Hello, everybody. This is Harald Hasselmann, the CEO of Eckhart and Siegler speaking and inviting you for today's half year one results presentation of the year 2025. Starting with a typical disclaimer that is known to everybody. I don't have to read it. Now this is a slide slightly adapted.
Normally, see the entire executive committee, the group of directors is now enlarged. We have a fully fledged group executive committee. You know, the three upper persons, here, Gunnar Mann, Frank Jager, and myself. Let me put in the later pointer here. These people, gentlemen, are known to you.
Then, Joe Hathcock is also part of the American Business Group, so does Anna Ramirez. And then we have in our group executive committee five new colleagues joining them. Twi two people are representing the marketing and sales team. Then we have research and development by Deb Becker. We have a specific person and colleague taking care of the Chinese business.
And Julian Schroeder, you know him very well. He is taking care of all the, topics which we are discussing here in terms of finance and controlling. So he is well known. So this is basically, the enlarged business team running Eckert and Siegler. I wanted to use the opportunity here to show all these faces to you that, do you know it's not only the one who's speaking to you today together with Caroline, also participating in today's call, and Julian, but there's a big team.
And in front of that big team is here, that group executive committee. Ladies and gentlemen, we are more than ever advancing really fantastic times, and you see here a slide known to everybody with all the companies being active, being acquired, or acquiring companies. And that chart, I repeat in saying, becomes busier and busier every time I'm speaking here. And also here, you see the customers we are supplying. And, to give you one example here, it was used to show a point.
Now it's Illa Lili or Illa Lili Point together because the acquisition the concentration process of small companies being acquired by bigger companies continues, and that's to the benefit of all players. Here, some of those customers being published, either for Lutetium on the left side, Actinium, small amounts still, but important to have here a footprint. And then the CMO activities here, Archaeus is a new company joining our CMO, CDMO activities. We are happy that this chart from our customers gets busier and busier every time because that shows the importance of getting supplied with isotope produced by Eckert and Sigler either in the upper part for the medical segment here, what you are known to, and in the lower part for the industry segment, with all the calibration and validation services. Now what are the highlights of the last quarter?
You all know that we are also showing what has happened in commercial practices and and being worth to be mentioned here. There is illusiX. It is a product of Telix being approved in Germany via the distributor, and we do expect that also in other countries, but in Pacific, the for Germany that will enlarge the usage of diagnostic kits, not only from Novartis and and other players in the market, but also now TEDx joining that field, and and we are happy that there's another player that will hopefully also induce more gallium based imaging procedures. People coming together in Boston on a yearly basis, we do this in front of the International Oncology Conference in Chicago every year, the ASCO, and we do here our internal event together with more than decision 100 decision makers from the entire field in radiation therapy. And, we have a CDMO agreement with Pentixa, which was closed in April for the usage of y 90 Itrion Pantixa tear, which is used for clinical trials.
This is last year's data to start with. This is a jumping point, where we where we ended last year with basically $50.50 in terms of revenue, EBIT adjusted, the number which we are going to report for quite some time, 56% by the, medical segment and the remaining part by the industry area. IP here for the isotope business. 600 people here, 400 by the medical segment. So this is the introduction part.
Now I jump directly into the first half year and give you some data and and overview. And for those who have read already the press release, which Caroline published earlier today, basically, there is always three lines to talk about. One is net sales. The other is EBIT adjusted. The most important one because it demonstrate what really has been achieved on an operational perspective.
And then net income, what at the end of the day after all extraordinary cost is left. So even we will come to each of the two business segments in a minute. In a nutshell, in spite of a lot of headwind, and and circumstances which were unexpected in the first half year, I do repeat cyber attack and and and and tariff and security and things like that, the sales have slightly been increased more in Medicare, less than as of the product area, but a slight increase in terms of net sales. Currency adjusted, and that is also mentioned, it would have been better. We do see a weak dollar these days, in particular comparing that to last year.
So if we compare that with last year, the FX adjusted sales would be, emitted single digit growth that has been to a certain extent, kept here due to the currency development. EBIT adjusted, that is a strong rose, which you see here. That is a good result because at the end, EBIT is more important. You can only distribute what you have earned before. The EBIT margin goes up to 24%.
Last year, it was 22%. So we see a lot of improvement in our profitability. And finally, if you look to net income and take away the Pentixa business or the comparison to Pentixa being part of last year's business in part, then it's almost 20% growth in net income. Although, we have here a negative currency financial and currency effect of minus o point six compared to o plus o point seven, of last year where we had a gain currency gain. This year, a loss, but on the other side, hyperinflation.
Argentina became a little bit more Let's have a look to the two segments. And as usual, I start with the medical segment. 15% growth in net sales. So what we basically, what we do see is continuous growth in the generator business, a. And b, for some time already, we are working in CDMO and CMO activities.
This is when companies pharma companies do approach us and say, we have a kit. We have a tracer. We have a molecule, and we need to combine to label that with the radioisotope. Can we do this in your facilities? And we have a facility in Braunschweig.
We have a facility in Berlin. We have in Boston. So we are using our facilities to offer these kinds of services for customers in very early stage, hoping assuming that later on, when they go from clinical to commercial use, they will stay with us and continue to use our experience, knowledge, and service. This business continues to grow. So in in addition to the generator sales, we have also positive development in the CDMO area.
Another highlight is another license which we sold to an external partner in the amount of €5,000,000 for the Actinium technology, and there's more to come in the second part of the year, even a higher amount we do expect, to come in in the second half. In terms of gross margin, strong growth, 41%. You see here the development, and then also that induced a strong increase in the EBIT adjusted margin to 29%, which is really extraordinary high. Happy to see that. And the gross margin here, the gross profit had an increase of almost €9,000,000.
If you go to the net income, there we see here the currency effect distorting the overall result and then interest in some restructuring of the IT infrastructure. But let's stick here to the upper two numbers, 15% growth in sales, 40% improvement in EBIT adjusted. IP segment, the industry isotope segment is weaker. There, we see minus 10% in sales and also EBIT adjusted, lower development in terms of the financial result. We have some distortions in here in terms of the product mix, which you see above.
So oil, we're looking high profitable, high margin business unit was far below last year. We do expect a recovering during the outer part of the year, and then spec was better. But here, we see a lower margin business, and that gives you an impression that why the loss in sales is heavier in terms of EBIT adjusted because of unfavorable product mix, which we do see here. And that's why also the EBIT adjusted margin went down from 23% down to 17%. Now for those who are following us for a later period in time already, you might know that always the EBIT adjusted margin, in the IP segment used to be lower.
This is the range we are used for. Last year was really extraordinary high in the first half year. That's why it is sad, but it's not really a surprise because, that brings us back to a range which we are normally used in that area. Still, we are very confident that in the, the remaining six months, the results will improve, and then we will achieve what we have planned for. Looking to the upper part of that slide, you see that it is not a 5050% game anymore.
The medical segment is stronger in terms of overall growth. It's more than 50%, and here isotope products is 46. Not a surprise, anticipated, wanted, and forecasted, but it's even still worthwhile to demonstrate. For those who want to have an bridge from the EBIT reported to the one which is EBIT adjusted, there might be more questions coming up later on. I will not so much talk about medical, iZotope, or others.
Let's have a look to the overall result. Abbott reported 33,000,000, overall result 35, and most of that is coming from the IT restructuring out of the cyber attack and here currency effect as I mentioned early on. These are the two main effects, which were influencing here the difference from EBIT reported to EBIT adjusted. Revenue growth and split across countries. We see a growth in Europe, 7%.
Unsecurity in North America during the first half year, that's why what I presented earlier on where it's a shortfall coming from, it's coming from North America, which is now representing 46% overall. Asia strong. Asia goes, but that has also a lot of reasoning in the license, which we gained here 5,000,000, in the first quarter of last year of of this year, and that's why we have a strong jump here of 31% compared to last year due to that license agreement, which we did. And that also influences that Asia now represents here 16%, slightly higher than anticipated, but, due to the license effect I just talked about. Core business, ladies and gentlemen, is still radiopharmaceutical, and here we see a continuous growth last year, 10%.
If we do what controllers like to do, take first half year's number and doing extrapolation, then a 140,000,000 or whatever is the number we do anticipate out of extrapolation. That would be 10% growth compared to last year. Our guidance is based on 150,000,000. So you see here still a difference between controlling extrapolation and our guidance. Reason is easy to explain.
That is why more licenses will come in the remaining part of the year, and that will then jump from the extrapolation number to the guidance number, which we do confirm here once again. And the mixture of these radiopharmaceutical products I mentioned here, it's pure isotopes. It's isotopes in a generator. It's cold kits. It's a CDMO and CMO activities I talked about, and it's all kind of radiopharmaceutical production equipment composing that sales growth.
Looking to the quarters, softer quarter in in the beginning of the year. Reasons were given, when I talked to you last time due to the cyber attack and others, and then a recovery in particular in in the generator business in q one, and that's why you see here the 90% growth for the radiopharmaceutical business. And these numbers are hopefully known to you or you are used to these ranges where we have that growth over the year. Let's have a look through the balance sheet. The balance sheet, there are lots of items you might be interested in.
I'd like to point in here 100,000,000 more than 100,000,000 for cash because we have a positive cash development. Low numbers in loan liabilities, the rest is relatively stable. A balanced number of 439,000,000 is what we have shown also last year. And here you see a number of 52%. I think the number is going down to 51%.
Now this is rounded numbers. Okay. And here you see 51.5 and the other was 52. That depends from which the beauty is eye and the beholder. So it's in in the same range than last time.
It's a little bit slower than than the year before, but that is just because Pentixa was responsible for having a long balance sheet, and that is now out of the the license. And you you see here, the liabilities go down, cash goes up because strong cash flow from operative, and that is accumulated, and that's why why we have here that number. Payments is the same, And EBIT adjusted, we talked about that strong increase of 9%. Here again, some key figures, to summarize the numbers. Revenue, cash flow higher than last year, EBIT higher than last year, balance and the securities improvement, and equity ratio more or less the same due to the reason I give.
Last slide from my side before we jump into the q and I session, that is we stick to the guidance which we have published in the beginning of this year versus sales number of around about 320,000,000 within the normal corridor and an EBIT adjusted of 78,000,000 the same assumption and and conditions as I just made. So we do confirm here both guided numbers, and are confident to fulfill our mission to be a supplier of choice and, hopefully, also an investment for all the shareholders. Thank you very much. And with this one, I close the official presentation for commercial numbers and giving here, you know, just an outlook where we can see each other again and hope we will have a lot of questions. There is Alexander Garlitza.
I think he died, and yesterday, are ready to be number one. Alex, you have, yeah, first in row. Please go ahead.
A couple of topics. Quite a few, actually. Let's see how what's the best way. Maybe to start off just to have it done. IP segment, this minus 10% top line in H1, think minus 6% without currency effects, Quite a dip considering you still expect growth for the full year.
Just wondering if you could talk to your visibility, how you're planning to achieve acceleration to such an extent in the second half of the year? I think you require around 20% top line growth in the second half to reach the $155,000,000 I think you outlined for the full year. So basically, what gives you confidence and whether there could be I think you're mentioning project related delays, whether this can be something that will ultimately end up pushing revenues into 2026. So that's for the IT and then maybe medical will do afterwards.
Very good. Yeah. The number of 155,000,000 is the number which had been published. And and so there are lots of reasons. At the at the end of the day, we are confirming that number, and and we are doing all in our hands to to achieve that.
Now to give you a small example, is tariffs between OS and China. When the whole discussion started how to deal with with the tariffs, the Chinese importers were hesitating in placing orders. Now at least as of today, 03:00 and twenty minutes, there is not a complete relief, but the countries and governments are talking to each other again. I e, we see a recovering pattern from our importers, from our Chinese importers to start ordering again. And that is also for the case for European importers and being hesitating by saying, oh, can we still import from this?
What is Europe doing and things like that? So there was a lot of reluctancy in saying, what do we do? What can we do? What do we want to do in the first years? And what we have now recognized that not completely, but people are going back to a more normalized purchasing pattern.
And that's why, we see here an improvement already started, and and that is going to be continued. In terms of businesses which we were lacking at the beginning, one of this I mentioned already that is oil well logging. There, we were lacking orders, but we know that this will come in a in a seasonal approach, and whatever did not come in in the first half year is supposed to come in the remaining part of the year. So that is, the second reason. And the third one is projects you mentioned.
We do not have specific income projects. We have a lot of construction sites or investment projects in South America, for instance, where we erect a new facility in Sao Paulo in order to have more production capacity, but that was not planned to generate additional sales already in this year. So this is the overall perspective for IP. And and if Julian doesn't take out the hammer and and say something different, then these are the numbers which we are going to confirm. But do you have also some questions for medical?
Yes. So on the medical side, I see that q two and h one is sort of on the underlying basis stripping out the licenses from the joint venture is on the lighter side with in terms of growth. I think for the medical division first half is 8% and for the Radiopharma it's around 10% H1. Same question here, I think you need an acceleration in the second half of the year to reach the targets. Again, think if you could add any context to what in what verticals do you expect to see more dynamic versus the first half?
And maybe in this context also, if you could explore on whether some of the newer growth areas are contributing more now. I think you were mentioning CMO, CDMO, if that's meaningful already and also maybe with regards to Actinium, Lutetium, how those isotopes are performing and what is the is that already at the magnitude that is meaningful for the group?
Okay. Absolutely. Good question. Yeah. So introducing introducing a statement is a, we are focusing on licensing fields, and and these license fields will stay as one income opportunity revenue opportunity for last year, this year, and the years to come.
Now with license deals, it's always not sees it's not a linear curve. Now if you have an license deal in a specific quarter, and then later on, you compare that data with that that quarter with next year's quarter, there might be some distortions. And and the same is here, and we have had a license deal last year quite substantially. We have a smaller amount in the beginning of this year. And now the next license income is only planned for q four that was published and mentioned earlier on.
So there is it is a curve which goes set. It's flat. Then you have an income, then it's flat again, and then you have a stronger income again, and then it's flat again. So if you want to compare apple to apple to apple to apple, you might take out the license income. I would not recommend to do so because this is not extraordinary income.
It's ordinary income, but it does not go in a linear income. And that's why if you take first year's first half year's number and multiplying this two, you will not reach what I want to reach by the end of the year. And that's why the license deals, which are supposed to come out of the existing contracts, have to be added on that a. B, is the Actinium activities, The performance of pure Actinium sales is still less than €1,000,000 as of today. It's still low because the numbers which are required, the demand is extremely strong, but what we are really selling as a purified isotope is, very, very small.
That will change only by next year. I don't expect a stronger increase for Actinium, for the pure Actinium sales by this year. Lutetium is a different story. Lutetium, we see and after getting here the approval and all the licenses and and all the certificate which were needed that there is more to come, and we are currently exploring also different opportunities. That is not only the case for for the deal with Elalili and the point, but also other customers are asking for additional income and and supply here.
CMO, CDMO, right, we have an existing site in Braunschweig doing CDMOs activities, I would say, for more than five years. In Berlin, we are doing it for a year. And in Boston, we started this year. So there is a different uptake curve, and Braunschweig is developing well and profitable. Berlin is developing well and breakeven, and Boston is still to come.
So these are three different types in which we are active. And I do expect that by by the remaining part of the year, there will be stronger performance as of the for the as we have seen it for the first half year, and that is going to be continued by next year. So overall here, again, I also do confirm that the guidance is within what we wanted to achieve.
Thank you. Just two follow ups and then I go back into queue. On Lutetium, you mentioned other customers that have inquiries. Is that would that be for clinical usage or is there also commercial opportunity?
No. There's also for commercial usage. These are cast individual customers like hospitals or clinics which are asking to be supplied with our products. Pharmaceutical companies, we are in preparation of specific deals and that bill is is still under negotiation, but I'm pretty sure that there is more to come what we can hopefully also publish being allowed to publish, being signed anyway in terms of doing CDMO work for pharma companies.
And the last follow-up is on licensing. So are you currently working on any other potential licenses for, I guess, technology transfer beyond the ones that you have signed with Stelix and the the joint venture? Or is that that is currently not in the scope of the, I guess, activities.
Yeah. Yes. But or yes. And how you take? We are talking to pharma companies how to best serve their needs and how to best match their interest.
And that can be either in a pure supply contract or it can be combined also with with some kind of technology transfer. And that could also happen to to other parties as well. But it if you'd ask me now, is there something which will happen by tomorrow? I will say there's nothing happened by tomorrow. There there is something during the rest of the year.
Could be it depends. So so there's nothing concrete where I say, don't sleep because there will be a press release by tomorrow. But we are working on that because I mentioned licensing is part also of our business.
Thank you.
Okay. Super. Then, P. N.
Hello, Arle. So Maybe a few questions on my side. And we if we stick on what you are just saying about the dilutation revenues, would be interesting to see how much of, let's say, the target that you gave a few years ago on doubling the medical segment revenues by 28%. How much of that will be tied to the point by pharma agreement that you have? Because we're starting to see maybe some delays when it comes to Lilly and Lantus on that.
So it would be interesting to see what's the exposure. And is there any risk from, I don't know, delays happening on that?
Okay.
Okay. Then I follow-up with the second one, which will also be on the Medical segment and the gallium generators demand. Do you see any impact from positive news load at Novartis AG and like the new indication launch that they had to expand the patient pool. Do you see like more customer coming on and knocking on the door? Do you think that there is some, let's say, threshold in term of number of patients that you need to have to, let's say, double the number of generators in one hospital and that might take, I don't know, a new indication and new population raise to happen.
Mhmm. And then I will have other questions. Okay. Okay.
And yes. The the lutetium outcome for point with their product was not as promising as they wanted to have it, and that is is public knowledge. Nevertheless, the triangle between Atlantios Point and Illa Vili is is purely is is reconfirming our cooperation agreement, I e, to deliver what they want. But, yes, there's a slight delay in kicking off or the hockey stick, in terms of their demand is to a certain extent moved to the right to the right direct. Not left, but to the right direction.
So in terms of of getting that that data. That's true. But on the other side, we we see also that other companies have an interest in taking our lutetium for validation samples. And if you do a validation sample, that is then hopefully followed also by a supply contract. So we are working on compensating that delay for one customers by getting more customers.
The medical generator business, it's it's a double blinded question. A is, yes, the Novartis result is very positive, and that will, for sure, lead to more ProVicto or PSMA six six seventeen treatment. And in order to do so, you need more imaging procedures before that. Split it, however, into gallium and fluoro. And and that is also then FDG on the one side and gallium based kits on on on the other side.
That's that's why we have to always say the growth is to the benefit of the two suppliers. We have not seen yet that that, all of a sudden, the demand of generators is exploding, but we what we do see is that the replacement of a generator, it goes faster or with other words that the demand for a higher activity generator, I e, the gallium 100, stays unbroken. And and that's why we we have increased our purchasing activities for Germanium. We are producing more GALEA Farm one hundred, and that leads also that the average price for a generator. If you put everything together and divide it to the number of units you are selling is increasing despite negative currency effect or despite whatever competition, despite whatever, we see an increase in the average price because of more, Gallia Farm 100 positively influencing, that that way.
Second answer is we do expect still in this quarter the approval for Novartis in China and Japan, and we are together with the the this company in these two areas, then it is followed by reimbursement discussions and the the the the the the but to get the market authorization for Galeafarm in China and later on also for Galeafarm in Japan is severe, an important milestone to also entering that that territories. Will that lead immediately to a strong increase in sales? No. Will this enable us to have more business opportunities? Yes.
Okay. Super clear. And maybe just a very yes and no probably answer. But on the generators, is it fair to assume that the higher dosage are more profitable for you or it's the same thing?
That is correct.
Okay. Great. And then maybe one last question, and then I will go back in the queue. Just on the, let's say, big picture side, do you get some, let's say, more cautious view from potential customer that are delaying the launch of the clinical CDs or from, I don't know, a new company that wanted to buy some of your equipment for the medical segment. Does the macro has impacted the activity or you don't really see anything on that front?
Equipment in terms of what? In terms of
Hot sales, for instance, something like that.
So the order book for this year is full. The order book for next year is almost almost complete, not fully. Do we see a certain degree of satisfaction? Not yet. But the question is to what extent hot sales providers like our business, but also from from our competitors are also entering new fields.
And and that is the question which we are currently investigating also to go into to a broader area of scope in providing hot cells in order to compensate something like certain satisfaction which which might come. But, we should not forget that that other areas have completely not really made any big business approach, South America or or Asia. We are not really active so much in these territories yet because we were fully busy, but that would be then the next step.
Okay. Super clear. I will go back in the queue then. Thanks.
Then as I only see here the two capital letters. I don't know who else is. Oh,
hello. This is Alex Milanski. Hello, doctor Hasselman. Could I ask a question on Telx new product, Gazelix? Do you expect this to be a net positive or negative effort?
Mhmm. Okay. So that will be a high activity kit, which they are trying to get that being produced in in in cyclotron base. So that, a, is it will enable a broader acceptance of gallium based kits, which is a good development because everything which helps to demonstrate the quality and the effectiveness of gallium is to the benefit of all gallium providers, be be it it generator or cyclotron produce. So it's a good news.
And did it harm the business of the gallium business itself? I don't see that happening because it is cyclotron in those centers where you anyway have a center, and then it's rather a competition between gallium produced on a cyclotron versus FUG produced on the cyclotron. So that is, that is rather the competition takes place in these big, big centered hospital, and not so much of the overall field radio pharmacies. Will there be one hospital which is saying, okay. Instead of buying one generator, I only buy half of general yeah. That could happen. But
Okay. Thank you. And I'll be quick. I only have a couple more questions. The US revenue is down 8%.
Could you could you explain what was behind that? I don't think the foreign exchange could have had that much of an effect. Was that some particular effect in medical?
Yeah. I mean, it's it's that is that is one one area. First of all, we we had a big start in this year. I must I must confess it due to, the cyber attack, and then we have other topics. I also mentioned the tariff topic, which was really difficult to induce a lot of hesitation for potential customers.
And then the oil by logging business was really weak in the beginning of that year, and and there we are confident that this will be recovered. So, basically, it was mentioned already. We saw that development in q one already coming up, and that has been now demonstrated. But as we are talking about figures up to June, it is as I mentioned, if I had to include July figures here, then we would see that the improvement continues and that will go. But right here, we happy with the result of Q1 the
first months of Q2? No. Are we confident that this will change in the auto part? Yes. Thank you.
And my penultimate question is, just to check, license sales are they are excluded from the definition of radiopharmaceuticals. Is is that correct? And is any portion of them recurring, or is it a one off technology transfer as we would think of a purchase in the same Okay.
Yeah. That that depends from license deal to license deal. So the second one, which which we entered in this year, is also linked to royalties. The other one, which was published last year, not. So that is a higher amount with lower or less in the no royalties.
The other one is a lower upfront payment, but with royalties. Okay.
Okay. That's very clear. And my last question was, are you planning to come to the Jefferies conference in London in November? Yes. Excellent.
Thank you. Okay. We'll make a meeting. Thank you very much.
Thank you so I have
to jump in for a second. The question was whether the license deals are included in radiopharmaceutical sales. Correct?
Yes. That's correct, Julian. Yes. Sorry.
They are included. So I to correct Harald, unfortunately.
Thank you very much, Julian.
That that was the stay up for Julian here. Julian, thanks for joining. Welcome. It was super. Thank you.
Good. Then who's next? Is is is the off? I think then it's Alexander again. So is that again? Super.
Yes. Thanks for additional follow-up. Just maybe to clarify on Lendview's to Eli Lilly point, I was a little bit surprised hearing that this is somewhat of a still potential for you. I think Lentius publicly have dropped the engagement and I think Lily has also deprioritized the asset. I'm just wondering, like, what's the dynamics?
Is it something still that you hold as of relevance for
Yeah. The next is that is yeah. Yeah. Yeah. And that is easy said.
The Eli Lilly wants to enter the field of RLT and and radioligand therapy. Segment one. Base second statement, they have inherit inherited a supply contract, And and we went through that supply contract, and they are very committed in continuing exploring their business opportunities in the field of lutetium based treatments. There is not only one agent which they indirectly via the cooperation with Lantirs have hand on in terms of marketing and sales. There are more than one compounds.
And that's why they are saying, okay. That is off, but this is to come this is to come, and this is what we ended. And then they want to have more, and that's why the statement which we received is very clear. No reason to deviate from the overall supply contract. As mentioned earlier, there's a soft soft shift to to in terms of timing, but no deviation from the overall commitment.
Okay. And on Ethereum, I think you mentioned in the presentation somewhere that APAC expansion ongoing. Could you maybe add more context to that? I think Citrix, Certex was always having this untapped potential in China for many years. Somehow they had difficulties in really penetrating the market.
Is that something has something changed there? Do you see more dynamic or what caused you to put it that way that there is expansion ongoing in the APAC or maybe it's not related to China?
No. No. The the increase in APAC was a license deal, which we have had with Arctinium, and that is shown under China.
I was referring specifically to the chart where you show all the isotopes and under Itrium, there is a bullet point which says APAC expansion ongoing. Was wondering whether APAC expansion means relates to China or maybe other markets. If it's China No.
Yeah. Let me let me check here. Is it was it on which slide do you have it? Let's see here.
It's a chart number slide number five. The very the second bullet point impact expansion.
Yeah. Yeah. Yeah. Right. Yeah.
Right. Yeah. Now that is just the case that that we we are producing y 90 a for Europe, for US, and in GMP quality for for China, and that their demand is growing. Now if if if you recall what I said two years ago and you quote me correctly, then I said by that time, probably in five years' time, China should be as big as rest of the world. And that is not happening because the penetration into the Chinese smartphone service business is going much slower than anticipated due to whatever
But are we are we getting more stuff into the Chinese market? Yes. Are we preparing to increase the production numbers? Yes. Is it as fast and as big as you want to have it? Not yet.
Okay. Understood.
So it's
a question.
Perhaps it's a little bit then accelerating. Your comment is expanding, yes, or continuing to to expand into that market would be the right product.
And last question is related to Lutetium. Just wondering whether you have given up on hopes to be supplying No. No. At some point with Lutetium?
No. No. But we are trying to to approach it from a different angle now. And can we be as a pure stupid supplier? This all honorable approach, or can we combine it with with services, I e CDMO work?
And that is something which which we are exploring, and that might give us, not immediately, but but that gives us the good hope reason for good hope there also to enter in into that field by bypassing a normal ordinary supply contract, but doing here also some CDMO work and then later on become there.
But that would be for different asset, not the one that they have already
Not not for prostate.
Okay. But for the prostate, you have given up. Okay.
Do I give it up? No. Is it realistic that that I make an announcement tomorrow? No.
Understood. Okay. Thank you.
Any other question, comment, wish, desire? That is not the case, then I thank you very much for your attention. Thanks to everybody, and speak to you soon again. Have a good day and a good weekend. Bye bye.