Almirall (ALM) Q3 2026 earnings summary

Executive summary

• 9M 2026 net sales rose 8.3% YoY to €889.2m, led by European dermatology growth of 17.6%; EBITDA increased 22.7% to €221.7m, with a 24.9% margin.

• Performance was described as aligned with FY26 guidance, which was reiterated.

Financial highlights

• Total revenues increased 8.2% to €893.6m; gross profit rose 8.1% to €576.3m.

• Q3 net sales were €286.5m, up 10.1% YoY; 9M EBITDA increased by approximately €40m versus 9M 2025.

• SG&A was €365.7m, down 0.3% YoY; R&D was €107.1m, or 12.0% of sales.

• Net income rose 36.3% to €53.3m; normalized net income increased 45.0% to €60.6m.

Outlook and guidance

• FY26 guidance reiterated: net sales growth of 9%-12% and EBITDA of €270m-€290m; sales expected toward the mid-to-low end and EBITDA toward the upper end of ranges.

• Ilumetri peak sales target remains above €300m; Ebglyss peak sales target remains above €450m.

• First R&D readouts expected in Q4 2026; pipeline readouts continue through 2027 and early 2028.