. Maybe the price reaction is today driven a bit by the fact that you need some growth acceleration in the second half, whereby the ID vest issue is expected to persist in Q3. So what gives you the confidence in this growth acceleration and what phasing do you expect over Q3 and Q4 in terms of organic growth?

Thanks. Yes, thanks a lot, Stijn. And the PharmaVid question, which we like a lot because we believe that the nutraceutical products that PharmaVid carries have a, well, we believe, we are certain that it has a huge match with our portfolio across the globe, especially in Latin. When you look at compounding in Latin America, in Brazil, there is a lot of compounding in the nutraceutical segment. So when you make a feed gap analysis with the Pharmavix portfolio, you see an overlap of more than 85%, mainly the same manufacturer's specifications. So the first part of our M&A playbook that we explain in each one of our integrations is let's first Integrated Operations, that's mainly the procurement and the manufacturing, being of course the quality control labs and the repackaging. So this is now ongoing. It's going above expectations. The collaboration with the Pharmavit team is great. Entrepreneurial family, family state, really easy to work, to collaborate. We execute fast good position making and this is very important in this first operational part of the M&A integration playbook as we're capturing there the synergies. So we announced when we acquired Farmabit that the M&A margin was around 14% and as Karin was explaining in the previous question, we have seen an early improvement there, so that's a positive. Second part of the integration, well, of course, there is always an integration phase zero, which is finance, IT, all the admin part, which of course we integrate rapidly. Then you go into the second part of the integration, our integration playbook, which is the commercial part. We already started with that. So we are introducing our branded items into the PharmaVid platform. and this will bring for sure nice revenues and margin developments because the conversations with the customers will be not only on the essentials and the raw materials which of course there's a quality part involved and as you said before there's the competitive price involvement We will also have a more scientific discussion with them. And this is a copy-paste of the Brazilian model, which we have seen giving excellent results. So then we add the brands on top. And then third part of our integration playbook, which is the regional expansion. We have, as we speak, we are planning now a plan together with Eni and Jeroen, who is PharmaVid's business leader, previous owner, and Ronald and Kim, of course. We are now developing a plan to enter the US market, which is the biggest one by far in the nutraceutical segment. And this complements our compound offering, which again, there is an overlap of 85%. So thanks a lot for your very nice question, Stein.

Yeah, and then on the second question, Stein, on the sales guidance, if we look at the different regions, we expect EMEA to maintain its strong momentum, delivering mid single digit percentage of growth for the full year. LATAM is on track for high single-digit growth with potential upside driven by the continued strong execution. And then North America, as you know, was impacted in the first half by discontinuation of the GLP-1 production and the limited IV back availability. Comparison will become more favorable, of course, in the second half as the impact from GLP-1 lapses. We expect compounding service activity to recover gradually with a more meaningful acceleration towards the fourth quarter. As Rafa mentioned, underlying demand remains healthy and our other businesses are performing very nicely, supporting a stronger second half outlook for North America. So overall, we reiterate our guidance for the full year revenue growth in the mid to high single digit range, albeit towards the lower end of that range. Maybe also good to add, our inorganic contribution for the full year is expected to be around mid-teens, with 14.4% reported in the first half of the year.

Thanks. If I can squeeze in one more, I saw some approvals for GLP-1 in Brazil, including from Sandoz. Is that a threat to your weight loss category in that region?

Yeah, that's a really, really good one. We have continuous conversations with the teams. So what we're doing now, and if you go to Instagram, you can follow us in the channel GLP1 support, and it's more generic account. So we are offering to our prescribers a combination of adjacent products or formulas, compounded formulas, personalized or muscular recovery. So we launched a nice brand that's strong. two years ago which works perfectly to regain muscle mass and of course other nutritional branded items that we have in our portfolio supporting the GLP-1, GLP-2 and G-receptors and the acceptance of these new concepts that we have launched to support these therapies as you have just already asked, Stein. It's quite positive and we see it back translating in our results.

that's good to hear thank you very much yeah thanks a lot for the question ladies and gentlemen just as a reminder if you would like to ask a question please press pound key five via telephone keypad

Well, thank you very much for your participation today. I will remain at your disposal should you have further questions. We wish you all a great summer. Thank you and goodbye.

Thank you. Thank you. Bye-bye.