Morning, ladies and gentlemen. My name is Matthew, and I will be your operator today. Welcome to Knight Therapeutics' Second Quarter 2026 Results Conference Call. Before turning the call over to Samira Sakhia, President and CEO of Knight, listeners are reminded that portions of today's discussion may, by their nature, necessarily involve risks and uncertainties that would cause actual results to differ materially from those contemplated by the forward-looking statements. The company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the company and its subsidiaries, may ultimately prove to be incorrect. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether a result of new information, future events, except as required by law. We would also like to remind you questions during today's call will be taken from analysts only. Should there be any further questions, please contact Knight's Investor Relations department via email to ir@knightx.com or via phone at 514-484-4483. I would now like to remind everyone that this call is being recorded today, August 6, 2026. I would now like to turn the meeting over to your host for today's call, Samira Sakhia. Please go ahead, Ms. Sakhia. Thank you, Matthew. Good morning, everyone, and welcome to Knight Therapeutics' second quarter 2026 conference call. I'm joined on today's call with Amal Khouri, our Chief Business Officer, and Arvind Utchanah, our Chief Financial Officer. I'm pleased to announce that Knight has delivered record high performance in the first six months of 2026. We reported revenues of CAD 293 million, adjusted EBITDA of CAD 52 million, and cash flow from operations of CAD 70 million. During the first six months of the year, our promoter portfolio delivered nearly CAD 200 million in revenues, an increase of over CAD 50 million or 36% on a constant currency basis. This was mainly the result of our commercial execution on our promoted products, including the contribution from the 17 launches we executed over the last two and a half years. We had six launches in Canada and 11 in Latin America. In Canada, we launched IMVEXXY, BIJUVA, Jornay PM, Xcopri, MYFEMBREE, and ORGOVYX. In Latin America, we have launched MINJUVI for DLBCL in Brazil, Mexico, and Argentina, and for follicular lymphoma in Brazil. We also launched Pemazyre in Brazil, Mexico, and Argentina, TAVALISSE in Mexico and AKYNZEO in Paraguay. In addition, we have also launched two branded generic products, Molapib in Argentina and Bapocil in Colombia. In the second half of this year, we expect to launch TAVALISSE in Brazil, for which we received regulatory approval earlier this Q, as well as WYNZORA in Canada and certain branded generics in Latam. In addition, just yesterday, we received a Notice of Non-Compliance from Health Canada on the new drug submission for CREXONT. We will be working closely with our partner to respond to Health Canada. As a reminder, CREXONT was approved in the U.S. in August of 2024 and was launched in September of 2024. In June of this year, the product received positive CHMP recommendation in Europe with an approval expected in September. On to the NCIB. In the first half of 2026, we purchased 1.5 million common shares at an average price of CAD 6.33 for aggregate cash consideration of approximately CAD 9.2 million. I will now turn the call over to Arvind to provide an update on our financial results. Thank you, Samira. When speaking of our financial results, I will refer to certain non-IFRS measures, including adjusted EBITDA per share, adjusted gross margin, and constant currency results. Refer to our press release and MD&A and SEDAR filings for their definitions. For the second quarter of 2026, we delivered revenues of CAD 144 million, an increase of CAD 37 million or 34% compared to the same period last year. On a constant currency basis, the increase in revenues was CAD 26 million or 22% driven by the growth of our promoted portfolio, including our pipeline launches, as well as the addition of the mature products from the Paladin and Sumitomo transactions. Our launch pipeline portfolio delivered CAD 18 million in revenues, an increase of CAD 14 million or 297% on a constant currency basis driven by the 17 launches that Samira mentioned earlier. I would like to add that according to IQVIA, the sales of the Canadian launch pipeline products grew by 189% in Q2 2026 compared to Q2 2025. As for our promoted strategic products, they delivered CAD 76 million in the second quarter. Excluding the sales of AmBisome to MOH, the portfolio grew by CAD 9 million or 16% on a constant currency basis driven by the growth of our promoted brands including CRYSVITA, Lenvima, AKYNZEO, and INVOKANA. Finally, our mature portfolio delivered CAD 48 million, an increase of CAD 12 million or 32% on a constant currency basis. The increase was driven by the addition of the mature products from the Paladin and Sumitomo portfolios. Moving on to gross margin. We delivered adjusted gross margin of CAD 17 million, or 49% of revenues in Q2 2026, compared to CAD 49 million, or 46% of revenues in the same period last year. The increase in the gross margin percentage is mainly explained by the higher contribution of the Canadian business, which generates a higher gross margin as a percentage of revenues. I will now turn to our operating expenses, excluding amortization. For the second quarter, our operating expenses were CAD 47 million, an increase of CAD 9 million, or 25%, compared to the same period last year. The increase in operating expenses was mainly driven by the expansion in structure and spend required to support our many launches and larger mature portfolio. Moving on to adjusted EBITDA. For the second quarter of 2026, we reported over CAD 24 million of adjusted EBITDA, an increase of CAD 9 million, or 58%, compared to the same period last year. Our adjusted EBITDA per share was CAD 0.25, an increase of 61% compared to the same period last year. The increase was mainly driven by our higher gross margin, partly offset by higher operating expenses. I will now cover our financial assets, which are valued at CAD 81 million. In the second quarter, we recorded a net loss of CAD 12 million, driven by the mark-to-market revaluations of our strategic fund and equity investments. As a reminder, our funds continue to be a source of cash and have generated CAD 51 million since 2020. Turning to our liquidity and cash flows. During the second quarter, our business generated operating cash inflows of CAD 13 million and repaid CAD 13 million on our revolving credit facility. Over the last year, our strong operating cash flows and balance sheet have supported our 17 launches, the acquisition of the Paladin and Sumitomo portfolios, as well as the full repayment of the CAD 60 million loan used to finance the Paladin transaction within one year of closing. We ended the quarter with CAD 110 million in cash and marketable securities and a net cash position of CAD 87 million. In addition, with CAD 280 million available under our credit facility, we are well positioned to fund future growth. I will now turn the call back to Samira. Thank you, Arvind. On to our financial outlook for fiscal 2026. I would like to remind everyone that this guidance is based on the assumption that there is no material adjustment due to hyperinflation accounting in Argentina. In addition, our guidance is based on a number of assumptions which are described in our press release. Should any of these assumptions differ, the financial outlook and the actual results may vary materially. We are increasing our outlook for 2026 and now expect to generate revenues between CAD 540 million-CAD 560 million, representing top-line growth of at least 20% versus 2025. We also expect 2026 adjusted EBITDA to be at least 15% of revenues, representing EBITDA growth of at least 10% versus 2025. The increase in our financial outlook is driven primarily by the stronger performance of our promoted products across multiple countries, as well as the benefit of select LatAm currencies performing better versus the Canadian dollar than previously anticipated. I'm proud of the profitable business that we have built through the disciplined execution of our Pan-American ex-U.S. strategy of in-licensing and acquiring innovative and mature products, obtaining regulatory approval across our territories, and launching and growing these products in each of our markets. The 17 launches over the last two and a half years are a clear demonstration of the execution of the strategy and the strength of our platform. The momentum of our promoted products, the strength of our diversified portfolio, and healthy cash flows from operations position us well to continue executing on our mission of acquiring, in-licensing, developing, and commercializing pharmaceutical products in Latin America and Canada. Thank you for your support and confidence in the Knight team. This concludes our formal remarks. I would now like to open up the call for questions. Over to you, Matthew. Thank you. Before we begin, may I please remind you, questions during today's call will be taken from analysts only. Should there be any further questions, please contact Knight's investor relations department via email to ir@knightax.com or via phone at 514-484-4483. If you would like to ask a question, please press star followed by the number one on your telephone keypad. If you are using a speakerphone, please lift your handset before pressing any keys. If you would like to withdraw your question, please press star two. One moment, please, for your first question. Your first question comes from Douglas Miehm of RBC Capital Markets. Please go ahead. Your line is open. Good morning, everyone. A few questions for you, Samira. Number one, on EBITDA margins, obviously stronger than anticipated during the quarter and above the guidance that you provide at 15%. You reaffirm the 15% for fiscal year 2026. Are there any specific H2 items we have to consider that would hold those margins back, or is there really potential upside to that guide that you've provided as we think to the second half of the year? Hello? Ladies and gentlemen, please stand by as we connect the speaker line. Miss Samira Sakhia? Again, we apologize for the technical difficulty. We will resume momentarily. You are now back in the conference. Miss Samira? Are we back on? Yes, you are back now. Let me finish answering Doug's question. As I mentioned, we are launching and our spend will be ramping up in the back half of the year. The second thing is that there is a significant amount of AmBisome in the first half of the year, which is also bringing up our EBITDA. We should expect that to moderate slightly in the second half of the year. Excellent. Just to follow up, could you perhaps expand on the Lenvima price controls in Colombia and what the impact of those may be for the remainder of this year and into next year? On CREXONT, could you maybe elaborate on, I know it was just yesterday, but perhaps the reasoning for the NOC? I'll leave it there. Thank you. Sure. Colombia has a regulated price system. They review products along the way after launch. Lenvima was selected, was picked up most recently. We do expect the price to decrease materially. With that decrease, we do expect some increase in volume because it will become cheaper for use. We also announced that we see a generic or a branded generic approved. Also, this order, which we expect will be launched either by the end of the year or early next. That too will have an impact on this product. The generic was expected, and it is in our forecast. In the guidance that we just provided, the pricing impact in Colombia is also included. As for CREXONT and the NOC, you're right, it was just yesterday afternoon. We're going to be working with our partner to respond. What I can say is the product is approved in the U.S., just is going to get approval very shortly in Europe. We are seeing that Health Canada is issuing more NOCs, and we expect that to continue with the way they are. Okay. Thank you. Thank you. Thank you. Your next question comes from Michael Freeman of Raymond James. Please go ahead, your line is open. Hey, good morning, Samira, Arvind, Amal. Congratulations on another strong quarter. Excluding the positive impact of AmBisome this quarter, I wonder if you could point to areas of your promoted product portfolio that has driven the significant growth. This is another significant beat of consensus. I wonder if you could zero in on areas that are growing faster than our expectations and your expectations. Michael, I really can't hear all of the question. I'm going to try and rephrase. You're trying to understand what is driving growth after AmBisome, or what drove growth without AmBisome in this Q or in the future? Talking about this quarter, excluding AmBisome. Excluding AmBisome, we are seeing growth across our portfolio. We saw growth in our oncology portfolio. LENVIMA was growing, ORGOVYX was growing, MYFEMBREE, AKYNZEO, where IMVEXXY. All of our launch pipeline is growing, and that's where you really see a significant amount. If you look at the IQVIA data, the results are that those products, the IQVIA Canada data, those products grew by 200%. In LatAm, you've got MINJUVI, TAVALISSE, LENVIMA, CRYSVITA, all of them growing across the board. Okay. Well, thank you. Now I'm curious, the balance sheet is looking very strong. I'm curious how you're thinking about capital allocation and how you might prioritize different uses of capital heading into the future. As you know, we're a licensing and acquiring company. The use of cash is really for the acquisition of new products, and that's really what we're focused on. If there is an opportunity to continue to acquire our shares, we will also execute on that front. Okay. Thank you very much. I'm going to pass it on. Thank you. Your next question comes from David Martin of Bloom Burton. Please go ahead, your line is open. Good morning, and congratulations on the quarter. Regarding Qelbree, you had mentioned in previous quarters withdrawing the NDS, and it was mentioned again this quarter. Has anything changed on that front since last quarter? No. We're working with our partner to prepare the material for resubmission. Okay. Then on CREXONT, going a little deeper, again, acknowledging you just got that news. Does it look like the information that Health Canada wants exists, or is there a possibility that another trial would be needed? Can you talk about that? Right now, I'm waiting for our team. The product is approved in the U.S. and is getting approval in Europe, the team is just going through it. It's a little early for me to comment on that. Okay. Then, last question. How much did AmBisome sales to Brazil MOH contribute to this quarter, and does your guidance anticipate any more sales to the Brazilian MOH for the remainder of the year? In the case for the back half, we do not anticipate any more AmBisome sales. The entire contract was shipped this quarter. In this first half and the last component was this quarter. Arvind, what's the range? It's about CAD 12.5 million in the quarter. Okay. I think in previous years, you sold to them the contracted amount, then usually they buy more. Would there be any reason to believe that won't happen this year? Sometimes they've bought more because they do have the right to buy more. Yeah. Last year, what ended up happening is that we signed the 2026 contract, I believe it was sometime in mid Q4, they had a small purchase in Q4 in connection with the 2026 contract. Okay. We don't have a 2027 contract. Obviously, our team is pursuing that on a constant and aggressive basis, until we have a new contract or a new order, let's say, if they decide to continue on this one, we can't really comment for the back half or even next year. Has the competitive situation for that contract changed at all recently? Not at all. Okay. Remember that we have provided that there is a branded generic and a generic under review at ANVISA, and those could come out either later this year or early next. Okay. Thank you. That's it for me. Thank you. Your next question comes from Tania Armstrong-Whitworth of Canaccord Genuity. Please go ahead, your line is open. Hi, good morning, everyone. First question, just on the 2026 guidance, can you help me quantify how much of the increase is being driven by underlying promoted portfolio performance versus the changes in FX? FX, as you saw in the first half, versus last year, in the first half, FX contributed about CAD 10 million to top line. A lot of that is already banked. It's not a significant amount that we're carrying forward into the second half. The majority of this that is coming is really coming from the growth in our products across the board. Excellent. Thank you. Just second question. With the Canadian business, given the growth that we've seen in it, how should we be thinking about the long-term margin profile of those assets as the Paladin Sumitomo products mature and integration synergies are realized? Hello? Again, we apologize for the inconvenience as we are expecting technical difficulties. We will resume the conference momentarily. Can you hear us? Yes. Hi, can you hear us? I can hear you now, yes. Yes, we can hear you now. Okay, perfect. Thank you. The gross margins on our Canadian products is better than what we have in LATAM. Our newer products in LATAM are also better contributors. As we go on and all of these products contribute more, margins will slightly improve. What I will say is, as all of these launch products start to weigh in higher on the top line, what we will see is EBITDA margin improvement over the next couple of years because we are now almost at a place where our infrastructure for what we have is fairly stable. This year we're guiding to 15% of EBITDA margins. Over the next couple of years, you'll see that EBITDA margin improve across the board. Okay. Thank you so much. That's all for me. Thank you. Your next question comes from Scott McAuley of Paradigm Capital. Please go ahead, your line is open. Morning, everyone. One last one for me was on the cash flow. It was great to see two back-to-back quarters of a significant op that's been much more lumpier quarter-to-quarter. Is that something that you're expecting going forward to see a bit more consistent cash generation? Should we continue to think, in the next few quarters, it can swing materially kind of quarter-to-quarter? Cash flow from operations can be lumpy depending on inventory purchases, especially when we're onboarding a new product or a new asset. What we are seeing with the higher weighting of our Canadian operation, which has faster collection and our working capital is now at kind of a stable level, we should be seeing healthy cash flows, high level of cash flows from an EBITDA to cash conversion. It may be lumpy on a quarter-to-quarter basis, but for the year, you should be seeing it at a very healthy level. That's great. Excellent. That was all for me. Thanks for taking the question. Thank you. Your next question comes from Mac Milovsky of Stifel. Please go ahead, your line is open. Good morning, team. On for Justin Keywood this morning, Stifel. Congratulations on the quarter. Like Scott said, a lot of the questions I had lined up were already asked, but maybe any color you can provide on the utilization of your sales force in LATAM amid the string of recent launches and how that reconciles with the need for maybe potential additions to the commercial infrastructure team and the margin profile. Thank you. Sure. As we said before, when we look at the majority of our business, we have a pretty solid platform. When you look at countries like Brazil, which is still our largest market, Argentina, Colombia, and we have presence in even the smaller countries. In the last year in Canada, we really expanded the infrastructure through the acquisition of Paladin. The only place in our business, which is small, is still Mexico. In Mexico, we are adding infrastructure as we add products. That would be really the only place where we have left, where we need to continue to build infrastructure. You've been seeing that over the last couple of years. Last year when we launched MINJUVI, we added people. This year, as we launched TAVALISSE, we added a few more. Over the next year, we have more pipeline products that are going to launch in Mexico, in a couple of years, including CREXONT, Timbo, ZYNYZ. We will be adding people as we expand the portfolio. Given the size of the country and what's needed, you really won't be seeing that big an impact on our EBITDA margins going forward. As I said, the products that we have today will be contributing more that we've launched in 2024, 2025, 2026, we'll be contributing more into 2027, 2028, 2029. Even as we add small levels of infrastructure, EBITDA margins will rise. Thank you. This is maybe a longer tailed question, but with the closing of the acquisition of Cressida, is it within the playbook for Knight to engage in strategic investments of this sort in the future? To that end, have you considered the prospect of leveraging the IP for new assets in this pocket of the market to grow your own portfolio? We're always interested in strategic assets, whether it's through a loan or an investment. You've seen this over the last few years, we have refined that with products that we actually want to own and launch. Because otherwise, it's just really putting money away that really doesn't feed into revenues or EBITDA. We have been much more focused on financial transactions will be in order to get new products. Helpful. Thank you. Thank you. Thank you. There are no further questions at this time. I would now like to turn the call back over to Samira Sakhia for closing comments. Thank you, Matthew. For everyone on the call, I'm really sorry about the technical issues that we've had this morning. Thank you for your confidence in the Knight team and for joining the Q2 2026 conference call. Have a great morning. Ladies and gentlemen, this concludes today's conference. We thank you for participating in Asset Upload Connecter Line.