Galderma Group Ag U/Adr

Good day and thank you for standing by. Welcome to Galderma's 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 with financial analysts. To ask a question during the session, analysts connected on the telephone conference call will need to press star 1 and 1 on your telephone and 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, today's conference is being recorded. I'd now like to hand the conference over to Emil Ivanov, Head of Strategy, Investor Relations and ESG, to introduce the call. Emil, please go ahead.

Thank you. Welcome to Goderma's third quarter of 2026 trading update call. The press release was published today at 7 a.m. Central European time and can be consulted on our corporate website at any time. Today's presentation slides, as well as a recording of the webcast, will be made available on our website after the call. Please be advised that today's presentation contains forward-looking statements, which should be treated with the appropriate level of caution as detailed on the slide. Let me now introduce today's webcast. Dr. Flemming Onskov, CEO of Goderma, and Luigi La Corte, CFO, will provide performance updates for the first nine months of the year and discuss the outlook for the full year. After the presentation, Flemming and Luigi will be available to answer questions from financial analysts before Flemming provides his final remarks to close the webcast. With this, I would like to invite Flemming to start with Galderma's highlights for the third quarter of 2026. Flemming, over to you.

Thank you, Emil. Good morning, good afternoon, and welcome to Galderma's third quarter 2026 trading update webcast. It's a true pleasure to be here today to discuss Gilderma's continued momentum across the business and the strength of our proven integrated dermatology strategy. As usual, none of this would be possible without the dedication of our teams around the world. With execution against our three strategic pillars, we are driving growth across the core portfolio, complemented by innovation, and further increasing penetration in fast-growing markets. We also continue to take steps to expand our portfolio and further strengthen our dermatology platform. First, organically, with progress of our innovative pipeline, we're starting new indications for nemolizumab, progressing our biostimulator, clinical acids, and developing new innovation for Cetaphil and for elastin just to name a few examples. Second, we continue to explore external innovation that would benefit from the globally scaled integrated dermatology platform that we have built. Our recently announced agreement to acquire Zio Skin Health is a prime example. It represents a highly strategic and financially attractive addition to Galderma's business. As a leading science-based physician-endorsed skincare brand, CO Skin Health is a very strong strategic fit. Its portfolio and global presence, complementary to Elastin's, would enable us to expand our dermatological skincare offering in the attractive, fast-growing physician-to-spend skincare segment. CO's daily regimen and targeted prevent and correct portfolio complements Elastin's offering more focused on pure procedure skin care. CO's broad commercial footprint also complements elastin's. CO covers a high breadth of accounts, extending Gilderma's existing reach for both elastin and injectable aesthetic. CO also brings a strong leadership position in the US and in international markets, including Canada, Japan, the UK, and the North. Galderma is particularly positioned to unlock value with zeal. Our integrated dermatology platform provides complementary synergies and scale. We can leverage our proven tech record of supporting innovative, science-led brands with research and development, skin care education, commercial capabilities, and geographic expansion. It also represents an attractive financial profile. With appropriate growth investments, We aim to return Zio to a growth trajectory as of the second year. We intend to follow the successful blueprint of our Elastin acquisition, protecting Zio's fundamentals while integrating it into our global dermatology platform. This represents a strong proof of our value creation capabilities. Luigi will provide more details later. For the first nine months of the year, Galderma delivered record net sales of 4.765 billion US dollars. Performance was particularly strong in therapeutic dermatology across both Nemluvio and the mature portfolio, as well as in dermatological skincare and in neuromodulators. Net sales year-on-year growth was 25.1% at constant currency, with broad-based double-digit growth across the portfolio. We continue to outperform the market in each product category supported by resilient market conditions that were ahead of expectations. We continue to benefit from sustained consumer demand and preference, particularly through our premium positions in injectable aesthetics and in dermatological skin care. We're raising full year guidance on net sales up to 22.5 to 23.5 growth year-on-year at constant currency. We are also confirming our core EBITDA margin guidance for the full year of approximately 26% at constant currency. Let's now look at performance highlights for the third quarter by product category. In injectable aesthetics, we continue to build on our strong trajectory, driving expansion across the portfolio while reinforcing our leadership in science, in education, and in commercial execution. On the portfolio expansion front, we continue to strengthen our leading positions in neuromodulators with Wellfides. In the first launch market, the majority of patients continue to be either new to the category or switching from competitors. We're also further broadening our geographic footprint with regulatory filings ongoing in additional territories. In the US, following the FDA's complete response letter in June and a recent Taipei meeting with them, we are now targeting a resubmission in the first quarter of 2027 subject to further regulatory feedback. We're strengthening our chin augmentation offering with the launch of Restylane Shape in Europe together with new proprietary injection techniques. At the same time, we continued the geographic expansion of Sculptra with additional launches in Southeast Asia. Alongside this expansion, we continue to execute with a strong focus on our leadership in both science and education. Positive phase three data for Restline Volume in Tempo Hollowing support our plans to expand in China while further strengthening the clinical evidence behind the Restylane portfolio. This year also marks 30 years of Restylane, providing an opportunity to reinforce its longstanding track record and its proven safety profile. And we continue to expand the evidence supporting our portfolio in skin quality, aligned with World Menopause Day on October the 18th, We highlighted interim investigator-initiated trial results showing progressive improvements in hydration, skin barrier function, and skin quality with Restylane Skin Booster and Sculptra in menopausal women. In dermatological skin care, we significantly outperformed the market, driven by strong execution across our flagship brands. For Cetaphil, we maintain our focus on international markets and disciplined executions against three fundamentals. Strong core brand equity, anchored in superior science for sensitive skin and dermatologist recommendation. Prioritizing the core portfolio and driving locally relevant activation. The strength of our established portfolio remains a key driver of performance. While we continue to support innovation, more than 60% of Cedarfield's global growth in the first nine months came from the core portfolio. This was supported by locally tailored campaigns with particularly strong activation in fast-growing international markets. With Elastin, we remain focused on the attractive period procedure opportunities. Where we are sold the brand remains the number one preferred option among physician-to-spend skincare brands overall and for procedure pairing. In addition, brand familiarity among healthcare professionals grew 25% compared to last year. We also continue to innovate with the US launch of restorative eye complex with TriHex Plus technology. In therapeutic dermatology, Nimluvio is approaching leadership in Perigulo Nodularis in the US and continuing to ramp up in atopic dermatitis. In the US, Nimluvio shows healthy and growing underlying demand supported by increasing prescriber confidence and disciplined commercial execution. The majority of patients continue to be new to advanced therapies across both indications. In Perigulo Nodularis, Our rolling six-week market share is trending at approximately 45% of paid new patient starts and 37% of total paid prescriptions. In atopic dermatitis, we're trending at approximately 9% and 5% respective. We also continue to broaden Mluvio's global footprint with approvals across both indications in more than 40 countries and further reviews are ongoing. Alongside this strong commercial momentum, we continue to invest in Nemluvio's future growth virus. New three-year Arcadia long-term extension data reinforced its durable efficacy and favorable tolerability profile in atopic dermatitis. Nemluvio is the first therapy to demonstrate freedom, yes, freedom of itch, further reinforcing its recognized differentiation in itch relief. The data also supports positioning of a strong skin clearance profile with sustained improvement through three years. Recently published patient-reported outcomes from a Phase II study of nimalizumab in children aged 2 to 11 with moderate to severe atopic dermatitis showed meaningful reductions in its severity, showed better sleep, and showed improved quality of life maintained for a year. Over the next month, We are planning to file a US submission in pediatric dermatitis in the US following clinically meaningful late-breaking data that we presented in the first quarter. In addition, we continue to explore opportunities across additional potential indications. With that, I'm pleased to hand over to Luigi to provide more details on our performance.