Financial Data and Key Metrics Changes - The company reported a 30% year-on-year increase in revenues for the first half of 2025, reaching $306 million compared to $236 million in the same period last year [20] - Product revenues grew over 200% in the first half of the year, with Q2 2025 product revenues increasing by 77% year-on-year [6][20] - Adjusted EBITDA for the first half was $54 million, down from $64 million in the prior year, with Q2 adjusted EBITDA at $18 million compared to $102 million in Q2 last year [23] Business Line Data and Key Metrics Changes - The biosimilar to Humira, marketed as Simlanti in the U.S. and Hukyndra in Europe, has gained over 40% market share in the U.S. Humira market as of July, with expectations to reach 50% by year-end [9][10] - The biosimilar to Stellara, marketed as Selarsty in the U.S. and OOSH Provo in Europe, has achieved over 20% market share in the U.S. as of July, with strong performance in Europe [12][50] Market Data and Key Metrics Changes - The company has gained marketing approvals in 67 markets globally and is selling its Humira biosimilar in 33 markets [10] - In Europe, the company continues to see significant market share growth, particularly in France, where biosimilar penetration is still low [46] Company Strategy and Development Direction - The company plans to ramp up R&D efforts significantly, expanding its pipeline and has completed acquisitions to enhance its capabilities [14][25] - The focus remains on product margin rather than volume, with a strategy to drive sustainable growth through operational efficiencies and new product launches [12][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum observed in Q2 and the first half of the year, despite anticipating a softer Q3 due to the timing of milestone revenues [33][34] - The company remains committed to maintaining its guidance and expects Q4 to be the strongest quarter of the year [44][61] Other Important Information - The company completed the acquisition of IVS Lee in Switzerland, enhancing its control over the value chain [16][25] - The listing on NASDAQ Stockholm has broadened the shareholder base and increased trading liquidity [17] Q&A Session Summary Question: Confidence in top line guidance going forward - Management noted strong momentum in Q2 and the first half, but expects product revenues and milestone revenues to soften in Q3, with a stronger Q4 anticipated [32][34] Question: Growth potential for Cymlandi in the U.S. - Management confirmed a valid contract with Qualant but indicated that the focus is on value rather than volume, expecting challenges in the second half [36] Question: FDA inspections and potential delays - Management acknowledged the routine nature of FDA inspections and committed to keeping the market informed about product approvals [38] Question: Guidance on revenue and EBITDA - Management reiterated that the guidance remains intact, with expectations for a strong Q4 to offset any softness in Q3 [44][61] Question: Market share expectations for Humira and Stellara - Management indicated a strong position in both markets, with expectations for continued growth in market share [46][50]