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Almirall (ALM) investor relations material

Almirall Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary25 Jul, 2025

Executive summary

  • Net sales reached €560.5 million in H1 2025, up 12.7% year-over-year, driven by strong growth in European dermatology and robust biologics performance.

  • EBITDA increased 17% to €121.8 million, with net income rising 72.1% to €26.6 million, reflecting improved profitability.

  • ILUMETRI and Ebglyss/Eblis are key growth drivers, with ILUMETRI net sales up 13% and Ebglyss sales exceeding €44.9 million.

  • Over 400,000 patients treated with new dermatological products in 2025, reflecting expanded access.

  • Leadership transition: Mike McClellan succeeded by Jon U. Garay Alonso as CFO.

Financial highlights

  • Gross margin improved to 65.5%, temporarily boosted by outlicensing and product mix.

  • SG&A expenses rose 8% to €251M; R&D spending increased 27% to €71.9M, 12.8% of net sales.

  • Net debt/EBITDA at 0.4x, with net debt at €76.6 million, maintaining low leverage.

  • Free cash flow was negative at €(20.3) million, impacted by milestone payments and working capital.

  • Cash and cash equivalents at period end were €322.9 million.

Outlook and guidance

  • Full-year 2025 guidance and midterm outlook reaffirmed, expecting double-digit net sales CAGR through 2030 and EBITDA margin of ~25% by 2028.

  • Gross margin percentage expected to be equal or slightly lower than 2024 due to higher royalties and cost of goods for biologics.

  • R&D investments to remain at ~12.5% of net sales for the full year; SG&A growth to moderate after 2025.

  • Anticipated launches of Ebglyss in additional European markets in H2 2025.

  • No significant impact from new US tariffs or regulatory changes expected.

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Frequently asked questions

Almirall, S.A., a pharmaceutical company, engages in the research, development, manufacture, and sale of skin-health related medicines. The company offers dermatological products that are used in the treatment of acne, psoriasis and other inflammatory skin diseases; aesthetic products that are used in the treatment of hair loss and to promote hair regrowth; and treating and preventing the excessive growth of sebaceous glands in adults, children and infants. Its products include Epiduo, Avage, Atralin Topical Solution, Acnomel Cream, Oustiderm Scalp Lotion, Tazorac Gel and Others.

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