Recordati Industria Chimica e Farmaceutica S.p.A.

Good afternoon, this is the Chorus Call Conference Operator. Welcome and thank you for joining the Recordati Full Year 2025 Preliminary 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 Eugenia Leeds Investor Relations of Recordati.

Please go ahead, Madam. Thank you, and good afternoon, everyone. I'm pleased to be here today with Rob Cormans, our CEO, and Mike McClellan, our CFO, who will present preliminary results for full year 2025. Scott Pescatore, Executive Vice President of Rare Diseases, will then provide an update on the exciting Isterisa opportunity, as well as the recent deal with Moderna. Also joining for the Q&A session will be Alberto Martinez, Executive Vice President of Specialty and Primary Care, and Milan Droskowitz, 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 good morning, good afternoon, wherever you are in the world. Thank you for joining us today. We're delighted to share our strong results for the full year of 2025. Last year, we once again delivered on our financial targets, executed across the business, and further strengthened our foundation for continued growth in the years ahead. Starting with net revenue, we reached 2.62 billion, an increase of 11.8% versus last year, or 8.3% like-for-like at constant exchange rates. Growth was driven by the sustained momentum in SPC and an exceptional performance in rare disease. As expected and already guided before, we saw a strong currency impact with minus 2.7% primary due to the US dollar and also the Turkish lira. Turning to profitability, EBITDA came in at 991 million, up 14.5%, sustaining sector-leading margins of 37.8%, thanks to strong operating performance, positive business mix, and very disciplined cost management. Adjusted net income increased 14.5% to 651 million, while net income grew 6.5%, highlighting the underlying strength of our business. With 559 million of free cash flow in 2025, we ended the year with a leverage just below 2.1 times, providing us with a solid financial flexibility. 2025 was also a pivotal year for business development across SPC and rare disease. We signed the VASCEPA licensing agreement with Ameren last June, and in December we further expanded our rare disease footprint in Japan through a regional agreement with Impact Biomedicines, a Bristol-Myers Squibb subsidiary, to commercialize Inredic for myelofibrosis. In January of this year, we entered a global partnership with Moderna for the development and commercialization of mRNA3927 that Scott will allude to a bit further on in the presentation. On the commercial side, we're encouraged by the continued progress of NGMO and the progress and significant opportunity ahead for Istoriza, which Scott will also expand upon shortly. With that, it's now my pleasure to hand over to Mike for his first, basically, performance update on Recordati's behalf and to walk you through full year 25 financial results.