Almirall (ALM) Q1 2025 earnings summary

Executive summary

• Net sales grew 15% year-over-year to €284.6 million in Q1 2025, driven by strong European dermatology sales, robust performance of IlumetriⓇ and EbglyssⓇ, and recent product out-licensing.

• EBITDA increased 35% to €70.9 million, reflecting operational execution, product divestments, and licensing gains.

• Net income surged 191.9% year-over-year to €21.6 million, reflecting higher sales and improved financial results.

• IlumetriⓇ and EbglyssⓇ delivered significant growth, with EbglyssⓇ net sales more than quadrupling year-over-year and expanding to 13 markets.

• Company remains on track to achieve 2025 guidance and midterm outlook, propelled by biologics growth and commercial execution.

Financial highlights

• Net sales: €284.6 million (+15% YoY); European dermatology sales up 23.4% YoY to €139.4 million.

• EBITDA: €70.9 million (+35% YoY); EBITDA margin at 24.9%.

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

• SG&A expenses rose 9.6% to €122.8 million; R&D investment up 34% YoY, representing 12.5% of net sales.

• Net debt at €25.5 million; Net Debt/EBITDA at 0.1x, supporting future M&A opportunities.

Outlook and guidance

• Full-year 2025 guidance confirmed: net sales growth of 10–13% and EBITDA between €220–240 million.

• IlumetriⓇ mid-term outlook of >€300 million in sales reiterated.

• Confident in achieving consensus EbglyssⓇ sales of €95 million for 2025.

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

• Continued investment in R&D and pipeline progression expected to deliver key milestones in 2025.