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Galderma Group (GALD) investor relations material

Galderma Group H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary24 Jul, 2025

Executive summary

  • Achieved record H1 2025 net sales of $2.45B, up 12.2% year-over-year at constant currency, with growth across all product categories and geographies.

  • Core EBITDA reached $555M, up 9.5% year-over-year, with a margin of 22.7%, slightly ahead of expectations and supported by strong Nemluvio ramp-up.

  • Major product launches, including Nemluvio and Ralfidesse/Relfydess, exceeded expectations and drove market share gains.

  • Net leverage reduced to 2.1x, with $110M debt repaid, $323M in share repurchases, and $1.04B term loan refinanced.

  • Full-year net sales growth guidance raised to 12–14% at constant currency, with Core EBITDA margin guidance confirmed at ~23%.

Financial highlights

  • Net sales grew 12.2% year-over-year in H1 2025, with Q2 growth accelerating to 15.8%.

  • Core EBITDA of $555M, margin at 22.7%; underlying profitability (excluding nimolizumab impact) at 28.9%.

  • Core net income reached $329M, with basic and diluted EPS rising to $0.82 from $0.20 year-over-year.

  • Gross profit margin stable at 74.6% of net sales; gross margin impacted by US pricing pressures but partially offset by favorable mix.

  • Cash flow from operating activities surged to $551M, supported by strong operations and lower CapEx.

Outlook and guidance

  • Full-year net sales growth guidance raised to 12–14% at constant currency (previously 10–12%).

  • Core EBITDA margin guidance maintained at approximately 23%.

  • Neuromodulators expected to see 11–13% net sales growth for the year; fillers and biostimulators to accelerate in H2.

  • Dermatological skincare to sustain growth, with acceleration in Q4; therapeutic dermatology to benefit from Nemluvio ramp-up.

  • No material impact anticipated from new tax legislation or hyperinflation in key markets.

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Q3 2025 TU23 Oct, 2025
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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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