Galderma Group Ag · SIX:GALD
Galderma — Q3 2025 Earnings Presentation
26 slides from Galderma's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 trading update
Q3 2025 trading update OCTOBER 23, 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
Flemming Ørnskov, M.D., MPH 1. Performance highlights Chief Executive Officer 2. Trading update & outlook Thomas Dittrich Chief Financial Officer 3. Q&A and final remarks 3
Slide 4: Performance highlights
1. Performance highlights
Slide 5: Key highlights
Key highlights Record net sales, ahead of expectations, with Q3 YTD 2025 3,737 focused execution of both, the existing portfolio ACTUALS and new innovation; growth predominantly Net sales in M USD volume-based Widespread growth with Q3 acceleration Net Sales Q3 YTD: +15.0% Q3: +21.0% across all prod
Slide 6: Continued strong net sales growth momentum
Continued strong net sales growth momentum Q3 YTD 2025 constant currency year-on-year growth DERMATOLOGICAL THERAPEUTIC INJECTABLE AESTHETICS SKINCARE DERMATOLOGY +10.5% +8.2% +40.4% +15.0% Volume as the primary FILLERS & growth driver NEUROMODULATORS BIOSTIMULATORS +14.0% +6.2% +13.2% International
Slide 7: Neuromodulators: Deepening and expanding portfolio reach
INJECTABLE AESTHETICS Neuromodulators: Deepening and expanding portfolio reach 17 markets launched +3 New approvals in Q3: Hong Kong, New Zealand, & UAE – just in time for AMWC1 Dubai Neuromodulators +490 bps Market share gains in Europe over 12 months where Relfydess is launched Double-digit Neurom
Slide 8: Fillers & Biostimulators: Supporting growth in the portfolio
INJECTABLE AESTHETICS Fillers & Biostimulators: Supporting growth in the portfolio Medication-driven weight loss Innovation global activation, incl. U.S. ‘Sculpt & Lift’ campaign with strong uptake of launches Restylane SHAYPE in Brazil strong adoption and positive results for the Restylane portfoli
Slide 9: Innovation to capture Dermatological Skincare opportunities
DERMATOLOGICAL SKINCARE Innovation to capture Dermatological Skincare opportunities U.S. new Skin Activator U.S. new Oil to Global roll-out Consumer launch of Hydrating & Firming Line Foam Cleanser of recent innovation reformulated, proven Restorative Skin Complex Gentle Exfoliating SA Vitamin C & C
Slide 10: Nemluvio: U.S. remains on a strong launch trajectory
THERAPEUTIC DERMATOLOGY Nemluvio: U.S. remains on a strong launch trajectory Paid NBRx1 weekly market share trend Before nemolizumab (new patient starts) ~37% ~7.3% in prurigo nodularis in atopic dermatitis Majority After 8 weeks on nemolizumab share of patients new to advanced therapies (“biologic
Slide 11: Trading update & outlook
GALDERMA EST.1981 2. Trading update & outlook
Slide 12: 2025 continued strong growth momentum
2025 continued strong growth momentum Galderma net sales, in M USD 3,737 3,259 Constant currency growth +15.0% Reported growth +14.7% Q3 YTD 2024 Q3 YTD 2025 Growth predominantly driven by strong volume, complemented by positive mix 12
Slide 13: Injectable Aesthetics
Constant Net sales, in M USD currency growth Reported growth Injectable Aesthetics 1,871 +10.5% +10.2% 1,698 Neuro- 1,053 +14.0% +13.7% 926 modulators Fillers & +6.2% +6.1% 772 818 Biostimulators Q3 YTD Q3 YTD 2024 2025 13
Slide 14: Dermatological Skincare
Constant Net sales, in M USD currency growth Reported growth Dermatological Skincare 1,063 990 +8.2% +7.4% Q3 YTD 2024 Q3 YTD 2025 NB: Key brands, not exhaustive 14
Slide 15: Therapeutic Dermatology
Constant Net sales, in M USD currency growth Reported growth Therapeutic Dermatology 804 +40.4% +40.7% 571 540 263 Q3 YTD 2024 Q3 YTD 2025 NB: Key brands, not exhaustive Note: Due to rounding, numbers presented may not add up precisely to the totals provided 15
Slide 16: Strong momentum across geographies
Constant Net sales, in M USD currency growth Reported growth 3,737 Strong 3,259 momentum 2,157 across International 1,914 +13.2% +12.7% geographies U.S. 1,345 1,580 +17.5% +17.5% Q3 YTD Q3 YTD 2024 2025 16
Slide 17: Currently effective U.S. tariffs factored in 2025 guidance, while ramping-up U.S. investments
Currently effective U.S. tariffs factored in 2025 guidance, while ramping-up U.S. investments Galderma continuing to expand Current effective U.S. tariff treatment by product (as of October 22, 2025) its U.S. operations Dysport ✓ Exempt: classified as ‘pharmaceutical’; produced in the U.K. Strong U.
Slide 18: Raising 2025 guidance
Raising 2025 guidance Recall: Full-year guidance Updated full-year guidance Group net sales +12-14% +17.0-17.7% Growth in constant currency Growth in constant currency Core EBITDA margin Approximately 23% 23.1-23.6% Margin at constant currency Margin at constant currency 18
Slide 19: Q&A and final remarks
Closing Q&A and final remarks
Slide 20: Continued strong trajectory, with focused execution of the existing portfolio and new innovation
Continued strong trajectory, with focused execution of the existing portfolio and new innovation Record net sales of 3,737 M USD for the first 9 months, growing +15.0% at constant currency, predominantly driven by volume Widespread growth in Q3 2025 with acceleration across all product categories an
Slide 21: Galderma
GALDERMA EST. 1981
Slide 22: Appendix
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Slide 23: Q3 year-to-date 2025 net sales by product category and geography
Q3 year-to-date 2025 net sales by product category and geography Net sales Year-on-year growth In M USD 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% Fille
Slide 24: Q3 2025 net sales by product category and geography
Q3 2025 net sales by product category and geography Net sales Year-on-year growth In M USD 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
Slide 25: Overview of FX exposure
Overview of FX exposure Exchange rates for significant FX exposures, compared to the USD FY 2024 average rate Sept. 30 2025 spot rate Q3 YTD 2025 average rate 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
Slide 26: 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