fitability



Core EBITDA margin
Incl. nemolizumab



+300 – 500bps Core EBITDA margin expansion (vs. 2023)
by 2027E,majority of which delivered in 2026 and 2027



+450-550bpsmargin expansion at CC vs. 2023





Nemluvio



Peak sales(beyond mid-term period guidance horizon)



>2 B USD
peak sales



>4 B USD
peak sales








Appendix 9:Overview of foreign exchange rate exposure





FX rates compared to USD


FY 2025
average rate



February 2026
closing rate






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