Almirall (ALM) Q3 2025 earnings summary

Executive summary

• Achieved 12.8% year-over-year net sales growth to €820.7 million for the first nine months of 2025, driven by strong dermatology and biologics performance, with IlumetriⓇ and EbglyssⓇ delivering double- and triple-digit growth.

• EBITDA rose 27.1% year-over-year to €180.7 million, supported by increased sales and reduced SG&A in Q3.

• Dermatology sales in Europe grew 24.5% year-over-year to €442.4 million, reinforcing leadership in medical dermatology.

• Innovation pipeline advanced with new phase II studies, Efinaconazole approval in Germany, and lifecycle management activities for core biologics.

• Expanded presence at major dermatology congresses and hosted ImmunoSkin 2025, fostering scientific exchange.

Financial highlights

• Net sales: €820.7 million (+12.8% YoY), led by a 24.5% increase in European dermatology sales.

• EBITDA: €180.7 million (+27.1% YoY), driven by top-line growth and lower SG&A ratio.

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

• 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.

Outlook and guidance

• On track to meet 2025 guidance: net sales growth of 10%-13% and EBITDA of €220–240 million, with expectations to land near the midpoint.

• Double-digit net sales CAGR targeted through 2030, with EBITDA margin goal of 25% by 2028.

• 2026 growth and EBITDA expected to align with midterm guidance; further details to be provided in February.

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