Almirall Posts 2.2% Revenue Growth in Q1 2026, Led by Dermatology Surge
Event summary
- Q1 2026 revenue rose 2.2% YoY to €291 million, with European dermatology business up 19.3% YoY to €166.3 million.
- Ebglyss® (lebrikizumab) sales doubled YoY to €41.9 million, driven by strong performance in recent launch countries.
- Ilumetri® (tildrakizumab) sales increased 11.8% YoY to €61.6 million, maintaining double-digit growth in the competitive psoriasis market.
- EBITDA improved to 23.2% of net sales, up from 21% in FY 2025, despite a 4.8% YoY decline in total EBITDA to €67.5 million.
The big picture
Almirall’s Q1 2026 results reflect its focused strategy on medical dermatology, with strong performance from key biologics driving growth. The company’s ability to sustain this momentum will depend on its pipeline progress and strategic partnerships, particularly in the face of a competitive psoriasis market and evolving patient needs. The 2.2% revenue growth, while modest, underscores the resilience of its core dermatology business in a challenging market environment.
What we're watching
- Pipeline Progress
- The initiation of a Phase I clinical study for an anti IL-13/OX40L bispecific antibody and the progress of lebrikizumab in nummular eczema trials will be key to watch.
- Partnership Impact
- The collaboration with Huaota for a novel monoclonal antibody could strengthen Almirall’s innovation strategy and expand its market reach.
- Market Position
- The sustained growth of Ebglyss® and Ilumetri® in competitive segments will determine Almirall’s ability to maintain its leadership in medical dermatology.
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