Ad hoc announcement pursuant to Art. 53 LR
(BUSINESS WIRE)--Galderma Group AG (SIX:GALD), the pure-play
dermatology category leader, today announced its financial results for the
first nine months of 2025, delivering record net sales along with strong
commercial and innovation momentum across its portfolio.
- Record
net sales of 3.737 billion USD for the first nine months of the year,
representing net sales growth of 15.0% at constant currency1,
despite challenging market dynamics, driven primarily by volume growth
complemented by favorable mix
- Widespread
growth with acceleration across all geographies and product
categories, including Injectable Aesthetics (+10.5%) with some
phasing benefits in Neuromodulators, Dermatological Skincare (+8.2%), and
Therapeutic Dermatology (+40.4%), all year-on-year for the first nine
months of 2025 at constant currency
- Advancing
future growth drivers across the portfolio, led by the strong
commercial momentum of Nemluvio® as well as the ramp-up of
multiple launches in flagship brands across Injectable Aesthetics and
Dermatological Skincare
- Reinforced
scientific leadership in dermatology, presenting new long-term
data on Nemluvio, nine-month data on Restylane® and
Sculptra® showing sustained results in addressing facial
changes from medication-driven weight loss, and continuing investment in
market-leading education
- Raising
2025 full-year guidance, on net sales to +17.0-17.7% year-on-year
growth at constant currency (previously +12-14%) and on Core EBITDA margin
to 23.1-23.6% at constant currency (previously approximately 23%) based on
the strong growth trajectory across the portfolio and especially of
Nemluvio
“Galderma’s strong performance in the first nine months
of 2025 demonstrates the breadth of our portfolio and our ability to deliver
growth through innovation, commercial excellence, and global expansion. We
continue to meet evolving consumer and patient needs, with Nemluvio showing
outstanding momentum and driving significant growth. To support this, we are
deepening our investments in the U.S., expanding our presence, and
strengthening partnerships with healthcare professionals. With continued
progress across science, education, and our full dermatology portfolio,
Galderma is uniquely positioned to become the undisputed dermatology
powerhouse.”
FLEMMING ØRNSKOV, M.D., MPH
CHIEF EXECUTIVE OFFICER
GALDE
RMADelivering strong commercial performance
In the first nine months of 2025, Galderma achieved record
net sales of 3.737 billion USD, representing year-on-year net sales growth of
15.0% at constant currency, driven predominantly by volume growth complemented
by favorable mix.
Net sales growth for the third quarter was ahead of
expectations with year-on-year growth of 21.0% at constant currency, in a
market with some constrained consumer spending. This reflects a
quarter-on-quarter growth acceleration across all product categories and
geographies.
Reflecting broad-based growth momentum and successful
commercial execution over the first nine months of the year, International
markets grew 13.2% and the U.S. 17.5% year-on-year at constant currency.
Double-digit growth was achieved in both Injectable Aesthetics and Therapeutic
Dermatology globally, as well as in the majority of Galderma’s top 10 markets.
Galderma outperformed the market and gained share across both sub-segments of
Injectable Aesthetics in both geographies, as well as in International markets
for Dermatological Skincare. In Therapeutic Dermatology, Nemluvio continued its
strong launch momentum in the U.S. and Germany, while rolling out several
launches in International markets, with total net sales of 263 million USD.
Injectable Aesthetics
Injectable Aesthetics net sales for the first nine months of
2025 were 1,871 million USD, with year-on-year growth of 10.5% at constant
currency.
Neuromodulators net sales were 1,053 million USD, up 14.0%
year-on-year at constant currency, with both the U.S. and International markets
delivering double-digit growth, outperforming the market and gaining share.
Growth was driven by a strong performance of Dysport® in both
the U.S. and International markets, along with the ongoing ramp-up of
Relfydess™, the next generation neuromodulator created using PEARL™ Technology,
in 17 International markets. Neuromodulators’ growth in the third quarter was
ahead of expectations, benefitting from strong execution and some favorable
phasing between the third and fourth quarter.
Fillers & Biostimulators net sales were 818 million USD,
up 6.2% at constant currency, outgrowing the market and gaining share in both
the U.S. and International markets. While Fillers overall continued to be
impacted by market softness, Galderma’s performance was supported by the growth
of differentiated products and especially new launches, including Restylane
SHAYPE™ in Brazil. Biostimulators maintained strong momentum with double-digit
growth in both geographies. Growth was especially high in International
markets, also supported by the strong launch of Sculptra in China, the second
largest injectable aesthetics market globally.
Galderma continues to expand its market-leading Injectable
Aesthetics portfolio and broaden its reach. As part of its neuromodulator
portfolio strategy, Relfydess secured three additional International approvals
during the third quarter, alongside further regulatory submissions. In
Fillers & Biostimulators, as part of efforts to reenergize the segment,
Galderma saw strong engagement from global activation around its proven
injectable treatments for improving facial appearance after medication-driven
weight-loss.
Dermatological Skincare
Dermatological Skincare net sales for the first nine months
were 1,063 million USD, with year-on-year growth of 8.2% at constant currency.
Galderma outgrew the market in Dermatological Skincare
globally, with the majority of key markets gaining share, despite some
constrained consumer spending. Growth in Dermatological Skincare was led by
International markets, where both Cetaphil® and Alastin® grew
double-digit. Cetaphil continued on its very strong trajectory, with an
outstanding performance in fast-growing Asian markets. In the U.S., Alastin
also delivered double-digit growth, while Cetaphil saw positive responses late
in the third quarter from the multiple promotional activities rolled out ahead
of the high year-end season.
To capture opportunities in Dermatological Skincare and
drive further growth, Galderma expanded its portfolio with innovation
addressing white spaces. This includes two transformative Cetaphil launches in
the U.S. creating entirely new categories based on strong science delivering
breakthrough benefits. First, the Skin Activator Hydrating & Firming line
marks an entirely new skincare category of advanced hydration and firming
solutions designed specifically to improve the appearance of aging, thinning,
and fragile skin. Second, the Nourishing Oil to Foam Cleanser represents a
breakthrough in hydrating cleansing for sensitive skin, with a
first-of-its-kind formula designed to deeply cleanse while preserving hydration
and supporting the sensitive skin’s moisture barrier. Meanwhile, Galderma
continued to roll out recent innovation in International markets. This includes
multiple Cetaphil lines, especially in the fast-growing Asian and Latin
American markets, as well as the ongoing geographic expansion of Alastin with
its launch in China, the second largest physician-dispensed market globally.
Therapeutic Dermatology
Therapeutic Dermatology net sales reached 804 million USD
for the first nine months of 2025, up 40.4% year-on-year at constant currency.
Growth was driven by Nemluvio’s continued outperformance, which more than
offset the anticipated decline in the mature portfolio, particularly in the
U.S.
Nemluvio’s net sales for the first nine months were 263
million USD, predominantly from the U.S. and prurigo nodularis, although atopic
dermatitis started contributing to a greater share of sales in the third
quarter. Nemluvio’s uptake in International markets continues with strong
performance in Germany and additional launches in Austria, Switzerland, the
United Kingdom, and Denmark.
Galderma continues to invest in its Therapeutic Dermatology
portfolio, especially Nemluvio, and also in its mature brands capitalizing on a
leading position in acne in International markets. International expansion
efforts for Nemluvio continued during the third quarter with new regulatory
submissions, building on the momentum of the novel biologic’s first year on the
market following the U.S. Food and Drug Administration (FDA) approval in August
2024.
Advancing cutting-edge science and industry-leading
medical education
Galderma reinforced its leadership in dermatology through
new data presentations and world-class educational programs across global
congresses and company-led platforms throughout the third quarter.
At the European Academy of Dermatology and Venereology
(EADV) 2025, Galderma presented late-breaking findings on Nemluvio’s mode of
action in atopic dermatitis.2 Long-term safety and efficacy
data of Nemluvio in prurigo nodularis and moderate-to-severe atopic dermatitis
up to two years were also shared.3,4 In addition, Galderma
hosted a symposium on itch, industry hubs on sensitive skin and acne, and
multiple “Meet the Expert” sessions. Galderma’s Global Sensitive Skincare
Faculty (GSSF) also announced results from a first-of-its-kind real-world clinical
study conducted in China, assessing the biological impact of lifestyle and
environmental factors on individuals with sensitive skin.5
Supporting Injectable Aesthetics, Galderma hosted a key
symposium at the inaugural Aesthetic & Anti-Aging Medicine World Congress
(AMWC) in Dubai in October, highlighting insights and data from our previously
announced Phase IV, first-of-its-kind trial evaluating Restylane Lyft® or
Contour® in combination with Sculptra to address facial volume
loss associated with medication-driven weight loss.6 Additional
activities included presenting the latest updates from Galderma’s aesthetics
portfolio, including Relfydess following the recent approval in the United Arab
Emirates.
Building on its commitment to education, Galderma hosted the
second edition of the Galderma Aesthetic Injector Network (GAIN) LATAM in São
Paulo, Brazil – Latin America’s largest private injectables event – welcoming
more than 1,000 healthcare professionals and marking both 10 years of GAIN and
30 years of Galderma presence in the region. GAIN was also active in the U.S.,
featuring at the Aesthetic NEXT 7.0 Congress in Dallas, Texas, with a pre-show
symposium on medication-driven weight loss hosting 350 attendees. In Europe,
the inaugural GAIN SPARK meeting in Barcelona brought together nearly 300
physicians from more than ten countries for collaboration and hands-on
learning.
Ramping up U.S. manufacturing and infrastructure
investments
Galderma continues to expand its U.S. operations, as
reflected in the opening of its new U.S. headquarters in Miami (FL) in June
2025, ongoing investments in its operational footprint and corporate and
R&D hubs across three U.S. states, as well as in healthcare professional
education and training activities.
Galderma has committed to spend more than 650 million USD on
U.S. manufacturing through 2030. This includes ramping up final assembly and
packaging for Nemluvio in Florida by our contract manufacturing partner, as
well as the manufacturing of Alastin and select Cetaphil products via contract
manufacturing partners.
Galderma and its manufacturing partners have initiated
additional technology transfers to the U.S. These would be focused on key
growth drivers, which includes securing double-sourcing Relfydess U.S.
capacity.
Raising full-year guidance
Galderma is raising its 2025 full-year guidance, on net
sales to +17.0-17.7% year-on-year growth at constant currency (previously
+12-14%) and on Core EBITDA margin to 23.1-23.6% at constant currency
(previously approximately 23%).
The guidance update especially reflects the significant
ramp-up of Nemluvio, which is driving growth in Therapeutic Dermatology. It
also reflects the strong trajectory in Injectable Aesthetics, with continued
outperformance of the market in both Neuromodulators and Fillers &
Biostimulators. In Neuromodulators, the fourth quarter is expected to be
impacted by phasing effects, with the full-year net sales growth expected to be
in the low ‘teens’ at constant currency (‘teens’ defined as numbers greater
than 10% and lower than 20%). In Fillers & Biostimulators, expectations for
the fourth quarter are to maintain the recent growth momentum based on the
strong trajectory of Sculptra and from new launches. Dermatological Skincare is
expected to accelerate its growth momentum to reach high-single digit growth at
constant currency for the full year.
The updated Core EBITDA margin guidance reflects
reinvestments into growth for the Group and to support Nemluvio’s strong
ramp-up. It also fully factors in the exposure to all U.S. tariffs that are
currently in effect. Any further tariff announcements will be reviewed as to
their potential impact during the remainder of the year, if any.
Webcast details
Galderma will host a trading update call today at 15:30 CET
to discuss nine-month 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,
a recording will also be made available after the event.
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: Q3 year-to-date 2025 net sales by product
category and geography
|
In million USD |
|
Net sales |
|
Year-on-year growth |
||
|
|
Q3 YTD 2024 |
Q3 YTD 2025 |
|
Constant currency |
Reported |
|
|
Group total |
3,259 |
3,737 |
15.0% |
14.7% |
||
|
By product category |
|
|
|
|
||
|
Injectable Aesthetics |
1,698 |
1,871 |
|
10.5% |
10.2% |
|
|
Neuromodulators |
926 |
1,053 |
14.0% |
13.7% |
||
|
Fillers & Biostimulators |
772 |
818 |
6.2% |
6.1% |
||
|
Dermatological Skincare |
990 |
1,063 |
8.2% |
7.4% |
||
|
Therapeutic Dermatology |
571 |
804 |
40.4% |
40.7% |
||
|
By geography |
|
|
|
|
||
|
International |
1,914 |
2,157 |
|
13.2% |
12.7% |
|
|
U.S. |
1,345 |
1,580 |
17.5% |
17.5% |
||
Appendix 2: Q3 2025 net sales by product category and
geography
|
In million USD |
|
Net sales |
|
Year-on-year growth |
||
|
|
Q3 2024 |
Q3 2025 |
|
Constant currency |
Reported |
|
|
Group total |
1,057 |
1,289 |
21.0% |
21.9% |
||
|
By product category |
|
|
|
|
||
|
Injectable Aesthetics |
559 |
631 |
|
11.8% |
12.8% |
|
|
Neuromodulators |
305 |
346 |
12.6% |
13.7% |
||
|
Fillers & Biostimulators |
255 |
285 |
10.8% |
11.7% |
||
|
Dermatological Skincare |
315 |
344 |
9.3% |
9.2% |
||
|
Therapeutic Dermatology |
183 |
315 |
69.1% |
71.6% |
||
|
By geography |
|
|
|
|
||
|
International |
637 |
748 |
|
15.6% |
17.3% |
|
|
U.S. |
420 |
542 |
28.9% |
28.9% |
||
Appendix 3: Overview of FX exposure
|
FX rates compared to USD |
|
FY 2024 |
|
September 30 2025 |
|
Q3 YTD 2025 |
|
CHF |
1.136 |
|
1.254 |
|
1.191 |
|
|
EUR |
1.082 |
|
1.173 |
|
1.118 |
|
|
BRL |
0.186 |
|
0.188 |
|
0.177 |
|
|
AUD |
|
0.660 |
|
0.661 |
|
0.641 |
|
CAD |
|
0.730 |
|
0.719 |
|
0.715 |
|
MXN |
|
0.055 |
|
0.054 |
|
0.051 |
|
CNY |
|
0.139 |
|
0.140 |
|
0.138 |
|
|
|
|
|
|
|
|
|
Simulation of FX impact for 2025 full-year figures7 |
|
|
|
|
||
|
|
|
Net sales |
|
+41 bps |
|
-5 bps |
|
|
|
Core EBITDA |
|
-93 bps |
|
-145 bps |
Notes and references
Note: Due to rounding numbers presented may not add up
precisely to the totals provided and percentages may not precisely reflect the
absolute figures. All ratios, subtotals and variances are calculated using the
underlying amount rather than the presented rounded amount.
- Constant
currency 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.
- Liu D,
et al. Nemolizumab suppressed multiaxial inflammatory pathways and
improved barrier protein signatures in skin and blood proteomic analysis
of patients with moderate-to-severe AD. Late-breaking oral presented at
the European Academy of Dermatology and Venereology (EADV) Congress;
September 17-20, 2025; Paris, France.
- Metz
M, et al. Clinically meaningful and sustained itch and skin responses in
the OLYMPIA open-label extension nemolizumab study in patients with
prurigo nodularis: An interim analysis up to 100 weeks. Poster presented
at the EADV Congress; September 17-20, 2025; Paris, France
- Nemluvio
AD data. Silverberg J, et al. Nemolizumab long-term safety and efficacy up
to 104 weeks in ARCADIA open-label extension study in adolescents and
adults with moderate-to-severe atopic dermatitis. Poster presented at the
EADV Congress; September 17-20, 2025; Paris, France.
- Friedman
A. Sensitive skin syndrome: A rising phenomenon linked to modern
lifestyles and environmental changes. Presented during an industry hub at
the EADV Congress; September 17-20, 2025; Paris, France.
- Galderma.
Data on file. Somenek M and Lorenc P. A multi-center, open-label study to
evaluate the synergistic effects of biostimulator and dermal fillers for
cheek augmentation and correction of contour deficiencies: Nine-month
topline results.
- 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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Contacts
Media
Christian Marcoux, M.Sc.
Chief Communications Officer
christian.marcoux@galderma.com
+41 76 315 26 50
Richard Harbinson
Corporate Communications Director
richard.harbinson@galderma.com
+41 76 210 60 62
Investors
Emil Ivanov
Head of Strategy, Investor Relations and ESG
emil.ivanov@galderma.com
+41 21 642 78 12
Jessica Cohen
Investor Relations and Strategy Director
jessica.cohen@galderma.com
+41 21 642 76 43