Almirall (ALM) Q2 2025 earnings summary

Executive summary

• Net sales grew 12.7% year-over-year in H1 2025 to €560.5 million, driven by strong European dermatology and biologics sales, with ILUMETRI and Ebglyss as key growth drivers.

• EBITDA increased 16.6% to €121.8 million, supported by higher revenues and operational excellence.

• Net income rose 72.1% year-over-year to €26.5 million, with basic and diluted EPS at €0.12.

• Over 400,000 patients treated with new dermatological products in 2025, reflecting expanded access.

• Leadership transition: Mike McClellan steps down as CFO, succeeded by Jon U. Garay Alonso.

Financial highlights

• Gross margin at 65.5%, temporarily boosted by Q1 outlicensing and product mix.

• SG&A expenses increased 8.2% to €250.7 million, aligned with investments in launches.

• R&D spending increased 27% year-over-year to €71.9 million, now 12.8% of net sales.

• Net debt/EBITDA at 0.4x, with net debt at €76.6 million and strong balance sheet flexibility.

• Free cash flow was negative at €(20.3) million, impacted by milestone payments and working capital increases.

Outlook and guidance

• Full-year 2025 guidance and midterm outlook reaffirmed, expecting double-digit net sales CAGR through 2030 and EBITDA margin of ~25% by 2028.

• Gross margin percentage expected to be equal or slightly lower than 2024 due to higher royalties and cost of goods for biologics.

• R&D investments to remain at ~12.5% of net sales for the full year; SG&A growth to moderate after 2025.

• Anticipated launches of EbglyssⓇ in additional European markets in H2 2025.

• Management does not foresee significant impacts from new US tariff policies on operations or strategy.