Gedeon Richter Ltd S/Gdr

Good morning, ladies and gentlemen.

Welcome to Gedo and Richter's conference call about fourth quarter 2025 results. My name is Robert Reti. I'm Head of Investor Relations at Richter and it's my pleasure to welcome our speakers today. Gabor Orbán, our Chief Executive Officer and László Kovács, our Chief Financial Officer. Before we start, let me just quickly walk you through the usual technical details. We will be following presentation slides what we published this morning and what is downloadable at our website getonrichter.com. The formal presentation will be followed by the usual Q&A session where you will have a chance to ask questions either using the raise your hand functionality of Microsoft Teams or if you put your question into the chat box. The call is recorded And finally, let me draw your attention to the cautionary statement on the last presentation slide. This is about the forward-looking statements which may be included in today's discussion. And with that, let me hand it over to Gabor and Laszlo, who will present the details of the last three months and the full year. Thank you.

Good morning, everyone. Thank you for joining this call today. Before we dive in, into the details allow me to make a few high-level remarks on 2025 which was a challenging year to live through and it was marked by geopolitical risks throughout the year including the prospects of tariffs and trade war generally and the efforts of the new US administration to reduce prices of innovative drugs in the United States. The dollar was also much weaker than previously. That in conjunction with the Huff being stronger made our lives quite a bit The year end brought very significant reliefs and positive changes to all of this. To begin with, the discussions around the price pricing of innovative drugs settled at a level which is manageable, which meant that our partner AbbVie, who have continued to do a tremendous job at making this drug known and available to a wide range of individuals in the United States, AbbVie did not to adjust their long-term guidance. And I think that was a major event in November. It gave us and I think it had to give you also a lot of confidence around future cash flows in the next couple of years. Secondly, we managed to extend the exclusivity period for Vreinar by an additional six months which means that we have exactly four more years of the exclusivity period left to go. We have hoped throughout the years that this would be possible but there was always the risk that it for whatever reason it couldn't be and I think the pricing out of that risk is a significant step also for us in terms of