Sopharma’s Q3’26 stand-alone revenues grew 21.2% YoY to EUR 38.5m, still coming 16.7% short of our estimate. Sales of own products added 8.3% YoY to EUR 32.9m, while sales from distribution surged 382% YoY to EUR 5.3m. The EBITDA dropped 48.5% YoY to EUR 4m, coming 76% below our expectations. The resulting margin came to 10.3% vs 29.5% in Q2’26 and 35.9% in our forecast. Below the EBITDA line, depreciation charges increased by 36.1% YoY, largely due to amortization of intellectual property rights related to the recently acquired portfolio. Net financial expenses also increased YoY, while net gain from sale of shares in subsidiaries and associated rose 11-fold YoY, but from a low base. As a result, net profit dropped 75.1% YoY with net income at EUR 1.1m vs EUR 11.9m in our estimates. For the 9-month period sales increased 32.3% YoY to EUR 132.2m vs 39% growth in the preliminary announcement. Sales of own products increased 20.3% YoY with main contributors to growth being Russia (61% YoY), Ukraine (21% YoY), Moldova (17%) and Belarus (24% YoY). At the same time, domestic sales of own products declined 4.9% YoY. The EBITDA grew 62.4% YoY to EUR 40.7m as besides the overall growth of business there was a one-off EUR 4.3m profit from the sale of a separate part of the company's commercial enterprise, booked in Q1’26. Net income increased 65.7% YoY to EUR 28.4m with EPS of EUR 0.05. On the balance sheet, non-cash working capital increased by EUR 31.5m on decline of short-term payables while interest-bearing debt decreased by EUR 22.4m YoY to EUR 111.9m, resulting in an IB debt-to-equity ratio of 30.7%.