Sopharma’s Q1’24 stand-alone sales decreased 10.4% YoY to BGN 58m with sales to the main markets being mixed - Bulgaria was down 1% YoY, Russia dropped 16.1% YoY while Ukraine increased YoY. Total revenues, which include gross other income, declined by lower percentage 4.6% YoY to BGN 63.5m. EBITDA was down by 4.1% YoY, coming 38.5% above our expectations. Net income for the period declined 3.7% YoY to BGN 15.2m (EPS of BGN 0.10), beating significantly our expectations of BGN 9.6m mainly on higher profit from services and sale of goods. On the balance sheet, non-cash working capital was up by BGN 172.3m from the beginning of the year as the company has transferred BGN 141.9m to the Central Depository for dividend payments, but the dividends have not been paid yet. Recall that the shareholders approved BGN 0.90 per share in November. IB debt grew by BGN 14.6m YtD to BGN 113m (IB debt to equity of 18.3%) while 2023 CAPEX amounted to BGN 2.4m. It is worth noting that over the quarter, Sopharma has increased its stake in Achieve Life Science (ACHV) to 3.19% from 0.01% at end of 2023 and has acquired ACHV warrants with value of BGN 245k as of end-March.