Rein Piir
Vice President of Investor Relations

Welcome to Camurus' Q1 Report 2026. [Operator Instructions]

Now I will hand the conference over to CEO, Fredrik Tiberg. Please go ahead.

Fredrik Tiberg
President, CEO, CSO & Director

Thank you so much, Rein Piir. Good day, everyone, and welcome to our first earnings call in 2026. Please note first our forward-looking statements. Here is the agenda for today. I'll start with the highlights; Anders will cover the financials; Richard, the commercial update; and I'll return with a pipeline update and key takeaways before moving to Q&A.

Starting with a few words on the quarter. As we stated in the report released earlier today, Q1 was on track with our full year guidance. Revenues recovered following the U.K. distribution model change and we made continued progress across our commercial programs and development pipeline. Financially, total revenues were SEK 533 million, a 15% increase versus previous quarter, but a 5% decline year-on-year driven by FX and channel phasing in 2025. We maintained strong profitability with a 32% operating margin and ended the quarter with SEK 3.9 billion in cash. Importantly, we look forward to a robust growth trajectory for the rest of 2026.

Commercially, reported product sales were