Almirall Sa · BME:ALM
Almirall Sa — Q1 2026 Earnings Presentation
29 slides from Almirall Sa's earnings presentation, May 11, 2026
Slide 1: Q1 2026 Financial Results & Business Update
11th of May 2026 Q1 2026 Financial Results & Business Update
Slide 2: Disclaimer
Disclaimer This document has been prepared by Almirall, S.A. (the “Company”) exclusively for use during the presentation. This Certain statements contained herein that are not historical facts are forward-looking statements. document includes only summary information and does not intend to be compre
Slide 3: Agenda
Agenda Carlos Gallardo, Chairman & CEO Q1 2026 Highlights Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Karl Ziegelbauer, CSO Pipeline Updates Jon Garay, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks Q1 2026 Financial Results & Business Update
Slide 4: Q1 2026 Highlights
Q1 2026 Highlights Q1 2026 Financial Results & Business Update
Slide 5: Q1 2026 highlights
Q1 2026 Financial Results & Business Update Q1 2026 highlights Performance aligned with expectations, 2026 Guidance reiterated Core performance in line Key EU products fueling growth Innovation pipeline tracking well Net Sales Ilumetri® (psoriasis) 3 PoC/Phase II studies ongoing Net Sales €291.0 MM
Slide 6: Biologics Growth Drivers Update: Ilumetri & Ebglyss
Biologics Growth Drivers Update Ilumetri® & Ebglyss® Q1 2026 Financial Results & Business Update 6
Slide 7: Ilumetri highlights
Q1 2026 Financial Results & Business Update Ilumetri® highlights Maintains a favorable position in advanced psoriasis, reinforced by real-world data outcomes in efficacy and long-term disease control Q1 2026 Net Sales in Europe of €62 MM +12% YoY € Million +7 62 55 Steady double-digit growth in Q1 2
Slide 8: Ebglyss highlights
Q1 2026 Financial Results & Business Update Ebglyss® highlights Strong uptake continues following launches across all key European markets Q1 2026 Net Sales in Europe of €42 MM >2x YoY € Million 42 Net Sales more than doubled year-on-year, driven by successful roll-out across key European markets +2
Slide 9: Pipeline Updates
Pipeline Updates Q1 2026 Financial Results & Business Update
Slide 10: PoC programs with disruptive potential key for future growth
Q1 2026 Financial Results & Business Update 6 PoC programs with disruptive potential key for future growth Molecule name Indication Phase I Phase II Phase III Registration Geography Anti-IL-1RAP mAb Hidradenitis suppurativa Anti-IL-1RAP mAb Inflammatory skin disease Anti-IL-21 mAb Hidradenitis suppu
Slide 11: Almirall enters a collaboration with Huaota
Q1 2026 Financial Results & Business Update Almirall enters a collaboration with Huaota Development of a novel monoclonal antibody in medical dermatology ▪ Collaboration and licensing agreement to jointly initiate a research and development program, advancing a monoclonal antibody candidate for pote
Slide 12: Life cycle management of marketed products
Q1 2026 Financial Results & Business Update Life cycle management of marketed products Continued focus on improving access and value for patients Late-stage life-cycle management (label extension) Molecule name Brand name Indication Phase I Phase II Phase III Registration Geography Tirbanibulin Klis
Slide 13: Ebglyss life cycle management: ADlong
Q1 2026 Financial Results & Business Update Ebglyss® life cycle management: ADlong Long-term disease control for up to four years in patients with moderate-to-severe AD EASI-75 response rate up to 4 years* ▪ Near-complete skin clearance and itch relief for up to four years, while maintaining its est
Slide 14: Ebglyss life cycle management: ADorable-1
Q1 2026 Financial Results & Business Update Ebglyss® life cycle management: ADorable-1 Significant skin clearance and improved disease severity in children with moderate-to-severe AD ▪ Near-complete skin clearance, reduced disease severity, itch relief and improved quality of life at Week 16, while
Slide 15: Financial Review
Financial Review Q1 2026 Financial Results & Business Update
Slide 16: Solid biologics performance supporting the top line
Q1 2026 Financial Results & Business Update Solid biologics performance supporting the top line Q1 2026 Results Highlights Net Sales of €291.0 MM +2.2% vs Q1 SG&A at €121.6 MM -1.0% vs Q1 EBITDA of €67.5 MM, equating to 2025 (9% YoY LTM*), with solid 2025, including some phasing effects in 23.2% EBI
Slide 17: Net Sales Breakdown by Products
Q1 2026 Financial Results & Business Update Net Sales Breakdown by Products Q1 2026 Results Q1 2026 Net Sales breakdown Q1 2026 Net Sales breakdown Million € Q1 2026 Q1 2025 % Chg YoY of the business by geography Europe 267.7 260.0 3.0% 62% Dermatology 166.3 139.4 19.3% General Medicine & OTC 101.4
Slide 18: Dermatology Sales Breakdown
Q1 2026 Financial Results & Business Update Dermatology Sales Breakdown Q1 2026 Results Million € Q1 2026 Q1 2025 % Chg YoY Europe 166.3 139.4 19.3% Ilumetri 61.6 55.1 11.8% RoW; 2% US; 5% Ebglyss 41.9 19.4 116.0% Ciclopoli franchise 12.3 13.3 (7.5%) Wynzora 9.3 7.7 20.8% Decoderm franchise 8.5 9.1
Slide 19: Income Statement
Q1 2026 Financial Results & Business Update Income Statement Q1 2026 Results Million € Q1 2026 Q1 2025 % Chg YoY Total Revenues 292.4 286.1 2.2% Net Sales growth with strong Dermatology Net Sales 291.0 284.6 2.2% performance in Europe, led by Ilumetri ® & Ebglyss® Other Income 1.4 1.5 (6.7%) Cost of
Slide 20: Balance Sheet
Q1 2026 Financial Results & Business Update Balance Sheet Q1 2026 Results Million € Mar 2026 Dec 2025 Var €MM Goodwill & Intangible assets 1,244.6 1,251.1 (6.5) Goodwill & Intangible assets declined slightly Property, plant & equipment 166.9 168.9 (2.0) mainly due to amortization exceeding milestone
Slide 21: Cash Flow
Q1 2026 Financial Results & Business Update Cash Flow Q1 2026 Results Million € Q1 2026 Q1 2025 Profit Before Tax 23.4 35.7 Cash Flow from Operations improvement Depreciation and amortization 37.5 36.7 driven by working capital reduction Change in working capital (4.6) (33.3) Other adjustments 4.0 (
Slide 22: Closing Remarks
Closing Remarks Q1 2026 Financial Results & Business Update
Slide 23: Biologics driving momentum in 2026 with PoC/Phase II programs moving forward
Q1 2026 Financial Results & Business Update Biologics driving momentum in 2026 with 6 PoC/Phase II programs moving forward High-potential pipeline with Solid growth platform Strong balance sheet exposure to high-value translating strategy into supporting opportunistic assets across immune- results t
Slide 24: Appendices
Appendices Q1 2026 Financial Results & Business Update
Slide 25: Ebglyss life cycle management
Ebglyss® life cycle management Projected milestone dates for selected clinical studies ADHope 2 LumiNE Study to assess 24- Efficacy & safety in adults week effectiveness & with Nummular Eczema ADlong ✓ ADlong safety ADTrust Long-term Long-term Includes an amended efficacy & efficacy & maintenance ph
Slide 26: Leading Product Net Sales
Leading Product Net Sales Q1 2026 Results Million € Q1 2026 Q1 2025 % Chg YoY Ilumetri® 61.6 55.1 11.8% Ebglyss® 41.9 19.4 116.0% Ebastel® franchise 23.9 23.4 2.1% Ciclopoli® franchise 13.1 13.8 (5.1%) Almax® 12.3 11.7 5.1% Crestor® 10.2 10.8 (5.6%) Wynzora® 9.3 7.7 20.8% Decoderm® franchise 8.5 9.2
Slide 27: Reconciliations with financial statements
Reconciliations with financial statements Gross Margin & EBITDA Million € Q1 2026 Q1 2025 Million € Q1 2026 Q1 2025 Net Sales(1) 291.0 284.6 Operating Profit 28.9 33.5 (1) Procurements (69.5) (62.6) Directly traceable with annual accounts Other manufacturing costs(2) Amortization & Depreciation 37.5
Slide 28: Reconciliations with audited financial statements
Reconciliations with audited financial statements EBIT & Net Financial income / (expenses) Million € Q1 2026 Q1 2025 EBITDA 67.5 70.9 Amortization & Depreciation (37.5) (36.7) EBIT 30.0 34.2 Financial income 1.0 2.0 Financial cost (4.5) (3.8) Financial derivative (1.7) 3.9 Net Financial income / (ex
Slide 29: www.almirall.com
For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com