Galderma Group (GALD) investor relations material

Executive summary

• Q1 2026 net sales reached $1.473 billion, up 25.5% year-over-year at constant currency, with double-digit growth across all product categories and geographies, driven by volume, price, mix effects, and strong execution of an integrated dermatology strategy.

• Growth was supported by major product launches and geographic expansion, notably NEMLUVIO, Relfydess, Sculptra (China), and Restylane.

• Dermatological Skincare outperformed, with Cetaphil leading online in China and ALASTIN strengthening in the U.S.

• Scientific leadership reinforced by new clinical data, including positive phase II results for nemolizumab in children and advances in aesthetics research.

• Transitioned to a free-float dominated shareholder base after EQT-led consortium exit, marking a record private equity capital gain.

Financial highlights

• Net sales for Q1 2026 were $1,473 million, up from $1,129 million in Q1 2025, with constant currency growth of 25.5% and reported growth of 30.5%.

• Injectable Aesthetics: $648 million (+13.1%), Neuromodulators: $364 million (+12.5%), Fillers & Biostimulators: $284 million (+14.0%).

• Dermatological Skincare: $441 million (+17.0%), Therapeutic Dermatology: $385 million (+71.3%), with NEMLUVIO net sales at $185 million, mostly from the U.S.

• U.S. net sales grew 41.5% to $610M or $1,041M (depending on reporting), International sales up 16.0% to $862M or $432M.

• Volume was the primary growth driver, complemented by positive price and mix effects.

Outlook and guidance

• Full-year 2026 guidance confirmed: net sales growth of 17-20% at constant currency and Core EBITDA margin of ~26%.

• Guidance incorporates expected U.S. tariffs and foreign exchange impacts, with updated U.S. tariff assumptions already factored in.

• Guidance is increasingly de-risked due to strong Q1 performance, especially in Dermatological Skincare.

• Five key opportunity areas identified for 2026, including major launches, market share gains, and financial profile strengthening.

• Confident in navigating macroeconomic and geopolitical volatility.