Good day, and thank you for standing by. Welcome to Galderma's conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session with financial analysts. To ask a question during the session, analysts connected on the teleconference call will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Emil Ivanov, Head of Strategy, Investor Relations, and ESG, to introduce the call. Emil, please go ahead. Welcome to the Galderma Q1 2023, 2024 trading update. Press release with our financial results for the first quarter of the year has been published at 7:00 A.M. Central European Time, today, and can be consulted on our corporate website at any time. Today's presentation slides, as well as a recording of the webcast, will be made available, at our website after the call. As this is our first trading update call, let me also take this opportunity to share with you the principles of our financial reporting. As a reminder, we report net sales for the group, reported and constant currency growth rates. Our net sales reporting breaks down our performance by product category and by geography. In our financial releases, we'll provide net sales results for each of our three product categories: injectable aesthetics, dermatological skincare, and therapeutic dermatology, with the net sales of injectable aesthetics further broken down into subcategories, neuromodulators and fillers and biostimulators. Geographically, we'll disclose sales for our two reporting geographies of the United States and International. Please be advised that today's presentation contains forward-looking statements which would be treated with the appropriate level of caution, as detailed on the slides. Let me now introduce today's Q1 trading update webcast, which is scheduled for 45 minutes. Dr. Flemming Ørnskov, CEO of Galderma, will share highlights and a business update for the first three months of the year. Thomas Dittrich, CFO of Galderma, will then introduce the Q1 trading results and the financial outlook for the full year. Both Flemming and Thomas will be available to answer questions from the financial analysts before Flemming provides final remarks to close the webcast. Please note that the Q&A portion of the call might be shorter than usual, as some of the financial analysts might choose not to ask questions before they publish their initiation of coverage reports. With this, I would like to invite Flemming to share Q1 highlights and business updates. Flemming, over to you. Thanks, Emil, and also from me welcome to this first quarterly trading update for Galderma as a public traded company. Announcing today, we will see, and you will see, and I'm sure you read the press release, we have a very strong start to 2024. We continue the very strong growth trajectory of Galderma, and we also in this quarter, of course, celebrated the first day of being a publicly traded company. Highlights, I would say, include that we recorded a record sales performance for the first quarter, and I think you've seen that we've set ourselves up for a very strong, continued growth momentum. As mentioned, we're now listed on the Swiss SIX exchange since the 22nd of March, following our very successful public offering. I think that, what you will hear and see today is that the check on the integrated dermatology strategy continues to be there. The results today, I think, is another mirror of that. But it also is a testament to our very strong colleagues around the world that are basically committing to delivering these results by servicing our healthcare professionals, the consumers and patients around the globe. But maybe we focus a little bit on some of the highlights. So what you will have seen and what you see here is we reported a record net sales of $1.71 billion in the first quarter of this year, for the first time, surpassing the symbolic and important $1 billion threshold, for the first three months. Net sales growth for the first quarter was 12.4% year-on-year on a constant currency basis, and we basically, as you look at it, we showed a broad-based growth that was driven by volume across our product categories and across geographies, and we'll see a little bit more details about that going forward. I think with an attractive growth and a very strong start to the year, we are absolutely confident in the outlook, and we are reconfirming our 2024 full guidance. Let's now dive into a little bit more detail across our product categories. So as you will see on this slide, injectable aesthetics had a very strong performance, and maybe the comparator for 2023 first quarter was a bit lower, but still for both parts of the aesthetic franchise, very strong, 19.3% performance. If you look at dermatological skincare, where we have a very diversified, increasingly multi-channel exposure and increasingly geographical footprint, also here, we showed very robust growth. Last, but I also think not least, as we're preparing for the launch of nemolizumab. We feel very positive about the continued growth in our mature therapeutic dermatology portfolio, despite ongoing genericization. So as you all will be aware, we are now shifting in that part of our business to the focus on nemolizumab, which absolutely will propel this business into even higher growth, and we expect U.S. launches for both prurigo nodularis, where we have priority review, and atopic dermatitis in the first half of next year. What I think is also really nice to see is the strategy works, and our continued geographical expansion shows growth across all geographies. And if you look at the international markets, I could mention and highlight China, India, Thailand, Brazil, Mexico, and in Europe, I could highlight U.K. and Ireland, very strong performance in the first quarter. I also think it's important to note that the U.S. also accelerated year-on-year. So if we now talk a little bit about the business and what is really driving this really strong growth and key start to the year, I think it's important to understand that we have a very solid strategy, an integrated dermatology strategy, and it's exactly this strategy and execution in 90+ countries of this strategy that is delivering this very strong start to the year. I know we were talking to a lot of you during the IPO process, but I think it's really important also because you continue to see the strong growth despite ups and downs in consumer sentiment, that we are de facto a self-care category leader in dermatology. And these results is just another step in the direction of solidifying this leadership position. We started with our heritage in 1947 with Cetaphil that just passed the $1 billion mark. There are very few products in this category that is over $1 billion in sales, so we feel very proud by that, and also very proud about the fact that we continue to invest significantly in R&D and innovation in all parts of our business. If I look back since 2019, we've had over 770 clinical trials. It's also very important, and you see that from our broad-based product and geography growth, that you need scale. It's very clear that we're the only scale company that is fully dedicated to dermatology, and are in very attractive three segments, which is injectable aesthetic, dermatological skincare, and therapeutic dermatology. I think you will see the results mirror this broad-based approach and this innovation-driven approach. It's also very important that as you look, for instance, as the international results, that a global integrated commercial platform with consistent execution over 90 countries, spanning the full spectrum from direct to consumer activities, to healthcare professionals, e-commerce, going into retailers, being in physician practices more than anyone else, and having significant training and education, is what sets us apart, but also in the first quarter of this year, continues to drive our very strong growth. But first and foremost, we are a consumer-centric business that increasingly are using digital tools to enhance our execution. We're very, very driven by what we see the consumers wanting and needing, and also very important to realize, and we do that every day, that more than 90% of our sales are self-paid by consumers that every day have a choice to make. So maybe we will talk a little bit more about the strategy. What is it really that is so different from what other people are doing in this category? So we feel that we have a consistent, executed, and sustainable strategy. We have the broadest portfolio, we have the leading science and innovation in dermatology, we have increasingly created global scale with omnipresence execution, omni-channel execution, multi-channel, multi-country execution. But what is very important for this business model, and we've also seen examples of that, is strong presence in meetings and conferences, and top-notch education of our physicians so that we optimize the use of our products. So the way we look at it is, from 2019 to 2023, as we became in 2019 an independent company, and until we achieved the IPO, was for us, building a very scalable, integrated dermatology platform and be able to sustain growth, not short term, not mid-term, but sustainable growth as a public company. Now, with some of this behind us, we take the best of that. We don't change strategy, but we take the execution one notch up. So now it's actually about executing on this proven strategy, drive above-market growth, continue to build attractive margin expansion, as you will hear from Thomas, and then continue to make sure that we also set the stage for some truly differentiated new product introductions, not least in the biologic space. So why is it so important to have a leading platform? I think if you didn't believe that, you've seen that even more in the first quarter, another driver for our very strong momentum and our strong results. We are always focused on progressing on all three of our strategic pillars. We want to continue to build out the broadest portfolio in dermatology. We do that through leading science and innovation. We progress the innovation pipeline. This quarter alone, we launched Restylane SHAYPE in Canada, a totally differentiated new form of Restylane, a deep form of Restylane, a bone-mimicking form of Restylane, totally innovative, and we continue to progress nemolizumab through not only the regulatory path, but also in preparation for launches around the world. We continue to show that our portfolio gets into more and more countries with more and more new ranges, including Healthy Renew and anti-aging skincare range that we just launched. We launched Sculptra in Thailand, one of our absolute record launches for Sculptra ever, and we continue to have new launches for Alastin. We expanded into the U.K. We launched Benzac patches in the US and Australia after a very successful launch in the U.K. last year. We continue to strengthen scientific differentiation, and we are also now kicking off what we think could be a new growth wave in aesthetics, doing clinical trials to show that some of the effects that patients achieve with GLP-1s, like sagging and aging of facial skin, can be countered by a combination of Sculptra and Restylane for cheek augmentation and correction of some of the obvious contour deficiencies you get through that treatment. More to come about that, hopefully even this year. We're also dramatically executing around the world, but we are doing that in an increasingly innovative way. As you may have seen, we had very big showing at New York Fashion Week, very big showing at Super Bowl, both driving very impressive numbers in terms of clicks, attention, and we're also starting to see some of that spilling over to the retail, and we had a very strong consumer campaign around the Chinese New Year. It's also important that we continue to build out our products. You've seen the phenomenal hurdle of hitting over $1 billion for Cetaphil. Well, Sculptra is 25 years old and growing stronger and stronger. We're getting new indications, we're getting new data, and more and more new insights, and maybe the whole GLP-1 change that is happening will drive another growth wave, but that already very strongly growing. Then, as I mentioned before, we want to be the market leaders in, for instance, aesthetics and education and services, but also in our two other businesses, one more consumer-directed, one more prescription-directed. We wanna be the ones that people go to at medical congresses. We want to be the one that healthcare professionals seek out for information. We also wanna be the ones that people are going to, to look for what is next. So we just launched Next, which is basically looking forward to what is the future of aesthetics, identifying six trends that we think will be absolutely essential, all based on insights from leading minds in the aesthetic community. And we continue to drive education and services through our GAIN, the Galderma Aesthetic Injector Network, very important. Let's maybe go a little bit deeper on a few of those issues. So scientific differentiation, having growth driven by innovation and our pipeline across all our product categories is very important. Just two highlights, as I briefly touched upon. Restylane SHAYPE. Well, you may say it's just another Restylane SKU. No, this is the first bone-mimicking property of a NASHA HD technology for significant temporary augmentation of the chin region, something that has been a significant unmet need for a long period of time, both in men and in women. And we already to date, trained over 700 healthcare professionals in Canada, along with the launch of Restylane SHAYPE. Again, mirroring the very principle that we have, innovation, education, and launches go hand in hand. For nemolizumab, which I know a lot of you are very excited about, we are progressing very well on the regulatory submissions around the world. In February, FDA announced priority review for prurigo nodularis, and we got regulatory filing acceptance both in the U.S. and E.U. for prurigo nodularis and atopic dermatitis. So all in line with the U.S. launch in the first half of next year, and subsequently in multiple other countries. Let's maybe talk a little bit more about commercial execution, which is very essential for us as we drive, bringing our really, truly innovative portfolio into as many customers and into as many countries as possible. What is really important for us is, if you look at what we did for Cetaphil, and that's a very good example of how we continue to drive growth even when markets are slowing down or when the category is getting more crowded. With some of the highlights on Cetaphil in the first quarter, we reached over 5 billion impressions through ad campaigns at two events in the first quarter of 2024, that had significant media coverage. So Face of Cetaphil, which we ran along with the New York Fashion Week, we used Miley Cyrus, Grammy Skincare Secrets. We had Marc Jacobs' first-ever skincare sponsor. We had a collaboration with Alice and Olivia, and we had Game Time Glow campaign for Super Bowl, which was, in my opinion, a very cost-effective and smart viral Super Bowl bet that was inspired by the trend that we all see now with Taylor Swift. We became part of Vogue's best commercials for the Super Bowl 2024, and we became a 2024 Webby Award winner. So all of that shows that we continue to innovate, we continue to use the media available to us to show that we're at the forefront, not only of innovation, but also in, coming to our customers and showing the best of our product portfolio in the right audiences. But as I also mentioned to you, consumers, very important, but our healthcare professionals, very important. So market-leading indication and services is essential for our model, and we continue to improve. So if any of you had an opportunity to be at some of the major medical congresses that are of interest to us, like the Aesthetic and Anti-Aging Medical World Congress, AMWC, the American Academy of Dermatology, IMCAS World Congress, you would have seen our product portfolio showcased in some of the largest stands that you would have found in these meetings. The traffic, the interest in our products, the opportunity to engage with our KOLs, with doctors from around the world, with nurses from around the world, actually is showcased with these meetings. But it shows that when you go there, you will see we cover the full range. We have an unparalleled aesthetics portfolio, but it also increasingly is obvious to people that we're not only in aesthetics, we're not only in dermatological skincare, we're not only in therapeutic dermatology. We have the broadest and most innovative portfolio that is available in more countries than most other companies, and we will continue to do that, because that is absolutely a key driver for us, getting the consumer angle right, but also making sure that in terms of training and education, we serve healthcare professionals around the world in the best possible way. But with that, I'll pass it over to Thomas, who'll talk a little bit about the Q1 financials. Thank you, Flemming, and I'm pleased to share with you all the details on our Q1 trading and the outlook for this full year. Let me start with our trading update on this slide here. As you can see, for the first quarter of 2024, Galderma achieved record net sales of $1.071 billion. And with that, we, for the first time, surpassed the billion-dollar mark in a first quarter of the year. Year-on-year growth was also good. On a constant currency basis for the period at 12.4%, you see a reported growth, pretty similar, 12.3%, just underneath. And I will get into the drivers of growth in a minute. I'm also pleased to report that net sales growth was primarily driven by healthy volume growth, and that it was widespread across our product categories and geographies. With that, let's go into the split by product category on the next slide. Here, you see Injectable Aesthetics, the largest of our three product categories, had a strong first quarter, with record net sales of $511 million and year-on-year growth of 19.3% on a constant currency basis. Now, within Injectable Aesthetics, both subcategories grew double-digit. For the first three months of 2024, neuromodulators, net sales were $263 million, with year-on-year growth of 20.4% on a constant currency basis. And the other subcategory, fillers and biostimulators, net sales were $248 million, with year-on-year growth of 18.2%, also on a constant currency basis. Injectable aesthetics growth overall was also mainly driven by volume, with continued growth momentum in both the international region and in the United States. Year-on-year growth for the quarter was supported, I want to note, by a low 2023 comparable base, predominantly in the case of fillers and biostimulators. Now, on the next slide, let me turn to Dermatological Skincare, which recorded $351 million in net sales for the first quarter, with 8.4% year-on-year growth on a constant currency basis. We continued to benefit from our global geographic footprint and diversified multi-channel presence, and with notable high performance in e-commerce. The growth overall was mainly driven by volume and favorable product mix. Cetaphil in international markets and Alastin both grew double digits, more than offsetting market softness in the US skincare market and somewhat lower U.S. consumption of Cetaphil. Across channels, Cetaphil in the US kept its market share stable, helped, again, by strong e-commerce performance, also in the United States. Please note that our Cetaphil growth in the first quarter in the US was impacted by phasing, with a higher comparable base due to pre-ordering in Q1 a year ago, due to an ERP, that's an IT system, implementation, which we conducted back then and where we asked our customers a year ago to order early in Q1 because the implementation took took place in Q2. Now next, turning to Therapeutic Dermatology. Also, that product category continued growing. Net sales for the first quarter were $209 million, with year-on-year growth of 4.1% on a constant currency basis. We feel good about our continued growth in the mature therapeutic dermatology market, speaks a lot to the portfolio we have there, given the ongoing genericization. Our growth overall was mainly driven by volume in international markets, offsetting anticipated lower U.S. volumes, which were partially driven by phasing impact as well as the aforementioned generics. As a reminder, going forward, we do not expect therapeutic dermatology, excluding nemolizumab, of course, or before nemolizumab, of course, to be a contributor to growth. Let me now comment on the geographic split of our sales as well, on the following slide. As you can see here, our bigger of the two reporting geographies, international, continued on its double-digit growth path, fueled by strong performance across major markets. We had notably strong growth in markets where we have traditionally performed very solidly, very strongly, such as China, Brazil, India, in Europe, United Kingdom and Ireland, and as well in some of our fast-growing emerging markets, such as Thailand and Mexico. For the U.S., growth accelerated year-on-year and was primarily driven by volume and a favorable product mix, with notably strong performance in injectable aesthetics. With that, let me turn to our full year outlook. Now, our strong start to the year clearly boosts our performance, our confidence in our full year outlook. With that, I am very pleased to confirm our full year guidance of 7%-10% net sales growth on a constant currency basis, and core EBITDA margin to be in line with 2023 at constant currency. Now, this concludes the prepared remarks on Galderma's business and financial performance. With that, and before we close the meeting with Flemming's final remarks, I would like to hand back to the operator to open the call to questions and answers. Sandra, can you please open the line for the first question? Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take the first question coming from the line of Thibault Boutherin from Morgan Stanley. Please go ahead. Yes, thank you. My first question is on your ability to potentially expand margins this year. So Galderma had a strong start of the year in terms of top line. If you reach the top end of your sales guidance or even potentially do better, is there an opportunity to see this reflected on margins through operating leverage? Or should we assume that any potential top line outperformance would be reinvested in the business, in particular for preparing for the launch of nemolizumab, and therefore limiting the opportunity for potential margin expansion this year? Second question on Cetaphil, just if you could clarify the base effect from stocking in the fourth quarter last year, just so we can get a better idea of the underlying growth of the brand. And then just a third question on injectables. If you could give us a little bit of granularity on your exposure to different channels and the associated growth trends, for example, U.S. and Europe, mainly so. For example, if you are exposed to medical spa channel, and how it compares to skin clinics or dentist practices in terms of growth. Thank you. Okay, I think I heard three questions. Thomas, maybe you answer the first one, guidance on margin for year-end. Yes, I'll happily do that. And Thibault, thank you for your question. And clearly, starting strong into a year is what you wanna do, but also early on in the year, this is not the time to think of what would we do towards the second end-- second part of the year. But you outlined exactly the spectrum of decisions that we will have in front of us, but it's, it's very positive, a very positive situation in any case. Because as you rightfully say, if we were trending also throughout the year or towards the end of the year at the higher end of the margin guidance, then of course, that generates even more EBITDA, which we then could choose to either invest or, or, or not. But again, I think the takeaway that you highlighted here, thank you so much, Thibault, is a really important one. We are on a good foot forward. We have put a strong foot forward, but it's too early to think of those outcomes of those trade-offs, but that's exactly what we will be looking at. And, of course, if, you know, nemolizumab investments we feel good about, we know what we will do. The plans are progressing. They are funded already, well. So, overall, we're in a very good position here. And as I said, I'm very confident. We are very confident in confirming our Core EBITDA margin to be in line with 2023 at constant currency, and we'll have a framework of choices to make throughout the year, should these trends continue. Flemming, do you wanna take maybe the injectables question, and then we can see what we do with the second question, the base effect? Yeah. So, injectable aesthetics, as Thomas outlined, you saw very strong growth in both parts of our business. Like, all other players in injectable aesthetics, we have a broad range of customers that include med spas, but we have individual clinics that are driven by doctors. In some parts of the world where nurses can inject, we are there. We have corporate accounts, so we're pretty broad-based in where we are. It is quite clear that, with a portfolio that is as broad as we have, we have a very broad base of customers. We're probably more on the premium end of aesthetics, so that also drives a bit which customer base we have. But for instance, a product like Sculptra is very desired in all segments of this category, so I think we can say we're broad-based, but given our price points, we're probably more at the mid to upper level of the aesthetic clinics and outlets for aesthetic treatment. Also, for us, it's not just about the product. I think you've seen that we do significant GAIN training. We want to make sure that our products are injected in a safe and appropriate manner. We spend enormous amount of resources on making sure that we have GAIN events around the world. We had records last year, and it looks like we'll have another strong year in there. We are also absolutely making sure we continue to innovate. I mentioned Restylane SHAYPE, Sculptra, we continue to build out around the world, and we're also, as I said, kicking off studies to capture some of the opportunity that we see will be associated with people being treated with GLP-1. So I think, we're well positioned, and, the good news about having such a broad and very attractive portfolio, we can play in all segments, but we are absolutely adamant about the fact that we are driven by data. We're driven by safe treatment, follow-up, and appropriate treatments and training, and certification. So you could say that takes us to certain strata of the world of execution, that is, more attuned to that than others. On Cetaphil, yeah, I think you can see that, consumer sentiment, whether you look at the US market growth has slowed down a little bit, 2%-3%. China is a little bit negative, but you see that we have phenomenal strong performance in China also because we're relatively new there. We're number one in the e-commerce channels. When you look at the brick-and-mortar market share data, you will underestimate in the US our real strengths, because we're very strong in Amazon, we are very strong in Costco. Those are not in so-called MULO. They are in the MULO plus. So I think net-net, we continue to be very strong, and we joined a very exclusive club of $1 billion a year sales, which very, very few consumer products ever attain that. So I feel very confident. Thomas, anything you want to add? Yeah. On Cetaphil, or on that base effect that you asked for, I mean, we're not disclosing Cetaphil per se, but you see that for dermatological skincare, we're reporting 8.4% growth for this quarter. And if you consider this base effect that we had from last or phasing effect we had from last year's IT systems implementation and the associated orders pulled forward, I mean, if you normalize for that, the gross growth would have hit double digits here or yeah. So that's the order of magnitude you should think of. Thank you very much. Thank you. We will now take the next question from the line of Emily Tedbury from Citi. Please go ahead. Oh, hi. Thanks for taking my questions. The first one is, given the importance of the Nemluvio launch next year, and the fact that the biologic space is a relatively new area to Galderma, could you talk to the relevant background and experience of key managed markets personnel you've brought in-house to work on this launch? And then the second question is just, can you give any color as to when you're anticipating the first ex-US approvals of QM1114 come through in those places that you filed? Thank you. Thanks very much, Emily. So, I think there's a misnomer or misunderstanding out there that we somehow this would be new to us. Our customers, given we have one of the largest dermatological sales forces around the world, they are very active with biologics. So we're very aware of both what's going on and what our customers are doing, and I think a large anticipation is also that we get into this area. If you speak, for instance, specifically about the U.S., I think I mentioned we're running this business out of Boston. All of the people on our sales force, our medical team or our marketing team or our managed care team, have to have had a significant experience with selling, promoting, or getting biologics reimbursed. So I feel incredibly good about it. They have been involved with competitor products. They have been involved with other products of biologics, so I think we're well prepared. We are absolutely clear about the fact that this will be very competitive, but we feel well prepared. But I think in the end, of course, we first have to get approval. We feel well on track, both for PN and for AD, both U.S. and globally. But the most important is, of course, will we get the extra phenomenal data that I think we have in PN and also in AD, that they are well mirrored in the label? It's too early to say that, but we feel very confident about it, both in terms of the efficacy, the safety, and the experience, whether it's in terms of its impact on itch, the speed of onset-... The quality of life impact and the clearance of the skin and also our long-term data, we feel very good. So we feel we have a very strong hand when we enter both the U.S. and other markets. With QM1114, as you rightly say, the file is progressing, I would say, well in Europe. We've also had manufacturing inspections. So things are progressing well. And yeah, you could see approvals late this year or early next year. But given the complexity of getting a neuromodulator approved, we're a little bit cautious about that, and then we need to make sure that we have manufacturing and all of that right. So I think this is probably going to be, in terms of launches, also a 2025 issue. For us, it's important to get it right, and given we have Dysport and Azzalure and Alluzience, a very strong portfolio, we're under no rush because we're doing really well, as you can see, with those. We would like to bring QM to market as an augmentation of our portfolio. It also will allow us to get into many more countries where we're not today, where we don't sell a neuromodulator, like in the Middle East and other countries. So it has a lot of upside for us, but we want to get it right, and one month or two months in one way is less important for us than getting it right. Thank you. We have one last question coming from the line of Chris Shibutani from Goldman Sachs. Please go ahead. Thank you very much. Good morning. On the neuromodulator aesthetics injectable business, can you perhaps provide a little more granularity in terms of performance and outlook for the neuromodulators, Dysport, as opposed to the fillers? I think some other industry competitors have commented about how the filler segment perhaps has a little bit of a lagging tone in terms of the tempo of its recovery. What are you seeing in your business, and how would you guide us to think about on the forward 2024 between those two businesses, U.S. and international? Thank you. Yeah, I will let Thomas add as well. I would probably be a little bit cautious in taking the strong Q1 neuromodulator growth and just extrapolate that out. I think the comparison was on the low end with the first quarter of 2023. We see very good growth, but I think the first quarter was probably on the high end. With Restylane, I think it's a bit of tale of two sets of countries. There are some countries, like we've seen that in the U.S., we've seen it in Brazil, which is a large market for us. We've seen in a few other countries some slowdown and increased price competition on in the filler space. But the advantage for us is we have Sculptra, and we see incredibly strong growth with Sculptra. So we are seeing some shift from, you can say, shorter or immediately acting fillers to longer term biostimulators, and we see that as a big benefit for us. But I think if you talk specifically about Restylane, I think we've held up really well, also market share wise, but there's probably a little bit of softening. But the other tail of that you have to look at is the biostimulatory market is seeing significant growth, so I expect that to continue. The unknown is what is going to happen to the many patients that are now under GLP-1 treatment. We've kicked off additional studies because I think both a biostimulator and a filler probably has its relevance there, and that could give another growth to these categories, including the fillers. So I think it's a little bit early to, to say that, because I think we have to watch also what is happening in GLP-1 space. It's clearly a theme for our aesthetic doctors that are trying to correct some of the, you can say, side effects of significant weight loss. Thomas, anything you want to add? Yeah. No, I think you covered that really well. I mean, as I noted, I think on the injectable aesthetics segment overall, there we had the percentage growth number is helped by a low comparable base a year ago. Basically, that's also true for fillers and biostimulators. So basically, I mean, we're seeing nice, as you see also from the press release, we see nice fillers and biostimulators growth year-on-year. Also sequentially, we're on a good trajectory. And yeah, we're doing overall well. U.S. is one part. You also ask for international. I mean, we see very strong continued growth in international. China is doing very well. These are all markets in which we are lower penetrated. Brazil is competitive, but we keep doing well. So, yeah, this is, this is one where we will navigate with the portfolio, carefully. But again, given the effect that we had from last year, where the comparable base was unusually low, I would not read too much in the high percentage growth you see also in our press release. But it's, it's more important to see that, both year and year and sequentially overall, growth is happening and market share performance is positive. So, and that's true for the U.S. and for international. They're markedly large markets like China- China and others are doing very well. Also Europe, we're recovering and doing well in some of those markets. I think there are no more questions. Back to you, Emil. Thank you, Flemming. Thank you, Thomas, for answering the questions. We'll cut the call at this point, recognizing as well that some of the analysts on the line are not in a position to ask questions before they publish their reports, as you mentioned. But before we do that, I'll just invite Flemming to wrap up the call and offer his final remarks. Well, thank you very much, and, and thank you so much for your attention today. I know these are busy days with multiple companies reporting, so very much appreciated. Yeah, in the quarter where we went public, I think we had a very strong start. When I look at performance, I think it's important to say, is the performance broad-based in terms of geography? Is it broad-based in terms of portfolio? I think we get a check mark for both of those. And the final question is always: Is the strategy intact? Is the integrating dermatology strategy paying off? I think we would say big time after the first quarter. But it's only the beginning, and we have some really attractive new compounds coming into the market in 2025, and hopefully we get the clearance for them being ready by the end of this year. Yeah, first quarter, we hit the symbolic, but for us, very important $1 billion hurdle, actually a little bit over $1.071 billion. And that's the first for us for a first quarter. Growth, broad-based, 12.4% constant currency. Yes, you can say maybe the comparator for the first quarter last year was not the strongest, but if I look, it's across product categories, it's across geographies, and what I really like, it's driven by volume and no individual product, but a broad-based effect. And then we are absolutely confirming the 7%-10% net sales growth, for the year end, for the year guidance and constant currency, and the percent of Core EBITDA in line with 2023 at constant currency. So net-net, good start to the year, but it's just a start, and we're already focusing on Q2, Q3, and Q4, and the outlook. So thank you very much and have a rest, great day. Thanks. This concludes today's conference call. Thank you for participating. You may now disconnect.