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Almirall (ALM) investor relations material
Almirall Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved strong operational and commercial execution in Europe, with net sales reaching €820.7 million, up 12.8% year-over-year, and EBITDA at €180.7 million, a 27.1% increase, driven by dermatology and biologics.
Leading products Ilumetri® and Ebglyss® delivered double-digit and triple-digit growth, with Ilumetri® net sales at €170.9 million (+12.1% YoY) and Ebglyss® at €75.5 million (+3x YoY).
Expanded presence at major dermatology congresses, advanced clinical pipeline with several assets entering phase 2, and new product launches including Efinaconazole approval in Germany.
Continued R&D progress with new phase II studies and lifecycle management activities for core biologics.
Hosted ImmunoSkin 2025, fostering scientific exchange in dermatology.
Financial highlights
Net sales: €820.7 million (+12.8% YoY), driven by European dermatology (+24.5% YoY); EBITDA: €180.7 million (+27.1% YoY).
Gross margin moderated to 64.9% due to higher Ilumetri royalties.
SG&A increased 6.2% to €366.7 million; R&D spending rose 14% YoY to €102.4 million, representing 12.5% of net sales.
Net income increased to €39.1 million from €7.2 million in 9M 2024.
Free cash flow improved to €42.2 million, up from -€17.8 million in 9M 2024.
Outlook and guidance
On track to deliver 2025 guidance: net sales growth of 10%-13% and EBITDA of €220-240 million, with double-digit net sales CAGR through 2030 and EBITDA margin of ~25% by 2028.
2026 growth and EBITDA expected to align with midterm guidance; net sales to remain in double-digit territory.
SG&A expected to increase in Q4 due to ongoing investments in Ebglyss® launches.
Strategic flexibility maintained with low net debt, enabling potential inorganic growth opportunities.
R&D spend vs. pipeline expansion outlook
Ebglyss® first-line strategy for atopic dermatitis
Ilumetri® path to €300M peak sales target
Ebglyss: Impact of new AD entrants on market share?
HS/AA assets: Quantify potential sales impact.
Midterm EBITDA margin expansion drivers?
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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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