Almirall (ALM) 44th Annual J.P. Morgan Healthcare Conference Presentation summary

Growth story in dermatology

• Achieved €820.7MM net sales and €483.6MM in dermatology for 9M 2025, with 12.8% and 19.4% YoY growth respectively.

• R&D investment reached €102.4MM, representing 12.5% of net sales.

• Six successful product launches since 2017, with a robust pipeline and three ongoing proof-of-concept clinical studies.

• Present in over 100 countries, with 2,000 employees and 280 in R&D.

• Focused on key disease areas: psoriasis, atopic dermatitis, acne, onychomycosis, actinic keratosis, and other autoimmune diseases.

Market outlook and portfolio

• Global dermatology market expected to nearly double by 2030, reaching $103.6B.

• Portfolio includes assets in major indications: psoriasis, atopic dermatitis, hidradenitis suppurativa, acne/rosacea, and other rare skin diseases.

• Projecting high double-digit biologics sales CAGR through 2030, driven by Ebglyss and Ilumetri.

• Combined peak sales for Ebglyss and Ilumetri expected to exceed €800MM.

R&D innovation and pipeline

• Three PoC/Phase II studies ongoing and three more to start within 12 months.

• Pipeline targets autoimmune-mediated skin diseases, rare dermatological diseases, and non-melanoma skin cancer.

• Notable assets: Anti-IL-1RAP mAb and Anti-IL-21 mAb for hidradenitis suppurativa, IL-2muFc for alopecia areata, and a readthrough inducer for RDEB/JEB.

• Anti-IL-13/OX40L bispecific antibody for atopic dermatitis to enter Phase I in H1 2026.