Financial Data and Key Metrics Changes - The company reported revenue of €3.7 billion for the first half of 2025, representing a year-over-year increase of 7% on a reported basis and 10.1% on a like-for-like basis at constant currency [9][38] - Adjusted EBITDA reached €876 million, a significant increase of 12.7% on a reported basis and 20.1% on a like-for-like basis at constant currency [10][39] - Free cash flow improved by nearly €200 million year-over-year, reaching €182 million higher than the previous year [10][40] - The leverage ratio improved to 4.2 times, the lowest in five years, reflecting strong cash flow generation and deleveraging efforts [11][39] Business Line Data and Key Metrics Changes - Biopharma reported growth of 8.2% on a reported basis and nearly 12% on a like-for-like basis, driven by strong demand for immunoglobulin products [14][42] - The albumin segment grew close to 10%, recovering from a temporary impact in Q1 due to a drug license renewal process in China [20] - Alpha-one and Specialty Proteins revenue grew 6.6% at constant currency, reaffirming market leadership [21] Market Data and Key Metrics Changes - The immunoglobulin franchise saw a growth of 12.5% on a reported basis, with a remarkable 17.8% growth on a like-for-like basis [18] - The diagnostics business reported a 2.8% growth at constant currency, with all major segments showing performance growth [32] Company Strategy and Development Direction - The company is focused on executing its value creation plan, which emphasizes commercial growth, margin expansion, and pipeline execution [8][12] - Innovation remains a core driver, with upcoming product launches such as fibrinogen in Europe and the U.S. [12][30] - The company is committed to improving profitability through targeted cost reduction initiatives and operational efficiencies [11][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complex and dynamic environment, including foreign exchange volatility and external uncertainties, but expressed confidence in the company's ability to adapt [6][63] - The strong performance in the first half of the year supports the expectation of continued positive results in the second half [13][64] - The company reaffirmed its full-year guidance for 2025, despite macroeconomic challenges [58][64] Other Important Information - The successful delisting of BioTest is expected to unlock value from this strategic asset [13] - The company announced a €0.15 per share interim dividend, marking the first dividend payment in over four years [53][54] Q&A Session Summary Question: Free cash flow and dividend reinstatement - The management confirmed that lower interest costs are a factor in the raised free cash flow target, but not the sole driver for reinstating the dividend, which aligns with the capital allocation framework [67][69] Question: Albumin market outlook - Management indicated that pricing pressure in China is due to government efforts to reduce healthcare costs, but they are well-positioned with local partnerships to navigate these challenges [70][71] Question: IG trends and CIDP share loss - Management noted that the deceleration in IG growth is influenced by currency impacts and emphasized that IG remains the standard of care in CIDP, with continued growth expected [75][76] Question: EBITDA guidance and cash flow phasing - Management acknowledged that FX uncertainties impact EBITDA guidance but reaffirmed confidence in the overall performance, expecting stronger cash flows in H2 [88]