Recordati Industria Chimica e Farmaceutica S.p.A.

Good afternoon. This is the Corus Call Conference Operator. Welcome and thank you for joining the Recordati First 9 Months 2023 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Miss Lucia Abastantuoni, IR Specialist of Recordati. Please go ahead, ma'am.

Thank you, Judith. Hello, everyone, and thank you for attending the Recordati conference call today. I'm pleased to be here with our CEO, Rob Coleman, and our CFO, Luigi Lacorte, who will present first nine months 2023 results. They will run you through the presentation. As usual, the set of slides is available on our website in the investor section. I will now give the floor to Rob. Please go ahead.

Thank you. Thank you, Lucia. And good afternoon, ladies and gentlemen, and thank you for having joined our nine months conference for 2023. And I'm happy to say that we've been able to continue to deliver double-digit organic growth throughout our business, in both our businesses, specialty and primary care, and in the rare disease business, we see this really good momentum of double-digit growth. And this has been achieved notwithstanding fairly strong FX headwinds that we are facing in the recent months, and not just we, anyone exposed to the same geographies. So achieving these results with these strong headwinds is something that gives us great satisfaction. Also, the fact that we've been able to maintain sector-leading margins with EBITDA margin at 38.3% gives us great confidence in the future. Equally important is the ability to transfer and convert the strong revenues to strong free cash flow. And with the free cash flow up $45.5 million versus 2022, and now reaching $391.8 million, we really are very proud of these results. This is a pro forma leverage of 1.9 times EBITDA. Also, in terms of RP, R&D projects, we see very good progress. We are progressing to plan with SIGNIFOR, with CASIVA, with REC559. And with the planned launch of in China, that actually will probably still happen this year, and the filing for the NBA in China has also been filed in September. And consistent with our ambition to strengthen, in a moderate way, our ability to drive affordable innovation, specifically life cycle opportunities in our own portfolio, We've been able to appoint Milan Stravkovic as our head of R&D, executive vice president of research and development, and has joined a couple of weeks ago. And I'm confident that his expertise and track record will help us on our journey of maximizing the opportunity for our own portfolio at a limited expense going forward. And thanks to all of his excellent business performance to date, the strong momentum of the business, I'm very pleased to say that we're expecting to deliver our results for the full year of 2023 at the high end of our guidance. And based on solely our organic portfolio already, we expect to exceed the targets that we set earlier this year in February for 2025 as well. I will now leave the floor to Luigi to give a little bit more color to our first three-quarter results.