Almirall (ALM) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales reached €284.6M, up 15.0% year-over-year, driven by strong European dermatology sales, robust product out-licensing, and confirmed full-year guidance and midterm outlook.

• EBITDA rose 35.0% to €70.9M, supported by strong sales, product divestments, and improved financial results.

• Net income increased 191.9% year-over-year to €21.6M.

• IlumetriⓇ and EbglyssⓇ (Eblas) delivered significant growth, with EbglyssⓇ net sales more than quadrupling year-over-year.

• Active engagement in major dermatology conferences and continued focus on expanding the medical dermatology portfolio.

Financial highlights

• Net sales: €284.6M (+15.0% YoY); European dermatology sales up 23.4% YoY.

• EBITDA: €70.9M (+35.0% YoY); EBITDA margin at 24.9%.

• Gross margin improved to 66.9%, positively impacted by divestments.

• SG&A expenses rose 9.6% to €122.8M; R&D investment up 34% YoY to €35.5M (12.5% of net sales).

• Net debt at €25.5M; Net Debt/EBITDA at 0.1x, supporting future M&A and providing flexibility for inorganic growth.

Outlook and guidance

• Reiterated 2025 guidance and midterm outlook, targeting double-digit net sales CAGR by 2030 and ~25% EBITDA margin by 2028.

• Confident in achieving consensus EbglyssⓇ (Eblas) sales of €95M for 2025; IlumetriⓇ mid-term outlook above €300M.

• EbglyssⓇ launches to continue across Europe, with further rollouts planned in H2 2025.

• Gross margin expected to be slightly lower than 2024 due to product mix and royalty tiers.