Galderma Group (GALD) Q2 2026 earnings summary

Executive summary

• Net sales for H1 2026 reached $3.134 billion, up 24.6% year-over-year at constant currency, surpassing $3 billion for the first time, with double-digit growth across all geographies and product categories, primarily volume-driven.

• Core EBITDA reached $802 million (25.6% margin), up 42.8% year-over-year at constant currency, with margin expansion of 328 basis points.

• Core EPS grew 68.5% year-over-year to $2.34, reflecting strong operational performance and reduced financing costs.

• Raised full-year 2026 net sales growth guidance to 19-21% at constant currency and confirmed Core EBITDA margin guidance at approximately 26%.

• Inclusion in the Swiss Market Index effective September 2026 marks a milestone as a publicly listed company.

Financial highlights

• Net sales grew 24.6% year-over-year at constant currency and 28.0% on a reported basis in H1 2026.

• Core net income reached $547 million, up 66.3% year-over-year.

• Net leverage reduced to 1.2x EBITDA at end of June 2026, down from 1.5x at end of 2025.

• Net cash from operations enabled dividend payments of $104 million and share repurchases of $302 million.

• Gross profit improved to $2.209 billion from $1.705 billion year-over-year.

Outlook and guidance

• Full-year 2026 net sales growth guidance raised to 19-21% at constant currency (previously 17-20%).

• Core EBITDA margin guidance confirmed at approximately 26% for the year.

• Guidance incorporates manageable U.S. tariff exposure, potential macroeconomic volatility, and foreign exchange impacts.

• No significant seasonality or cyclical variations expected in sales.

• Plans to provide mid-term guidance beyond 2027 in Q1 2027, pending FDA discussions.