Almirall (ALM) Q4 2025 earnings summary

Executive summary

• Achieved 2025 guidance with net sales up 12.4% to EUR 1,108 million and EBITDA at EUR 233 million, both near the upper end of guidance ranges.

• Exceeded EUR 1 billion in net sales for the first time, driven by strong commercial execution and growth in biologics and dermatology portfolio.

• Maintained leadership in European medical dermatology, with Ilumetri and Ebglyss as key growth drivers.

• Innovation pipeline advanced with multiple phase II proof-of-concept studies and new launches planned, reinforcing future growth potential.

• FY 2025 guidance was met, supporting progress toward mid-term targets and sustained growth.

Financial highlights

• Net sales grew 12.4% year-on-year to EUR 1,108 million in 2025, with European dermatology sales up 25.6%.

• EBITDA increased 21% year-on-year to EUR 233 million, within guidance.

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

• SG&A rose 7.9% to EUR 501 million, reflecting investments in launches and brand support.

• Free cash flow improved to EUR 47.8 million, more than doubling from the prior year.

Outlook and guidance

• 2026 guidance: net sales growth of 9%-12%, EBITDA EUR 270-290 million.

• Midterm guidance reiterated: double-digit CAGR in net sales (2023-2030), EBITDA margin target of 25% by 2028.

• 2026 midpoint assumptions: 10.5% net sales growth, EUR 280 million EBITDA.

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

• Tax rate to trend toward mid-20s% by 2028 as profitability rises.