Recordati Industria Chimica e Farmaceutica S.p.A.

Good afternoon. This is the conference call operator. Welcome. Thank you for joining the Recordati First Half 2025 presentation conference call. As a reminder, all participants are in listening mode. After the presentation, there will be an opportunity to ask questions by pressing star 1 at any time. Should anyone need assistance due to the conference call, you may signal an operator by pressing star and 0 on the table. At this time, I would like to turn the conference over to Eugenia Leeds, Investor Relator. Please go ahead, madam.

Thank you, and good afternoon, everyone. I'm pleased to be here today with Rob Cormans, our CEO, and Luigi Licorte, our CFO. Together, they will present results for the first half of 2025. Also joining for the Q&A session will be Alberto Martinez, Executive Vice President of Specialty and Primary Care, Scott Pescatore, Executive Vice President of Rare Diseases, and Milan Droskovic, Executive Vice President of R&D. As always, the presentation is available in the Investors section of our website. It is now my pleasure to pass the call over to Rob. Please go ahead.

Thank you, Eugenia, and good afternoon, and thank you for joining us today. We are very pleased to share our good results for the first half of 2025. beginning with net revenue of 1.32 billion, an increase of 11.7% compared to the previous year, or 7.8% like for like at a constant exchange rate. This reflects an adverse FX impact of minus 2% in the first half, mostly from the Turkish lira and increasingly from the U.S. dollar. This performance demonstrates continued momentum across specialty and primary care, which increased by 5.1% like for like at a constant exchange rate, and rare diseases, which grew by 12.8% like for like at a constant exchange rate. Robust top-line performance and operating leverage, partly offset by higher investments to support the expanded approval of Vistariza for Cushing syndrome in the U.S., integrating of NGMO, and for continued geographic expansion, resulted in EBITDA margin of 37.5%. Adjusted net income was 327.8 million, up 8.9% from the previous year, reflects higher operating income partially offset by a higher tax rate. And with a strong free cash flow of 256.8 million, with higher EBITDA partly offset by working capital absorption and income tax paid, leverage at the end of the quarter was just below 2.3 times EBITDA pro forma. During quarter two, we announced the signing of the licensing and supply agreement with Ameren to commercialize Vaskepa in Europe, further strengthening our cardiovascular franchise, and I will provide more details on the next slide. As for R&D, I'm very pleased to highlight that the clinical trial for dinutuximab beta for Ewing sarcoma has been initiated in the second quarter. And finally, I'm glad to confirm our full year 2025 financial targets, despite increased FXF wins, as the positive momentum of the business is expected to continue. Now to provide some additional details on the Vaskepa transaction. Baskepa is an approved product indicated to reduce the risk of cardiovascular events in statin-treated adult patients with high cardiovascular risk. It has a patent protection in Europe up to 2039. It has been approved in 2021 in the EU and in the UK in 2022 in Switzerland. based on the Reduce IT or Reduce IT phase 3 cardiovascular outcomes trial. This trial included over 8,000 patients and demonstrated statistically significant and clinically meaningful results. We believe ASCEPTA is a great strategic fit and complements our existing SPC business and cardiovascular portfolio in our core markets, while also enhancing our presence in the UK. In terms of financial contribution, Basquete is expected to be EBITDA positive from 2026 onwards and to generate over 40 million in revenues in 2027. As for the expected financial impact in this year and the remainder of 2025, the top line impact is expected to be below 10 million and there will be a slightly negative EBITDA contribution level due to the integration and launch cost. Finally, the terms of the agreement was an upfront payment to Ameren of 25 million US dollars. And MRN is also eligible to receive commercial milestones up to a total of 150 million U.S. dollars if annual revenues exceed certain sales thresholds starting from 100 million dollars, sorry, euros. I will now turn the call to Luigi to give a bit more details to our results.