Financial Data and Key Metrics Changes - In Q3 2025, the company reported sales of EUR 12.4 billion, representing a 7% increase compared to the previous year [4] - Business EPS reached EUR 2.91, reflecting a robust growth of EUR 0.19 or 13% compared to Q3 2024 [15] - The gross margin increased by 2.3 percentage points this quarter, driven by an improved product mix and productivity gains [13] Business Line Data and Key Metrics Changes - Pharmaceutical sales grew by 7% at constant exchange rates, primarily driven by immunology and recent launches [13] - New product launches contributed EUR 1.8 billion in sales this quarter, accounting for 15% of total sales [6] - Dupixent sales reached EUR 4 billion for the first time, with a 26% growth this quarter [7][15] Market Data and Key Metrics Changes - Vaccine sales were EUR 3.4 billion, reflecting a decrease due to competitive price pressure and lower flu immunization rates in the U.S. [8] - Outside the U.S., Dupixent sales grew by 21%, exceeding EUR 1 billion in the quarter [8] - Beyfortus sales increased by 20% this quarter, now available in 40 countries [9] Company Strategy and Development Direction - The company aims to improve access to treatments and lower prices for patients, as demonstrated by the expansion of its patient affordability program for insulins [5][11] - The focus remains on innovation in respiratory vaccines and expanding the commercial portfolio with new product launches [10][11] - The company is committed to maintaining a balanced capital allocation policy, focusing on organic growth, selective acquisitions, and progressive dividends [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for the remainder of the year and reiterated full-year sales guidance [4] - The company anticipates continued growth momentum, with expectations for high single-digit sales growth and low double-digit business EPS growth at constant exchange rates for the full year [15][16] - Management acknowledged challenges in the vaccine segment but remains committed to innovation and improving patient access [10][11] Other Important Information - The company has achieved a milestone of treating 1 million patients for non-communicable diseases across low and middle-income countries since 2021 [11] - The company has completed acquisitions of Drensbios DR0201, Vigil Neuroscience, and Blueprint, with associated costs factored into guidance [15] Q&A Session Summary Question: Update on Poly-SPMS regulatory debate and confidence in resolving FDA questions - Management confirmed ongoing conversations with the FDA and submitted data sets, looking forward to the PDUFA date of December 28 [32] Question: Update on U.S. policy conversations - Management stated that dialogues with the U.S. government have been ongoing and focused on demonstrating the value the company can bring [38] Question: Q4 ordering trends for Beyfortus - Management confirmed expectations for Q4 performance to be similar to Q3, with a focus on increasing vaccination coverage rates in the U.S. [42][44] Question: Insights on Dupixent's COPD development and gross to net dynamics - Management highlighted strong growth in COPD and indicated that gross to net dynamics are monitored and included in long-term guidance [81] Question: Timing dynamics around riliprubart and other programs under review - Management indicated that timelines for riliprubart are being updated and that data from various studies will be presented at relevant scientific congresses [62] Question: Potential for product acquisitions and vaccine trends - Management acknowledged the success of Dupixent and indicated a cautious approach to M&A, while also addressing concerns about vaccine fatigue [90]

Financial Data and Key Metrics Changes - Revenue grew 41% year over year to $18.6 million, up from $13.2 million in Q1 of last year [5] - Net income surged to $2.59 million, a 737% increase over Q1 2024 [5] - Adjusted EBITDA jumped 193% to $4.9 million, with gross margin expanding over 10 points to 62.9% [5][6] Business Line Data and Key Metrics Changes - Patient Affordability business revenues rose 261% year over year to $8.6 million, with claims processed growing by more than 160% [6] - Plasma donor compensation revenue decreased 9.2% to $9.4 million, with revenue per plasma center declining to $6,517 [10][14] Market Data and Key Metrics Changes - The Patient Affordability segment accounted for 46.3% of quarterly revenues, a significant increase from 18.1% in the same period last year [15] - The company ended the quarter with 484 plasma centers, adding four new centers during the period [10][14] Company Strategy and Development Direction - The acquisition of Gamma Innovation is expected to enhance the tech stack and offer a full front-end engagement platform integrated with core payment solutions [11][12] - The company aims to unlock additional revenue streams and expand its total addressable market beyond the plasma sector into broader pharmaceutical and healthcare sectors [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory and commitment to delivering long-term value to shareholders [13] - The company expects patient affordability revenue to more than double again in 2025 based on current pipeline and results [8] Other Important Information - The company exited the quarter with $6.9 million in unrestricted cash and zero debt [17] - Full-year gross profit margins are expected to be between 62% to 64%, reflecting stable margins in the plasma business and increased contributions from the higher-margin pharma patient affordability business [18] Q&A Session Summary - No questions were raised during the Q&A session [21]

Financial Data and Key Metrics Changes - Revenue grew 41% year over year to $18.6 million, up from $13.2 million in Q1 2024 [5][16] - Net income surged to $2.59 million, a 737% increase over Q1 2024 [5][16] - Adjusted EBITDA jumped 193% to $4.9 million, with gross margin expanding over 10 points to 62.9% [5][16] Business Line Data and Key Metrics Changes - Patient Affordability business revenues rose 261% year over year to $8.6 million, with claims processed growing by more than 160% [6][15] - Plasma donor compensation revenue decreased 9.2% to $9.4 million, with revenue per plasma center declining to $6,517 [9][14] Market Data and Key Metrics Changes - The Patient Affordability segment accounted for 46.3% of quarterly revenues, a significant increase from 18.1% in the same period last year [15] - The company added 14 new programs in the Patient Affordability business, totaling 90 active programs [6][15] Company Strategy and Development Direction - The company is investing in innovation, including the acquisition of Gamma Innovation to enhance its tech stack and expand its offerings in the plasma market [11][12] - The integrated model from the Gamma acquisition is expected to unlock additional revenue streams and strengthen competitive differentiation [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory and commitment to delivering long-term value to shareholders [13] - The company expects patient affordability revenue to more than double again in 2025 based on current pipeline trends [8] Other Important Information - The company exited the quarter with $6.9 million in unrestricted cash and zero debt [17] - Full year gross profit margins are expected to be between 62% to 64% [19] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [22]