Almirall (ALM) Q2 2025 earnings summary

Executive summary

• Net sales reached €560.5 million in H1 2025, up 12.7% year-over-year, driven by strong growth in European dermatology and robust biologics performance.

• EBITDA increased 17% to €121.8 million, with net income rising 72.1% to €26.6 million, reflecting improved profitability.

• ILUMETRI and Ebglyss/Eblis are key growth drivers, with ILUMETRI net sales up 13% and Ebglyss sales exceeding €44.9 million.

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

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

Financial highlights

• Gross margin improved to 65.5%, temporarily boosted by outlicensing and product mix.

• SG&A expenses rose 8% to €251M; R&D spending increased 27% to €71.9M, 12.8% of net sales.

• Net debt/EBITDA at 0.4x, with net debt at €76.6 million, maintaining low leverage.

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

• Cash and cash equivalents at period end were €322.9 million.

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.

• No significant impact from new US tariffs or regulatory changes expected.