Good morning, everyone, and welcome to Uniphar plc's interim results presentation, which covers the period from the 1st of January 2026 to the 30th of June 2026. I'm Allan Smylie, and I look after Investor Relations at Uniphar plc.

Presenting our results today is Ger Rabbette, our CEO, and Tim Dolphin, our CFO. We're also joined on the call today by Brian O'Shaughnessy, our Chief Commercial Officer, and Dermot Ryan, our Chief Operating Officer.

Before we begin, I would like to remind everyone that you can access the presentation either on our website, latest results and presentations, or via the link sent to you when you registered for the call. The results presentation will last approximately 20 minutes and will be followed by Q&A.

Please note the interim results presentation may contain certain forward-looking statements, beliefs, or opinions, which are based on current expectations and projections about future events. Actual results may differ materially from those expressed or implied in such forward-looking statements.

I'll now hand you over to our CEO, Ger Rabbette.

Thanks, Allan, and good morning, and thanks for joining us. We start on slide five, where we outline who Uniphar is.

Uniphar is a diversified healthcare services business who partner with over 200 of the world's leading pharma and medtech manufacturers. We operate in Europe, U.S., APAC, and MENA, delivering to over 160 countries.

We have three divisions, who all operate in different parts of the healthcare ecosystem, but essentially, our job is to get products to patients. That may be as straightforward as supply chain, or as complex as taking charge of the whole commercialization process for a product in a market.

Our strategic focus is on specialty, and we've delivered an excellent 6-year EPS CAGR of 16% since we IPO-ed back in 2019. Our ambition is is to deliver 200 million EBITDA by '28, largely organic, and we are investing heavily now in our infrastructure across people, IT, and facilities, in order to really scale our business for the longer term.

On slide six, we outline the ecosystem that we operate in. We sit in the middle between the manufacturer and the stakeholders, and we help both of them to overcome the problems of approval, access, payment, logistics, and commercialization in this new, more complicated healthcare environment.

We've built a suite of capabilities and a global platform that allows us to support manufacturers to navigate the obstacles involved in getting their specialty products to market. On slide seven, we outline the group's financial highlights.

As you can see, this strategy is delivering for us. We've had a strong first half, delivering organic gross profit growth of 7%, return on capital employed of 15%, and earnings per share grew by 11%.

At the same time, free cash flow conversion was negative, reflecting the unwind of prepayments that we had previously flagged, and our leverage landed at 2.4 times. In the half year, we generated an EBITDA of 61 million, with robust organic gross profit growth of 15 million, with each division delivering a strong performance.

If you look at slide eight, you can see our excellent track record since IPO. Since then, we've more than doubled gross profit and EBITDA.

We've seen consistent growth in our margins and earnings per share. Our earnings per share has grown from €0.10 back in 2019 to €0.25 €0.25 last year.

We're on track for another strong year in '26. We've achieved these great results without compromising on the things that are important to us, like our impact on the planet and the communities that we serve.

On slide nine, we outline where we focus across ESG, and we continue to maintain excellent scores from independent rating agencies. On slide 11, we give more detail on our three divisions: Pharma, it's a global opportunity with high growth, and we're seeing growing margins as our product mix develops; Medtech, European opportunity, high growth, high margin.

We offer full-service distribution and commercialization solutions for our partners with a pure focus on specialty; and in Supply Chain & Retail, we see this as a UK and Ireland opportunity. It's lower growth, lower margin.

However, we see this as a cash generation foundation for our wider business. Let's look at Pharma, on slide 12, where we overview the structural drivers shaping this opportunity.

Healthcare-wide macro factors make a company like ours increasingly important to both makers and users of specialty healthcare products. Look at biotech.

Most innovation in healthcare is in specialty products. 85% of the global development pipeline is in the hands of small and emerging biotech companies, with biotech now accounting for circa 60% of all drugs launched in U.S.

in the U.S. in recent years.

These emerging companies tend to have very limited infrastructure outside the U.S. Secondly, they're in increasing supply chain complexity.

The new specialty products are high-growth, high-margin, but rare disease products are not just harder to make, they're more complex to ship, they require they require cold chain, specialized prep, and they need to be administered in a hospital setting, all of which makes it harder for these R&D-focused biotechs to unlock the commercial opportunities that they've created. Even big pharma in this space are making the decision to focus only on larger markets because of this complexity.

What does this mean for clinicians and their patients outside of the larger markets? Google means that that there is an awareness worldwide that these treatments exist and that they work, but access is a real challenge beyond the big markets.

On slide 13, we summarize our platforms and our capabilities. On slide 14, we outline the Pharma division's strong financial performance, with gross profit growing by 7% to 69 million on a revenue base of 370 million.

Global Sourcing had had another busy year, servicing strong demand for unlicensed medicines and medicine shortages from hospitals, which has been supplemented by our clinical trial supply business. We continue to invest heavily in our global ex-U.S.

launch and commercialization platforms, which is affecting margins in the short term, but which will give us a much enhanced end-to-end offering going forward. We have a strong pipeline of high-value opportunities in the ex-U.S.

commercialization space, and we are excited about the impact that the successful deliver delivery of even a small number of these deals could have on our margins within this division. We remain we remain confident that Pharma will grow double-digit for the full year.

Now look let's look at Medtech on slide 15. We outline the structural drivers for this business.

The European market is large but fragmented. Total European medtech distribution market is worth over 60 billion.

It's growing at a at a CAGR of 3% to 4%. As we see it, there's a lot of change at the minute, where manufacturers are re-evaluating their portfolios.

They're looking at new routes to market. This ongoing change in the industry is beneficial to us as the market moves to a hybrid stroke indirect model.

Slide 16 summarizes our platform, our capabilities, and the specialisms where we are operating in Medtech. If you look at slide 17, we outline Medtech's strong financial performance, with gross profit increasing to 63 million, or 9% growth, all like all of which is organic.

EBITDA increased to 24 million, and we saw growth across all specialities as we continue to deliver against strategy, growing in line with new and existing clients in new geographies. We continue to see great opportunity to leverage our strong manufacturer relationships to enter into new geographies with existing partners, leveraging our existing platforms and sharing resources with our Pharma business, as we do in Lelystad in the Netherlands.

With 87% of the business recurring in nature, Medtech is now 27% of the group's gross profit, and we are confident that this division will continue to grow high single digit. On slide 18, we talk about Supply Chain & Retail.

This division, as we've always said, is an integral part of Ireland's healthcare infrastructure, and we continue to grow share. We are vertically integrated, linking the manufacturer to the healthcare professional with a world-class service offering.

The business has a strong competitive moat, huge barriers to entry, and with clear blue water between ourselves and our competitors in terms of infrastructure and future-readiness. Working with both retail and hospital pharmacies, we're moving up the value chain to deliver a market-leading service offering.

We also have the largest pharmacy network in the country with 512 owned or franchised stores. On slide 19, we outline the division's financial performance.

It delivered 7% growth in gross profit to 105 million on a revenue base of 1.1 billion. Wholesale grew strongly across both Rx and services, helped by the addition of 30 new pharmacies into the network.

Retail saw good growth in the core area of Rx and strong growth in services, but faced a softening in the in front-of-shop. EBITDA came in at 23 million, reflected some additional costs in the period, which Tim will talk about later.

As we see it, Supply Chain & Retail is entering a critical phase ahead of the go-live of our new DC centre in February of next year. This is a strong cash-generative business, which provides infrastructure, resources, and skills to other parts of our business.

On slide 21, we give an update on our investments. As well as our flagship investment in Ireland, we've invested in our Pharma and Medtech platforms in the in the Netherlands, where we built a world-class distribution hub to help us really scale this business in Europe.

At the same time, we've invested in a world-class facility in North Carolina to help us grow our pharma services specialty offering in the U.S. We are on track to operationalize a similar facility in the UK this year.

These facilities today would initially operate at around 30% capacity. This is a real drag on our operational leverage in the short term, but it really future-proofs our earnings in the longer term.

It gives us the headroom to continue to grow strongly well beyond our '28 target of 200 million EBITDA. On slide 22 and 23, we give some more detail on our flagship DC facility in Ireland.

We call it Greenogue 2. As we see it, this this significant investment future-proofs our strong market position in Ireland.

It transforms our cost base and allows us to deliver the pharmacy of the future. It's also key to the delivery and growth of our European Pharma business.

It's a very complicated, complex, and demanding project. We have over 40 of our best people on it.

We've decided to extend the timeline to allow us for additional testing, but mainly to minimize execution risk of our very busy Q4 period. We will now go live in February of '27.

As we see it, this is a generational investment in our infrastructure and IT, and we will reap the benefits of this significant investment for many years to come. Now, I'll hand over to Tim to talk you through our financials.

Thanks, Ger. I would now like to take you through the financial highlights for H1 2026.

I am pleased to say that the group has delivered a strong performance during the period, with gross profit growth across all three divisions. At an overall group level, we generated gross profit of €236.5 million, up 7.7% on H1 2025.

The group delivered strong organic gross profit growth of 6.9%. EBITDA has increased by 6.2% to €61.1 million.

Adjusted EPS is up from €0.098 to €0.109, representing an increase of 11.2%. This has resulted in a return on capital employed of 14.7%, within our medium-term guidance of 12% to 15%.

Leverage for the period was 2.4 times, and this reflects the unwind of favorable movements in working capital that we communicated with the FY 2025 results. Moving on to the next slide to have a look at divisional performance at a gross profit and EBITDA level.

Uniphar Pharma delivered reported gross profit growth of 7%, all of which was organic. This was led by strong contribution from our Pharma Services business.

The divisional gross profit margin was stable at 18.5%. We continue to focus on transitioning into more profitable, higher-margin activities.

EBITDA increased by 3.9% to €14 million and a margin of 3.8%. This margin reflects continued investment in our European commercialization platform, another growth initiatives.

Uniphar Medtech delivered a strong outturn in H1 '26. The division delivered reported gross profit growth of 9%, all of which was organic.

This performance reflects the strong distinctive our business, the deep expertise of our team, and the diversity across our service offerings. The gross profit margin was stable during the period at 41.2%.

EBITDA increased by 11.5% to €34.1 million, and EBITDA margins increased to 15.9%. Uniphar Supply Chain & Retail performed ahead of its divisional guidance, with gross profit growth of 7.3%, 5.6% of which was organic.

This division has strong recurring revenues, plus a stable and robust gross profit profile. Its gross profit margin stayed stable over the year, at 9.8%.

EBITDA increased by 2.4% in the year to €22.9 million and a margin of 2.1%, reflecting the investment in our services proposition, inflation, and statutory wage increases, including auto-enrolment. As we are migrating from our existing distribution center and IT systems to a new state-of-the-art distribution center and cloud-based IT systems.

As Ger indicated, we now expect this to go live in February 2027 and will require incremental CapEx of approximately €20 million. As we indicated previously, there will also be a significant level of one-off expenses related to this move, which we will treat as exceptional.

These will now be phased over '26 and '27, with the majority being next year. Moving on then to have a look at the balance sheet and net debt.

At a high level, we finish the period with a net bank debt position of €210.5.7 million, driven by: an opening net debt position of €171.1 million; strong EBITDA of €61.1 million; a working capital outflow of €86.5 million, reflecting the anticipated unwind of working capital benefits from New York Pharma last year; CapEx, including strategic CapEx of €36.6 million; and other items of €42.5 million, including tax, finance costs, and lease payments. Our strategic CapEx reflects this significant multi-year investment we are making in our new distribution center, Greenogue 2; our new SAP platform; and the other projects that Ger mentioned earlier.

Our reported free cash flow for the period was negative €47 million, and I'll take you through the details on that on the next slide. Here we outline our free cash flow generation and free cash flow conversion for the year.

Our definition of free cash flow is EBITDA, less investment in working capital, less maintenance CapEx, less lease payments. For the first half of 2026, this translated into a free cash flow conversion of negative 77.1%, reflecting the expected unwind of prior-year working capital timing benefits in the Pharma division.

Looking at free cash flow through a longer-term lens to remove these timing impacts, our free cash flow conversion in the last 5 years to June '26 has averaged 65%. We continue to expect free cash flow conversion of 60% to 70% by 2028 at €200 million EBITDA.

Moving on now to slide 30, on capital allocation. Capital allocation has and remains a key focus for the group as we adopt a disciplined and balanced investment approach to creating shareholder value.

As we've always said, we will invest in organic and inorganic opportunities across each of our three divisions, which support our strategic objectives and deliver a return on capital employed at or above a hurdle rate of 12% to 15%. We maintain a prudent approach to leverage and aim to keep our net bank debt to EBITDA below 2.5 times over the medium term.

In addition to a progressive dividend policy, we will also look at share buybacks, subject to market conditions. Moving on now to slide 31.

As the last couple of years have been a focus on organic investment in our infrastructure, technology, and people, but M&A remains a key strategic enabler for the group. We tend to work with people before we engage on any M&A discussions, and now have a reputation for being a responsible owner in the market.

We avoid competitive auction process, can buy off-market, and get good value. Our pipeline is mainly focused on Pharma.

We are looking for acquisitions across areas like market access, as well as commercialization platforms and specialist distributors. I'll now hand you back to Ger to finish off on our medium-term ambition and investment case.

Okay.

Thanks, Tim. If you move to slide 32, we outline our ambitious target to deliver 200 million EBITDA by '28.

We'll achieve this target through robust organic growth across all three divisions. We'll also complement it with some strategic M&A.

However, there's no doubt that the revised go-live in our DC facility to February of next year reduces our M&A window. We still remain confident that 200 million EBITDA is achievable by '28.

Finally, on slide 33, we outline our investment case. We're going to the next stage of our growth armed with a much greater number of capabilities.

We've demonstrated a strong track record of delivery. There's compelling market opportunities for ourselves.

Very favorable market backdrop and plenty of scope for growth across each of our three divisions. Each division has an attractive competitive moat, and we have a concrete plan in place to grow and deliver on our ambitions.

Thanks for listening. Now hand back to the operator for Q&A.

Great. Thanks very much.

Good morning, everyone, and thanks for taking questions. I've got one on the Pharma division and then there's a follow-up on the Pharma division.

I might just give both of them together, if I can. Just, firstly, on Pharma, you're expecting to see a stronger rate of growth in H2 versus H1.

The prior-year comparatives appear to be a bit easier for you in H2. Can you give any color on whether there are specific contracts or business areas that will also contribute to the expected acceleration in the rate of growth in H2?

Just as a follow-up on that, the strategic investments that you've made, you've outlined you've made these in new UK and European hubs in the Pharma division, and they're expected to become operational this year. Can you maybe give your latest plans on these hubs and the medium- to long-term opportunities that you see coming from them?

Thanks a million.

Thanks, Colin. Maybe Brian, you might take the first question and Dermot, the second one, please?

Hey, Colin. Brian here.

I suppose, just to deal with the prior-year first. We do benefit from more favorable comparatives second half, but we would not characterize the anticipated acceleration being solely comp driven.

What gives us confidence is the breadth of growth drivers across the pharma platform. We continue to see strong momentum in the higher-value activities we're offering, such as expanded access, specialty distribution, bespoke distribution, commercialization, as well as strong growth in our Global Sourcing platform.

We're also seeing increasing traction from the investments we've made into building a more integrated global platform and Dermot will touch on that in the next question. That helps us win larger, more strategic mandates.

The key point is that the business today is materially different to the business a few years ago. We've deliberately repositioned towards higher-margin, more specialized services, and continue to see strong demand for a high-value and flexible model in Pharma Services, as well as strong demand in Global Sourcing.

Hi, Colin. Dermot here.

Look, we've always looked on these investments, similar to our North Carolina facility, as group investments. If you take our facilities in the UK and in Lelystad, we've two new medtech clients launching in quarter four there.

The other key thing for us is it allows us to launch new service lines. If you take Lelystad, that facility will house our new EU pack-and-label facility.

That's something that our customers have been talking to us about for quite a while, and it gives us that sort of global offering across the U.S. and EU in that space.

Obviously, it also allows us, with the additional capacity and with the ultra-cold storage capability that we have, to launch specialty distribution into the EU market as well. Those investments are really about building the platform and building it once.

That's great. Thanks very much.

Hi. Thanks for taking the question.

Just in terms of the new Ireland facility, now that you're in testing mode, can you give us a sense of your confidence around the operational and productivity savings that you'll be able to drive from this facility? My second question follows up on the working capital timing.

You've been benefiting from prepayments for quite a while, actually, sort of each one of them has been somewhat one-off and timing benefits. Now it's unwound.

Is there any chance that this winds back up again at some point over the next few months?

Tim, you might take those two questions, please,

yeah? Yeah.

Hey. I'll take the second one first, Charles.

Obviously, as you say, it was an unwind of some prepayments in the period. Our objective is, every time we do a deal, to try and be as positive from a working capital perspective as we can.

We try and make sure that it's favorable to us from a cash optimization perspective. When you look back, Charles, as I said in the call there, over the last 5 years, our free cash flow conversion has been over 60% at 65%.

As we look to the future, at 200 million EBITDA, our free cash flow conversion is going to be between 60% and 70%. It's very hard to predict each deal, whether we're going to get prepayment terms again, or not, or the economics of it.

It's all down to a deal-by-deal perspective, if you understand me. Then just moving on to your first question on the DC facility and the level of confidence.

We've a high level of confidence, Charles. The reason why we're delaying to Q1 next year is because of the Q4 activity that will be going on in the division.

It's a really, really busy period. From a confidence perspective, we've a high level of confidence.

We're doing end-to-end testing. We're checking absolutely everything.

As we said to you, should we have any issues, we still have our current facility. We're actually going live in a situation where, if anything pops up, we won't have any operational implications on us because we will still have our current facility to utilize.

Perhaps if I can just follow up on that. Now that you're in testing mode, has anything surprised you, potentially to the upside or the downside, in terms of the potential level of productivity savings that you're likely to be able to make?

No. No, look, there's nothing, Charles.

Obviously, this project has been 4 years in planning, 4 years in implementation. As you can imagine, we've double-checked everything we can.

The tests currently doing are really good, very positive. We're absolutely on track.

The challenge we have from a go-live, we were just getting too close to Q4. Q4 is a really, really busy period for us for Supply Chain & Retail.

We deferred it to February. We're really confident It'll be a seamless transition, and we crack on, and the business case remains really strong, Charles.

Okay. Thank you very much.

Morning, guys. Just a quick follow-up on the Pharma question, just looking at margins.

Obviously, it's sort of 3.8. You've obviously been resting on that, as you were saying.

Just how should we be thinking about the margins there and sort of the trajectory or sort of magnitude of the expansion over time? Then just on the balance sheet and M&A, given where leverage is today and you did mention the sort of revised go-live does maybe reduce the M&A window, but what is your sort of financial capacity now to do some M&A, and is the pipeline weighted towards sort of smaller capabilities or could there be a sort of more step-change kind of acquisition in time?

Thanks.

Brian, you might take the first part of that question, please,

yeah? If you look at our strategy in the Pharma division, it's been intentional, I suppose, for the move to higher-margin, more sustainable revenues.

The platform we've built is moving away from just selling siloed services into being a more strategic partner, integrated services, which allows us be a strategic partner and actually move into taking margins on exclusive rights to products. Everything we've been building over the last few years has been moving us towards higher-margin, more sticky revenues, and you're starting to see that come through.

We will continue to grow in that trajectory. Then also our Global Sourcing, there's a continuously strong growth and strong market position growth which also then provides stronger margins than if you look back at our traditional services over 4, 5 years ago.

Positive trajectory on our margin growth.

From an M&A perspective, we still have a very strong pipeline, really good track record. I think, basically, if we look at it, we're determined to be an asset-light business, but post the current investment phase today, we're investing very heavily in our people, in our technology, in our infrastructure.

Post this, we will be asset-light. Our M&A activity will be around Pharma and Medtech, where we want to build out our platforms to really scale those businesses.

We still remain very confident. We drive strong organic growth and then complement by substituted M&A.

All right. Thank you.

Hi. Morning, guys.

Thanks for taking the question. The first one then, just around Medtech, obviously a strong first half performance.

Just to understand more of the sort of drivers for that performance. Were there any particular sort of one-off benefits, bearing in mind that typically in the last few years, at least on a growth perspective, it's actually been weighted more towards the second half?

Just trying to understand if there's any particular benefits in the first half that maybe changes that dynamic going into the second half? Related to that, you're clearly winning from areas of focus on certain specialties.

Does that mean maybe you're looking at other specialties, maybe organically or through M&A, that might be attractive as well to maintain that growth and margin? Thanks.

I think basically Medtech it's continued to what it has done for the last number of years. We're working with partners and working with partners in different geographies, and we keep doing that.

Expanding to Europe with existing partners will deliver growth for a number of years yet to come, also. We're really comfortable with the business, great teams, and great opportunity for ourselves.

Brian, do you want to add to it?

As to the first part of that, Christian, around the H1 performance and then the H2 weighting. Performance is broad-based, it's not based on a single contract or single event.

Key drivers is continued to grow in our special therapies areas, increasing penetration with existing manufacturer partners. We're seeing the benefits that we've made over the last number of years.

On the weighting, historically, the business has benefited from a number of H2 factors, including product launches, supplier onboarding, existing customer spending patterns, and all of those dynamics continue to be in place. With a healthy pipeline of opportunities, we would expect to see that traditional H2 weighting.

On the second question around the specialist areas and the likelihood of looking at other special areas. You're absolutely right, we are focused on our strategy, which has consistently been focus on orthopedics, surgical, connected care, diagnostic imaging, interventional ophthalmology.

These are the higher-growth segments within the medical device market. The customers value technical expertise, regs capability, and local market access, where our field teams spend over half the time in theater.

These segments continue to be high-growth, high barriers to entry, and where we will continue to focus. Always being open-minded for, I suppose, areas that would be tangential to those specialty areas, but without deviating from our strategy.

Thanks. Then if I can just ask a follow-up on the EBITDA acceleration, the sort of H2 weighting we've got.

Obviously, you've articulated the drivers in Pharma. What about the drivers in Supply Chain & Retail division, in terms of that accelerating EBITDA growth?

Just to understand those a bit better, thanks.

I think Supply Chain & Retail is constrained today because of capacity. We're at pretty much max capacity, and we're heading into an exceptionally busy quarter four.

Our whole focus is to make sure we deliver a very high level of service to our customers, as we've always done, and drive forward, and then get Greenogue 2 operational. I think, basically, this time next year, we do plan to give further guidance for Supply Chain & Retail, going forward.

Cuz I think it will out-perform our current guidance. I think it's too early to call that yet.

We want to get through this, get it done, and then be able to give you guys better guidance in this time next year. We're really confident this business will continue to go forward.

We're in a really good place.

Okay. Thank you.

Hi, guys. Thanks for taking the questions.

The first one is just on the Supply Chain & Retail business. You called out the supply chain that was impacted by capacity constraints.

I suppose, with the new facility coming online, could we actually see that business accelerate further? Because you've obviously been growing fairly consistently above the market, but could it pick up further as that facility opens?

Then, on the Medtech side, could you just give us a sense of how much of the growth in H1 was driven by new versus existing clients? More broadly, do you think you're seeing an increase in outsourcing by medtech companies in Europe that's benefiting the Medtech business?

Thanks.

Tim, do you want to take the first one, or I

will? Look.

Hey, Sam. As we go live with G2, we're going to be doubling our capacity at a minimum.

There's a really strong business case behind it. It's predicated on operational efficiencies and going to gross margin.

That extra capacity will give us the opportunity to roll out our offering and our services to new customers, and give a really strong platform for that division to drive on.

Brian?

On the Medtech side. As we mentioned earlier on, core to the strategy is growing with our existing clients into new regions, which has been very successful to date.

This group growth requires early investment, and we're seeing the benefits of these investments coming through. We also target new customers, the performance reflects contributions from each of these.

Existing clients in established regions, we continue to grow strongly, but also existing clients into new markets, where we've invested, and we're seeing the benefits of that growth coming through. Then also new clients that we've won, and again, have invested in over the last number of years, we're seeing the benefits of that growth coming through.

The strength of the performance demonstrates our ability to win new business. Equally important, though, is also to grow our share of the wallet in our existing markets.

On the increasing, I suppose, leaning to outsourcing, we are seeing that a lot, it's not just about smaller medtech who don't have infrastructure looking to leverage platforms such as Uniphar, or large medtech who are looking to outsource in the traditional outsourced markets. We're also seeing a focus for the larger medtech clients in terms of what are the strategic priorities for them within their portfolio, and then outsourcing, I suppose, what they see as their non-strategic parts of their portfolio into even large markets.

You're also seeing large companies divest huge parts of their portfolios again, which are non-strategic, which we've seen out with Stryker and Philips, and then being picked up by private equity companies that don't have existing infrastructure. All of those structural drivers play to the strength of the platform that we've built, and just see a growth in the opportunities ahead of us.

Particularly in the UK and in continental Europe, where we've barely scratched the surface of the opportunities relative to the size of those markets. Very, very positive outlook.

Great. Thanks.

Good morning, and thank you for taking my questions. Just on Pharma, basically.

I'm just wondering if you could give us a little bit more color on whether you're beginning to see the impact of the MFN unwinding and on decision-making moving forward on terms of commercialization contracts? I guess linked into that, as well, we've seen a few trials being paused in the cell and gene therapy, and just wondering if that's had any impact on your existing business or any of your discussions, as well.

Thanks a lot. On the MFN, overall, the commercialization pipeline remains encouraging, we've strong engagement from emerging biotech companies seeking an alternative model to traditional licensing models.

Our integrated proposition from access through to commercialization is resonating well. A key to that is our ability to leverage the infrastructure built through our Global Sourcing business.

On MFN specifically, the situation continues to evolve. What we are seeing is greater focus from biotech companies on launch planning, geographic sequencing, broader market access strategies.

In lots of respects, that actually plays to our favor. Because what we're offering here is a much more flexible model that allows control remain with our client.

If you license out your product, you're losing control over things like pricing strategy and sequencing, and they're now critical when you look at MFN. Our model, where we effectively act like the affiliate to our partners, allows them remain in control of those critical decisions around sequencing and pricing, to ensure that they're not going to have impact on their core pricing market in the U.S.

What we're all seeing, it doesn't impact everybody. We've adjusted our targeting segmentation for assets that won't have an impact for MFN, cuz MFN is really impacting portfolios that have where the government is the biggest payer in the U.S.

of those portfolios, which tends to be sort of the Medicaid, where there's an older generation being subsidized for their medication. There's still huge opportunity for portfolios that won't have an impact on MFN.

Overall, I think the core sentiment is, it actually plays to the strengths of the model we're offering. Dermot, do you want to take the

second piece? I think issues within trials are part of the rough-and-tumble of drug development.

We're not seeing any great impact in our own pipeline. We've good visibility into 2027, and it remains very strong.

I think we will always have issues within certain trials.

Fundamentally, that's part and parcel of the business where we're in, we have to ensure that we keep a very broad pipeline at the top end of our pipeline, and continue to be able to support our clients throughout these delays. That is part for course of this industry.

Brilliant. Thanks, guys.

Listen, thanks for taking the time to join us this morning, guys, and we look forward to delivering another strong H2 for our shareholders, and we'll chat again in the new year.