Almirall (ALM) Jefferies Global Healthcare Conference 2025 summary

Strategic focus and market overview

• Dermatology is the exclusive focus, targeting a €50 billion market with significant unmet needs and double-digit growth potential.

• Key growth drivers are biologics Ilumetri (psoriasis) and Ebglyss (atopic dermatitis), with combined peak sales in Europe expected above €800 million.

• Ebglyss is positioned as a first-line treatment, with strong uptake and positive feedback from physicians and patients across Europe.

• Ilumetri’s peak sales were raised to €300 million, driven by market expansion, strong commercial execution, and new 200mg formulation.

• Wynzora and Klisyri are growing, with Wynzora showing 25% growth in Q1 and Klisyri’s large field use in the US being additive to small field sales.

Product launches, pipeline, and innovation

• Ebglyss is approved for ages 12+; pediatric phase 3 data expected next year, with label expansion included in peak sales estimates.

• Ilumetri is in phase 3 for psoriatic arthritis, aiming to support first-line use in both psoriasis and PSA patients.

• Four proof-of-concept programs will enter clinical trials soon, including assets for hidradenitis suppurativa, anti-IL-2, anti-IL-21, and a rare disease (epidermolysis bullosa).

• The hidradenitis suppurativa asset targets multiple cytokines and is expected to dose first patients before year-end.

• The company is modality agnostic, leveraging partnerships and internal R&D to address unmet needs in dermatology.

Financial performance and guidance

• Double-digit top-line growth is expected through 2028, mainly from the two biologics, with 2024 guidance of 11–13% growth reaffirmed after a strong Q1.

• EBITDA margin is projected to expand from 20% to 25% by 2028, driven by operational leverage as R&D and SG&A remain stable.

• The mature portfolio remains stable and highly profitable, providing a foundation for investment in growth drivers.

• Minimal exposure to US market and tariffs, with 95% of sales and most manufacturing in Europe.