Almirall (ALM) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Growth strategy and market positioning

• Focused exclusively on medical dermatology, leveraging strong R&D and commercial capabilities across Europe and the U.S., with a presence in 102 countries.

• Achieved significant sales growth in 2023, nearing EUR 1 billion, with €894.5M in net sales, €465.2M from dermatology, and a robust portfolio of 140 products, 51 in dermatology.

• Main growth drivers are biologics Ebglyss (atopic dermatitis) and Ilumetri (psoriasis), both gaining market share, expanding indications, and projected to reach peak sales of over €450M and €300M, respectively.

• Long-term ambition to become a global leader in medical dermatology, supported by a proven track record of six product launches in seven years.

• Double-digit net sales CAGR expected through 2028, with EBITDA margin targeted at 25% by 2028 and further expansion beyond.

Market trends and growth opportunities

• Medical dermatology market expected to grow at a 7.5% CAGR, with biologics and advanced therapies driving expansion.

• Biologics penetration in atopic dermatitis and psoriasis is increasing, supported by novel mechanisms of action.

• Patient numbers treated with advanced therapies in atopic dermatitis projected to grow 4-5x by 2031 in EU5.

• Sustained high growth in biologic sales expected, with potential to increase by over 5x from 2023 to 2030.

• Almirall's products address key segments: atopic dermatitis, psoriasis, acne/rosacea, and other dermatological conditions.

Product performance and commercial execution

• Ebglyss launched in seven European countries, with strong HCP feedback, over €20M in sales since December 2023, and rapid rollout across Europe.

• Ebglyss demonstrates sustained efficacy: 80% of patients maintain clear or almost clear skin after three years with monthly dosing.

• Ilumetri, the best-selling product, achieved EUR 150 million in first three quarters, growing 25%, with a new 200mg dose offering flexibility and real-world data supporting its use.

• Klisyri's large field launch in the U.S. is additive to the franchise, with plans for European launch; Wynzora grew 50% in Europe last year.

• Ilumetri demonstrated the ability to restore well-being to the level of the average population, maintained for up to one year.