Almirall (ALM) Q1 2026 earnings summary

Executive summary

• Q1 2026 performance aligned with expectations, with net sales reaching €291 million, up 2.2% year-over-year, driven by strong European dermatology growth and robust biologics sales, especially Ilumetri and Ebglyss.

• Biologics portfolio, led by Ilumetri and Ebglyss, delivered strong momentum, with Ebglyss sales more than doubling and Ilumetri maintaining leadership in the anti-IL-23 class.

• Continued innovation and pipeline advancement, with multiple Phase II proof-of-concept studies ongoing and new collaborations, including with Huaota for monoclonal antibody development.

• Reinforced leadership in medical dermatology, supported by robust commercial execution and expanding market presence.

• Broader dermatology portfolio performed strongly, with Wynzora up 20.8% YoY and Klisyri up 7.2% YoY.

Financial highlights

• Net sales increased 2.2% year-over-year to €291 million in Q1 2026, with European dermatology up 19.3% YoY.

• EBITDA reached €67.5 million (23.2% of net sales), improving from 21% at year-end 2025.

• Gross margin was 64.2%, slightly above prior quarters but down from 66.9% YoY, with pressure from higher royalty tiers.

• Net income was €15.3 million, down 29.2% YoY; normalized net income €16.1 million.

• SG&A declined by 1% year-over-year, expected to rise in coming quarters due to marketing phasing.

Outlook and guidance

• 2026 guidance reiterated, with growth expected to be driven by biologics and core dermatology business.

• Confident in achieving double-digit net sales growth through 2030 and ~25% EBITDA margin by 2028.

• Full-year 2026 guidance: Net sales growth of 9–12% and EBITDA between €270M and €290M.

• SG&A growth for the full year expected to be lower than net sales growth, supporting margin expansion.

• Scrip dividend of €0.19 per share approved at AGM.