Sopharma reported Q1’26 consolidated sales of EUR 352.9m, up 7.8% YoY and 1.5% below our forecast. Revenue from own products surged 124.6% YoY while sales of goods decreased 10.3% YoY, accounting for 72.1% of total sales. The rapid change of the revenue mix is due to the portfolio of 68 marketing authorizations acquired by Sopharma at the end of 2024 as initially the drugs were sourced by the previous owner of the trademarks and were classified as goods. Other operating income surged 4-fold to EUR 7.4m mainly on EUR 4.3m profit from the sale of a separate part of the company's commercial enterprise related to the production and trade of veterinary medicinal products and laboratory testing of food and biological products. Recall that this deal was negotiated in Q4’25, but because the final payment was made in Q1’26, the profit from the deal was booked in Q1’26. EBITDA surged 43% YoY to EUR 42.3m, only 0.1% above our estimate. The subsidiaries other than Sopharma Trading, contributed EUR 2.7m to EBITDA versus EUR 0.2m in Q1’25. We attribute this turnaround mainly to the acquired drug portfolio, sold primarily through the Russian subsidiary. Net financial costs added 17.1% YoY, while gains from associated companies declined 23.7% YoY to EUR 4.5m. Still, due to the improved operating profitability, the consolidated net income after minority interest reached EUR 31.7m (EPS of EUR 0.06), up 53.8% YoY. This number comes 16.1% above our expectations on lower than expected D&A cost and income tax cost. On the balance sheet, non-cash working capital increased by EUR 38.4m since the beginning of the year, mainly due to increases of receivables and inventories and a reduction in dividend payables. Despite this, the interest-bearing debt declined by EUR 14.5m YoY to EUR 289.3m, resulting in an IB debt-to-equity ratio of 53.7%. CAPEX for the period totalled EUR 9.9m.