Financial Data and Key Metrics Changes - Year-to-date revenue reached €5.5 billion, reflecting a year-over-year increase of 7.7% and 10.5% like-for-like after adjustments [5][26] - Adjusted EBITDA for Q3 was €482 million, contributing to a year-to-date adjusted EBITDA of €1.358 billion, up 11.2% and 17.3% like-for-like [6][29] - Free cash flow pre-M&A and pre-dividends improved to €188 million year-to-date, marking a significant €257 million year-over-year improvement [7][35] - The leverage ratio at the end of Q3 was 4.2 times, showing nearly one-time improvement over the prior year [7][27] Business Line Data and Key Metrics Changes - The biopharma portfolio grew by 10.9% in Q3, with Immunoglobulins franchise leading at 18% growth for the quarter [11][12] - Albumin volumes contracted by 4.5% in Q3 due to pricing pressure in China, with a year-to-date contraction of 3.9% [12] - Alpha-1 and specialty proteins franchises saw revenue growth of 3.3% in Q3, bringing year-to-date growth to 4.3% [13] Market Data and Key Metrics Changes - The U.S. market for Immunoglobulins showed strong growth, with Xembify growing over 60% in the last 12 months [16] - The market for albumin in China faced challenges due to government-imposed cost controls, impacting pricing and demand [12][52] Company Strategy and Development Direction - The Value Creation Plan focuses on commercial growth, margin expansion, and pipeline execution, with a strong emphasis on operational leverage and optimized plasma sourcing [8][10] - The company aims to launch fibrinogen in Europe by the end of 2025, with a U.S. launch planned for the first half of 2026 [9][21] - Innovation remains a cornerstone, with ongoing advancements in product formulations and new therapeutic areas [20][24] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a complex external environment but expressed confidence in the company's ability to navigate challenges [4][5] - The company reaffirmed its full-year 2025 revenue and adjusted EBITDA guidance, despite external pressures [43][42] Other Important Information - The company is actively managing the impact of the Inflation Reduction Act and foreign exchange headwinds, with a focus on maintaining financial discipline [3][30] - The company is committed to strengthening its balance sheet and capital allocation priorities to create long-term value [8][43] Q&A Session Questions and Answers Question: Clarification on the delay of fibrinogen and AFD in the U.S. - Management indicated that the delay is due to the need for more solid clinical data to support the standard of care change in the U.S. market [46][47] Question: Dynamics of albumin in China - The pricing pressure in China is primarily driven by government-imposed cost controls affecting both prices and demand [51][52] Question: Clarification on EBITDA guidance for the year - Management explained that the guidance reflects a robust Q4 expectation, despite a tough comparison to Q4 2024 due to phasing [54][56]