(BUSINESS WIRE)--Galderma
Group AG (SIX:GALD), the pure-play dermatology category leader, today
announced its financial results for the full year 2025.
- Record net sales of 5,207 million USD, surpassing 5 billion USD in a year for the first time and representing 17.7% year-on-year growth on a constant currency1 basis, primarily driven by volume.
- Broad-based net sales growth, growing double-digits in both International markets and the U.S.
- Outperforming the market in each product category, with
strong net sales growth in Injectable Aesthetics (11.5%), Dermatological
Skincare (9.3%) and Therapeutic Dermatology (50.2%), all year-on-year
at constant currency.
- Strong launch momentum across future growth drivers, including Nemluvio®
(nemolizumab) delivering 452 million USD in net sales; Relfydess™
(RelabotulinumtoxinA) outperforming expectations in 17 International
markets; Sculptra® gaining significant market share in its
first year in China; and continued new product launches across
Galderma’s full portfolio of flagship brands.
- Significant progress and strategic investments across a robust innovation pipeline,
highlighted by key submissions and approvals from the broadest pipeline
in the industry in Injectable Aesthetics, the introduction of
scientifically-differentiated products in Dermatological Skincare, and
the initiation of clinical trials for new nemolizumab indications in
Therapeutic Dermatology.
- Extended scientific leadership in dermatology, with a strong presence at key congresses and industry events as well as market leadership in education.
- Core EBITDA grew to 1,211 million USD, up 18.9% year-on-year
at constant currency, ahead of net sales growth. Reported Core EBITDA
margin was 23.3%, representing a year-on-year margin expansion of 24
basis points at constant currency, which exceeded initial expectations
in a year of major launches and reinvestments in growth.
- Core EPS3 grew to 3.69 USD, up 76.7% year-on-year, driven by strong Core EBITDA growth, reduced financing and tax expenses, as well as share repurchases.
- Strengthened balance sheet and cash flow generation, with net leverage4 reduced to 1.5x at the end of December 2025, alongside lowered interest payments and improvements in net working capital.
- 2026 full-year guidance with attractive top- and bottom-line growth, expecting net sales growth of 17-20% at constant currency and a Core EBITDA margin of approximately 26% at constant currency.
- Sustained confidence in the mid-term outlook, specifying
2023-2027 guidance within or above the previously communicated ranges
and raising the peak sales guidance for Nemluvio from above 2 billion
USD to above 4 billion USD for prurigo nodularis and atopic dermatitis
globally.
“2025 was an outstanding year for Galderma and a
defining step in our journey towards becoming the undisputed dermatology
powerhouse. We delivered record financial results with broad-based net
sales growth across all product categories and geographies, driven by
clear strategic focus, disciplined execution, science-driven innovation
and the successful scaling of our proven Integrated Dermatology
Strategy. With a strengthened financial profile, global scale and the
world’s broadest dermatology portfolio, we enter our next phase of
growth with clarity, confidence and ambition.”
FLEMMING ØRNSKOV, M.D., MPH
CHIEF EXECUTIVE OFFICER
GALDERMA
Commercial performance
For the full year 2025, Galderma delivered record net sales of 5,207
million USD, exceeding 5 billion USD for the first year. Year-on-year
net sales growth for the year was 17.7% at constant currency. Growth
overall was predominantly volume-driven, with a favorable product mix
more than offsetting pricing effects from the competitive environment.
In the fourth quarter, net sales grew 25.2% year-on-year at constant
currency, reflecting an acceleration in each product category.
Net sales growth for the year was widespread across geographies and
product categories. Both geographies’ net sales grew double-digits while
all product categories outpaced their respective markets.
International sustained its strong net sales growth momentum in
highly attractive, largely underpenetrated markets. Injectable
Aesthetics delivered double-digit net sales growth and outperformed the
market in both Neuromodulators and Fillers & Biostimulators. Both
Restylane and Sculptra delivered net sales growth with market share
gains in most key countries despite continued softness in the Filler
market. Dermatological Skincare also delivered double-digit net sales
growth, with outstanding growth particularly in India and China.
Therapeutic Dermatology net sales growth was driven by Nemluvio, with
strong launch trajectories also in its first European markets.
The U.S. delivered net sales growth in each product category. Net
sales growth was especially strong for Neuromodulators as well as for
Therapeutic Dermatology, driven by Nemluvio. Injectable Aesthetics
outgrew a soft market and gained share in both Neuromodulators and
Fillers & Biostimulators. Neuromodulators and Biostimulators net
sales grew double-digit while Fillers continued to be impacted by market
softness. Dermatological Skincare net sales growth was mainly driven by
Alastin, growing double-digits, while Cetaphil had a strong fourth
quarter from the ramp-up of recent launches and year-end activations.
Therapeutic Dermatology had outstanding net sales growth driven by
Nemluvio’s strong trajectory in prurigo nodularis and atopic dermatitis,
more than offsetting the anticipated decline in mature products.
Overall, Galderma capitalized on its five key opportunity areas for
2025, including 1) significant launches, including the strong uptake of
Nemluvio and Relfydess in first markets and of Sculptra in China, 2)
market share gains, 3) a strengthened financial profile, 4) a shift to
long-term growth, and 5) dynamic commercial investments to continue to
drive growth.
Injectable Aesthetics
Injectable Aesthetics net sales for the full year were 2,572 million
USD, up 11.5% year-on-year at constant currency. Galderma remained on a
strong growth trajectory, consistently outpacing the market, driven by
focused execution, new product launches and further geographic
penetration.
Neuromodulators net sales were 1,471 million USD, up 14.3%
year-on-year at constant currency. Both geographies delivered
double-digit growth and continued to gain market share. Dysport®
continued to outperform globally, with strong growth in top markets.
Relfydess had a strong year of launches, gaining significant share as a
next generation neuromodulator recognized for its superior profile,
while setting a high comparable base for 2026. Demonstrating focused
execution of its Neuromodulator portfolio strategy, with net sales
increasing for both Relfydess and Dysport in markets where Relfydess was
launched.
Fillers & Biostimulators net sales were 1,101 million USD, up
8.0% year-on-year at constant currency. Both geographies continued to
gain market share, driven especially by Sculptra and the uptake of new
launches, including Sculptra in China and Restylane® SHAYPE™
in Brazil. Fillers globally continued to be impacted by market softness
with important pricing pressures, as a result of lower consumer demand
and aggressive promotional activity from competitors in the mid-face.
Biostimulators maintained its double-digit net sales growth momentum in
both geographies, as Sculptra continued to strengthen its position as
the leading brand with proven regenerative capabilities. Sculptra growth
was particularly high in key International markets and especially in
China thanks to a strong launch trajectory.
Galderma also made progress in preparing the next frontier of growth
in Injectable Aesthetics, maintaining its commercial and regulatory
momentum.
In Neuromodulators, Relfydess is quickly ramping up and is now
approved in 23 International markets. On February 2, 2026, Galderma
announced that the U.S. Food & Drug Administration (FDA) accepted
the resubmission of Relfydess’ Biologics License Application (BLA) for
the temporary improvement of moderate‑to‑severe glabellar lines (frown
lines) and lateral canthal lines (crow’s feet) in adults.
In Fillers, the U.S. FDA approved Restylane Lyft™ with Lidocaine in
November 2025 for augmentation of the chin region to improve the chin
profile in patients over the age of 21 with mild-to-moderate chin
retrusion. In Biostimulators, Galderma continues to demonstrate
leadership in regenerative aesthetics. Beyond the important launch of
Sculptra in China, a new chapter opened for the brand in December 2025,
with the European Union (EU) Medical Device Regulation (MDR)
certification expanding its approved clinical applications beyond the
face to include the gluteal area, posterior thighs, décolletage, and
upper arms.
Galderma is also shaping the aesthetics journey for patients
undergoing medication-driven weight loss, based on its proven Restylane
and Sculptra portfolio. With its dedicated scientific agenda for
market-leading education and training activities with healthcare
professionals, Galderma also saw strong conversion of new patients to
its portfolio in the U.S. from its SCULPT & LIFT™ direct-to-consumer
campaign.
Dermatological Skincare
Dermatological Skincare net sales for the full year were 1,449
million USD, up 9.3% year-on-year at constant currency. Both Cetaphil
and Alastin continued on their strong growth trajectories, outpacing
their respective segments globally.
Growth was very strong in International markets, with Cetaphil
gaining share and delivering exceptional performance in Asia. Notably,
China and India continued to deliver outstanding net sales growth, with
particularly strong performance from year-end activations. Alastin
continued to ramp-up in International markets. In the U.S., growth was
driven by Alastin, which continued to deliver double-digit growth and to
be the fastest growing top physician-dispensed skincare brand. Cetaphil
in the U.S., in a year of constrained consumer spending, had a strong
fourth quarter from the ramp-up of recent launches and year-end
activations.
Galderma’s digital-first strategy remained a powerful growth engine
for Cetaphil, with e-commerce its fastest growing channel. Growth was
particularly strong in the fourth quarter for Cetaphil in China, with
strong year-end activations. This included another record performance
during the Double 11 shopping festival, outperforming the skincare
market online, a major Zootopia 2 campaign, and celebrity endorsements.
Globally, Cetaphil also had over 100 million impressions from key global
activations, including CetaSphere – one of the world’s largest skincare
advocacy networks – and Derm on Tour – an immersive, science-driven
pop-up experience offering free dermatology consultations in select
cities. Alastin grew across channels, with a focus on physician-first
engagement.
Galderma also launched differentiated innovation in Dermatological
Skincare to drive further growth, starting in the U.S. with the
opportunity to expand in International markets. Among key Cetaphil
launches were the Skin Activator Hydrating & Firming line for aging,
fragile skin and the Nourishing Oil to Foam Cleanser for sensitive
skin, both creating entirely new categories based on strong science
delivering breakthrough benefits. Alastin® also further
strengthened its portfolio with the launch of Restorative Skin Complex
featuring Next Generation TriHex Technology (TriHex+TM). This
formula includes two groundbreaking additions, proven to help visibly
restore facial radiance and plumping by supporting the skin’s own
regenerative abilities. In International markets, Galderma continued to
roll-out key innovation, such as Cetaphil’s Bright Healthy Radiance or
Gentle Exfoliating lines.
Therapeutic Dermatology
Therapeutic Dermatology net sales were 1,185 million USD, up 50.2%
year-on-year at constant currency. Net sales growth was very strong,
driven by an outstanding launch trajectory of Nemluvio in prurigo
nodularis and atopic dermatitis. This more than offset the anticipated
decline in the mature Therapeutic Dermatology portfolio in the U.S.,
along with modest growth from the mature portfolio in International
markets.
For the year, Nemluvio contributed 452 million USD in net sales. The
vast majority of Nemluvio sales were recorded in the U.S., split roughly
equally between prurigo nodularis and atopic dermatitis, with the share
of the latter increasing quickly. The launch trajectory has been very
strong in the U.S., and even stronger in Nemluvio’s first International
launch markets despite representing a small share of sales.
Nemluvio’s significant market share gains in the U.S. are underpinned
by a differentiated profile, salesforce expansion, market-leading
education, and enhanced market access. In the U.S., Nemluvio paid new
patient starts (NBRx), from the end of December 2025 to the end of
January 2026, was trending at about 35% market share in prurigo
nodularis and about 8% in atopic dermatitis. The majority of patients
starting treatment continue to be new to biologics. Following broad
first-line biologic access for Nemluvio across commercial plans in 2025,
Galderma secured its first major Medicare access win beginning January
2026. An important gross-to-net impact is expected in the first quarter
of the year, driven both by access expansion and typical seasonal copay
resets in the period.
Beyond launching Nemluvio in five International markets in 2025,
Galderma continued to make regulatory progress, with approvals now
secured in Canada and South Korea, and additional submissions underway.
Scientific leadership and excellence in medical education
In 2025, Galderma reaffirmed its leadership in dermatology, supported
by an innovative, science‑based portfolio, continued progress on its
scientific agenda, and a strong presence at scientific congresses and
key industry events.
Among the highlights, Galderma presented long‑term Nemluvio data in
prurigo nodularis and atopic dermatitis, reinforcing its consistent
safety profile and durable clinical efficacy across both indications up
to two years, at the European Academy of Dermatology and Venereology
(EADV) 2025, the Revolutionizing Atopic Dermatitis (RAD) Conference, and
the XIV International Congress of Dermatology (ICD). In addition,
Galderma announced the initiation of two new clinical trials evaluating
nemolizumab in Systemic Sclerosis (SSc) and Chronic Pruritus of Unknown
Origin (CPUO), with the first patient enrolled in the CPUO trial in
December 2025.
As well as presenting new Relfydess data throughout the year,
Galderma unveiled final nine-month data from a phase IV
first-of-its-kind trial showing lasting efficacy and patient
satisfaction with Restylane Lyft or Contour® in combination
with Sculptra when addressing facial aesthetic changes following
medication-driven weight loss. This work supported the development of
international consensus‑based guidelines.
Galderma also had a strong presence at additional major medical
congresses, including the IMCAS World Congress 2025, the Aesthetic &
Anti-Aging Medicine World Congress (AMWC) Monaco, AMWC Dubai, and the
American Society for Dermatologic Surgery (ASDS) 2025 Annual Meeting.
During the year, over 290,000 healthcare professionals were reached
through education, training and medical awareness activities,5 including the Galderma Aesthetic Injector Network (GAIN) – which celebrated its 10th anniversary in 2025 – the Global Sensitive Skincare Faculty (GSSF), and the Skin Knowledge and Innovation Network (SKIN).
Financial scorecard
For the full year 2025, Galderma delivered 1,211 million USD in Core
EBITDA, up 18.9% year-on-year at constant currency. The reported Core
EBITDA margin was 23.3%, representing a margin expansion of 24 basis
points at constant currency compared to 2024. Core EBITDA grew ahead of
net sales, in a year of major launches with reinvestments into growth,
thanks to ongoing operating leverage as well as a reduced adverse
P&L impact from nemolizumab as a result of greater sales.
Improvements in operating expenses also offset the impact of pricing
effects and unfavorable product mix on gross margin.
Galderma delivered even greater growth in Core net income for the
full year. Core net income was 871 million USD, up 75.4% year-on-year,
driven by strong Core EBITDA growth as well as reduced financing and tax
expenses. The latter include a one-time, non-cash benefit on the
effective tax rate, from recognizing deferred tax assets on past tax
losses in Switzerland.
Galderma demonstrated very strong cash generation for the year, due
to significant Core EBITDA growth, favorable net working capital
movements, and lower interest payments. Net working capital positions
improved significantly behind effective net working capital management,
structural improvements driven by shifts in market and product mix and
phasing benefits.
Core CapEx benefitted from improved phasing of project spend as well
as continued focus on spend efficiencies and site operating performance.
Core CapEx as a percentage of sales continues to come down due to the
high net sales growth. Investments significantly increased capacity at
all of Galderma’s manufacturing sites, including the build-out of the
biologics production site for Relfydess in Uppsala, Sweden. Beyond
CapEx, Galderma also committed to spend more than 650 million USD on
U.S. manufacturing through 2030, via contract manufacturing partners.
Additional technology transfers to the U.S. focused on key growth
drivers have also been initiated.
Core EPS was 3.69 USD per share, up 76.7% year-on-year, benefitting
from the share repurchases executed in the year. Galderma repurchased
shares for 363 million USD in the accelerated bookbuild offerings of
Galderma shares by Sunshine SwissCo GmbH (“EQT”), Abu Dhabi Investment
Authority (“ADIA”) and Auba Investment Pte. Ltd. (“Auba”) which took
place throughout the year. Funded from existing liquidity on hand, they
are to be held in treasury to support Galderma’s employee participation
plans, business development activities and/or treasury management.
Continuing on a rapid deleveraging trajectory, net leverage came down
to 1.5x at the end of December 2025. For the full year, Galderma’s
ambitious deleveraging and refinancing was underpinned by further
partial repayment of its Term Loan of 1.5 billion USD. This was based on
an early debt repayment of 240 million USD and debt refinancing of
1,260 million USD, which included several CHF and EUR bond issuances.
Building on its strengthened financial profile headlined by
investment grade ratings from S&P (BBB, positive) and Fitch (BBB,
stable), Galderma swiftly replaced in February 2026 its Revolving Credit
Facility originally implemented at the time of the IPO in 2024, with
significantly improved terms and a size increase from 0.7 to 1 billion
USD.
Galderma continued to demonstrate its commitment to superior
shareholder returns, including through share repurchases and dividend
payment. Following another record year, Galderma’s Board will propose,
for approval at the upcoming Annual General Meeting, a dividend payment
out of reserves from capital contributions of 0.35 CHF (gross) per
share.6
Galderma continued to diversify and strengthen its long‑term
shareholder base. This included an additional 10% equity investment from
L’Oréal, bringing their total shareholding in Galderma to 20%, with the
transaction closed in February 2026.
ESG remains an integral pillar of Galderma’s strategy. In 2025,
Galderma focused on strengthening the three constitutive elements of its
ESG Strategy. This included streamlining its ESG Framework through an
inaugural double materiality assessment, strengthening its ESG
Governance to support auditable non-financial reporting, and delivering
against a clear ESG Ambition. Galderma’s ESG Strategy has gained
external recognition through improvements in key ESG ratings. For
instance, in 2025, Galderma received an AA rating (on a scale of
AAA-CCC) in the MSCI ESG Ratings assessment, up from BBB in 2024.
Outlook
Galderma expects 2026 to be another year of opportunities, with very
strong top-line growth and significant Core EBITDA margin expansion.
Galderma expects net sales growth of 17-20% at constant currency and a
Core EBITDA margin of approximately 26% at constant currency for the
full year.
Galderma’s proven integrated dermatology strategy is underpinning net
sales growth, expected to be ahead of the market in each product
category. It also continues to drive operating leverage, while
allocating appropriate level of investments into growth in a competitive
environment. Confident in the ability to deliver, the guidance also
reflects existing uncertainties. Galderma’s dynamic approach to
commercial investments provides resilience and flexibility to capture
opportunities, leveraging a broad portfolio and geographic reach.
In terms of foreign exchange impacts, while guidance is at constant
currency, based on spot rates as of the end of February 2026, USD
depreciation is expected to have a positive impact on reported net sales
and a negative impact on reported Core EBITDA margin, which is due to
headquarter costs denominated mainly in CHF. A table with Galderma’s
exposure to key foreign exchange currency pairs is available in the
Appendix. As for tariffs, exposure remains manageable, with the guidance
assuming a 15% U.S. tariff on the import value of Restylane and
Sculptra.
Following a stronger than originally anticipated first year on the
market in the U.S. and in European markets in prurigo nodularis and
atopic dermatitis, Galderma is raising its peak sales guidance for
Nemluvio from above 2 billion USD to above 4 billion USD for both
indications globally. This reflects its strong launch trajectory with
higher demand than expected based on positive real-world experience in
addition to an already differentiated clinical profile.
In light of its greater expectation for Nemluvio and confidence in
its broad-based growth trajectory, Galderma is specifying its 2023-2027
mid-term guidance to be within or above the previously stated ranges as
per the table available in the Appendix, along with additional modelling
metrics for 2026. Guidance for the mid-term is based on the same tariff
assumption as for 20267, and subject to the same expected impact from foreign exchange.
Webcast details
Galderma will host its financial results call today at 14:00 CET to
discuss the full year 2025 results and respond to questions from
financial analysts. Investors and the public may access the webcast by
registering on the Galderma Investor Relations website at https://investors.galderma.com/events-presentations.
2025 Annual Report
Galderma issued its 2025 Annual Report today, and it is available at https://investors.galderma.com/financial-reports.
About Galderma
Galderma (SIX: GALD) is the pure-play dermatology category leader,
present in approximately 90 countries. We deliver an innovative,
science-based portfolio of premium flagship brands and services that
span the full spectrum of the fast-growing dermatology market through
Injectable Aesthetics, Dermatological Skincare and Therapeutic
Dermatology. Since our foundation in 1981, we have dedicated our focus
and passion to the human body’s largest organ – the skin – meeting
individual consumer and patient needs with superior outcomes in
partnership with healthcare professionals. Because we understand that
the skin we are in shapes our lives, we are advancing dermatology for
every skin story. For more information: www.galderma.com.
Appendices
Appendix 1: Full year 2025 net sales by product category and geography
|
|
Net sales
|
Year-on-year growth
|
|
FY 2024
|
FY 2025
|
Constant currency
|
Reported
|
|
Group total
|
4,410
|
5,207
|
17.7%
|
18.1 %
|
|
By product category
|
|
|
Injectable Aesthetics
|
2,299
|
2,572
|
11.5%
|
11.9%
|
|
Neuromodulators
|
1,285
|
1,471
|
14.3%
|
14.5%
|
|
Fillers & Biostimulators
|
1,014
|
1,101
|
8.0%
|
8.5%
|
|
Dermatological Skincare
|
1,331
|
1,449
|
9.3%
|
8.9%
|
|
Therapeutic Dermatology
|
780
|
1,185
|
50.2%
|
52.0%
|
|
of which Nemluvio
|
23
|
452
|
>100%
|
>100%
|
|
By geography
|
|
|
International
|
2,600
|
2,976
|
13.8%
|
14.4%
|
|
U.S.
|
1,810
|
2,231
|
23.3%
|
23.3%
|
Appendix 2: Q4 2025 net sales by product category and geography
|
|
Net sales
|
Year-on-year growth
|
|
Q4 2024
|
Q4 2025
|
Constant currency
|
Reported
|
|
Group total
|
1,151
|
1,469
|
25.2%
|
27.6%
|
|
By product category
|
|
|
|
Injectable Aesthetics
|
601
|
701
|
14.5%
|
16.6%
|
|
Neuromodulators
|
358
|
418
|
15.0%
|
16.7%
|
|
Fillers & Biostimulators
|
243
|
283
|
13.8%
|
16.5%
|
|
Dermatological Skincare
|
341
|
387
|
12.6%
|
13.3%
|
|
Therapeutic Dermatology
|
208
|
381
|
76.3%
|
83.0%
|
|
of which Nemluvio
|
21
|
188
|
>100%
|
>100%
|
|
By geography
|
|
|
|
International
|
686
|
819
|
15.3%
|
19.3%
|
|
U.S.
|
465
|
650
|
39.9%
|
39.9%
|
Appendix 3: Reconciliation of FY 2025 P&L from IFRS to Core reporting
|
In million USD
|
IFRS - as reported
|
Exceptional & transformation related items
|
Amortization
|
Depreciation
|
Impairment
|
Core reporting
|
% Net Sales based on Core reporting
|
|
Net sales
|
5,207
|
-
|
-
|
-
|
-
|
5,207
|
|
|
Other revenue
|
34
|
-
|
-
|
-
|
-
|
34
|
|
|
Cost of goods sold
|
(1,632)
|
-
|
209
|
24
|
5
|
(1,394)
|
|
|
Gross profit
|
3,609
|
-
|
209
|
24
|
5
|
3,847
|
73.9%
|
|
Research and development
|
(245)
|
-
|
-
|
2
|
-
|
(243)
|
4.7%
|
|
Sales and marketing
|
(1,665)
|
-
|
1
|
14
|
-
|
(1,651)
|
31.7%
|
|
General and administrative
|
(575)
|
-
|
36
|
36
|
6
|
(496)
|
9.5%
|
|
Medical and regulatory
|
(116)
|
-
|
-
|
1
|
-
|
(115)
|
2.2%
|
|
Distribution
|
(132)
|
-
|
-
|
1
|
-
|
(132)
|
2.5%
|
|
Other income / (expenses)
|
(48)
|
43
|
-
|
-
|
5
|
-
|
-
|
|
Operating profit as reported
|
829
|
|
|
|
|
|
|
|
Total adjustments
|
|
43
|
246
|
77
|
16
|
|
|
|
Core EBITDA
|
|
1,211
|
|
Appendix 4: Reconciliation of FY 2025 of Core EBITDA to IFRS Net Income
|
In million USD
|
FY 2024
|
FY2025
|
|
Core EBITDA
|
1,031
|
1,211
|
|
% margin
|
23.4%
|
23.3%
|
|
Exceptional and transformation related adjustments
|
(60)
|
(16)
|
|
Other income / (expenses) excl. impairment
|
(33)
|
(43)
|
|
Total EBITDA adjustments8
|
(93)
|
(59)
|
|
EBITDA
|
938
|
1,152
|
|
% margin
|
21.3%
|
22.1%
|
|
Depreciation
|
(64)
|
(77)
|
|
Amortization
|
(229)
|
(246)
|
|
Operating profit
|
645
|
829
|
|
Net financial expenses (incl. VCB revaluation in FY 2024)
|
(328)
|
(190)
|
|
Foreign exchange loss on financing activities
|
(7)
|
(0)
|
|
Income before tax
|
310
|
638
|
|
Income taxes
|
(79)
|
(26)
|
|
Net income
|
231
|
613
|
Appendix 5: Reconciliation of FY 2025 from IFRS Net Income to Core Net Income
|
In million USD
|
FY 2024
|
FY 2025
|
|
Net income
|
231
|
613
|
|
Total EBITDA adjustments8
|
93
|
59
|
|
VCB financing revaluation9
|
(28)
|
-
|
|
Amortization
|
229
|
246
|
|
Foreign exchange loss on financing activities
|
7
|
0
|
|
Income taxes on above items
|
(36)
|
(47)
|
|
Core net Income10
|
496
|
871
|
|
|
|
|
|
Core EPS in USD
|
2.09
|
3.69
|
Appendix 6: FY 2025 Total Net Indebtedness
|
In million USD
|
December 31 2024
|
December 31 2025
|
|
Total Indebtedness11
|
2,813
|
2,602
|
|
Cash and Cash Equivalents
|
(457)
|
(780)
|
|
Total Net Indebtedness
|
2,356
|
1,822
|
Appendix 7: Additional modelling metrics
| |
2025 actuals
|
2026
|
|
Non-core adjustments12
|
40 M USD
(59 M USD including Operating Fx)
|
30 - 40 M USD
|
|
Effective tax rate13
|
4.0%15
(20.8% excluding one-time benefit)
|
~ 20%
|
|
Core CAPEX, as a percentage of net sales
|
2.5%
|
~ 3%
|
|
Net working capital, as a percentage of net sales
|
-4.2%
|
-1 – -3%
|
|
Net financial expenses14
|
190 M USD
|
180 – 190 M USD
|
Appendix 8: Mid-term guidance, based on assumed tariffs7 & all at constant currency (CC)
| |
Prior mid-term guidance, 2023-2027E CC CAGR,
‘Teens’ defined as numbers greater than 10% & lower than 20%
|
Updated 2023-2027 guidance
|
|
Topline
|
Group net sales
|
‘Low to mid-teens16’ CAGR
incl. nemolizumab
|
+15-17%
CC CAGR
|
|
|
Injectable Aesthetics
|
‘Low to mid-teens16’ CAGR
|
+10-12%
CC CAGR
|
|
|
Dermatological Skincare
|
‘High single- to low-teens16’ CAGR
|
+8.5-10.5%
CC CAGR
|
|
|
Therapeutic Dermatology
|
‘High-teens16’ CAGR
incl. nemolizumab
|
>30%
CC CAGR
|
|
Profitability
|
Core EBITDA margin
Incl. nemolizumab
|
+300 – 500bps Core EBITDA margin expansion (vs. 2023)
by 2027E, majority of which delivered in 2026 and 2027
|
+450-550bps margin expansion at CC vs. 2023
|
|
Nemluvio
|
Peak sales (beyond mid-term period guidance horizon)
|
>2 B USD
peak sales
|
>4 B USD
peak sales
|
Appendix 9: Overview of foreign exchange rate exposure
| FX rates compared to USD |
FY 2025
average rate
|
February 2026
closing rate
|
|
CHF
|
1.206
|
1.294
|
|
EUR
|
1.130
|
1.181
|
|
BRL
|
0.179
|
0.195
|
|
AUD
|
0.645
|
0.713
|
|
CNY
|
0.139
|
0.146
|
|
MXN
|
0.052
|
0.058
|
|
Simulation of FX impact for 2026 full-year absolute figures17
|
|
|
|
Net sales
|
+245 bps
|
|
|
Core EBITDA
|
+144 bps
|
Notes and references
- Constant currency (CC) year-on-year growth is defined as the annual
growth rate of net sales excluding the impact of exchange rates
movements and excluding hyperinflation economies. The impact of changes
in foreign exchange rates are excluded by translating all reported
revenues during the two periods at average exchange rates in effect
during the previous year.
- Core EBITDA is defined as EBITDA excluding the following items that
are deemed non-core: acquisition and disposal; integration and
carve-out related income and expenses; onerous contracts; business
disposal gains and losses; restructuring and reorganization related
items; litigation related items; impairment of PPE and intangible
assets; IPO-related incentive plans as well as other income and expense
items that management deems exceptional and that are expected to
accumulate within the year to be over 2 M USD threshold (2024: 1 M USD
threshold). These include transformation, carve-out and build-up related
project costs as well as post-acquisition related accounting impacts.
- Core EPS is calculated as Core net income divided by the weighted average number of outstanding shares.
- Leverage is defined as Total Net Indebtedness divided by Core EBITDA on a twelve-months rolling basis.
- Single training contact points, one healthcare professional can be trained more than once.
- Dividend-bearing shares are all shares issued except for treasury
shares held by Galderma Group AG or its direct or indirect fully owned
subsidiaries as of the record date. The dividend will be paid in CHF.
The distribution of 0.35 CHF per share is subject to the overall cap of
135 million USD converted into CHF two business days prior to the Annual
General Meeting divided by the number of outstanding shares. Provided
that the proposed dividend payment out of reserves from capital
contributions is approved, the payment will be made as of April 28, 2026
to holders of shares on the record date April 27, 2026. The shares will
be traded ex-dividend as of April 24, 2026 and, accordingly, the last
day on which the shares may be traded with entitlement to receive the
dividend will be April 23, 2026.
- Assumes a 15% U.S. tariff on the import value of Restylane and Sculptra.
- 2024 adjustments include 48 M USD for IPO related incentive plans, 4
M USD for VCB bonus, 12 M USD litigation, 9 M USD restructuring, 8 M
USD for platform transformation costs, 6 M USD for IPO, 4 M USD for
operating FX. 2025 adjustments include 18 M USD impairment, 13 M USD
restructuring, 12 M USD litigation, 7 M onerous items, 2 M USD M&A,
19 M USD for operating FX; offset by income of 12M from pension
accounting and 2M impairment reversal.
- Value Creation Bonus (VCB): Non-cash item, settled and discontinued
at IPO: pre-IPO long-term incentive (LTI) plan open to selected
management employees. Post IPO: VCB has been replaced by LTI plan, which
was included in Galderma’s 2025 and mid-term Core EBITDA margin
guidance.
- Core Net Income is defined as net income adjusted for the same
items that are treated as exceptional for purposes of defining Core
EBITDA, as well as amortization of intangible assets and foreign
exchange gains and losses on financing activities. Taxes on the
adjustments between IFRS net income and Core Net Income take into
account, for each individual item included in the adjustment, the tax
rate that will finally be applicable to the item based on the
jurisdiction where the adjustment will finally have a tax impact.
- Indebtedness includes financial debt and lease liabilities.
- Includes assumptions for other income and expenses related to
tangible asset impairments, ongoing litigation and onerous items,
restructuring charges and others, excluding M&A fees and the impact
from Operating Fx.
- On reported profit before tax.
- Includes interest income and interest expense, excluding Fx impact.
- Includes a one-time, non-cash benefit from recognizing deferred tax assets on past tax losses.
- ‘Teens’ defined as numbers greater than 10% and lower than 20%.
- Factors in the simulation of all foreign exchange rate exposures,
including for currencies not listed in the table of exchange rates for
significant FX exposures.
Forward-looking statements
Certain statements in this announcement are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and may be identified by words such as "plans",
"targets", "aims", " believes", "expects", "anticipates", "intends",
"estimates", "will", "may", "continues", "should" and similar
expressions. These forward-looking statements reflect, at the time,
Galderma's beliefs, intentions and current targets/ aims concerning,
among other things, Galderma's results of operations, financial
condition, industry, liquidity, prospects, growth and strategies and are
subject to change. The estimated financial information is based on
management's current expectations and is subject to change. By their
nature, forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or events
to differ materially from those expressed or implied by the
forward-looking statements. These risks, uncertainties and assumptions
could adversely affect the outcome and financial consequences of the
plans and events described herein. Actual results may differ from those
set forth in the forward-looking statements as a result of various
factors (including, but not limited to, future global economic
conditions, changed market conditions, intense competition in the
markets in which Galderma operates, costs of compliance with applicable
laws, regulations and standards, diverse political, legal, economic and
other conditions affecting Galderma’s markets, and other factors beyond
the control of Galderma). Neither Galderma nor any of their respective
shareholders (as applicable), directors, officers, employees, advisors,
or any other person is under any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. You should not place undue reliance on
forward-looking statements, which speak of the date of this
announcement. Statements contained in this announcement regarding past
trends or events should not be taken as a representation that such
trends or events will continue in the future. Some of the information
presented herein is based on statements by third parties, and no
representation or warranty, express or implied, is made as to, and no
reliance should be placed on, the fairness, reasonableness, accuracy,
completeness or correctness of this information or any other information
or opinions contained herein, for any purpose whatsoever. Except as
required by applicable law, Galderma has no intention or obligation to
update, keep updated or revise this announcement or any parts thereof.
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