Good morning, everyone, and welcome to our earnings call for the second quarter of 2025 at Blau Farmacêutica . We are live at the Blau Studios in São Paulo with Marcelo Hahn, the CEO and founder, Douglas Rodrigues, the CFO and Investor Relations, and Matheus Fujisawa. Our call is taking place in Portuguese with simultaneous translation into English. It will be available on our IR website soon. At the end of the presentation, we'll have the Q&A session with priority for the sell-side analysts. For those who would like to submit questions, they must select the raise hand feature on Zoom, located at the bottom center part. Other investors can send their questions by chat, and I'll pass the word on to Marcelo to begin his part.
Thank you, Matheus. Good morning, everyone.
I would like to start off talking about the transformation the company's been going on in the last few years. In 2019, the revenue was focused on two drugs. To avoid this reliance, we really invested in research and development, and we expanded our sales force in the private market, being closer to the private hospitals. We're not giving up on the public market as well, reducing our reliance. There's always a point of caution from investors that have been watching our work over many years. This trend towards deconcentrating improved the company's performance, reduced volatility, and improved our efficiency. These products that lost a bit of relevance had a high ticket, and we required a big volume of other drugs to compensate or offset this loss in revenue, which made our factories operate at full swing in the last quarters.
With our full capacity, we just completed two new production lines, and we hope to complete a third line till the end of the fourth quarter. We hope to bring in an increment of this revenue in the fourth quarter this year. At Blau Cotia, we're also building a new line where we have been working, we've been scheduling to finish at the end of August, and this should meet our needs in the short and mid-term. To address our needs in a structured manner in the long term, we're investing in a factory with 3x more capacity, and we'll have tax incentives as well to develop the region there. With this challenge, the consolidated revenue in the quarter was stable in the annual comparison.
It's important to highlight the resilience of our core business, where even with all these challenges and a comparison pace from the second quarter of 2024, it's still possible to really keep up with positive results. In the last 12 months, the growth was 14% above market in the segment that includes the other business units, and we've already gone back to operating with the two brands for botulinic toxins. In the retail B business unit, we had some challenges also to keep up our performance last year. That was favored by an environment that this business unit got back to a competitive advantage this year. We're very confident about our resuming growth in the short term. We'll get into more details about this and how we're going to accelerate growth in the end of the presentation. This important highlight was the operational margins with a positive trend.
Quarter- over- quarter, we improved until we reached the current margins. The gross margins reached over 40% in the quarter. This is the seventh quarterly advance, with an important highlight to Bergamo, which has reached its consolidated level of margin. The recurring EBITDA reached a value of BRL 122 million in the third quarter, the biggest nominal value, with an annual growth of 34%. The EBITDA margin went over 26%, and that reached the highest level post-pandemic. We had BRL 100 million in the quarter, with an important highlight for the investments and increase of the competitive advantage. We recently launched and communicated the company's decision to not convert shares for the loan for the Prothya, and that was operational results below expectations for Blau. The needed value for the acquisition would be very relevant.
The turnaround risks and financial efforts also, as well as high interest rates, would inhibit the company to perform the proposal for 100% of the asset to the detriment of an offering provided to a third party. That was one of the main reasons for this decision-making process. As a preceding condition, Blau will receive the EUR 50 million invested, and the structure for the investment proved to be assertive, protecting the balance sheet and a quick exit possibility. The Prothya financial results were never consolidated in Blau, so we wouldn't have any kind of negative impact in the company's results. This value of investments in Prothya that gets back to Blau will be important to accelerate transformational investments we've been working on, especially to add productive capacity and the development of new projects. I'll pass the word on to Matheus to continue the presentation.
Thank you, Marcelo.
On slide four, we can see the revenue and the launches in the last 12 months continue to grow, and that reached BRL 111 million, or 6.3% of the net revenue. When it comes to the other investments in research and development start being stabilized, we see a level of about 9.5%. That's when we performed the first launch in the year, the Meslatidomide Nebi. This is an oncological drug that transformed the treatment of leukemia, and the market is being produced in our Cotia factory. Besides developing new products, we've always been investing in incremental innovations, and the packaging with a fraction amount of this product is an example of this. That's an important competitive advantage as it makes it easier for health professionals and hospitals to operate with it. In the quarter, we had another set of drugs that were also approved.
These were drugs we already have in our portfolio in Latin America, and we submitted 17 drugs for approval, most of them in Latin America, where we're replicating the portfolio we have in Brazil and the region. Among the 17 submitted drugs, we also have some unpublished future launches representing about BRL 100 million. That's where we updated the value of our drugs submitted to ANVISA to about BRL 3.1 billion. That was submitted to ANVISA, the authority, with BRL 2.9 billion that are still going to be launched, most of them in 2026 and 2027, with part in 2025 still. On slide five, we can see Blau reached its net revenue of BRL 465 million, which was stable in the year-on-year comparison, mainly due to issues related to capacity constraints in some specific lines and also some more unscheduled shutdowns at the plants.
Compared to the previous quarter, we had a growth of 25%, which was already expected due to the seasonality that was negative in the first quarter. We also counted on the normalization of the business unit of aesthetic services that had that temporary impact as well. The hospital segment grew 2%, and despite all the impacts we mentioned, we still have this comparison pace that's a lot stronger in the quarter. Additionally, the segment that includes the retail, aesthetics, and plasma had an increase of 12%. The aesthetics BU normalized its growth. However, we did not have plasma revenues, and the retail business unit suffered a bit with a very strong comparison base of some relevant product last year. This year, the competition has normalized.
What's most important is that the capacity expansion work has been advancing, and we're able to grow even while the construction work is still in progress. We're going to provide more details about this at the end of the presentation. I'll pass the floor on to Douglas to continue the presentation.
Thanks, Matheus. Good morning, everyone. I think it's very clear that Marcelo also detailed that Blau's moment this quarter is a moment of transition. Yes, the company has been going through an important product mix, and these are products that were very relevant to revenue, with another dynamic for the utilization of this to expand this mix. This is very beneficial when it comes to results and creating more value over time, but it goes through this transition pain period.
More than ever, with this moment of restrictions in productive capacity to accelerate the growth in the top line, the focus is always going to be the margins. The company demonstrates this in a very consistent manner. It's the seventh quarter, actually, that's recurring where the company can expand its gross margin, looking at the best mix as well. Bergamo is a topic we've always been discussing. If we look at this in the quarter, Bergamo already has the same margins that were consolidated in the company a year ago in the second quarter of 2024. In the annual evolution, we have almost 400 bps in the gross margins. Yes, I do think the company is really performing the best it can and using its productive capacity at this moment.
It's important to highlight also that even at the Blau Day, we highlighted what were the investments the company would address in 2025. This was already something we were considering by the end of 2024, where due to the shift in the mix, the capacity of the current production plants would have to be adjusted with some reflex in 2025 and a bigger unleash in 2026. That's why we're very confident in the perspectives and expectations for the next quarters. Moving on to the next slide, I think we can even look at some comments in the analyst reports and the important, when we look at the operational expenses comparing with the first quarter, you can see that we still have the same levels of expenses. When you look at the annual comparison versus the second quarter last year, we have a positive effect, right, of the NPL.
Just to remind you all, in the second quarter, the company had all of the provisions made for customers that got into chapter 11 processes. After the, when you exclude the NPL, you have a growth of the commercial expenses due to an intention of accelerating the revenue in the company. R&D is really in line with the development of products, which is a focus still. Basically, the positive effect here is for the NPL. When we look at this, we can see that due to the Bergamo purchase or acquisition mechanism, there's an expectation for some contingencies or liabilities where you could have reimbursement by the old owner. You can see liabilities, but you can also see assets, so where you have this others line. Besides this, the expenses are following a level, which is basically what we should expect for the next quarters.
Of course, when we look at the percentage over revenue as share, when you accelerate the sales in this quarter compared to the last quarter, we have an important dilution. That, of course, has a reflex, but there's an EBITDA that's very strong with the best margin ever since 2023, and a growth annually of 34%, which is basically based on the gross margin issues and also a comparison with the quarter, the effect of the NPL. This acceleration is also due to the dilution of the sales. When you keep this level or you grow in the top line, you would expect a dilution of the expenses. I think we follow this path here. When you look at the cutout of the net income, you can see the evolution of the annual base. That's really in line with the operational gains.
Especially in this quarter, we have a reduction in our margins, but because I want to remind you that in the previous quarter, we had the disclosure of the interest on capital to neutralize this as a strategy to perform the tax planning. We had the recognition of the sales in the botulinic toxins. That's a strategy for that quarter. Now in the second quarter, you have a different approach, right? Of course, this could be one of the strategies. As Marcelo mentioned, with the returns on investments at Prothya, the company will have financial gains. Probably that would also be a mechanism to start looking at the CCP as a possibility to amortize this gain and bring in a rate at the levels we have. Of course, when you look at the annual comparison, it grows 22%. We should highlight this.
Working capital, as the challenge with the productive capacity, this is an important homework. We've been looking at this. When you look at the annual comparison, it's basically the same cash cycle, but we were coming from a very positive trend. Now we're having some additional challenges, right? When it comes to the inventory, we consider imported products, but we should also consider that they also have a higher average ticket. You also have a Plex, which is where you have a stock where we don't have revenue at the moment. These are topics for us to consider in the second quarter. Once again, try to find ways to have a turnover of the stock and get back to the levels of the trend, the positive trend we had before, right? Basically here, you're considering the seasonality in the sales in the first quarter.
When we look at the next quarters, we'll probably get back to the level initially, which is not in any way related to the new negotiation timing or some additional portfolio risk, right? Basically, it's the seasonality of the sales in the quarter. That'll be something we'll address in the second semester and get into a more positive trend where you have the working capital consumption of the capital of BRL 100 million, which is really impacting the cash generation in the second quarter. Moving on to the next slide, when we talk about CapEx, yes, it's natural that we would have to highlight the issue where we need to continue to look at the development of these products, accelerate productive capacity. We had this quarter with a greater amount of CapEx payments.
When we look at the second quarter, we can assume or consider that the average of the first quarter should be expected for the next quarters. The company keeps up with these investments to address the capacity, the productive capacity, and also in line with what we mentioned at the Blau Day. The operational cash generation in the company can consider all of these investments for CapEx and productive capacity, which will keep the company's leverage low. Additionally, with the arrival of the Prothya cash, the company would be a lot better positioned to continue performing the assessments of its strategic investments. Blau is in a very favorable scenario, a positive scenario when you consider leverage and cash. You can see this in the previous slide. Our leverage now in the quarter is 0.3, and it's been actually evolving.
It was 0.1 by the end of 2024, but it's still a really low level of leverage. Of course, to accommodate this in our operational cash generation commanding investments. We have room to improve cash generation. I think these are all topics and a possibility, as well as the addressing of the productive capacity. To summarize, this is a very attractive investment thesis with consistency in the delivery of the results in the short term and already addressing a future return, right? Now I'll pass on to Marcelo, and then we'll get into Q&A.
Thanks, Douglas. Now on slide 12, we analyze a period that's a little extended. We can see some phases of Blau in the last few years where we've been evolving.
First of all, in 2021 and 2022, we had a favorable period for our revenue and for our margins, driven by the pandemic and the company's merits as well. The period immediately after the pandemic was very challenging, especially in 2023, where we even managed to maintain the level of revenue, but margins were heavily pressured. We also had the acquisition of Bergamo in the period. In 2024, it was a year of strong recovery in growth and margins, as you can see in the charts. In 2025, despite some impacts that momentarily reduced our growth in the first half, we kept up with a positive trend in margins. The positive results in 2024 and 2025 are just really the beginning of a transformational cycle that we've seen ahead.
Now, on slide 13, our last slide, we're going to provide some more details on this growth path and transformation of the company. In the short term, on the production side, we should complete the optimization of Bergamo and reduce unscheduled shutdowns in the factories to increase our availability of products, even in this period where we're still having to expand our capacity, construction capacity work. We also should be accelerating the sale of imported products, which should contribute to greater growth and optimization of our working capital, although these products have a lower margin than the company's average. We're also accelerating our growth in the aesthetics and also stabilize retail and resume our revenue at Hemarus.
In the medium term, we have prospects that are more encouraging and more positive with the additional production of our current construction work, counting on the acceleration of launches and also expanding more towards Latin America. In the long term, the prospects are even more exciting with transformational projects to centralized production and investments also in biotechnology, especially the monoclonal antibodies, which should provide not only an increase in scale for the company, but also medicine with greater added value. We're just starting. Join us, and this is just the beginning of our journey. Thank you all so much, and I'll pass the floor on to Matheus so we can start our Q&A session.
Thank you, Marcelo. Now let's start with the Q&A session.
I want to remind you that the sell-side analysts that want to ask questions can select the raise hand feature on the Zoom platform located at the bottom part of their screen, and other investors can send their questions through the chat as well. We'll start off with the sell-side guys, but I already see there are a lot of questions in the chat, and we'll answer them all as much as we can. Now, starting off with Felipe Amancio from Itaú BBA. Felipe, sorry, I think your, I believe your audio is already authorized.
We have two questions here on my side. First, the first question is we've seen results with this margin as reality and the reality of Bergamo as well with this closing of the gap.
I want to understand if there's room for an increase of margins coming from Bergamo, just to understand what you guys consider to be the main leverages for profitability in the second half. The second question is about the non or unscheduled shutdowns. If you could provide more details on these shutdowns, it would be great because we could also understand more of the nature of these and if we should expect something different or a new scenario with shutdowns throughout the year as well. Thank you very much.
Thank you. Good morning, Felipe. We'll start off with our margins. Yes, for Bergamo, we still have room. We've mentioned that there's a potential to reach the same consolidated margins of the company, and it's already very close to this.
We still have two quarters to reach this to the end of the year, and we have the intention to use this better. You have the operational challenges with factory shutdowns, which is kind of about what Marcelo mentioned, which demonstrates the shift in the mix and the setup and the changes in the production lines of products that need to enter the factory always require more complexity. It's a bigger challenge. A bit of this, but the company's already been addressing this with new equipment, new flows, and the new areas Marcelo mentioned as well. Marcelo can provide more details about this as well, but it's kind of the pain point of this transition. When you change the product mix a lot, you end up having these shutdowns to switch the tools and all of the exchange and the equipment.
With the new lines, we'll be able to produce in greater scale, leading to better profitability, and also we'll have the performance we need for deliveries of the demands that we've been suffering with due to the lack of certain products that we had considered also in this new product mix. We've been suffering a bit to get these deliveries done, right? I think that now with the beginning of our operations and the new product lines, we'll be able to meet this need in order to avoid these shutdowns with less shutdowns. You have this, this is a positive trend actually in the company. The transition has challenges, but the risk-return ratio is a lot better, and you rely less on these, right? It's more, yeah, exactly, that's it. Thank you.
Perfect, guys. Thank you so much. Good morning. Have a great day, everyone.
Thank you, Felipe.
The next question is from Maria Eduarda Resende from BTG Pactual.
Hi, guys. Can you guys hear me? Great. Good morning. Thanks for taking my question. Recently, you announced you were not the decision, right, with the different reasons Marcelo mentioned at the beginning of the call, right? My question is if the company is still considering the complete process in the plasma chain or the focus is going to be just Hemarus. If you could also talk about the beginning of the negotiations with the acquisition contractor Plasma and also what would be the perspectives for resuming this in the long term. Thank you very much.
Do you want to answer part of this? Do you want me to answer part? First, thank you for the question. I was kind of cutting through a bit, but I think it's about Prothya, then the Plasma and Hemarus live.
I don't know if you want to talk about Prothya a bit. Yeah, about Prothya, I think clearly Prothya was connecting to the company's strategy, especially when it comes to verticalization. Since once you have the plasma collection, that was already actually a strategy in the company, and it is independent. Of course, it would generate more value as a greater synergy in a verticalized process. The company, of course, would have to reassess this. The company will always look at new operations and new issues and models because the more you have opportunities to optimize this, although it's probably not 100% verticalized, the cash, the value generation is going to be higher, right? We wait on analyzing possible scenarios, right? It's not even about analyzing other scenarios, but it's providing disclosure, right, of what the company is going to do and how they're going to decide this up ahead.
We made the decision to not continue with this investment due to the risk that the company would take on and how this would impact the company's results. That would be a really difficult turnaround for the company. The company made the decision of not continuing with this investment. Yes, we do have other strategies. As soon as we consolidate the strategy better, we'll provide this disclosure to the market. Now about Hemarus. We continue to mention that we've been improving our operation there with Plasma, growing, and we're negotiating with different players and different pharmaceutical industries that are interested in the Plasma so that we can get the best contracts and perform the sale of this Plasma. There's a long-term investment, and we are in a quite comfortable scenario, but structuring and searching for long-term partners. We don't want to just have spot sales, right?
We're really on this journey. As soon as things are more detailed, we'll get back to present more of this information.
Perfect. Thank you. Thanks, guys. How's it going? Thank you.
The next question is from Hena Prata at Citi. Hena, I think your audio is already authorized.
Thanks, guys. Thanks for the space here. First of all, you talked about the release and the admin management's letter as well, the board's letter. You also mentioned that maybe in the second quarter, you'd maybe have more revenue coming from imported products. I wanted to understand if this would increase the growth or the maintenance of what we've seen in the first quarter. That's an initial question.
The second one is a follow-up on this CapEx point, Douglas, about if we should wait for the third or fourth quarter and consider that it should be like the average of the first and second quarters. Would that be it for the CapEx? That's the only question.
Hi. That's exactly it. It would be most natural to wait for the third and fourth quarters and basically get an average of what the first half was. When you consider the year's composition, that was probably a lot of the guidance we provided of what we would do to expect when it comes to the level of investments, the company's leverage, and our operational cash generation throughout the year. That's pretty much the trend.
Regarding the second quarter versus the first, the company's more confident and will also present a bit more of our higher level of confidence in the second half. We also have an improvement when it comes to the market structure, and we're also qualifying and validating the possibility of also getting revenue from these two lines in the fourth quarter as well. That's where we get into the third line that we plan to finish by the end of this year. We'll start getting some more revenue next year, and that should contribute also to this. Besides this, we also have opportunities in the market for growth, and we have products that are arriving from our portfolio. We have our geographic expansion. We've been registering more products and selling more abroad as well, which compromises our productive capacity of really having different locations and products.
All of this movement we discussed, with the mix and products and the setups and how this brings in a reduction of this performance. We do plan to improve and to continue with this improvement in results. That's all going to depend on the continuity of this market scenario. We understand that a market for a pharma hospital segment, which is where we're positioned in, is a market that doesn't, you can see new hospitals and it's expanding, more beds opening and access to the health system, etc. All of this considers the directions and consumption of these hospital markets. We also have a better expectation also for the working capital and will be launching a lot of products to be acquired as well. Just to reinforce our inventory to be able to also meet the needs of the second half of the year.
The second half, we also expect to maybe have significant improvements. In 2026, we should have this new capacity available fully, and we should even be able to accelerate this growth. You also consider the company's potential in the long term, right, with the monoclonal antibodies in the Pernambuco factory. That's exactly it, Renan.
Thanks, guys. Now we'll move on to the chat's questions. The first one is from Antonio Araújo, and he's a shareholder of the company congratulating us on the results. He wants to know about the factory in Pernambuco, when it's going to be ready and when it'll be 100% operational. The second question is a bit of his concern also on the free float. We have a waiver until the end of December 2026. What are we going to do about all of this, right? That's the question.
We'll talk about Pernambuco first.
Thanks for the question. We're going to be working on this investment in a phased-out approach. What's most important is to have each phase 100% complete. That'll help also with manufacturing and commercializing these drugs. That way, we'll be able to include each phase in each plan quickly, and that'll contribute also to the company's revenue. The company doesn't intend to perform this investment all at once. This will be phased out, and it could take maybe three, four, or five years until you can complete 100% of all of the investments for the company. We plan to already be operational in our factory within the next two years, and that's a commitment we have with the local authorities. Now, on the free float, as a shareholder, I would actually like to have a bigger free float.
I would like to have, I actually mentioned this many times, I would like to have all of the shares placed back then when we had the IPO. We're waiting on the improvement of the company's performance, and we're waiting on recognition from the market so that we can have an acceptable value to be able to expand the free float and use this even for M&A, right? These are opportunities we have in the market. I can't provide precision yet about what would be the plan at this moment, right? Very far from the date, but the company will be communicating to investors whenever there's a definition on this topic. At the moment, what's public is the information we've got, considering the macro scenario, which is so challenging. What we see is companies are bringing in positive results, but the share value still hasn't reflected the actual company value.
In Blau's case, that's the feeling I get. Yeah, that's exactly it. Thank you so much for your question.
Our next question on the chat is from ZF Invest, and he said, thank you. Good morning. The first question was about the public bids, and then we also talked about, he also asked about the Hemarus contract public bids.
Generally speaking, the bids at a state level are taking place normally. I don't see in the drugs that Blau is involved with, I don't see public bids from the federal market or the public federal market. We have been waiting and expecting new public bid openings for immunoglobulin and other drugs, but we're waiting on this still. We've been monitoring this closely. We don't have any news yet of a bid in a short period of time.
We've been monitoring the challenges towards the budget, and every day that goes by, there's been a reduction also in the public bids from the federal levels, right?
Thank you, Rodrigo, for that. The next question is from Paula Maloa GTI, and she's saying, good morning. About the Prothya resources, do you plan to use part of this capital in the investments for Pernambuco?
Yes, no doubt. That reinforces the company's capital, working capital, not only in Pernambuco, but to continue all of the investments we've been working on in CapEx and R&D. We'll keep up with the same levels, but that really reinforces our cash position. It makes us maybe a little more distant from the need to search for the market or the overall banks, etc., to be able to fundraise.
That also strengthens us even to think about a possible M&A when we consider the market difficulties and that maybe even have opportunities for M&A that could fit into our pockets, let's say. Yeah, I think that's why the thesis becomes so attractive, right? We already have a comfortable position, and it'll be a lot more comfortable to address and assess strategic investments. Especially even more in a scenario of high interest rates, you have very few companies with this kind of position.
Thank you, Paula, for this question. Our next question is from Guilherme Rodrigues, and he's also a shareholder. He says, good morning. Two questions. What's the expectation in the market, in the company, to have the normalization of the plasma? The second is, about the manufacturing expansion in São Paulo, will provide growth in which lines of drugs?
That includes Cotia, like the macro region or metropolitan region of São Paulo.
We'll have lines, penicillin lines, and injectable drugs overall, lyophilized products as well, and another line that we also discussed last year, which are, these are all plants that are very dedicated to these specific productions. The next question about the plasma Hemarus. We've already discussed how we've been addressing this situation. We've been searching for some way or some customer to meet our demands and our timing demands and recurrences. We're in this expectation of closing as soon as possible.
Okay, perfect. Once again, thank you so much, Guilherme, for the question. Now, our next question is from Vitor Kitzman. I'm sorry if I pronounced this wrong. From the Small Caps Portal. With the sales of these in the end of the year, does Blau plan to expand CapEx and a payout?
We don't know about the payout yet. We're still going to have to wait and see what the results are going to be like in the third and fourth quarters. We have also another situation that is a new tax on dividends and a possible tax reform. We're definitely going to have to think about something, but we don't have anything planned in this sense yet. As I mentioned, probably to neutralize a bit of the effect, the tax effect in the returns on investments at Prothya, we could maybe have this buffer because that would lever our capacity and that would, we would have the 25% of distribution in the year. It's also very conditioned towards entering the exercise in 2025, right?
I think it could even be interesting to mention that we have the, we have BRL 265 million in the financial assets at a fair value or which are kind of stopped. We're going to receive the amount of EUR 50 million, plus the interest correction, right? This difference should affect the results positively, although our bylaws consider at least 25% of the profit for the shareholders, and that's going to be fulfilled. If you get into the accounting lab value, that would give us more room for possible distribution, which is maybe not extraordinary, but it is conditioned to this process.
Thank you, Vitor, for the question. We have another question from a Blau employee, Paulo. He says, congratulations on results. He's asking about the dynamics for the tariffs in the U.S. and if there's going to be an impact on the company.
Initially, there's no impact because you don't have reciprocity. We don't export anything to the U.S. Meanwhile, we're an importer, especially when it comes to biotechnology. Most of the inputs come from American companies. At the moment, we don't have any news from the Brazilian government about having any kind of reciprocity in tariffs with the American market.
Well, that's it. Thank you, Paulo. The next question is actually Antonio made the first question. He was also agreeing with you about how the screen price doesn't really correspond to the company's valuation.
I'm not sure if you want to share any final messages, but we continue to be very confident. I always say that at every quarter, I feel more and more confident and certain that we're really doing excellent work searching for results and operational improvements, increasing our portfolio and our geographies. We've been developing in-house some monoclonal antibodies.
We're conducting clinical trials. I think the future of the company is just wonderful. I'm very confident about the company's operation with so many investments and working on and thinking about the future and the growth of the company. The company continues to bring in results that are sustainable. Month after month, quarter after quarter, they're recurring, right? They're not like exceptional. That demonstrates the resilience of our portfolio and our positioning in the market. At every day that goes by, we're closer to the market and we're active as well with the hospitals, not only meeting the delivery of drugs, but also the joint development of new opportunities and products and improvements as well, incremental improvements in the products. That's it. I'm super excited.
Great. We want to thank you all and wish you all a great day.
If you haven't been with us yet, you're not a shareholder yet, I want to invite you all to participate in the different opportunities and buy some stock in the market. Have a great Blau day to all of you.