Operator

Hello, and welcome to Ipsen's Conference Call and Webcast on Q1 2026 Results.

I'll now hand you over to David Loew, Ipsen, CEO.

David Loew
MD, CEO & Director

Thank you, operator, and hello, everyone. I'm pleased to welcome you this afternoon to our Q1 sales presentation, which can also be found on ipsen.com.

Please turn to Slide 2. Please take note of our forward-looking statements, which outline the routine risks and uncertainties contained within this presentation. Also, all of my comments on growth will be based on constant exchange rates.

Please turn to Slide 3. I'm going to take you through our first quarter sales performance and provide you with a business update, after which our CFO, Aymeric Le Chatelier, will join me for the Q&A session. Let's begin by taking a look at today's highlights.

Please turn to Slide 4. We delivered a strong top line growth in Q1. Total sales grew by 22.6% this quarter, driven by all 3 therapeutic areas. We're pleased to see the very strong performance of our portfolio outside Somatuline, which grew by 27.5% in the 3-month period. Based on this continued solid momentum and strong growth, we confirm our 2026 guidance with total sales growth greater than 13% at constant exchange rates and a core operating margin greater than 35% of sales.