Financial Data and Key Metrics Changes - Total revenue grew by 19% in the first half of 2025, driven by increased recurring revenue [5][30] - Operating profit increased by 56%, reflecting strong financial performance despite strategic investments [6][35] - Cash reserves at the end of the first half were approximately $3 billion, providing flexibility for growth and expansion [6][30] - Recurring revenues represented 97% of total revenue, up from 90% in the same period last year [33] Business Line Data and Key Metrics Changes - Sales for Epkinley and TIVDAC increased by 60% year over year, contributing to 31% of total revenue growth [22][30] - Epkinley achieved $211 million in global sales, a 74% increase year over year [23] - TIVDAC sales totaled $78 million, reflecting a 30% increase compared to the previous year [27] Market Data and Key Metrics Changes - Epkinley received regulatory approvals in over 60 countries, with nearly 50 countries approving it for both DLBCL and FL indications [25] - The launch of Epkinley in Japan for third-line follicular lymphoma began in May, showing encouraging uptake [24][27] Company Strategy and Development Direction - The company aims to accelerate the development of its late-stage pipeline and maximize the potential of its commercialized medicines [5][39] - Plans to broaden the reach of RINA S with three Phase III trials expected to be underway by the end of the year [11][39] - The company is focused on expanding its pipeline both organically and inorganically to ensure sustainable long-term growth [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting strong financial foundations and disciplined capital allocation strategies [38][39] - The company anticipates continued growth for Epkinley and TIVDAC, with further data expected to support their market positions [39] Other Important Information - The FDA accepted the supplemental BLA for epiritamab with a target action date of November 30, 2025 [9][56] - The company is actively engaging with the FDA regarding regulatory submissions and believes there is no significant risk of pushback [56] Q&A Session Summary Question: Positioning of EPCO versus other CD20 bispecifics - Management feels confident about their broad and aggressive development plan, with a head start in second-line follicular lymphoma [44][45] - The company has received positive feedback from physicians and is encouraged by its leading sales position globally [48] Question: Confidence in filing RAINFALL-one for accelerated approval - Management is optimistic about filing for accelerated approval based on strong data and ongoing engagement with the FDA [55][56] Question: Initial launch strategy for Epkinley - The focus will be on earlier lines of therapy, particularly in the community setting, where uptake has been accelerating [63] Question: Development plans for RINA S outside ovarian cancer - The company is exploring RINA S in non-small cell lung cancer, with a Phase II study planned to assess both monotherapy and combination therapy [91][92] Question: Role of ADC combinations in lymphoma - Management sees potential for ADC combinations in diffuse large B cell lymphoma and believes bispecifics will become a backbone for novel combinations [87][88]

Financial Data and Key Metrics Changes - Total revenue grew by 19% in the first half of 2025, driven by increased recurring revenue [4][29] - Operating profit increased by 56%, reflecting strong financial performance despite strategic investments [5][33] - Cash reserves at the end of the first half were approximately $3 billion, providing flexibility for growth and expansion [5][29] - Recurring revenues represented 97% of total revenue, up from 90% in the same period last year [31] Business Line Data and Key Metrics Changes - Sales for Epkinley reached $211 million, a 74% year-over-year increase, contributing significantly to total revenue growth [22][29] - TIVDAC sales totaled $78 million, a 30% increase compared to the previous year, with strong performance in the US and Japan [26][29] - The growth of commercialized medicines is expected to increasingly contribute to overall revenue growth over time [21][29] Market Data and Key Metrics Changes - Epkinley has received regulatory approvals in over 60 countries, with nearly 50 countries approving it for both DLBCL and FL indications [24][29] - The FDA accepted the supplemental BLA for epiritamab with a target action date of November 30, 2025, indicating strong market potential [7][55] Company Strategy and Development Direction - The company aims to accelerate the development of high-impact late-stage programs and maximize the potential of commercialized medicines [4][39] - Plans to broaden the reach of RINA S with three Phase III trials expected to be underway by the end of the year [10][39] - The company is focused on expanding utilization of its medicines and bringing them to more patients globally [28][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting a strong financial foundation and disciplined capital allocation strategy [5][37] - The company anticipates continued growth in recurring revenues and operating profit, with improved financial guidance for 2025 [34][35] - Management is closely monitoring geopolitical situations but does not foresee significant impacts on financial guidance for 2025 [37] Other Important Information - The company completed a share buyback in June, reinforcing confidence in its future [5] - The Phase III Epcor FL1 trial met its dual endpoints, supporting the potential to transform treatment paradigms for patients [12][14] Q&A Session Summary Question: Positioning of EPCO versus other CD20 bispecifics - Management feels confident about their broad and aggressive development plan, with a head start in second-line follicular lymphoma [43][44] - They have received positive feedback from physicians and are moving into earlier lines of therapy [47][48] Question: Confidence in filing RAINFALL-one for accelerated approval - Management is confident in filing for accelerated approval based on strong data and ongoing engagement with the FDA [54][55] Question: Initial launch strategy for Epkinley - The focus will be on earlier lines of therapy, particularly in the community setting, with significant opportunities for patient expansion [62] Question: Development plans for RINA S outside ovarian cancer - The Phase II trial will explore RINA S in both monotherapy and combination settings, with a focus on EGFR mutated non-small cell lung cancer [93] Question: ADC combinations in lymphoma - Management sees potential for ADC combinations and believes bispecifics will become a backbone for novel combinations in the future [87][88]