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Galderma Group
Galderma Group (GALD) investor relations material
Galderma Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Achieved record net sales of $5.207 billion in 2025, up 17.7% year-over-year at constant currency, surpassing $5 billion for the first time, driven by broad-based volume growth across all geographies and product categories.
Core EBITDA reached $1.211 billion (23.3% margin), up 18.9% year-over-year, with margin expansion and core EPS up 76.7% to $3.69, supported by strong operational leverage, reduced financing/tax expenses, and share repurchases.
Major product launches and innovation, including Nemluvio and Relfydess, fueled growth, with all top 10 markets growing and eight achieving double-digit growth.
Transformation to a global dermatology leader largely completed, with strengthened balance sheet and net leverage reduced to 1.5x.
Significant ESG progress, including AA MSCI ESG rating and improved non-financial indicators.
Financial highlights
Net sales: $5.207 billion, up 17.7% year-over-year at constant currency.
Core EBITDA: $1.211 billion (23.3% margin), up 18.9% year-over-year; margin expanded by 24 basis points.
Core net income: $871 million, up 75.4% year-over-year.
Core EPS: $3.69, up 76.7% year-over-year.
Cash generated from operations: $1.441 billion; early debt repayment of $240 million; $363 million in share repurchases.
Outlook and guidance
2026 guidance: net sales growth of 17–20% at constant currency; Core EBITDA margin of approximately 26%.
Mid-term (2023–2027) guidance: Group net sales CAGR of 15–17% at constant currency; margin expansion of 450–550 basis points expected by 2027.
Nemluvio peak sales guidance raised to above $4 billion globally; expected to break even in 2026, one year ahead of plan.
Foreign exchange expected to positively impact net sales but negatively impact Core EBITDA margin.
Nemluvio's Q1 gross-to-net impact
Filler market softness: Galderma's mitigation
Operating leverage drivers for 2026 margin
Rationale for doubling Nemluvio peak sales target
Ipsen arbitration impact on distribution rights
Strategy for capturing GLP-1 patient demand
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Next Galderma Group earnings date
Q1 2026 TU23 Apr, 2026
Galderma Group
Next Galderma Group earnings date
Q1 2026 TU23 Apr, 2026
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Frequently asked questions
Galderma Group AG, based in Zug, Switzerland, is a global dermatology company. It is committed exclusively to the field of dermatological care, encompassing a wide range of products and treatments across three main areas: Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. Galderma's offerings include widely recognized brands and solutions aimed at enhancing skin health for consumers and patients, supported by robust research and development efforts. The company is headquartered in Zug, Switzerland, and its shares are listed on the SIX Swiss Exchange.
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