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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.
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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