Recordati Industria Chimica e Farmaceutica S.p.A.

Good afternoon. This is the Card School Conference Operator. Welcome and thank you for joining the Recordati 9 Month 2025 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. If anyone needs assistance during the conference call, they may signal an operator by pressing star and zero on the test. At this time, I would like to turn the conference over to Mrs. Eugenia Leeds of Recordati Investment Relation.

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, who will present results for the first nine months of 2025. Then Scott Pescatore, Executive Vice President of Rare Diseases, will provide further insight into the exciting Estreza opportunity. Also joining for the Q&A session will be Alberto Martinez, Executive Vice President of Specialty and Primary Care, and Milan Draskovic, Executive Vice President of R&D. As always, the presentation is available in the Investor section of our website. It is now my pleasure to pass the call over to Rob. Please go ahead.

Thank you, Eugenia, and thank you for joining us today. The agenda is a little different from what you've seen in typically quarterly calls. You've all seen the exciting news that we brought out on the peak year sales opportunity with Isterisa, and we wanted to give you a little bit more color on that, so Scott's going to do that in just a little while. And as these additional investments behind the opportunity of Isterisa will impact the margins in 2026 specifically, we'd like to also give you a little bit more of an update on the outlook, which is also a separate part here in the presentation. But let me just start with the first nine months of this year. And we're delighted that Once again, we've really got very good results for the first nine months of 2025. Beginning with the net revenue of $1,960,000,000, an increase of 12.2% compared to the previous year, or 8.1% on a like-for-like and constant exchange rate base.