Galderma Raises Full-Year Guidance After Record First Half Growth — Galderma Group AG

Event summary

Galderma reported record first half 2026 net sales of $3.134 billion, up 24.6% year-on-year at constant currency.
Core EBITDA margin expanded by 328 basis points to 25.6%, driven by strong net sales growth and cost management.
Nemluvio® generated $433 million in net sales, contributing significantly to Therapeutic Dermatology's 67.9% year-on-year growth.
Galderma raised its full-year net sales guidance to 19-21% growth at constant currency, up from the previous 17-20%.
The company will be included in the Swiss Market Index (SMI) effective September 21, 2026.

The big picture

Galderma's strong first half performance underscores its leadership in dermatology, driven by differentiated innovation and geographic expansion. The company's ability to outperform the market across all product categories highlights its strategic focus on science-based innovation and medical education. As it prepares for inclusion in the Swiss Market Index, Galderma's raised guidance reflects confidence in its growth-driven integrated dermatology strategy amid a volatile political and macroeconomic environment.

What we're watching

Regulatory Headwinds: The impact of the FDA's Complete Response Letter on RelabotulinumtoxinA's U.S. approval timeline and Galderma's ability to deliver on its mid-term guidance.
Market Expansion: Whether Galderma can sustain its strong growth trajectory in International markets, particularly with the ramp-up of Relfydess™ in Asia.
Innovation Pipeline: The progress of Galderma's R&D pipeline, including potential new indications for nemolizumab and the advancement of clinical-stage Biostimulator assets.