Almirall (ALM) Q1 2026 earnings summary

Executive summary

• Q1 2026 performance was steady and aligned with expectations, with guidance for 2026 reiterated and market consensus met despite a high comparative base from Q1 2025 divestments and minor phasing effects.

• Biologics portfolio, especially Ilumetri and Ebglyss, drove growth, with Ebglyss showing strong momentum and scaling across Europe.

• Innovation pipeline advanced with three phase II proof-of-concept studies ongoing, three more planned, and a new collaboration with Huaota.

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

Financial highlights

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

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

• Gross margin was 64.2%, slightly above prior quarters but under pressure from higher royalty tiers.

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

• Net income was EUR 15.3 million, down 29.2% year-over-year; normalized net income EUR 16.1 million.

Outlook and guidance

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

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

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