Almirall Sa · BME:ALM
Almirall Sa — H1 2026 Earnings Presentation
30 slides from Almirall Sa's earnings presentation, Jul 24, 2026
Slide 1: H1 2026 Financial Results & Business Update
24th of July 2026 H1 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 H1 2026 Highlights Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Karl Ziegelbauer, CSO Pipeline Updates Jon Garay, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks H1 2026 Financial Results & Business Update
Slide 4: H1 2026 Highlights
H1 2026 Highlights H1 2026 Financial Results & Business Update
Slide 5: H1 2026 highlights
H1 2026 Financial Results & Business Update H1 2026 highlights Steady underlying performance, on track for 2026 Guidance Positive performance in the half year Top EU products driving growth Innovation pipeline progressing well Net Sales Ilumetri® (psoriasis) Anti-IL-21 mAb advanced to phase II Net S
Slide 6: Biologics Growth Drivers Update: Ilumetri & Ebglyss
Biologics Growth Drivers Update Ilumetri® & Ebglyss® H1 2026 Financial Results & Business Update 6
Slide 7: Ilumetri highlights
H1 2026 Financial Results & Business Update Ilumetri® highlights Good competitive profile supported by real-world efficacy & long-term disease control data H1 2026 Net Sales in Europe of €125 MM +10.5% YoY € Million Steady double-digit growth trajectory, +12 125 tracking toward >€300 MM peak sales 1
Slide 8: Ebglyss highlights
H1 2026 Financial Results & Business Update Ebglyss® highlights Expansion across major European markets H1 2026 Net Sales in Europe of €85 MM +88% YoY Net Sales close to doubling year-on-year in € Million the half year, reflecting expansion across key 85 European markets +40 Demonstrating continued
Slide 9: Pipeline Updates
Pipeline Updates H1 2026 Financial Results & Business Update
Slide 10: PoC programs with disruptive potential, key for future growth
H1 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 supp
Slide 11: Almirall and Certest Biotec sign research collaboration
H1 2026 Financial Results & Business Update Almirall and Certest Biotec sign research collaboration Therapeutic programs in high-unmet-need dermatologic diseases Discovery collaboration for high value therapeutic approaches utilizing mRNA/lipid nanoparticle technology SCOPE PARTNER & TECHNOLOGY STRA
Slide 12: Life cycle management of marketed products
H1 2026 Financial Results & Business Update Life cycle management of marketed products Continued focus on improving access and value for patients Main late-stage life-cycle management (label extension) studies Molecule Brand Indication / Study Name Phase I Phase II Phase III Registration Geography T
Slide 13: Ilumetri life cycle management: EVOLVE-PsO
H1 2026 Financial Results & Business Update Ilumetri® life cycle management: EVOLVE-PsO Expanding the evidence base for earlier intervention in psoriasis Strategic objectives Generate efficacy data in patients with moderate-to-severe plaque psoriasis eligible for TIL 200 mg and with short disease du
Slide 14: Financial Review
Financial Review H1 2026 Financial Results & Business Update
Slide 15: Solid biologics growth with improved operating leverage
H1 2026 Financial Results & Business Update Solid biologics growth with improved operating leverage H1 2026 Results Highlights Net Sales* of €602.7 MM +7.5% vs H1 EBITDA* of €150.7 MM +c.€30 MM SG&A at €247.3 MM -1.4% vs H1 2025, primarily driven by solid growth y-o-y, representing a 25.0% margin, 2
Slide 16: Net Sales Breakdown by Products
H1 2026 Financial Results & Business Update Net Sales Breakdown by Products H1 2026 Results H1 2026 Net Sales breakdown Million € H1 2026 H1 2025 % Chg YoY by geography Europe 553.8 511.3 8.3% Dermatology 341.9 289.5 18.1% H1 2026 Net Sales breakdown 62% General Medicine & OTC 212.0 221.8 (4.4%) of
Slide 17: Dermatology Sales Breakdown
H1 2026 Financial Results & Business Update Dermatology Sales Breakdown H1 2026 Results Million € H1 2026 H1 2025 % Chg YoY Europe 341.9 289.5 18.1% Ilumetri 125.2 113.3 10.5% US; 5% RoW; 2% Ebglyss 84.5 44.9 88.2% Ciclopoli franchise 24.5 26.7 (8.2%) Wynzora 20.4 17.1 19.3% Decoderm franchise 18.7
Slide 18: Income Statement
H1 2026 Financial Results & Business Update Income Statement H1 2026 Results Million € H1 2026 H1 2025 % Chg YoY Net Sales growth primarily reflects strong Total Revenues 605.6 563.4 7.5% Dermatology performance in Europe, led by Ilumetri ® Net Sales 602.7 560.5 7.5% & Ebglyss® Other Income 2.9 2.9
Slide 19: Balance Sheet
H1 2026 Financial Results & Business Update Balance Sheet H1 2026 Results Million € June 2026 Dec 2025 Var €MM Goodwill & Intangible assets declined slightly Goodwill & Intangible assets 1,229.9 1,251.1 (21.2) mainly due to amortization exceeding milestones Property, plant & equipment 166.4 168.9 (2
Slide 20: Cash Flow
H1 2026 Financial Results & Business Update Cash Flow H1 2026 Results Million € H1 2026 H1 2025 Profit Before Tax 60.9 44.1 Cash Flow from Operations posted a strong Depreciation and amortization 75.3 76.4 improvement driven by increasing Profit Before Change in working capital 10.0 (37.3) Tax and w
Slide 21: Closing Remarks
Closing Remarks H1 2026 Financial Results & Business Update
Slide 22: Biologics driving 2026 momentum with PoC/Phase II programs advancing
H1 2026 Financial Results & Business Update Biologics driving 2026 momentum with 6 PoC/Phase II programs advancing Scalable dermatology Exciting high-potential Strong financial position platform delivering on growth pipeline focused on immune- enabling bolt-on M&A and strategy via well-positioned me
Slide 23: Appendices
Appendices H1 2026 Financial Results & Business Update
Slide 24: Early-mid stage pipeline
Early-mid stage pipeline Phase I and Phase II proof-of-concept studies sponsored by Almirall Primary Study NCT Number Molecule Condition Study Title Phase Patients Primary Outcome Measures* Interventions Completion Completion NCT07311564 IL-2muFc / LAD603 Alopecia Areata A Study of LAD603 2 136 Perc
Slide 25: Ebglyss life cycle management
Ebglyss® life cycle management Approximate timeline for selected clinical studies LumiNE Efficacy & safety in adults with Nummular Eczema ADlong ✓ ADlong ADHope 2 ADTrust Long-term Long-term Includes an amended efficacy & safety efficacy & maintenance phase Observational study to assess up to 4 year
Slide 26: Ebglyss life cycle management
Ebglyss® life cycle management Select lebrikizumab studies sponsored by Almirall Primary Study NCT Number Condition Study Title Phase Patients Primary Outcome Measures* Completion Completion NCT07542483 Nummular Eczema A Study of Lebrikizumab in Adults 3 270 Percentage of Participants Achieving Inve
Slide 27: Leading Product Net Sales
Leading Product Net Sales H1 2026 Results Million € H1 2026 H1 2025 % Chg YoY Ilumetri® 125.2 113.3 10.5% Ebglyss® 84.5 44.9 88.2% Ebastel® franchise 43.0 43.1 (0.2%) Ciclopoli® franchise 26.2 27.8 (5.8%) Almax® 24.7 22.6 9.3% Wynzora® 20.4 17.1 19.3% Crestor® 20.3 21.2 (4.2%) Decoderm® franchise 18
Slide 28: Reconciliations with financial statements
Reconciliations with financial statements Gross Margin & EBITDA Million € H1 2026 H1 2025 Million € H1 2026 H1 2025 Net Sales(1) 602.7 560.5 Operating Profit 71.7 43.0 Procurements(1) (141.9) (130.0) Directly traceable with annual accounts (2) Amortization & Depreciation Other manufacturing costs 75
Slide 29: Reconciliations with audited financial statements
Reconciliations with audited financial statements EBIT & Net Financial income / (expenses) Million € H1 2026 H1 2025 EBITDA 150.7 121.8 Amortization & Depreciation (75.3) (76.4) EBIT 75.4 45.4 Financial income 2.6 4.1 Financial cost (9.1) (7.9) Financial derivative (4.0) 6.0 Net Financial income / (
Slide 30: www.almirall.com
For further information, please contact: Pablo Divasson del Fraile Executive Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com