Almirall (ALM) Q3 2025 earnings summary

Executive summary

• Achieved strong operational and commercial execution in Europe, with net sales reaching €820.7 million, up 12.8% year-over-year, and EBITDA at €180.7 million, a 27.1% increase, driven by dermatology and biologics.

• Leading products Ilumetri® and Ebglyss® delivered double-digit and triple-digit growth, with Ilumetri® net sales at €170.9 million (+12.1% YoY) and Ebglyss® at €75.5 million (+3x YoY).

• Expanded presence at major dermatology congresses, advanced clinical pipeline with several assets entering phase 2, and new product launches including Efinaconazole approval in Germany.

• Continued R&D progress with new phase II studies and lifecycle management activities for core biologics.

• Hosted ImmunoSkin 2025, fostering scientific exchange in dermatology.

Financial highlights

• Net sales: €820.7 million (+12.8% YoY), driven by European dermatology (+24.5% YoY); EBITDA: €180.7 million (+27.1% YoY).

• Gross margin moderated to 64.9% due to higher Ilumetri royalties.

• SG&A increased 6.2% to €366.7 million; R&D spending rose 14% YoY to €102.4 million, representing 12.5% of net sales.

• Net income increased to €39.1 million from €7.2 million in 9M 2024.

• Free cash flow improved to €42.2 million, up from -€17.8 million in 9M 2024.

Outlook and guidance

• On track to deliver 2025 guidance: net sales growth of 10%-13% and EBITDA of €220-240 million, with double-digit net sales CAGR through 2030 and EBITDA margin of ~25% by 2028.

• 2026 growth and EBITDA expected to align with midterm guidance; net sales to remain in double-digit territory.

• SG&A expected to increase in Q4 due to ongoing investments in Ebglyss® launches.

• Strategic flexibility maintained with low net debt, enabling potential inorganic growth opportunities.