I am pleased to share Hikma’s financial performance for the first half of 2025 which was in line with expectations, reflecting the strength and resilience of our diversified global business. Our 6% revenue growth was driven by a good performance across all segments considering the notably high comparator period. Growth in Injectables was particularly strong at 12% with 26% growth in Europe and 16% growth in MENA. Core operating profit was down again reflecting a high comparator in the first half of last year, as well as foreign exchange headwinds and product and regional mixed dynamics in the Injectables. We continue to expect strong operating profit growth in the second half.

Importantly, we’ve continued to invest for the future. R&D spend is up significantly, supporting a growing pipeline and new product approvals that will drive long-term value. We’ve also made strategic progress integrating our recent acquisition and expanding our manufacturing footprint, which positions as well for the coming years. Our balance sheet remains robust with healthy cash generation and disciplined financial management. We were delighted to be upgraded by both S&P and Fitch to BBB Stable, reinforcing our investment grade rating. We’ve refined our Eurobond and continue to grow our dividend, demonstrating our commitment to shareholder returns.

Looking ahead, we continue to expect revenue and operating profit growth for the full year driven by robust demand across our portfolio and supported by contract manufacturing and new launches. We have lowered our expectations for the full year injectables profitability, which is impacted by the stronger than expected appreciation of the Euro as well as some inflationary pressure on shipping and other expenses. Thanks to the diversity of the Group’s businesses, we remain confident in our full-year outlook. Our focus remains on delivering sustainable long-term growth through operational excellence and strategic investment.

Thank you to all our employees for the dedication and contributions that ensure we keep making progress across our three business divisions.