Zug, Switzerland - Galderma Group AG (SIX: GALD), the pure-play dermatology category leader, announced its financial results for the full year 2025.
Record net sales of 5,207 million USD, surpassing 5 billion USD in a year for the first time and representing 17.7% year-on-year growth on a constant currency1 basis, primarily driven by volume.
Broad-based net sales growth, growing double-digits in both International markets and the U.S.
Outperforming the market in each product category, with strong net sales growth in Injectable Aesthetics (11.5%), Dermatological Skincare (9.3%) and Therapeutic Dermatology (50.2%), all year-on-year at constant currency.
Strong launch momentum across future growth drivers, including Nemluvio (nemolizumab) delivering 452 million USD in net sales; Relfydess (RelabotulinumtoxinA) outperforming expectations in 17 International markets; Sculptra gaining significant market share in its first year in China and continued new product launches across Galderma's full portfolio of flagship brands.
Significant progress and strategic investments across a robust innovation pipeline, highlighted by key submissions and approvals from the broadest pipeline in the industry in Injectable Aesthetics, the introduction of scientifically-differentiated products in Dermatological Skincare, and the initiation of clinical trials for new nemolizumab indications in Therapeutic Dermatology.
Extended scientific leadership in dermatology, with a strong presence at key congresses and industry events as well as market leadership in education.
Core EBITDA2 grew to 1,211 million USD, up 18.9% year-on-year at constant currency, ahead of net sales growth. Reported Core EBITDA margin was 23.3%, representing a year-on-year margin expansion of 24 basis points at constant currency, which exceeded initial expectations in a year of major launches and reinvestments in growth.
Core EPS3 grew to 3.69 USD, up 76.7% year-on-year, driven by strong Core EBITDA growth, reduced financing and tax expenses, as well as share repurchases.
Strengthened balance sheet and cash flow generation, with net leverage4 reduced to 1.5x at the end of December 2025, alongside lowered interest payments and improvements in net working capital.
2026 full-year guidance with attractive top- and bottom-line growth, expecting net sales growth of 17-20% at constant currency and a Core EBITDA margin of approximately 26% at constant currency.
Sustained confidence in the mid-term outlook, specifying 2023-2027 guidance within or above the previously communicated ranges and raising the peak sales guidance for Nemluvio from above 2 billion USD to above 4 billion USD for prurigo nodularis and atopic dermatitis globally.
'2025 was an outstanding year for Galderma and a defining step in our journey towards becoming the undisputed dermatology powerhouse. We delivered record financial results with broad-based net sales growth across all product categories and geographies, driven by clear strategic focus, disciplined execution, science-driven innovation and the successful scaling of our proven Integrated Dermatology Strategy. With a strengthened financial profile, global scale and the world's broadest dermatology portfolio, we enter our next phase of growth with clarity, confidence and ambition.'
FLEMMING ORNSKOV, M.D., MPH
CHIEF EXECUTIVE OFFICER
GALDERMA
Commercial performance
For the full year 2025, Galderma delivered record net sales of 5,207 million USD, exceeding 5 billion USD for the first year. Year-on-year net sales growth for the year was 17.7% at constant currency. Growth overall was predominantly volume-driven, with a favorable product mix more than offsetting pricing effects from the competitive environment. In the fourth quarter, net sales grew 25.2% year-on-year at constant currency, reflecting an acceleration in each product category.
Net sales growth for the year was widespread across geographies and product categories. Both geographies' net sales grew double-digits while all product categories outpaced their respective markets.
International sustained its strong net sales growth momentum in highly attractive, largely underpenetrated markets. Injectable Aesthetics delivered double-digit net sales growth and outperformed the market in both Neuromodulators and Fillers & Biostimulators. Both Restylane and Sculptra delivered net sales growth with market share gains in most key countries despite continued softness in the Filler market. Dermatological Skincare also delivered double-digit net sales growth, with outstanding growth particularly in India and China. Therapeutic Dermatology net sales growth was driven by Nemluvio, with strong launch trajectories also in its first European markets.
The U.S. delivered net sales growth in each product category. Net sales growth was especially strong for Neuromodulators as well as for Therapeutic Dermatology, driven by Nemluvio. Injectable Aesthetics outgrew a soft market and gained share in both Neuromodulators and Fillers & Biostimulators. Neuromodulators and Biostimulators net sales grew double-digit while Fillers continued to be impacted by market softness. Dermatological Skincare net sales growth was mainly driven by Alastin, growing double-digits, while Cetaphil had a strong fourth quarter from the ramp-up of recent launches and year-end activations. Therapeutic Dermatology had outstanding net sales growth driven by Nemluvio's strong trajectory in prurigo nodularis and atopic dermatitis, more than offsetting the anticipated decline in mature products.
Overall, Galderma capitalized on its five key opportunity areas for 2025, including 1) significant launches, including the strong uptake of Nemluvio and Relfydess in first markets and of Sculptra in China, 2) market share gains, 3) a strengthened financial profile, 4) a shift to long-term growth, and 5) dynamic commercial investments to continue to drive growth.
Injectable Aesthetics
Injectable Aesthetics net sales for the full year were 2,572 million USD, up 11.5% year-on-year at constant currency. Galderma remained on a strong growth trajectory, consistently outpacing the market, driven by focused execution, new product launches and further geographic penetration.
Neuromodulators net sales were 1,471 million USD, up 14.3% year-on-year at constant currency. Both geographies delivered double-digit growth and continued to gain market share. Dysport continued to outperform globally, with strong growth in top markets. Relfydess had a strong year of launches, gaining significant share as a next generation neuromodulator recognized for its superior profile, while setting a high comparable base for 2026. Demonstrating focused execution of its Neuromodulator portfolio strategy, with net sales increasing for both Relfydess and Dysport in markets where Relfydess was launched.
Fillers & Biostimulators net sales were 1,101 million USD, up 8.0% year-on-year at constant currency. Both geographies continued to gain market share, driven especially by Sculptra and the uptake of new launches, including Sculptra in China and Restylane SHAYPE in Brazil. Fillers globally continued to be impacted by market softness with important pricing pressures, as a result of lower consumer demand and aggressive promotional activity from competitors in the mid-face. Biostimulators maintained its double-digit net sales growth momentum in both geographies, as Sculptra continued to strengthen its position as the leading brand with proven regenerative capabilities. Sculptra growth was particularly high in key International markets and especially in China thanks to a strong launch trajectory.
Galderma also made progress in preparing the next frontier of growth in Injectable Aesthetics, maintaining its commercial and regulatory momentum.
In Neuromodulators, Relfydess is quickly ramping up and is now approved in 23 International markets. On February 2, 2026, Galderma announced that the U.S. Food & Drug Administration (FDA) accepted the resubmission of Relfydess' Biologics License Application (BLA) for the temporary improvement of moderate-to-severe glabellar lines (frown lines) and lateral canthal lines (crow's feet) in adults.
In Fillers, the U.S. FDA approved Restylane Lyft with Lidocaine in November 2025 for augmentation of the chin region to improve the chin profile in patients over the age of 21 with mild-to-moderate chin retrusion. In Biostimulators, Galderma continues to demonstrate leadership in regenerative aesthetics. Beyond the important launch of Sculptra in China, a new chapter opened for the brand in December 2025, with the European Union (EU) Medical Device Regulation (MDR) certification expanding its approved clinical applications beyond the face to include the gluteal area, posterior thighs, decolletage, and upper arms.
Galderma is also shaping the aesthetics journey for patients undergoing medication-driven weight loss, based on its proven Restylane and Sculptra portfolio. With its dedicated scientific agenda for market-leading education and training activities with healthcare professionals, Galderma also saw strong conversion of new patients to its portfolio in the U.S. from its SCULPT & LIFT direct-to-consumer campaign.
Dermatological Skincare
Dermatological Skincare net sales for the full year were 1,449 million USD, up 9.3% year-on-year at constant currency. Both Cetaphil and Alastin continued on their strong growth trajectories, outpacing their respective segments globally.
Growth was very strong in International markets, with Cetaphil gaining share and delivering exceptional performance in Asia. Notably, China and India continued to deliver outstanding net sales growth, with particularly strong performance from year-end activations. Alastin continued to ramp-up in International markets. In the U.S., growth was driven by Alastin, which continued to deliver double-digit growth and to be the fastest growing top physician-dispensed skincare brand. Cetaphil in the U.S., in a year of constrained consumer spending, had a strong fourth quarter from the ramp-up of recent launches and year-end activations.
Galderma's digital-first strategy remained a powerful growth engine for Cetaphil, with e-commerce its fastest growing channel. Growth was particularly strong in the fourth quarter for Cetaphil in China, with strong year-end activations. This included another record performance during the Double 11 shopping festival, outperforming the skincare market online, a major Zootopia 2 campaign, and celebrity endorsements. Globally, Cetaphil also had over 100 million impressions from key global activations, including CetaSphere - one of the world's largest skincare advocacy networks - and Derm on Tour - an immersive, science-driven pop-up experience offering free dermatology consultations in select cities. Alastin grew across channels, with a focus on physician-first engagement.
Galderma also launched differentiated innovation in Dermatological Skincare to drive further growth, starting in the U.S. with the opportunity to expand in International markets. Among key Cetaphil launches were the Skin Activator Hydrating & Firming line for aging, fragile skin and the Nourishing Oil to Foam Cleanser for sensitive skin, both creating entirely new categories based on strong science delivering breakthrough benefits. Alastin also further strengthened its portfolio with the launch of Restorative Skin Complex featuring Next Generation TriHex Technology (TriHex+TM). This formula includes two groundbreaking additions, proven to help visibly restore facial radiance and plumping by supporting the skin's own regenerative abilities. In International markets, Galderma continued to roll-out key innovation, such as Cetaphil's Bright Healthy Radiance or Gentle Exfoliating lines.
Therapeutic Dermatology
Therapeutic Dermatology net sales were 1,185 million USD, up 50.2% year-on-year at constant currency. Net sales growth was very strong, driven by an outstanding launch trajectory of Nemluvio in prurigo nodularis and atopic dermatitis. This more than offset the anticipated decline in the mature Therapeutic Dermatology portfolio in the U.S., along with modest growth from the mature portfolio in International markets.
For the year, Nemluvio contributed 452 million USD in net sales. The vast majority of Nemluvio sales were recorded in the U.S., split roughly equally between prurigo nodularis and atopic dermatitis, with the share of the latter increasing quickly. The launch trajectory has been very strong in the U.S., and even stronger in Nemluvio's first International launch markets despite representing a small share of sales.
Nemluvio's significant market share gains in the U.S. are underpinned by a differentiated profile, salesforce expansion, market-leading education, and enhanced market access. In the U.S., Nemluvio paid new patient starts (NBRx), from the end of December 2025 to the end of January 2026, was trending at about 35% market share in prurigo nodularis and about 8% in atopic dermatitis. The majority of patients starting treatment continue to be new to biologics. Following broad first-line biologic access for Nemluvio across commercial plans in 2025, Galderma secured its first major Medicare access win beginning January 2026. An important gross-to-net impact is expected in the first quarter of the year, driven both by access expansion and typical seasonal copay resets in the period.
Beyond launching Nemluvio in five International markets in 2025, Galderma continued to make regulatory progress, with approvals now secured in Canada and South Korea, and additional submissions underway.
OUTLOOK
Galderma expects 2026 to be another year of opportunities, with very strong top-line growth and significant Core EBITDA margin expansion. Galderma expects net sales growth of 17-20% at constant currency and a Core EBITDA margin of approximately 26% at constant currency for the full year.
Galderma's proven integrated dermatology strategy is underpinning net sales growth, expected to be ahead of the market in each product category. It also continues to drive operating leverage, while allocating appropriate level of investments into growth in a competitive environment. Confident in the ability to deliver, the guidance also reflects existing uncertainties. Galderma's dynamic approach to commercial investments provides resilience and flexibility to capture opportunities, leveraging a broad portfolio and geographic reach.
In terms of foreign exchange impacts, while guidance is at constant currency, based on spot rates as of the end of February 2026, USD depreciation is expected to have a positive impact on reported net sales and a negative impact on reported Core EBITDA margin, which is due to headquarter costs denominated mainly in CHF.
Following a stronger than originally anticipated first year on the market in the U.S. and in European markets in prurigo nodularis and atopic dermatitis, Galderma is raising its peak sales guidance for Nemluvio from above 2 billion USD to above 4 billion USD for both indications globally. This reflects its strong launch trajectory with higher demand than expected based on positive real-world experience in addition to an already differentiated clinical profile.
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.
Contact:
Christian Marcoux
Email: christian.marcoux@galderma.com
Tel: +41 76 315 26 50
Emil Ivanov
Email: emil.ivanov@galderma.com
Tel: +41 21 642 78 12
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). 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.
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