H Lundbeck A/S B

Ladies and gentlemen, welcome to the Lombeck SA Financial Statements for the first six months of 2025 conference call. I'm Iruna, the course call operator. I'd like to remind you that all participants will be listening on remote and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Charles Van Zyl, President and CEO. Please go ahead, sir.

Good morning, everyone, and welcome to our first half results for 2025. And I want to, at the outset, also thank you for your flexibility to join the call at relatively short notice. Of course, we are very pleased with the good news we're delivering today to you. And it's, again, in my view, a very strong validation of our focused innovator strategy. So if we go to the next slide, please. So as part of our forward-looking statements and disclaimer, of course, what we discussed today is subject to change. Then if we could go to the next slide, please, just to orientate you to the agenda today. We will be, of course, I'm joined here by my leadership team who are really behind these results that we are showing to you today. We will be joined by our head of geographies, Tom Gibbs for the US and Michela for Europe International Operations. And our pipeline and portfolio view will be shared from you with Johan. our head of R&D, and of course Maria, who is our head of corporate and commercial strategy. And of course, the end will be concluded with Jörg giving us context around our financial results. So if you go to the next slide. So, of course, you know, the headline says it all. We are seeing a very strong momentum that is continuing over the quarters of our strategy. These strong results really also lead us now to an upgrade in our earnings today. And as I said from the outset, it is really a strong validation of our focused innovator strategy. And the strategy has really these three pillars, growth, innovation, and how we fund that journey going forward. On the growth side, again, this comes from really disciplined strategic execution of our key assets, our strategic assets across all our key geographies. And you can see that clearly in the revenue of 14% and our strategic brands at 21% growth. which make up 77% of our total portfolio. And standing out there would be VIEPTI at 56% and Rexalti at 28%. So really the efforts we have put in place over many quarters of sustaining that growth, investing in that growth in our commercial model is certainly showing us durable results across all our key strategic brands. When we think about innovation, again, what I would like to headline for you here is that we are seeing certainly an advance now in the pipeline. We have a mid-stage pipeline that is between five to six assets in the stage of phase two or three as we go into 2026, which are really important drivers of our strategy for the long-term sustainable growth strategy. of the company. And of course, we have a strong foundation in neuropsychiatry, but I will just highlight a few points on the scaling of our neuro specialty position. We're expanding our filing in Asia for VIEPTI, already starting in South Korea and others to follow in this quarter. We are also, of course, advancing anti-pay cap into phase two. And we have also today a discussion that will be led by Johan and Maria to highlight for you also our D1-D2 agonist in the space of Parkinson's and symptomatic treatments in Parkinson's. So that's building a very strong neuro-specialty position. We're also, of course, expanding into the neurorare space with high unmet need areas, there being Bexecastrin, as well as Amlenituk, with a lot of focus there on our clinical execution and enrollment of the phase three studies, while at the same time, we're starting to do early work on launch preparation for these assets. Now, the third component of the strategy is really our funding. And of course, here, again, I would say this is something we've consistently spoken to you about, but we also see with a capital reallocation potential that we can increase that based on what we know now to 1.3 to 1.5 billion by 2027. And these programs are really there to essentially fund either more innovation or more growth of the portfolio going forward. So with that, of course, it leads us to today's discussion around the guidance and that we have, of course, been able to upgrade the guidance today, both on revenue and adjusted EBITDA, based on what we've reported in our press release today. So this, again, confirms for us that we are in a solid position, strong fundamentals in place. And with that confidence, we feel we have really seen strong proof points of our focused innovator strategy going forward. So to talk more about the assets and the performance of the strategic portfolio, it's my pleasure to, of course, hand over to Tom Gibbs, our head of the U.S. operations. Over to you, Tom.

All right.