Roche Holding AG

Good morning, good afternoon, and I'm excited to share our Q3 2026 results with you today. We had a strong performance yet again, and we made also significant portfolio progress. We had, as mentioned, a strong performance here to date. Group sales are up 6%, driven by pharma with 7%. In Q3, in fact, we had a growth of 7% for the group in CR. And since we now have actually a stabilized currency situation, in Swiss francs, the growth was actually plus 8%. And if you then look at US dollars, we're also at plus 7%. So clearly, the exchange rates have stabilized. As we called out in the presentation in Q3, we had a one-time effect in Q3, which is about 180 million Swiss francs or one percentage point growth. This is due to a next generation ERP introduction at Chugai in Japan, and this impacted the timings of the shippings. Now, let me just say that we had a 2% outperformance versus the consensus overall, or about 360 million. and the roughly 180 million means that one percent of the outperformance comes from that, the other percent comes from strong performance in the portfolio. And let me also share that this effect will also then reverse in Q4 2026. Diagnostics growth was four percent and excluding China and you're aware of the healthcare pricing reforms there, the diagnostics grew at plus six percent. and as communicated at half year, we expect full year LOE impact of about 600 million Swiss francs. On the pharma side, we had a very busy quarter in terms of regulatory approvals. We had four approvals, US approval for Ticentric in stage three colon cancer, EndSpring in TED and Gaciva in INS and in the EU, Susfimo received approval for AMD. We filed Feniprutinib in RMS and PPMS in the US, which is under priority review there, and Anspring in both the US and the EU in MOGAD, and Vermicubard in UME also in the US and the EU. We also reported several positive phase 3 readouts. One is the Selemestrimo trial with Lonzumio and second line follicular lymphoma. Cefaxircin at interim readout showed significantly reduced protein urea in people with IGAM and the data will be presented tomorrow at ASN and we also look forward to sharing this data with health authorities. In diagnostics, it's worth highlighting a couple of things. One is the rapid response to two recent outbreaks. One is Ebola in Congo, and the other one is cyclospora outbreak in the US, where we quickly deployed PCR tests. In urology, we now also received US FDA approval for PTAU217, which is the only marker that can be used in the primary setting for Alzheimer's. On the BAD front, it was an exceptionally busy quarter. We made a series of deals, and I'll come back later to that, but I just wanted to highlight two, both in the obesity space. One is with Hanmi, potentially first in class, Yuri Kortin, two analog, which is in phase one, and also with Rona to target out seven with an RNAi. And both are promising emerging MOAs in the obesity space and have the potential to improve the overall body composition. Looking ahead, we have a couple of key milestones still ahead until year end. One is a trial of ITOPI in post-CDKI, HR-positive metastatic breast cancer. And not mentioned on the slide, but of course, we're very much looking forward to our approvals for Giro d'Estreinte this year in the adjuvant and metastatic setting. The VEDUFA dates are November 30th and December 18th. In diagnostics, we also have a launch upcoming. Now let me take you through the next slide again just to reiterate the growth rate at six percent driven by pharma seven percent diagnostics through four percent and as mentioned this is still impacted by the healthcare pricing reforms but as you can see the impact is getting smaller and smaller over time and so it will be back to normal then in the near future. Now looking at currencies we've seen a reversal of the headwinds actually in Q3 and you've also seen that when you look to the slides in Q4 and in fact in Q3 we had a positive plus one currency effect but what you see here in terms of currency effects is still really the impact mostly from Q1. Now let's move to the next slide and this shows you yet another quarter of consistent strong growth and as mentioned before in Japan we had a one-time impact in Q3 due to the ERP system implementation and excluding this the growth rate for the quarter would be a strong six percent and as mentioned this effect will reverse in Q4. Now let's look at the key growth drivers. All segments are growing. And let me start with oncology slash hematology. We have strong Fesco conversion from Pachetta, which continues. The HER2 franchise is going to peak this year with a strong tail. Decentric growth is driven by new indications. For Alicenza we have raised the full year outlook to low single digit growth from flat before. PolyV continued strong uptake in first line DLBCL and column V and non-sumio continued to grow in later lines in both DLBCL and follicular lymphoma. and Libra keeps growing across the geographies and since we don't expect any competitive pressures anymore this year we are upgrading the outlook to high single digit growth for the full year versus what we said at half year where we still said mid single digit growth. Let me go to neurology. Ocrevus keeps growing strongly and there's a strong uptake of the sub cut formulation. Theresa will provide more details to that. Again Evristi also had a very strong quarter and is expanding its market leadership position in the SMA. Xolia continues to strong performance in food allergy and as expected we've now in the third quarter seen the first biosimilar launched. Gaciva we're very encouraged by the initial uptake in lupus nephritis in the US and we also look forward to the approval in SLE later this year. Babaismo in ophthalmology continues to grow well and we also continue to gain market shares and I know Theresa will also go into that. In diagnostics we had pathology with a strong growth and CoLab growing despite the China healthcare pricing reforms and Matt surely will go into that as well. Now let's look at the highlights of the portfolio and I like this slide it's showing that we can launch up to 20 new medicines until the end of this decade which is up one versus what we have said at half year and the fact that you see a lot of green boxes means that we've seen a lot of positive news over the last quarter. And let me just say that we've added two molecules to the slides and had one drop off. The two that we added is Tampelli in lung cancer, which had very positive phase three results in second line small cell lung cancer in Chinese patients. And the data was presented at World Lung. And then the VEGF IL-6 DudaFab in DME. As I mentioned, this now brings us to 20 NMEs with a potential launch by 2030. And we've had great progress across most of those. And let me highlight a couple of those. First, the positive phase three interim readout for cefaxersen, which I mentioned before. Positive phase two readouts for inazepatide, petrolintide, and CT996. And based on all this data, we have initiated several phase three studies. and as mentioned before, Fenne Brutonib in MS and the Milky Bard in UME have now been filed. For Fenne, look out for the data that we are presenting at MS Toronto this week. Theresa will also cover that. Finally, we've increased the peak sales potential for Diva RACEP to 2 to 3 billion Swiss francs on the back of strong Crescendo 1 data. And we will also present this data this weekend at ESMO. So also please take a look Now let's have a broader look at our pipeline. Again, a slide that I really enjoy looking at because it shows how the effect is on the late stage pipeline as we implement the bar. In dark blue, you see all of the projects that we have initiated after the introduction of the bar. On the y-axis, you see the PTS and you see how many projects we have now above 50%. And usually in the past, above 50% meant a very high success rate for us. and on the right to the right on the x-axis you see the value so you see an upward shift in the right hand shift and this is exactly that what we actually want to see now you may ask yourself what is the little blue dot on the left bottom corner this is our novel antibiotic and I'm sure you understand why on the one hand it's important to bring this project forward and the impact it would have in case of a bacterial pandemic. But you also know how the business model works today with antibiotics. It's hard to reflect that differently than with a dot in the bottom left corner. On the right hand side, you see the phase three readouts this year, which has been a very strong year for us. Seven out of eight phase three studies were positive. So it means an 88 percentage point success rate. Last year already, we were in line with industry average in terms of phase three success rate. This year, we're actually ahead. Now, 88% is an amazing number. I don't think that this is a long-term rate, but really keeping it at around 80% would be an ideal goal for us. Now, moving to the next slide. And this is another way on how we look at our portfolio. We are very rigorous at applying the bar, which means that as we move assets through the development, we constantly assess these molecules. Currently our portfolio stands at 60 enemies and what I can say is we've almost doubled the portfolio value since 23. So not only do we have more meaningful projects, but I think also we have greater value in terms of potential market impact. And we do expect the number of NMEs to increase because we have a lot of things going on in research, as I will show you in a couple of seconds. But we will also continue our partnering activity. Talking about partnering, Q3 was a busy year. We closed in total six platform deals. It was a busy quarter, sorry, Q3. We closed in total six platform deals spanning different drug modalities, for example ADCs, bispecifics, degraders and allosteric small molecules. and this also in different therapeutic areas. And these collaborations will also fuel our early pipeline in the next years. Another source of innovation clearly to fuel our early pipeline is also the adoption of AI and my team has also shown you at Pharma Day of how we apply AI in drug discovery and you see that on the right hand side and I do believe that this also shows you that we are front runner when it comes to applying AI in drug discovery. And you can see on the left hand side from LIGO to LOGO to DEFGOs, this is the different phases of our early stage research and development. A significant increase of molecules over this period of time and we believe this will continue. And as a reminder also, we have a very comprehensive AI strategy that we have rolled out a couple of years ago. And this AI strategy rests on a couple of pillars. One is we call everyday AI, constantly training all of our employees on using AI tools to become more productive. And we also monitor the usage of these AI tools in our organization. And we see that 75% of our people are very active AI users. So we feel this helps us to get more productive. On the reshape side, this is taking the three main processes of our organization, service, marketing and sales, and R&D, and really reshaping these processes using AI to get faster and more effective and more productive. And what we do is we map that out and we create certain use cases which we then invest in in order to get to an acceleration. And we constantly prioritize new use cases so that we are very effective in providing AI tools to accelerate the work that we're doing across these processes. Then the third level is around big ideas. These are the things that can really change the way we do drug discovery or diagnostics. Lab in the loop, as you can see in the right hand side, is one of those, but also in the diagnostic side using AI in our products. and we have platform initiatives. One of them is deploying the AI factory. One of them is built in Europe. The other one is built in the US. So you see that we're making extremely good progress when it comes to AI throughout our organization. Now let me talk about diagnostics and we have previously talked about the key platform launches over the last couple of years. CGM, mass spec and sequencing. Today I'll dive deeper on the sequencing solution which delivers unprecedented speed and very high accuracy. It was launched end of June and as you can see on the right hand side has been getting very positive feedback from customers. Now we have a very strong launch momentum here. At Daya Day, Matt talked about the target to sell 100 instruments in the first year. Now in the first 90 days or in the first quarter, we've actually achieved one third of that target. So I think the team is doing well here and the feedback I've visited customers myself has been extraordinarily positive. Now let's wrap up with the outlook and here I want to reiterate our guidance that we've also provided both in diagnostics on the diagnostics day and on the pharma day. You see the diagnostics will continue to contribute well to our growth, not only till the end of the decade, but clearly beyond that. But based on all the positive data readouts we've had, we also have very good line of sight for growth to the end of the decade and beyond. And we feel that alone with what we have in hand, we can continue our very positive trajectory that you've seen over the last couple of years. but also that we can go into the next decades with the same kind of momentum and this is without additional positive readouts now you've seen yourself on the late stage slide with the 20 enemies with a potential launch till 2030 it's very unlikely that this will not turn into a lot of positive readouts. The amount is very hard for us to predict at this stage, but there are many potential shots on goals. So we do believe that this will add to significant growth on top of what I just said. And on top of that, we'll continue to do more BD. So I do believe that the growth outlook this year, not only, but also next year and the years beyond that is quite positive for Roche and that there is actually no cliff situation that Roche will run into. Now with that let me reiterate the guidance mid single digit sales growth and core EPS growth of high single digits and we will increase dividends further. Thank you very much and with that I hand over to Alan.

Yeah thanks Thomas, great quarter. So hello from my side before I start thanks to everybody who has really contributed here to this great sales development that we have seen and certainly to the benefit for patients. Sales update, so I will be brief. Here's the sales bridge with the growth of 6% in constant currencies. You see a year-to-date September left-hand side, year 2025, year-to-date September 2026 on the right-hand side. When I lead you through the bridge I think you see pharma and then in addition the loss of exclusivity impact of minus 355 million in total a growth of seven percent in constant rates. Let me say the 355 we think is a good number to support the 600 million negative impact that we have prognosed for the full year 2026. We will have a stronger impact from October in Q4. When you look at diagnostics, very steady when it comes to growth excluding China, 6%, I think also at half year we had a growth of 6%, now the year to date with plus 6%. What you see shrinking is the impact from China. We are now at a minus 13% sales reduction in China compared to last year's same period. At half year, we were at minus 15%. So when you do the math, you will see in Q3, we were at minus 9%. So you see really that there is a clear reduction of that negative impact moving forward. When you do then look at the currency impact, I think Thomas has alluded to it already, I think we are now at minus five percentage points when it comes to sales. At half year we had minus eight percentage points with the stabilization of currencies in Q3. I think there was also a positive impact on the year-to-date impact. Good, and let's look a little bit more into this. You see here the growth rates on the left-hand side in constant rates, 6.2%. That's the 6% that I've mentioned before. On the right-hand side, you see the growth rate in Swiss francs, 1.4%. This is the 1% that we have mentioned before. and in between you see the currency movements and I think it is very clear the major driver here is the US dollar as before but as said I think the impact gets smaller moving forward. Having said this Here is really our overall projection for the full year. When you take a quick look on the left hand side, you see that the 2026 average currency rates remained below 2025 for both the US dollar and the euro. So still a negative impact. You see overall exchange rates movements had a negative impact on minus five percentage points on the group sales growth in the first nine months, as mentioned already. and you know our calculation on the right hand side with the estimate for the impact for the full year 2026 if we remain and assume that all the currency rates end of September remain constant until the end of the year 2026 we expect an impact on sales of minus three percentage points cooperating profit of minus five percentage points and core EPS of minus five percentage points that is a slight improvement compared to half year we had a minus four minus six minus six at half year but what you see is really when you really look at the top line you have the sales impact you see in Q3 we had a positive impact in Swiss francs and we even expect a higher impact in Q4 so there's a little bit of light at the end of the tunnel but certainly currency rates in these days are very volatile Good. And with that, I think just to confirm the guidance again, it's my pleasure to hand over to Theresa.

Great. Thank you, Alan. So let's go ahead and get started. So pharma sales grew by 7% at constant exchange rates, reaching 36.2 billion Swiss francs by the end of September. All of our regions continue to deliver growth. Of note, as Thomas mentioned, Q3 sales in Japan were positively impacted by a timing effect related to the implementation of a new ERP system in the context of a business process transformation. The size of this impact is roughly about 180 million Swiss francs at constant exchange rates and excluding this impact, year-to-date pharma sales increased at 6% at CER. And as Thomas mentioned, we do expect this impact to fully reverse in Q4. Overall, pharma volumes were up by 11%. As always, all absolute values and year-over-year growth rates on this graph are presented at constant exchange rates. Until the end of September this year, our top brands, Zoller, Hemlibra, Okravis, Fezgo, Vibismo, and Polivi generated roughly 2.1 billion in new sales. I'm going to share the growth dynamics for each of these brands on following slides, so why don't we just go ahead and jump in with oncology. Oncology sales increased by 1% at constant exchange rates to 11.2 billion Swiss francs, driven by Fesco and Ticentric. So let's start our deep dive with breast cancer and Fesco. The global conversion rate for Fesco has climbed to 59%. This is an increase of five percentage points over what we shared at half year. It also brings us very close to achieving the previously stated milestone of at least 60% conversion rate at peak. Moving on to Kedsaila, as we expected, we see increasing competitive pressure in the US and the EU, and that is negatively impacting the growth of Kedsaila. But this is probably a good time to reiterate our HER2 franchise outlook. We continue to expect the HER2 franchise to peak this year at around 9 billion at constant exchange rates 2024, followed by a steady decline through the end of the decade, with a solid tail around 4 billion. Half of that's Fezgo, around a billion for Kedsaila, and the rest for Progetta and Herceptin. Due to the increased competitive pressure, we now project Kaid Sila to land a bit lower by a few hundred million. And to reiterate, we do not foresee a biosimilar in the US for Progetta before 2028 and in the EU before 2027, nor do we foresee any sort of cliff situation around the HER2 franchise. The iTOBI launch continues with good momentum, and we expect to see Phase 3 ANAVA-121 results later this year. And last but certainly not least, in breast cancer, gerodestrin, we are eagerly awaiting the U.S. approvals for Ladera in November and Avera in December. For Avera, we're also excited about the recent NEGEM publication highlighting the significantly approved PFS in ER-positive breast cancer. And for Ladera, we expect the single-arm substudy in combination with Abema to read out in Q4 and subsequently to be presented in an upcoming medical meeting. As a reminder, at Pharma Day, we announced an expansion of our clinical development program in adjuvant ER-positive breast cancer with two new studies, a Phase III IIS in collaboration with AFT and Natera for MRD-guided CKI usage, and a Phase I-III in collaboration with Pfizer, combining gerodestrin with the CDK4 termocyclib. Now let's shift gears into lung cancer, starting with Ticentric. The new indications continue to drive global growth, then by Inforte in small cell. We just added one more indication with the US approval of Atomic in DMMR colon cancer, and this makes Ticentric the first approved adjuvant immunotherapy regimen in this setting. positioning it to become the new standard of care. I also want to confirm our full-year outlook of low single-digit growth for Ticentric. A quick update for Allicenza, based on the continued strong performance, we're increasing the full-year outlook from flat to low single-digit growth. And to close in Lung in just a few days from now, Diva Rassib's positive crescendo one results in second line non-small cell will be presented in the Presidential Symposium at ESMO. So please do tune in for that. And with that, let's move on to hematology. We achieved growth across the entire hematology franchise, resulting in a strong 17% increase at constant exchange rates and 7.1 billion Swiss francs in sales year-to-date. Hemlibra remains the key growth driver, and as you will recall, at half-year, we increased our full-year outlook for Hemlibra to mid-single digit. Based on continued strong performance and updates in the competitive environment, I'm happy to share that we once again increased our full-year outlook, and we're now projecting that Hemlibra will go at high single digits for the full year. As a brief reminder, at Pharma Day, we presented the upcoming Hem-Lieber Auto-Injector. This device has the potential to further expand administration options and enhance patient convenience, and we expect the auto-injector to launch by the end of 2027. Next up is Malignant Heme. Polivi has set a new standard of care in first-line DLBCL with continued strong uptake and market share expansion. But you know we're not stopping there. The ongoing Phase 3 SkyGlo study for Polivi plus Columbia plus Archip in first-line DLBCL will read out in 2027 and has the potential to once again redefine the standard of care. Importantly, we are not adding our bispecific just onto RCHOP as some of our competitors have done, but we are adding Columbia onto PLUMVY plus RCHIP, the current standard of care and first-line DLBCL. As highlighted at Pharma Day, that phase one data was impressive, showing promising results for the combination with an OR of 100% with 0% grade two CRS events. So in true Roche spirit, we have raised the bar and we are once again seeking to raise the bar on ourself for patients. Let's also highlight the positive phase three readout of Celestimo for Linsumio and Second Line Plus Follicular. Those data reinforced Linsumio's potential to improve clinical outcomes while offering a tolerable safety profile, simple dosing schedule, and outpatient administration. We will submit the data to health authorities and present it at an upcoming medical conference. And to close, let's take a quick look at Gezaiva. So as I've mentioned in previous quarters, increasing competitive pressure in CLL and follicular is negatively impacting Gezaiva's performance and the hematological indications. This is happening at the same time as the ongoing launch in immunology, and I will share some updates on that in an upcoming slide. But in short, what we see is that the initial uptake in lupus nephritis is overcompensating for the competitive pressure across the hematological indications. So let me repeat that we will show that sales split by therapeutic area in the future as those data sets mature. So now let's move on to neurology. The neurology franchise achieved 7.6 billion Swiss francs in sales and a 10% growth at constant exchange rates September year to date. Ocrevus is driving the overall growth of our neurology franchise and in turn, Ocrevus global growth is driven by the subcutaneous formulation known as Zenovo in the US. We now have roughly 56,000 patients globally on subcut and that's about 12,000 more than we had just at half year. and I'll get more onto the subcutaneous uptake dynamics on the next slide. But before we get there, let me confirm the overall Okravis outlook. For 2026, we continue to expect high single digit growth and our peak sales expectations for the Okravis franchise remain at 6 billion by 2029 and constant exchange rates at 2025. This includes 2 billion in incremental sales from Okravis subcut, but of course there's going to be some switching from IV to subcut on top. and one more good piece of news for Ocrevus. We're excited to have received EU approval for Ocrevus in the pediatric setting for patients 10 years and older based on the positive phase three operetta one two studies. And there is more exciting news for our MS franchise. We have successfully achieved US filing for phenobrutinib in both RMS and PPMS. The filing used a priority review voucher or PRV to ensure an expedited review process and enable earlier access for patients. Furthermore, the MS Toronto Medical Conference is currently underway, and we are presenting new data from the Fenebrutinib, RMS, and PPMS studies there, some of which I will highlight on the coming slides. But first, let me share two additional neurology updates. We achieved US and EU filing for NSPRING and MOGAD. The FDA granted priority review, and the PDUFA was set for the 10th of January. And as a reminder, we see the MOGAD opportunity of somewhere north of 500 million. We initiated the phase three Preventron trial for Trontinumab in preclinical AD. And as you know, the Preventron study is enrolling cognitively unimpaired individuals at a high risk of progression to symptomatic Alzheimer's and highlights our ambition to maximize the potential impact of Tronti in AD. Just like for the ongoing Tron tier one and two studies in early AD, we see great excitement amongst the medical community and patients for Trontinumab, which is leading to strong recruitment in the Preventron trial. So now, as promised, let's take a bit of a deeper dive into the MS franchise. And let's start with Ocrevus-Synovo. So I already mentioned the strong global patient uptake, and you can see very clearly in the graph on the left here. This is based on volume sales across our 50 launch countries, and the adoption rate is driven both by conversion from Ocrevus IV to subcut, but also and especially by patients naive to Ocrevus, which is frankly exactly what we had intended to do. And for the first time, I also want to share the global Ocrevus IV to subcut conversion. But especially, we can see this on the graph on the right, where you can see that we've now reached greater than 20% conversion to the subcut formulation. And we expect to continue this to climb. And in fact, today, Ocrevus subcut is the fastest growing anti-CD20 in the market. and that is really fundamentally the story that these two graphs together tell. Subcut has allowed us to expand our MS footprint to new market segments, particularly in the community setting where IV constraints mean that Ocrevus is simply the better fitting option for patients, doctors and health system needs. And all of this together allows us to continue to grow the Ocrevus market overall. and let's not forget that again, we are not stopping here. We are further innovating for patients with the development of our on-body injector or OB. The OB delivery device has the potential to enable a convenient twice yearly at home self-administration. We showcase the device at Pharma Day and we're expecting our data readouts next year. So now let's take a closer look at some of the data being presented for Phenobrutinib. Phenobrutinib, as you know, is the first and only BTKI with positive phase three results in both RMS and PPMS, showing a clear positive effect for both relapsing and progressive biologies. And the additional RMS data currently being presented in MS Toronto are further reinforcing this profile, including acting on markers of progressive disease in the RMS population. Now, I don't want to go into too much detail here, but let me quickly cover the highlights of the data on the slide. On the left, the NIDA-3, which is no evidence of disease activity, results show a 70% reduction of risk for Fetabrutinib compared to teraflutamide in regards to ARR, CDP, and MRI activity. In the middle, we've compared the total brain volume loss between phenobrutinib and teraflutamide patients. Not only is there a clear benefit for phenobrutinib compared to teraflutamide, but patients on phenobrutinib reached a level in line with the brain volume loss rate of healthy adults. On the right side, you see the continued improvement for two key biomarkers of progressive biology for the Phenobrutinib arm, CHIT1 for microglia and Serpina3 for astrocytes. Both show continued improvement for Phenobrutinib versus teraflutamide through week 96. And of note, the positive effect of the CHIT1 biomarker underscores Phenobrutinib's ability to cross the blood-brain barrier and act on microglia. There's one more piece of data that I want to highlight in a late-breaking abstract with the oral presentation to follow in the coming days at MS Toronto. Phenobrutinib is showing its therapeutic effect on paramagnetic rim lesion and slowly expanding lesions known as chronic active lesions. In short, Phenobrutinib demonstrated the first prospective therapeutic effect on chronic active lesions in MS for both RMS and PPMS. and RMS Phenobrutinib reduced the volume of slowly expanding lesions by up to 30% and reduced accumulation of paramagnetic lesions by 62%, both versus teraflunomide at 96 weeks. These are exciting and meaningful results that underscore Phenobrutinib's effect on chronic neuroinflammation in the brain, a primary driver of disability progression in MS. So in summary, we are convinced that Phenobrutinib has strong efficacy across lelapsing and progressive biologies. And to further underline this, let's take a look at the next slide. Also at MS Toronto, we presented pooled ARR data from the Phenhans 1 and 2 trials in RMS. And this slide really speaks for itself, so I can be brief. Phenabrutinib achieved an impressive 55.4% relative ARR reduction compared to teraflutamide. This makes Phenabrutinib the first and only oral to demonstrate an ARR improvement greater than 50% versus an active comparator in RMS. and that puts Fentabrutinib firmly in the category of a high efficacy treatment as you can see here from the review article taken from Neurology. So yes, we are excited about Fentabrutinib's potential NMS and we are looking forward to bringing this truly transformative medicine to patients. So now let's move on to immunology. Our immunology franchise reached 5 billion Swiss francs, growing 4% at constant exchange rates, with Zoller being our key growth driver. We now have more than 145 patients treated with Zoller for food allergies since launch, and that is an increase to 15,000 patients since half year. As you saw in Q3 and as expected, we saw the first U.S. biosimilar in launch for Xolair. Let me briefly comment on the Q3 performance and the outlook for Xolair. Q3 was impacted by some buying pattern and we can continue to expect around 20% growth at full year. Actemra sales declined by 10% year-to-date, driven by biosimilar impact, as was mentioned earlier. And then moving on to gaziva, we see continued strong launch uptake in patient share gains in lupus nephritis across early launch countries. By now, we've treated about 5,000 patients with gaziva for lupus nephritis globally. And as mentioned on the hematology side, the uptake in lupus nephritis is more than compensating for the erosion in hematology. One more good piece of news this quarter for Gaziva, we received U.S. approval for INS. And looking forward, we are anticipating U.S. approvals and both SLE and MN for Q4. As Thomas mentioned, one additional highlight of this quarter was certainly the positive phase three interim data for surfactorsin in IGIN. Surfactorsin is the first antisense aglionucleotide evaluated in this disease, and the results show that it has best-in-class potential for selective complement suppression with a clinically meaningful reduction in 24-hour proteinuria. The positive UPCR data will be presented tomorrow at the ASN conference, and we're also planning to share that data globally with health authorities. and of course the study is still ongoing to determine long-term functional eGFR outcomes. And so with that, let's go on to ophthalmology. Ophthalmology sales reached 3.3 billion Swiss francs year-to-date, growing 9% at constant exchange rates. Vibismo is the key driver here, and we continue to see global growth in market share gains. By now, Vibismo has established itself as the preferred first-line treatment, including in the US. We have also reached another milestone with an impressive 1.5 million patients treated globally. One more update for Vibismo. Earlier this quarter at uRetina, we updated real-world data from the Voyager study, which now includes more than 5,000 patients. These results reinforce for BiSMO's robust effectiveness and durability across previously untreated and treated eyes in AMD, DME, and RVO. And we are happy to see the strong clinical results for BiSMO once again replicated in real-world clinical practice. So let me also reiterate that we expect low double-digit growth for Vivizimo in 2026. And as previously stated, we consider consensus peak sales expectations for Vivizimo of around 6 billion Swiss francs as very reasonable. And we're confident that we are on track to achieve this number. Beyond Vibismo, we had quite a bit of additional news flow in ophthalmology this quarter. NSpring just achieved its U.S. approval in TED just last week. Sesvimo achieved EU approval in AMD, and we filed the Mickey Bart and UME in both the U.S. and the EU with a PDUFA set for the 23rd of July. and we moved our bispecific VEGF IL-6 due to FAB into phase three and DME. And of note, this includes a head-to-head trial against the BISMO, which is frankly something that we are increasingly hearing from ophthalmologists. They want to see trials that use the current standard of care as the comparator, not historical standards of care. So next up, I will cover our CVRM pipeline. So as you heard at Pharma Day, we continue to develop our CVRM assets at pace. There are quite a few positive readouts and recently announced phase three trials to cover. So let's start with Enacepatide and Petrolintide, the foundational building blocks of our CVRM pipeline. I'm going to stay a bit more high level here as we have a more detailed slide on both molecules right after this so let's just cover the Q3 highlights here. Both antiseptide and petrolentide delivered positive phase 2 data in obesity with type 2 diabetes and for petrolentide we also presented the full Supreme 1 data EASD and initiated the phase 3 program consisting of Supreme 3, 4, and 5. More on the next slide, but first let's look at the rest of the pipeline, starting with CT996, our Oral GLP-1. So first of all, we have a new name to unroll, Tifaglipron. At Pharma Day, we announced positive phase two data for TIFI and obesity. And based on these positive results, we are moving the asset to phase three with trials to be initiated in the first half of 2027. As Thomas mentioned, we also added two new molecules to the CVRM pipeline with partnerships, both in obesity. First, a UCN2 analog in phase one via our partnership with Hanmi Pharmaceuticals. And of note, UCN2 has the potential to simultaneously promote weight loss and preserve lean body mass. And second, an ALK7 targeting RNA via our Arona Therapeutics partnership. This asset is preclinical, and we think it's a very exciting new approach in the obesity field, directly targeting adipose tissue biology. unlike the incretin-based therapies which target the CNS. I'm looking forward to sharing more on these molecules in the future, but now let's take a closer look at anisepatide and petrolentide. So you all know that we at Roche have the ambition to become a top three player in obesity. And the two foundational enemies that we believe will get us there are N-acepatide and petrolentide, both as monotherapies and in combination. So let me highlight not only why we believe in the potential of these assets, but also the significant progress we've made in the last few months. So let's start with N-acepatide. Enacepatide is intentionally designed with a biased GLP-1 GIP agonism, which we believe is key to the strong phase two results we've seen so far. In obese overweight patients without type two diabetes, Enacepatide did show robust weight loss of up to 22.7% at 48 weeks with no sign of plateau. And importantly, more than a quarter of treated patients achieved a weight loss of 30% or more at 48 weeks. Recently, we shared that in obese and overweight patients with type 2 diabetes, a weight loss of 15.5% at 48 weeks was achieved. And again, there were no signals of weight loss plateau after that 48-week mark. And even more impressive, however, was the HbA1c reduction in this population. At 48 weeks, N-acepatide achieved reductions of up to 2.65%, highlighting its potential for best in disease glycemic control. On the back of these strong phase two results, we have started a comprehensive phase three program, two trials in obesity are already ongoing, and four trials in type two diabetes and glycemic control are to be initiated in the first half of next year. And this includes a head-to-head trial against trisepatide, underscoring our conviction in N-isepatide's best in disease potential. And additionally, we're expecting to initiate a CIVOT and HEF-REF trial in the first half of next year. So now let's turn our attention to Petri. Together with our partner Zeeland, we believe that this long-acting amylin has the potential to redefine the weight management experience, in particular by delivering double-digit weight loss and improved tolerability compared to current treatment options. Positive Phase II results from SUPREME I and II studies were announced this year and gave us the confidence to move to Phase III. To pick just one highlight, the recent Zupreme 2 results show that discontinuations due to GIAEs are very similar between Petri and the placebo arm. 1.9% of patients on petrolenti discontinued treatment due to GIAEs and 1.7% did so on placebo. And this while achieving statistically significant and clinically meaningful weight loss and HbA1c reduction. and we are moving at pace with Petri as well. We initiated all three phase three studies in obesity this quarter with each of them already having achieved FPI. And one of the great things about having both antiseptide and petrolentide in our portfolio is that we can combine them. And so we are doing just that in our upcoming Zynergy phase two trial. Combining these two molecules with their respective strong clinical profiles has the potential to address unmet needs for patients beyond the scope of monotherapy. in particular for patients needing greater weight loss and or better glycemic control. And that phase two trial is expected to initiate later this year. So taken altogether, you can see why we are excited to have two strong and combinable building blocks in our CVRM pipeline and how they support our ambition to become a top three player in obesity. and with that, let's move to my final three slides, few slides. Here we have the 2026 Key Pharma news flow, a lot of green check marks as Thomas noticed earlier, which we love to see and all of the updates I have already covered on previous slides. So to close things out, let's take a quick look at 2027. This is our expected news flow for next year, which we presented to you for the first time at Pharma Day just a few weeks ago. When you look at the table, one thing is immediately obvious and that is that 2027 is a year many key regulatory milestones for us. So our regulatory and launch teams will be exceptionally busy in the months to come to ensure our launch success for our key NMEs and line extensions. However, let's not forget about the upcoming clinical readouts, which include phase three data for two high-profile NMEs, NEXT-007 in hemophilia A and efemcobart and ulcerative colitis. I'm very much looking forward to next year and to updating you on all the progress that we will achieve across pharma for patients. And with that, let me hand it over to Matt.