Almirall (ALM) Q4 2025 earnings summary

Executive summary

• Achieved 2025 net sales growth of 12.4% to €1,108 million, surpassing €1 billion for the first time, and delivered EBITDA of €232.9 million, both at the upper end of guidance.

• Growth was driven by European dermatology, with Ilumetri and Ebglyss as key contributors; Ebglyss sales more than tripled year-over-year to €110.8 million.

• Maintained strong pipeline momentum with multiple phase II proof-of-concept studies initiated and several more planned, focusing on first- or best-in-class assets in dermatology.

• Reiterated midterm guidance of double-digit CAGR in net sales through 2030 and targeted 25% EBITDA margin by 2028.

• Net income rose to €46.2 million, a significant increase from €10.1 million in FY 2024.

Financial highlights

• Net sales reached €1,108.1 million, up 12.4% year-over-year, with European dermatology sales up 25.6%.

• EBITDA was €232.9 million, up 21% year-over-year, reflecting strong operating leverage.

• Gross margin was 64.4%, slightly down due to higher royalty fees from Ilumetri growth.

• SG&A expenses increased 7.9% to €501.1 million, reflecting commercial expansion.

• Free cash flow more than doubled to €174.5 million; cash flow from investing activities improved by €13 million.

Outlook and guidance

• 2026 guidance: net sales growth of 9%-12% and EBITDA of €270-290 million, with 10.5% net sales growth and €280 million EBITDA as midpoints.

• Expect quarterly performance to strengthen through 2026, with a softer Q1 due to prior year divestments.

• Gross margin expected to face slight pressure in 2026 due to increased royalty rates; R&D to remain at 12%-12.5% of net sales.

• Effective tax rate to continue declining toward mid-20s% by 2028 as profitability rises.

• Mid-term guidance aims for double-digit sales growth and EBITDA margin expansion to ~25% by 2028.