Good day, and thank you for standing by. Welcome to Galderma's Q1 2026 Trading Update conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session with financial analysts. To ask a question during the session, analysts connected on the conference 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. Thank you. Welcome to Galderma's 2026 first quarter trading update call, which is planned for 45 minutes. As customary, the press release was published at 7:00 A.M. Central European Standard Time today and can be viewed on our corporate website at any time. Today's presentation slides, as well as a recording of the webcast, will be made available on our website after the call. Please be advised that today's presentation contains forward-looking statements, which should be treated with the appropriate level of caution, as detailed on the slide. Let me now introduce today's trading update webcast. Dr. Flemming Ørnskov, CEO of Galderma, will provide performance highlights for the first quarter. Thomas Dittrich, CFO, will then present the trading update and the financial outlook for the full year. Both Flemming and Thomas will be available to answer questions from financial analysts before Flemming provides his final remarks to close the webcast. With this, I would like to invite Flemming to start the Galderma highlights for 2026 Q1. Flemming, over to you. Thank you, Emil. Good morning, good afternoon, and welcome to Galderma's first quarter 2026 trading update. I'm pleased to say that Galderma is off to a strong start with impressive commercial and innovation momentum across our portfolio. Building on a strong foundation, 2026 is another year of opportunities for us to drive growth. We remain focused with five clear priorities. First, we're in our second year of ramping up significant launches and geographic expansions. With opportunities across the portfolio, this includes the strong uptake of NEMLUVIO and of Relfydess, both with blockbuster potential. It also includes the geographic expansion of Restylane and Sculptra, as well as ongoing innovations in dermatological skincare. Second, global market share gains remain a major opportunity. Above all, we're doubling down on growth-focused execution in the U.S. and behind our momentum in under-penetrated, fast-growing international markets. Third, we continue to strengthen our financial profile, as evidenced by our improved investment-grade ratings with a recent upgrade from Fitch BBB stable to BBB+, now in line with S&P's rating. We have replaced our revolving credit facility and already fully repaid our term loan with the proceeds from our recent Eurobond issuance. We also continue to demonstrate our commitment to superior shareholder returns, complementing our share performance with a dividend payment and share repurchases. The final accelerated book build offering, which took place in March, marks the full divestment by the EQT-led consortium of investors, emphasizing Galderma's reliable performance and attractive outlook as a stand-alone company. It is the largest fully monetized capital gain from a single fund in the history of global private equity. Fourth, we're increasing our focus on long-term growth. With more strategic optionality, we can invest in further developing our extensive internal pipeline while of course exploring external opportunities with a strong strategic fit. Fifth, we maintain a dynamic approach to commercial investments to drive results. This marks our model, and it's resilient with the ability to leverage our broad portfolio and geographic reach in order to navigate market volatility and capture opportunities. I look forward to working with our engaged colleagues around the world on this next phase of growth. Galderma's strong first-quarter performance reflects the continued execution of our unique, growth-driven, integrated dermatology strategy. For the first three months, Galderma delivered net sales of $1.473 billion. Net sales growth was up 25.5% year-over-year at constant currency. As expected, the results were strong, with double-digit growth across geographies and across product categories. The first quarter of 2026 represents a very good start to the year, including the expected phasing dynamics with stronger growth in the first half of the year. In addition, even under normal circumstances, it is difficult to extrapolate for the year based on the first quarter. In the current macroeconomic and geopolitical environment, that clearly qualifies as extraordinary. We confirm our full-year guidance for 2026. Based on the strong growth trajectory across the portfolio, and especially Dermatological Skincare's over-performance, the guidance is increasingly being de-risked with confidence to navigate a volatile environment. We'll continue to do what we're best at, focusing on execution and delivering on already well-defined high growth goals with attractive net sales growth and significant margin expansion for the year. Looking at the results of the first quarter, Galderma achieved double-digit net sales growth across product categories and across geographies. As anticipated, net sales growth was particularly high in the first quarter. This was driven by the strong ramp-up of NEMLUVIO against a low comparative base, combined with a strong commercial performance across the rest of the portfolio. In particular, Dermatological Skincare delivered a strong quarter ahead of expectations. This performance demonstrates our ability to outpace the market across product categories through commercial excellence, innovation, and global expansion. Let's look at some performance highlights by product categories for 2026 so far. In Injectable Aesthetics, we continue to drive superior growth. Supporting this were investments in execution and innovation across the broadest portfolio in the industry, as well as in market-leading education and services. Starting with a portfolio. In Neuromodulators, we progressed the execution of our portfolio strategy, driving continued growth of Dysport while ramping up Relfydess. We also advanced Relfydess regulatory reviews in additional markets. In Fillers, we continue to strengthen our broad Restylane portfolio with a focus on growing our differentiated offering in a soft market. Key recent highlights include the U.S. FDA approval of Restylane Contour for the correction of temple hollowing and the global Wake Up to Restylane campaign, positioning Restylane as an everyday natural beauty ally. In Biostimulators, Sculptra maintains its growth momentum as we strengthen our leading position in regenerative aesthetics. We also continue to invest behind ongoing launches, including in China. Looking at our value-adding services, we progressed the scientific leadership of our portfolio, which includes recent interim data showing and showcasing Restylane and Sculptra's role in addressing aesthetic changes associated with medication-driven weight loss and with menopause. We had a leading presence at medical conferences. This included recognition from AMWC, the Aesthetic and Anti-Aging Medicine World Congress, with top awards for Relfydess and Restylane Kysse. We organized numerous proprietary education and training events as part of GAIN, our Galderma Aesthetic Injector Network. This included a very well-received GAIN event in South Korea, which, combined with strong commercial execution, helped support outstanding local performance. We also took steps to strengthen the ASPIRE loyalty program in the U.S., including adjustments to support positive pricing impact. In Dermatological Skincare, we delivered particularly strong growth across our flagship brands, driven by focused execution, ongoing innovation, and portfolio synergies. Looking at Cetaphil, we continue to support our core portfolio while launching differentiated innovation. We maintained investments behind prior launches, along with supporting the recent introduction of our AM/PM Antioxidant Serums. Launched across many top markets, these serums represent a breakthrough daily system with proprietary Gallic-AOX Power to help defend against oxidative stress. Proven to be more effective than vitamin C, it is clinically designed to defend skin by day and support accelerated repair by night for sensitive skin. Commercial execution also remains strong in fast-growing international markets. This included outstanding growth, once again, in China, supported by focused omni-channel activation, especially around Chinese New Year and impactful celebrity campaigns. As a result, Cetaphil started 2026 as the number one brand online in dermatological skincare sales in China. Looking at ALASTIN. In the U.S., we just launched Regenerating Skin Nectar with TriHex Technology. With our proprietary Octapeptide-45, the new formulation helps reinforce skin structure, restore skin barrier, and support long-term skin longevity. ALASTIN also strengthened partnership with leading aesthetic clinics in the U.S. through ALASTIN Signature Practices. A premium in-office experience designed to elevate regenerative peri-procedural skincare. In therapeutic dermatology, growth remains driven by NEMLUVIO's strong trajectory, especially in the U.S. NEMLUVIO's market share in paid new patients, known as NBRx, was trending at about 39% in psoriasis and about 8% in atopic dermatitis from the beginning of February to mid-March 2026. Across both indications, the majority of U.S. patients initiating treatment continue to be new to biologics. We also continue to expand our local healthcare professional engagement to support NEMLUVIO's uptake. We see positive response from our real-world experience data to reinforce NEMLUVIO's efficacy on skin clearance, complementing its position as the itch treatment and relief treatment of choice. At AAD, the American Academy of Dermatology, we also presented late-breaking phase II data demonstrating clinically meaningful benefits for children with moderate to severe atopic dermatitis. In terms of coverage, we remained engaged with the three remaining major U.S. Medicare payers to secure access and of course, broaden coverage. In international markets, which represents only a small portion of today's NEMLUVIO sales, the launch trajectory remains even stronger. We are also advancing regulatory reviews in additional top markets. Before I invite Thomas to cover the next section, I would like to sincerely thank him on behalf of all Galderma's for his significant contributions and great collaboration since October 2019. In just over six years, he has been instrumental in setting up a standalone company and shaping Galderma into the dermatology category leader it is today, now publicly listed with a very strong EPS growth trajectory. Now with our incoming CFO, Luigi La Corte, I look forward to continuing to shape our strong journey underpinned by the ambition to become the world's undisputed dermatology powerhouse. With his deep financial leadership experience across the healthcare and across consumer industries, we are very happy to have Luigi La Corte as part of the team. As communicated previously, Luigi will take over as CFO effective May 1st. For the last time, I would now like to hand over to Thomas to cover our sales performance in more detail and the outlook for the year. Thank you, Flemming. The past few years with you at Galderma have been the most impactful transformation and growth journey of my career. I would like to express my sincere gratitude to all of Galderma's highly talented and motivated colleagues around the world. It has been a true pleasure working with you all, and I am confident leaving you in the capable hands of Luigi to continue on the exciting trajectory ahead. It's now my pleasure to comment on Galderma's first quarter trading update and full-year outlook. For the first quarter, Galderma achieved net sales of $1.473 billion. Net sales growth for the period was 25.5% at constant currency. As anticipated, net sales growth was particularly high. This was driven by the strong ramp-up of NEMLUVIO against the low comparative base, combined with strong performance across the rest of the portfolio. Dermatological skincare, in particular, delivered ahead of expectations against a lower comparative base. Growth was widespread across geographies and product categories, outperforming the market in each product category. Growth was driven predominantly by volume, complemented by positive price and mix effects. Injectable aesthetics net sales for the first quarter was $648 million, with year-on-year growth of 13.1% at constant currency. Neuromodulators delivered net sales of $364 million, up 12.5% year-on-year at constant currency. Performance was broad-based and particularly high in Europe and Asia Pacific, with the U.S. also benefiting from some favorable phasing. Galderma outpaced the market in neuromodulators in both the U.S. and international markets. Fillers and biostimulators achieved net sales of $284 million, up 14.0% year-on-year at constant currency. Growth continued to be driven by Sculptra, with double-digit growth momentum in both geographies, while Restylane grew in a soft market. Fillers and biostimulators outpaced the market in both the U.S. and international markets, with particularly strong growth in the U.S., which benefited from some favorable phasing, as well as in China, from the continued strong ramp-up of Sculptra. As you'll recall, the introduction of Sculptra in China has been a major growth driver for fillers and biostimulators since the second quarter of 2025, which is expected to impact the comparable growth rate for the remaining quarters of the year. Dermatological skin net sales for the first quarter were $441 million, with year-on-year growth of 17.0% at constant currency. Both dermatological skincare flagship brands, Cetaphil and ALASTIN, maintain strong growth momentum. As expected, dermatological skincare growth for the first half of the year is benefiting from a lower comparable base for the period. Growth was positive in both geographies, with e-commerce continuing to be the fastest-growing channel. Cetaphil outperformed, especially in fast-growing international markets, and there, in particular in China, while ALASTIN strengthened its improved position as the fourth largest physician-dispensed brand in the United States. Therapeutic dermatology net sales in the first quarter reached $385 million, up 71.3% year-on-year at constant currency. Growth was driven by NEMLUVIO's continued strong launch trajectories in both the U.S. and international markets, benefiting from the low comparable base. Growth in the period was also complemented by moderate growth in constant currency from the mature therapeutic dermatology portfolio in international markets, which more than offset the decline of the mature portfolio in the U.S. As anticipated, the mature therapeutic dermatology portfolio benefited from a low comparable base in the first half of the year. NEMLUVIO net sales for the quarter were $185 million. The vast majority of sales came from the U.S., with a greater contribution from atopic dermatitis than prurigo nodularis. Galderma is confirming its full-year guidance for 2026, with net sales growth of 17%-20% at constant currency and a core EBITDA margin of approximately 26% at constant currency. The strong start into the year, and in particular, dermatological skin care delivery ahead of expectations, the guidance for the full year is increasingly being de-risked with confidence to navigate a volatile environment. With guidance at constant currency and despite the evolution of the exchange rate, it is worth noting that the current FX exposure is simulated to have a positive impact on reported net sales and core EBITDA dollars, yet a negative impact on reported core EBITDA margin in percent for the full year. The evolution of the simulated foreign exchange impact from February to March is available in the appendix. On U.S. tariffs, our exposure is expected to remain manageable for the year. Currently, Galderma's main exposure is a 10% U.S. tariff on the import value of Sculptra and Restylane. We're assuming this could increase to 15% based on recent communication from the U.S. administration, which was already factored into our full-year guidance as communicated at the beginning of the year. Furthermore, considering the additional U.S. administration proclamation on the imports of pharmaceuticals and pharmaceutical ingredients in Section 232, the guidance also now factors in a 15% tariff on the import value of the remaining U.S. portfolio, with several notable exceptions. We continue to assume that Dysport, which is produced in the U.K., as well as Cetaphil and the mature therapeutic dermatology portfolio produced in Canada in a USMCA-compliant plant, would remain exempt from U.S. tariffs. As a reminder on the import value itself, only a portion of the in-market net sales price is exposed to tariffs. Recall that NEMLUVIO is imported as a semi-finished product into the U.S., with the import value being only a fraction of the net sales price. Specifically for the injectable aesthetics market overall, recall also that more than 90% of all products sold in the U.S. are being imported, whether from the European Union, the U.K. or South Korea. 2026 is well on track as a key year to expand opportunities and drive growth with margin expansion. Thank you, Thomas. Thank you, Flemming, for your introductory remarks. This concludes the first portion of our call. Before the final remark that Flemming is going to provide, we would like to hand over back to the operator to open the call for analyst questions. As usual, please allow more time for others to as well ask questions by limiting yourselves to one question each. Operator, please invite the first question. Thank you. As a reminder 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 one again. Once again, it's star one one to ask a question. We are now going to proceed with our first question. The question comes from the line of Victor Floc'h from BNP Paribas. Please ask your question. Hi, thanks so much. Thanks so much for taking my question. Maybe I will just stick to one on tariff. You've indicated that your latest guidance now incorporates tariff assumption for your pharma portfolio. I was just wondering whether you can confirm if those tariffs are already being applied or are they scheduled to take effect later this year? Also concerning your pledge to expand U.S. manufacturing, how confident are you that you could at some point strike a settlement with the U.S. administration, maybe later before the end of the year? Thanks so much. Thanks for your question. I think it's important to understand that we are currently exposed to the U.S. tariff of the level of 10%. That will go to 15%. That's what we're exposed to. The rest is speculative at this time, and also any negotiations with any government. We are now going to proceed with our next question. The question's come from the line of Benjamin Jackson from Jefferies. Please ask your question. Great. Thank you for the question. Clearly outperforming the market still in injectable aesthetics, but perhaps could you just touch on and give us an idea on the sense of the U.S. phasing for both toxins and the fillers and biostimulators? Is there any way that you could perhaps quantify this? Or if not willing to put a number to it, is it something that you're expecting to net even out over between 1 Q and 2 Q? Any kind of directional indication of that would be super useful for us to understand the underlying growth rate there. Thank you. Yeah. Maybe I take that, Benjamin. Thank you for the question. First off, on Q1 injectable aesthetics growth, injectable aesthetics remains on a strong growth trajectory in both neuromodulators and fillers and biostimulators, outpacing the market in both international and the U.S. As we said Q1 benefited from some favorable phasing in the U.S., and recall, that is not unusual given we have concentrated shipments with one large logistics, we call it 4PL partner in the U.S. We maintain our full year expectation in injectable aesthetics of approximately 12%-13% year-on-year growth at constant currency, which we communicated at the beginning of the year, with typically the strongest growth occurring in Q4, following our typical quarterly seasonality. Specifically on neuromodulators, we continue to expect strong growth for the full year against a high comparable base, with the annualization of the 2025 Relfydess launches as of Q1. You have to keep that in mind because Ralphitus only came in Q1 and now last year, so now the base goes up. Fillers and biostimulators, that's expected to grow low double digits for the full year based on continued strong momentum. We commented on that, and that includes Sculptra and the launches there, China, we mentioned launches and activations. Beyond the phasing dynamics here, it's important to recall that the introduction of Sculptra in China has been a major growth driver for fillers and biostimulators since its launch in the second quarter last year. Of course, that will impact the comparable growth rate for the remaining quarters of the year in fillers and biostimulators. Hopefully, that's useful, Benjamin. Got it. Thank you so much. We are now going to proceed with our next question. The question's come from the line of Shyam Kotadia from Goldman Sachs. Please ask your question. Hi there. I've got one on DermSkincare. You mentioned this delivered ahead of expectations. Were there any one-offs in there at all? Also, I believe you previously mentioned for full year 2026 that the growth rate will maintain the 12.6% exit rate seen in full Q 2025. Does the strength of the performance in 1Q 2026 change this? Thank you. No. Thank you. Thanks for the question. Maybe if I just also take that one. No, you said it really well. We would confirm again that we continue to expect DermSkincare growth to nearly maintain the exit 2025 growth rate that we called out not too long ago in the full year call on March 5th. That growth rate was 12.6%. Also please remember that for the product category, we expect the growth rate to be higher in the first half of the year compared to the second half due to the comparable base from very strong performance, which we have seen in the second half of 2025. Now, yeah, we're tracking slightly ahead. I mean, we have started to build really nice momentum in dermatological skincare in the second half of last year. That's carrying through. That's all there is to say. Yeah, very strong performance in that category. Thank you. We are now going to proceed with our next question. The question comes from the line of James Gordon from Barclays. Please ask your question. Hello, James Gordon for Barclays. Thanks for taking the question. The first question was on NEMLUVIO. I saw the comment saying the majority of patients starting treatment are new to biologics, which implies quite significant upfront use in AD. Is the majority of the growth now coming from upfront use in AD, people who haven't already used DUPIXENT? And if so, how is it trending in terms of people who haven't used DUPIXENT already? Are any of them using NEMLUVIO upfront for the speed of onset and the itch benefit, but then transitioning to DUPIXENT or eblasakimab for better skin clearance? Or are you keeping all the patients that are naive patients and no transition? That's the first question. The second question was business developments. They're really strong growth right now, but what is the appetite to diversify at all while the going is good? Could you end up bolting anything on or doing deals? If so, would therapeutic derm be the category where you might add even more growth? How to think about BD? No, I think, thanks for the question. The important thing to understand is that now most of the sales is coming from AD. As you know, the strategy was first to secure a very strong. Our share position in BD, which we have 39% there. We are 8% at AD. That has also the advantage that AD is covered by commercial plans where we have 80%+ coverage. We have one of multiple in Medicare, where we have about 15% coverage in Medicare. The most important is that, I would say, we continue to grow, and we initially was also maybe a bit surprised that we get so many naive patients. I think people are seeing that it offers excellent relief on itch, but also get skin clearance and the longer it takes. We have shown continued clearance beyond what other products have shown. Yes. There's more switches from DUPIXENT to us than the other way around. As you can see, we get a lot of new to category, new to biologics patients, which I think is largely speaking to the profile of the product, the convenience, the opportunity to be Q4, Q8, the ability with a fast onset, and the fact that it really is working fast on itch, but also has a continuous strong clearance. I think the doctors are showing what their choice is in that situation. The drop-off rate is also trending for us ahead of what you would expect as industry benchmarks, and that's another point that one could add on this one. On business development, we are not dependent on business development. Yes, we generate a lot of cash now, and debt has been rapidly paid down, but we have so many organic opportunities that that is our focus currently. We don't have a preference, as we have an integrated model, whether it's in aesthetics, whether it's in dermatological skincare, and whether it's in therapeutic dermatology. We look at the opportunity, and I think if you look at the very impressive growth of ALASTIN, we take our time, we reposition a brand, we operate it, we made it even a bit more luxury. I think if you look at those growth rates and we do it international, that's the more solid model than just jumping from one deal to the other, even in an environment like now where a lot of deals are happening. Thank you. We are now going to proceed with the next question. The question comes from the line of Geoff Meacham from Bank of America. Please ask your question. Yes. Good afternoon to everyone, and thank you very much for taking my question. Before I kick off, Thomas, congratulations on your tenure at Galderma. It was a tremendous pleasure working with you over the last two years. Heading to the question about the consumer sentiment, have you heard or seen from your injectors any risk on consumer sentiment deterioration on the back of the current Middle Eastern conflict? Related to that as well, if higher oil prices were to remain higher for longer, how should we think about the impact on costs for the business, if any? Would you be able to pass it through to customers through pricing, or are there any other mitigation opportunities within the company? Well, when we wake up in the morning, we think about how we can gain market share, and I think we've shown in the first quarter that's what we do. The environment has its ups and downs. It's, of course, a very challenging situation in the Middle East. Our people there are safe, and that's our main concern. It's 2% of our overall business. If there would be a decline there, we can compensate that. But I think for me, our colleagues are going to the office. They're equally ambitious about developing both UAE and KSA or Saudi Arabia. For us, mid- to long-term is very important, even if there is some subdued sales now also in some of the distributor markets in that region. We have not yet seen cost impact from this conflict, but of course, it may come, but I think we have mitigated a lot of things here, and we'll continue to mitigate this. We have a growth also in dermatology skincare, which has been driven by volume, a little bit of mix and a little bit of a positive price effect, but we don't think that price is where we're going to have to win. We'll have to win by taking market share. I think around the world, and the fact we're number one in China, I think shows a little bit that this only happens through focused execution and focus on gaining market share. That's our main situation. If I can just say thank you, Geoff, for your kind words, of course, but it's always the team that deserves the accolades. Just keep in mind one other point. Our factories are basically running 100% on renewable energy by now. We did a lot of work back there so that on a lot of the other contracts we have, we have longer-term contracts and also hedges in place for that. Plus, as a growing business, we are focused, as Flemming said, on driving opportunities and driving cost savings. If one thing goes up, then we'll have to find savings elsewhere. We have done that in the past, and we did not lose a beat when COVID happened, et cetera. We're pretty dynamic in looking for opportunities, and please keep that in mind. Of course, on top of that, as you have seen also in the first quarter, and then we have also now pricing power. That combined with how we manage the cost base, I think leaves us in a good position. We're still also, if you also were implying with your consumer question and sentiment question, we've not seen any spillover to our growth rate in aesthetics. We've actually had a very strong start to the year in aesthetics. Remember, this is also typically in our clientele, a little bit older population with higher disposable income, so probably not the first one that is going to be affected by petrol prices and other things. Just keep that in mind. Thank you very much. We are now going to proceed with the next question. The question's come from the line of Thibault Boutherin from Morgan Stanley. Please ask your question. Thank you. My question is just on the filler market. Obviously for Galderma, very strong performance with Sculptra, very differentiated products within biostimulators. It's been some quarters that you've made comments on the softness of the filler market. Just wondering if we should assume that in the filler market, that softness is now structural and is related to consumer preferences, maybe competitive dynamics. The acceleration of your fillers and biostimulator franchise is mostly going to be about Sculptra going forward, or if you think that we could see a wake-up of the filler market at some point, beyond biostimulators. I think it's important to realize that in more and more countries, including in the U.S., when you are thinking about an aesthetic treatment, you probably get your information online. If your online media is full of negativity about fillers, it may impact what your choice is. What you are seeing is that negativity appears to have bottomed out. It was, of course, overdone dramatically. You will not be able to achieve the aesthetic results you want, without using fillers, and I think we're seeing that. I think doctors and practitioners and nurses in this field are reinforcing that fact. As we are seeing a significant growth in facial sagging in older based on people taking GLP-1, if you want to compensate for some of that, you will need Sculptra, but you also need a filler. I think, for us, we're well-positioned, and we also just launched after a major survey into menopause, where also filler, also to secure hydration is very important. Our product Restylane Skinboosters is ideally positioned for that, along with Sculptra. I think we continue to play where we are best at, execution with a unique, broadest-in-class portfolio in aesthetic medicine. Thank you. We are now going to proceed with the next question. The question's come from the line of Sophia Graeff Buhl-Nielsen from JP Morgan. Please ask your question. Good afternoon, thanks for taking the question. Just on neuromodulators, could you give any additional color on market share evolution for neuromodulators in Europe, particularly with respect to the relative split now between Relfydess and Dysport? Yeah. We've seen a number of interesting phenomenon, which we congratulate ourselves on because this was a strategy from the beginning, that we sell a portfolio, so that means you don't just focus on Restylane. Restylane has had, in many countries, what I would call a phenomenal uptake, top three, top two, and five plus market share. We're really pleased with that. My consistent message, our team's consistent message, we have great products in Azzalure or Dysport. We have great product, in Alluzience, and we sell a portfolio. What we actually see in those products in most countries grow at the same time as we grow Restylane, so we grab overall market share. I think our overall share of the aesthetics market in neuromodulators is growing, and we're performing well on all our products also because we focus on all products and execution. Great. Thank you. We are now going to proceed with the next question. The question's come from the line of Emily Tedbury from Citi. Please ask your question. Hi there. Thanks for taking the question. I was wondering if you could just update us on what you're seeing in terms of biologic penetration in the atopic dermatitis market and perhaps where you think this could grow too. I didn't have time to detail and analyze what Sanofi presented today, but I saw that DUPIXENT had some really strong data. I've seen some of the, I think 38% growth or something like that. I've also seen that the market continues to perform really well, both in prurigo nodularis and in atopic dermatitis. I don't know what the penetration is today, mid-teens. So there's significant opportunity to still grow. What it could become to, there may be a proxy could be psoriasis and there, PSO is a much more established market, and their biologic penetration kept growing, and it's now, I think in somewhere in the 30s, upper 30s even. I'm not saying it'll be the same, but just to dimensionalize it, if you're in the mid-teens and innovative products expand the market, and especially when it comes to biologics, they do that, and we are first to market with an IL-31. I think it's not only the markets, the products are on the market. There's enormous amount of research effort in this category. If you spend five minutes at AAD, you see how important atopic dermatitis is. I think as Thomas said, higher penetration is almost a given. What rate it will get to is difficult to know. It's clearly not at a peak right now, probably far from. Jessica, I think we have time for one last question. Sure. We are now going to proceed with the last question. The question's come from the line of Natalia Webster from RBC Capital Markets. Please ask your question. Hi there. Thanks for taking my question. It's a follow-up on the bot fillers and biostimulators. Within the 14% growth you saw in Q1, are you able to further break down the contribution from the new Restylane launches and Sculptra? Just on Sculptra and those tough comps for the remainder of the year, are you able to provide any further detail on how much China contributed to Q2 and the remainder of 2025, just so we have an idea of the potential impact there? Thank you. Yeah, it may not be popular, but we report U.S. and international, we don't break it down in individual countries, and we report fillers and biostimulators together, and we're not going to break that tradition at this meeting today. Needless to say, that the stabilization and the growth that we have shown and the market share gains, particularly international, we show in fillers is, of course, a significant contributor. The Sculptra launch in China, one of the most successful and the magnitude, of course, is a contributor, but we're not giving individual data for that. Thank you. Thank you very much for the questions. I'll just hand it over to Flemming to wrap up the meeting. Well, thank you for the thoughtful questions, and I hope we provided the answers. In some cases, it was a little bit beyond what we normally provide answers to, so we didn't answer those, but don't take that as any hostility on our part. 2026, another year of opportunities to continue to drive growth, which I think is what we've shown we're really good at. We've driven growth across our core portfolio, very differentiated innovation and geographic expansion, so the ingredients are the same. We're off to a very strong start, again, driven by execution, growth-driven, volume-driven, and we are absolutely sure that this is because we have a unique integrated dermatology strategy that is resilient even in times like these. The good news is also it was not a single product, a single country. That's also the way we report things. We had both U.S. and international reporting, very strong growth, and all our product franchises had double-digit growth. I think it's fair for us to say that growth was widespread across our product categories and geography and double-digit growth and not least outperforming the market. Market share gain is very key for us. A lot of work on strengthening our financial profile, and, of course, I think we continue to show that we're committed to superior shareholder returns, both for existing shareholders, for future shareholders, and I think we have just shown what kind of returns we delivered for EQT Consortium, as they exited. We're of course confirming our full-year guidance. We think it's an attractive net sales growth and significant margin expansion, but we are just at this time clearly confirming with big conviction. It's an extraordinary macroeconomic and geopolitical environment we are. Confirming we also think this is a very strong message in this situation. Based on a very strong start overall and with dermatological skincare delivering ahead of expectations, of course, you can say our guidance is increasingly de-risked and of course also shows our ability to navigate in a volatile environment. I know you had a lot of detailed questions, and thanks for those on U.S. tariffs, an area of course with, I'm sure, more news to come. I can show you that we feel what we can see with the line of sight we have, we think it's manageable for us, for this year. With those closing remarks, thank you for joining the call today, and I know it was a busy call and busy day for you with many reporting out. This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you.