AD
Ad hoc announcement pursuant to Art. 53 LR
ZUG, Switzerland--(BUSINESS WIRE)--Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced its financial results for the first nine months of 2025, delivering record net sales along with strong commercial and innovation momentum across its portfolio.
“Galderma’s strong performance in the first nine months of 2025 demonstrates the breadth of our portfolio and our ability to deliver growth through innovation, commercial excellence, and global expansion. We continue to meet evolving consumer and patient needs, with Nemluvio showing outstanding momentum and driving significant growth. To support this, we are deepening our investments in the U.S., expanding our presence, and strengthening partnerships with healthcare professionals. With continued progress across science, education, and our full dermatology portfolio, Galderma is uniquely positioned to become the undisputed dermatology powerhouse.”
FLEMMING ØRNSKOV, M.D., MPH
CHIEF EXECUTIVE OFFICER
GALDE
RMADelivering strong commercial performance
In the first nine months of 2025, Galderma achieved record net sales of 3.737 billion USD, representing year-on-year net sales growth of 15.0% at constant currency, driven predominantly by volume growth complemented by favorable mix.
Net sales growth for the third quarter was ahead of expectations with year-on-year growth of 21.0% at constant currency, in a market with some constrained consumer spending. This reflects a quarter-on-quarter growth acceleration across all product categories and geographies.
Reflecting broad-based growth momentum and successful commercial execution over the first nine months of the year, International markets grew 13.2% and the U.S. 17.5% year-on-year at constant currency. Double-digit growth was achieved in both Injectable Aesthetics and Therapeutic Dermatology globally, as well as in the majority of Galderma’s top 10 markets. Galderma outperformed the market and gained share across both sub-segments of Injectable Aesthetics in both geographies, as well as in International markets for Dermatological Skincare. In Therapeutic Dermatology, Nemluvio continued its strong launch momentum in the U.S. and Germany, while rolling out several launches in International markets, with total net sales of 263 million USD.
Injectable Aesthetics
Injectable Aesthetics net sales for the first nine months of 2025 were 1,871 million USD, with year-on-year growth of 10.5% at constant currency.
Neuromodulators net sales were 1,053 million USD, up 14.0% year-on-year at constant currency, with both the U.S. and International markets delivering double-digit growth, outperforming the market and gaining share. Growth was driven by a strong performance of Dysport® in both the U.S. and International markets, along with the ongoing ramp-up of Relfydess™, the next generation neuromodulator created using PEARL™ Technology, in 17 International markets. Neuromodulators’ growth in the third quarter was ahead of expectations, benefitting from strong execution and some favorable phasing between the third and fourth quarter.
Fillers & Biostimulators net sales were 818 million USD, up 6.2% at constant currency, outgrowing the market and gaining share in both the U.S. and International markets. While Fillers overall continued to be impacted by market softness, Galderma’s performance was supported by the growth of differentiated products and especially new launches, including Restylane SHAYPE™ in Brazil. Biostimulators maintained strong momentum with double-digit growth in both geographies. Growth was especially high in International markets, also supported by the strong launch of Sculptra in China, the second largest injectable aesthetics market globally.
Galderma continues to expand its market-leading Injectable Aesthetics portfolio and broaden its reach. As part of its neuromodulator portfolio strategy, Relfydess secured three additional International approvals during the third quarter, alongside further regulatory submissions. In Fillers & Biostimulators, as part of efforts to reenergize the segment, Galderma saw strong engagement from global activation around its proven injectable treatments for improving facial appearance after medication-driven weight-loss.
Dermatological Skincare
Dermatological Skincare net sales for the first nine months were 1,063 million USD, with year-on-year growth of 8.2% at constant currency.
Galderma outgrew the market in Dermatological Skincare globally, with the majority of key markets gaining share, despite some constrained consumer spending. Growth in Dermatological Skincare was led by International markets, where both Cetaphil® and Alastin® grew double-digit. Cetaphil continued on its very strong trajectory, with an outstanding performance in fast-growing Asian markets. In the U.S., Alastin also delivered double-digit growth, while Cetaphil saw positive responses late in the third quarter from the multiple promotional activities rolled out ahead of the high year-end season.
To capture opportunities in Dermatological Skincare and drive further growth, Galderma expanded its portfolio with innovation addressing white spaces. This includes two transformative Cetaphil launches in the U.S. creating entirely new categories based on strong science delivering breakthrough benefits. First, the Skin Activator Hydrating & Firming line marks an entirely new skincare category of advanced hydration and firming solutions designed specifically to improve the appearance of aging, thinning, and fragile skin. Second, the Nourishing Oil to Foam Cleanser represents a breakthrough in hydrating cleansing for sensitive skin, with a first-of-its-kind formula designed to deeply cleanse while preserving hydration and supporting the sensitive skin’s moisture barrier. Meanwhile, Galderma continued to roll out recent innovation in International markets. This includes multiple Cetaphil lines, especially in the fast-growing Asian and Latin American markets, as well as the ongoing geographic expansion of Alastin with its launch in China, the second largest physician-dispensed market globally.
Therapeutic Dermatology
Therapeutic Dermatology net sales reached 804 million USD for the first nine months of 2025, up 40.4% year-on-year at constant currency. Growth was driven by Nemluvio’s continued outperformance, which more than offset the anticipated decline in the mature portfolio, particularly in the U.S.
Nemluvio’s net sales for the first nine months were 263 million USD, predominantly from the U.S. and prurigo nodularis, although atopic dermatitis started contributing to a greater share of sales in the third quarter. Nemluvio’s uptake in International markets continues with strong performance in Germany and additional launches in Austria, Switzerland, the United Kingdom, and Denmark.
Galderma continues to invest in its Therapeutic Dermatology portfolio, especially Nemluvio, and also in its mature brands capitalizing on a leading position in acne in International markets. International expansion efforts for Nemluvio continued during the third quarter with new regulatory submissions, building on the momentum of the novel biologic’s first year on the market following the U.S. Food and Drug Administration (FDA) approval in August 2024.
Advancing cutting-edge science and industry-leading medical education
Galderma reinforced its leadership in dermatology through new data presentations and world-class educational programs across global congresses and company-led platforms throughout the third quarter.
At the European Academy of Dermatology and Venereology (EADV) 2025, Galderma presented late-breaking findings on Nemluvio’s mode of action in atopic dermatitis.2 Long-term safety and efficacy data of Nemluvio in prurigo nodularis and moderate-to-severe atopic dermatitis up to two years were also shared.3,4 In addition, Galderma hosted a symposium on itch, industry hubs on sensitive skin and acne, and multiple “Meet the Expert” sessions. Galderma’s Global Sensitive Skincare Faculty (GSSF) also announced results from a first-of-its-kind real-world clinical study conducted in China, assessing the biological impact of lifestyle and environmental factors on individuals with sensitive skin.5
Supporting Injectable Aesthetics, Galderma hosted a key symposium at the inaugural Aesthetic & Anti-Aging Medicine World Congress (AMWC) in Dubai in October, highlighting insights and data from our previously announced Phase IV, first-of-its-kind trial evaluating Restylane Lyft® or Contour® in combination with Sculptra to address facial volume loss associated with medication-driven weight loss.6 Additional activities included presenting the latest updates from Galderma’s aesthetics portfolio, including Relfydess following the recent approval in the United Arab Emirates.
Building on its commitment to education, Galderma hosted the second edition of the Galderma Aesthetic Injector Network (GAIN) LATAM in São Paulo, Brazil – Latin America’s largest private injectables event – welcoming more than 1,000 healthcare professionals and marking both 10 years of GAIN and 30 years of Galderma presence in the region. GAIN was also active in the U.S., featuring at the Aesthetic NEXT 7.0 Congress in Dallas, Texas, with a pre-show symposium on medication-driven weight loss hosting 350 attendees. In Europe, the inaugural GAIN SPARK meeting in Barcelona brought together nearly 300 physicians from more than ten countries for collaboration and hands-on learning.
Ramping up U.S. manufacturing and infrastructure investments
Galderma continues to expand its U.S. operations, as reflected in the opening of its new U.S. headquarters in Miami (FL) in June 2025, ongoing investments in its operational footprint and corporate and R&D hubs across three U.S. states, as well as in healthcare professional education and training activities.
Galderma has committed to spend more than 650 million USD on U.S. manufacturing through 2030. This includes ramping up final assembly and packaging for Nemluvio in Florida by our contract manufacturing partner, as well as the manufacturing of Alastin and select Cetaphil products via contract manufacturing partners.
Galderma and its manufacturing partners have initiated additional technology transfers to the U.S. These would be focused on key growth drivers, which includes securing double-sourcing Relfydess U.S. capacity.
Raising full-year guidance
Galderma is raising its 2025 full-year guidance, on net sales to +17.0-17.7% year-on-year growth at constant currency (previously +12-14%) and on Core EBITDA margin to 23.1-23.6% at constant currency (previously approximately 23%).
The guidance update especially reflects the significant ramp-up of Nemluvio, which is driving growth in Therapeutic Dermatology. It also reflects the strong trajectory in Injectable Aesthetics, with continued outperformance of the market in both Neuromodulators and Fillers & Biostimulators. In Neuromodulators, the fourth quarter is expected to be impacted by phasing effects, with the full-year net sales growth expected to be in the low ‘teens’ at constant currency (‘teens’ defined as numbers greater than 10% and lower than 20%). In Fillers & Biostimulators, expectations for the fourth quarter are to maintain the recent growth momentum based on the strong trajectory of Sculptra and from new launches. Dermatological Skincare is expected to accelerate its growth momentum to reach high-single digit growth at constant currency for the full year.
The updated Core EBITDA margin guidance reflects reinvestments into growth for the Group and to support Nemluvio’s strong ramp-up. It also fully factors in the exposure to all U.S. tariffs that are currently in effect. Any further tariff announcements will be reviewed as to their potential impact during the remainder of the year, if any.
Webcast details
Galderma will host a trading update call today at 15:30 CET to discuss nine-month results and respond to questions from financial analysts. Investors and the public may access the webcast by registering on the Galderma Investor Relations website at https://investors.galderma.com/events-presentations, a recording will also be made available after the event.
About Galderma
Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: www.galderma.com.
Appendices
Appendix 1: Q3 year-to-date 2025 net sales by product category and geography
| In million USD |
| Net sales |
| Year-on-year growth | ||||||||
|
| Q3 YTD 2024 | Q3 YTD 2025 |
| Constant currency | Reported | |||||||
| Group total | 3,259 | 3,737 | 15.0% | 14.7% | ||||||||
| By product category |
|
|
|
| ||||||||
| Injectable Aesthetics | 1,698 | 1,871 |
| 10.5% | 10.2% | |||||||
| Neuromodulators | 926 | 1,053 | 14.0% | 13.7% | ||||||||
| Fillers & Biostimulators | 772 | 818 | 6.2% | 6.1% | ||||||||
| Dermatological Skincare | 990 | 1,063 | 8.2% | 7.4% | ||||||||
| Therapeutic Dermatology | 571 | 804 | 40.4% | 40.7% | ||||||||
| By geography |
|
|
|
| ||||||||
| International | 1,914 | 2,157 |
| 13.2% | 12.7% | |||||||
| U.S. | 1,345 | 1,580 | 17.5% | 17.5% | ||||||||
