Galderma Group Ag · SIX:GALD
Galderma — H1 2025 Earnings Presentation
42 slides from Galderma's earnings presentation, Jul 24, 2025
Slide 1: H1 2025 financial results
H1 2025 financial results JULY 24, 2025
Slide 2: Forward-looking statements
Forward-looking statements Certain statements in this Presentation 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",
Slide 3: Agenda and presenters
1. Highlights Flemming Ørnskov, M.D., MPH Chief Executive Officer 2. Performance update 3. Financial results & outlook Thomas Dittrich Chief Financial Officer 4. Q&A and final remarks 3
Slide 4: Highlights
GALDERMA EST.1981 Highlights
Slide 5: 2025 a year of opportunities – H1 highlights
2025 a year of opportunities – H1 highlights 1 2 3 4 5 The first of 2 years Global opportunity Strengthened Shift to long-term Dynamic approach with significant for further market financial profile growth with to commercial launches share gains increasing strategic investments to drive optionality c
Slide 6: Key financial highlights
Key financial highlights Record net sales, with widespread growth H1 2025 2,448 +12.2% and strong performance across product NET SALES categories and geographies, predominantly M USD Constant currency1 year-on-year growth volume-based H1 2025 Core EBITDA growth – higher than CORE 555 22.7% expected
Slide 7: Performance update
2. Performance update
Slide 8: 2025 on a strong growth trajectory
2025 on a strong growth trajectory Galderma net sales, in M USD 2,448 2,202 Constant currency growth +12.2% Reported growth +11.2% H1 2024 H1 2025 Growth predominantly driven by strong volume, complemented by positive mix 8
Slide 9: Injectable Aesthetics
Constant Net sales, in M USD currency growth Reported growth Injectable 1,240 Aesthetics 1,139 +9.8% +8.9% Neuro- 707 622 +14.7% +13.6% modulators Fillers & 517 534 +3.9% +3.3% Biostimulators H1 2024 H1 2025 Note: Due to rounding, numbers presented may not add up precisely to the totals provided 9
Slide 10: Relfydess: Pioneering the next generation of neuromodulation
Relfydess: Pioneering the next generation of neuromodulation Innovative strain Novel RelabotulinumtoxinA from a proprietary strain Discovered & developed in-house A highly potent, complex-free, liquid formulation using revolutionary PEARL technology XX X X Differentiated profile X X X X X Efficacy &
Slide 11: Relfydess: Strong activation & receptivity
Relfydess: Strong activation & receptivity “ Patients I treated back in November are only starting to come back to the clinic Launched in 17 markets Healthcare professional feedback now. I have not seen this with other neuromodulators >95% willing to continue treating Dr. del Rio ” their patients wi
Slide 12: Restylane & Sculptra: Very positive uptake from recent launches
Restylane & Sculptra: Very positive uptake from recent launches Restylane SHAYPE launch Sculptra launches >5,500 >1,400 healthcare healthcare professionals trained professionals trained ~2.5x >100 M volume at month 3 vs consumer impressions recent competitive entry ~6% >1,500 market share healthcare
Slide 13: Dermatological Skincare
Constant Net sales, in M USD currency growth Reported growth Dermatological Skincare 719 675 +7.7% +6.5% H1 2024 H1 2025 NB: Key brands, not exhaustive 13
Slide 14: Dermatological Skincare growth driven by holistic execution
Dermatological Skincare growth driven by holistic execution New global advocacy network Strong retailer engagement Crowned “Most scientifically obsessed brand” by Flipkart >20 M views at the Flipkart Glam-up event Leading celebrity advocacy High profile appearances CetaSphere >300 K units sold in 60
Slide 15: Therapeutic Dermatology
Constant Net sales, in M USD currency growth Reported growth Therapeutic Dermatology 489 +26.9% +26.0% 388 357 131 H1 2024 H1 2025 NB: Key brands, not exhaustive Note: Due to rounding, numbers presented may not add up precisely to the totals provided 15
Slide 16: Nemluvio: Strong U.S trajectory
Nemluvio: Strong U.S trajectory, supported by expanding commercial, medical and access activities Paid NBRx1 weekly market share trend ~32% ~6% (new patient starts) in prurigo nodularis in atopic dermatitis Commercial lives in both indications as 1st >70% 4 line biologic treatment commercial coverag
Slide 17: Investigating nemolizumab in two potential new indications
Investigating nemolizumab in two potential new indications Systemic sclerosis (SSc) Chronic pruritus of unknown origin (CPUO) Rare, potentially fatal autoimmune disease that causes Underdiagnosed condition with itch lasting for >6 weeks inflammation & fibrosis of the skin and internal organs without
Slide 18: Strong momentum across geographies
Constant Net sales, in M USD currency growth Reported growth 2,448 Strong 2,202 momentum 1,409 across International 1,277 +12.1% +10.4% geographies U.S. 925 1,039 +12.3% +12.3% H1 2024 H1 2025 18
Slide 19: Financial results & outlook
3. Financial results & outlook
Slide 20: Record financial performance in H1 2025
Record financial performance in H1 2025 H1 2025 top-line H1 2025 bottom-line H1 2025 cash & balance sheet 2,448 M USD 555 M USD 2.1x Net sales Core EBITDA Leverage2 +12.2% +9.5% 110 M USD Constant currency growth Constant currency growth Gross debt repaid early +11.2% 22.7%1 323 M USD Reported growt
Slide 21: Core EBITDA growth, with margin impacted by key launches
Core EBITDA growth, with margin impacted by key launches In M USD Constant currency H1 2024 H1 2025 Reported growth growth Net sales 2,202 2,448 +11.2% +12.2% Core Gross Profit 1,647 1,826 +10.8% As % of net sales 74.8% 74.6% -25bps Core EBITDA 514 555 +7.8% +9.5% As % of net sales 23.4% 22.7%1 -70b
Slide 22: Continued improvement in underlying profitability while investing in nemolizumab
Continued improvement in underlying profitability while investing in nemolizumab Core EBITDA margin evolution ILLUSTRATIVE ONLY – BAR SIZE NOT AT SCALE Core EBITDA margin 24.9%1 27.0%1 28.5%1 28.9%2 excl. nemolizumab Nemolizumab costs1 Nemolizumab Nemolizumab costs1 226 M USD Core EBITDA impact2 159
Slide 23: Cash generation allowing for debt repayment & share repurchases
Cash generation allowing for debt repayment & share repurchases In M USD -130 -73 681 -477 457 458 Cash Cash generated Interests Capex and Financing cash Cash 01 Jan 2025 from operations1 and taxes2 milestones flow and FX3 30 June 2025 Key reconciliation +555 Core EBITDA4 -74 interest -50 Core Capex
Slide 24: Leverage reduced to 2.1x at June 30th 2025
Leverage reduced to 2.1x at June 3oth 2025 Net indebtedness1, in M USD, and leverage ratio -99 -73 338 2,356 Including 23 M USD -323 milestone payments 2,257 -41 1 Jan 2025 Net cash Investing activities Share Dividend payment 30 June 2025 2 generation repurchases 2.3x 2.1x Strong financial performan
Slide 25: Early debt repayment and term loan refinancing for 1.15 B USD
Early debt repayment and term loan refinancing for 1.15 B USD H1 2025 milestones Maturity profile – notional amounts in USD M Term loan CHF bonds issued in 2025 • Early debt repaid of 110 M USD CHF bonds issued in 2024 EUR bond issued in 2025 2,100 • Assigned investment grade rating by Fitch (BBB, s
Slide 26: Raising 2025 guidance on net sales
Raising 2025 guidance on net sales Recall: Full-year guidance Updated full-year guidance Group net sales +10-12% +12-14% Growth in constant currency Growth in constant currency Core EBITDA margin Approximately 23% Approximately 23% Margin at constant currency Margin at constant currency 26
Slide 27: Q&A and final remarks
Closing Q&A and final remarks
Slide 28: Continued strong growth momentum in a year of opportunities
Continued strong growth momentum in a year of opportunities, with significant launches, market share gains, strengthened financial profile, shift to long-term growth and dynamic commercial investments Record net sales of 2.448 B USD for the first half, growing +12.2% at constant currency, with wides
Slide 29: GALDERMA
GALDERMA EST. 1981
Slide 30: Appendix
Appendix NANANANANSNANANANIA NINA NIN NANI NANI NI NI NINA LNAN\ASNASNANAS NANA NANI NINA NINA NANI NIN INIA NINN N\ANANANANANANANANANINA NANA NA NANI NA NSA NI NING YN\ANSNASNSNANANANIANI NANA NANA NIN NIL NI NS NINIL SN NANANANANANANANANS NANA NANA NANI NANA NANNING LYNANASNANISNS NANA NANI NINA N
Slide 31: Basis of financial information
Basis of financial information Y • Galderma has one reportable segment for financial reporting purposes Disclosure • Galderma provides additional Net Sales disclosure on product categories (Injectable Aesthetics, Dermatological Skincare, Therapeutic Dermatology) • Galderma also provides additional N
Slide 32: Continued strong momentum in net sales growth
Continued strong momentum in net sales growth H1 2025 constant currency year-on-year growth DERMATOLOGICAL THERAPEUTIC INJECTABLE AESTHETICS SKINCARE DERMATOLOGY +9.8% +7.7% +26.9% +12.2% Volume as the primary FILLERS & growth driver NEUROMODULATORS BIOSTIMULATORS +14.7% +3.9% +12.1% International +
Slide 33: H1 2025 net sales by product category and geography
H1 2025 net sales by product category and geography Net sales Year-on-year growth In M USD H1 2024 H1 2025 Constant currency Reported Group total 2,202 2,448 12.2% 11.2% By product category Injectable Aesthetics 1,139 1,240 9.8% 8.9% Neuromodulators 622 707 14.7% 13.6% Fillers & Biostimulators 517 5
Slide 34: Q2 2025 net sales by product category and geography
Q2 2025 net sales by product category and geography Net sales Year-on-year growth In M USD Q2 2024 Q2 2025 Constant currency Reported Group total 1,131 1,320 15.8% 16.7% By product category Injectable Aesthetics 628 693 9.7% 10.5% Neuromodulators 359 396 9.8% 10.3% Fillers & Biostimulators 269 297 9
Slide 35: Overview of FX exposure
Overview of FX exposure Exchange rates for significant Fx exposures, compared to the USD FY 2024 average rate June 30 2025 spot rate YTD 2025 average rate CHF 1.136 1.254 1.161 EUR 1.082 1.174 1.093 BRL 0.186 0.182 0.174 AUD 0.660 0.655 0.634 CAD 0.730 0.732 0.709 MXN 0.055 0.053 0.05 CNY 0.139 0.14
Slide 36: Reconciliation of H1 2025 Net income to Core EBITDA and Core net income
Reconciliation of H1 2025 Net income to Core EBITDA and Core net income In M USD H1 2024 H1 2025 Core EBITDA 514 555 % margin 23.4% 22.7% Exceptional and transformation related adjustments (57) - Impairments - (9) Other income / (expenses) (2) (29) 1 Total EBITDA adjustments (59) (38) EBITDA 455 517
Slide 37: Reconciliation of reported to certain Core P&L items – H1 2025
Reconciliation of reported to certain Core P&L items – H1 2025 Exceptional and transformation related Core % Net In M USD IFRS - as reported items Impairment Amortization Depreciation reporting Sales1 Net Sales 2,448 - - - - 2,448 Other revenue 18 - - - - 18 Cost of goods sold (761) - 5 105 11 (641)
Slide 38: Reconciliation of reported to Core CAPEX
Reconciliation of reported to Core CAPEX In M USD H1 2024 H1 2025 Expenditure on property, plant and equipment 64 43 Expenditure on intangible assets 66 30 Total capital expenditure 130 73 - Transformation-related investments (2) - - IP and operating rights acquisitions (58) (23) Core CAPEX 70 50 38
Slide 39: Reconciliation of H1 2025 Core EBITDA adjustments
Reconciliation of H1 2025 Core EBITDA adjustments In M USD H1 2024 H1 2025 Description Litigation costs primarily relate to legal fees, the largest item of which relate to legal arbitration cases initiated by Litigation and onerous items (4) (9) Galderma. Onerous items includes cost associated with
Slide 40: H1 2025 Total Net Indebtedness
H1 2025 Total Net Indebtedness In M USD 31 Dec 2024 30 June 2025 Total Indebtedness 2,813 2,715 Cash and Cash Equivalents (457) (458) Total Net Indebtedness 2,356 2,257 1. Indebtedness includes financial debt and lease liabilities 40
Slide 41: Additional modelling metrics
Additional modelling metrics 2024 actuals H1 2025 actuals Full-year 2025 Non-core 385 M USD ~ 605 M USD 93 M USD adjustments1 including intangible impairments including intangible impairments Effective tax rate2 25.5% 23.1% 23 - 25% Core CAPEX 3.3% 2% of Net sales ~3% of Net sales Leverage 2.3x 2.1x
Slide 42: For more information, please visit our website
For more information, please visit our website: Investors | Galderma For any questions, please reach out by email at: investors@galderma.com