t constant currency, which exceeded initial expectations in a year of major launches and reinvestments in growth.

Core EPS3grew to 3.69 USD, up 76.7% year-on-year,driven by strong Core EBITDA growth, reduced financing and tax expenses, as well asshare repurchases.

Strengthened balance sheet and cash flow generation,with net leverage4reduced to 1.5x at the end of December 2025, alongside lowered interest payments and improvements in net working capital.

2026 full-year guidance with attractive top- and bottom-line growth, expecting net sales growth of 17-20% at constant currency and a Core EBITDA margin of approximately 26% at constant currency.

Sustained confidence in the mid-term outlook, specifying 2023-2027 guidance within or above the previously communicated ranges and raising the peak sales guidance for Nemluvio from above 2 billion USD to above 4 billion USD for prurigo nodularis and atopic dermatitis globally.


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