Company Reports

Galderma is a pure-play dermatology company, with a leadership position in the self-care segment of the market, with more than 90% of total sales paid by consumers out of pocket. Its long-term revenue growth is supported by changing consumer behavior and perception around skin health and appearance. The firm deploys an omnichannel go-to-market strategy, supported by a specialized, high-touch salesforce of over 2,500 employees reaching around 300,000 healthcare professionals. A leading presence at dermatology congresses complements this, and an emphasis on educational, training, and loyalty programs helps to reinforce physician entrenchment.

Galderma is a pure-play dermatology company, with a leadership position in the self-care segment of the market, with more than 90% of total sales paid by consumers out of pocket. Its long-term revenue growth is supported by changing consumer behavior and perception around skin health and appearance. The firm deploys an omnichannel go-to-market strategy, supported by a specialized, high-touch salesforce of over 2,500 employees reaching more than 200,000 healthcare professionals. A leading presence at dermatology congresses complements this, and an emphasis on educational, training, and loyalty programs helps to reinforce physician entrenchment.

Galderma's constant-currency sales grew 23.8% in the second quarter and 24.6% in the half, driven mostly by volume. Results came in above company-compiled consensus estimates across the board, but shares traded around 3% lower intraday on July 23.

Galderma’s constant-currency sales rose 25.5% in the first quarter, with strong growth across all segments. Results came in above company-compiled consensus estimates across the board. Shares rose 7% intraday on April 23.

Galderma is a pure-play dermatology company, with a leadership position in the self-care segment of the market, with more than 90% of total sales paid by consumers out of pocket. Its long-term revenue growth is supported by changing consumer behavior and perception around skin health and appearance. The firm deploys an omnichannel go-to-market strategy, supported by a specialized, high-touch salesforce of over 2,500 employees reaching more than 200,000 healthcare professionals. A leading presence at dermatology congresses complements this, and an emphasis on educational, training, and loyalty programs helps to reinforce physician entrenchment.

Galderma’s constant-currency sales grew 25% in the fourth quarter, marking a sequential acceleration driven by strong volume momentum and the continued successful ramp-up of Nemluvio. Shares rose 7% intraday on March 5.

Galderma is a pure-play dermatology company, with a leadership position in the self-care segment of the market, with more than 90% of total sales paid by consumers out of pocket. Its long-term revenue growth is supported by changing consumer behavior and perception around skin health and appearance. The firm deploys an omnichannel go-to-market strategy, supported by a specialized, high-touch salesforce of over 1,900 employees reaching more than 200,000 healthcare professionals. A leading presence at dermatology congresses complements this, and an emphasis on educational, training, and loyalty programs helps to reinforce physician entrenchment.

Galderma delivered another quarter of accelerating growth momentum, posting 15% constant-currency net sales growth for the first nine months of 2025. Management raised full-year revenue and profit guidance. Shares rose by midsingle digits on Oct. 23.

Galderma is a pure-play dermatology company, with a leadership position in the self-care segment of the market, with more than 90% of total sales paid by consumers out of pocket. Its long-term revenue growth is supported by changing consumer behavior and perception around skin health and appearance. The firm deploys an omnichannel go-to-market strategy, supported by a specialized, high-touch salesforce of over 1,900 employees reaching more than 200,000 healthcare professionals. A leading presence at dermatology congresses complements this, and an emphasis on educational, training, and loyalty programs helps to reinforce physician entrenchment.

Galderma reported record net sales for the first half of 2025, achieving 12% growth in constant currency with positive contributions across all product categories and geographies. The second quarter alone delivered 16% growth. Shares were up 5% in intraday trading on July 24.

Galderma reported strong 8.3% constant-currency net sales growth for the first quarter. The company confirmed the full-year guidance and expects the tariff impact on the business to be manageable. The share price reaction reached double-digit growth in intraday trading on April 24.

Galderma reported 2024 constant-currency revenue growth of 9.6% and core EBITDA of USD 1.03 billion, slightly ahead of the USD 1.01 billion company-compiled consensus. Despite this, the share price was down around 10% on weak US performance and slightly soft 2025 guidance.

Galderma has received US Food and Drug Administration approval for its monoclonal antibody drug nemolizumab (marketed under the brand name Nemluvio) for the treatment of patients with moderate to severe atopic dermatitis.

Galderma is a pure-play dermatology company, with a leadership position in the self-care segment of the market, with more than 90% of total sales paid by consumers out of pocket. Its long-term revenue growth is supported by changing consumer behavior and perception around skin health and appearance. The company deploys an omnichannel go-to-market strategy, supported by a specialized, high-touch salesforce of over 1,900 employees reaching more than 110,000 healthcare professionals. This is complemented by a leading presence at dermatology congresses and an emphasis on educational, training, and loyalty programs to reinforce physician entrenchment.

In the third quarter of 2024, narrow-moat Galderma recorded solid results, confidently approaching the end of its first trading year. The company narrowed its full-year net sales outlook to 8.8%-9.5% (down from 7%-10% previously) while confirming that core EBITDA will align with 2023 figures in constant currency. Net sales grew by 9.2% year over year in constant currency, largely driven by strong performance in international markets (even in China, despite a challenging market environment), which account for 59% of total net sales. Although the US market remains soft, it still experienced single-digit growth. The performance and updated outlook are consistent with our expectations, so we maintain our fair value estimate of CHF 83 per share.

Narrow-moat Galderma reported strong first-half 2024 results that were largely in line with our expectations for the full year, and we're leaving our fair value estimate unchanged. Net sales grew by 10.8% on a constant currency basis, primarily driven by solid volume development and a positive portfolio mix contribution. The core EBITDA margin was 23.4%, 90 basis points ahead of the same period of last year. For full-year 2024, management now expects net sales growth at the upper end of the previously communicated 7%-10% range and confirmed the core EBITDA margin guidance of flat compared with 2023. Shares opened around 1% higher but quickly moved into the red, which we attribute to widespread market weakness and some signs of demand softening across key markets, including the US.

We are initiating coverage of Galderma with a narrow economic moat rating and a CHF 83 fair value estimate. Galderma is a pure-play dermatology company with a broad portfolio that spans injectable aesthetics, therapeutic dermatology, and dermatological skincare. The company went public in March 2024, and the stock price is up more than 40% compared with the IPO pricing level of CHF 53 per share. Given this stellar performance, we think the current share price offers a limited upside of around 9%.

Galderma is a pure-play dermatology company, with a leadership position in the self-care segment of the market, with more than 90% of total sales paid by consumers out of pocket. Its long-term revenue growth is supported by changing consumer behavior and perception around skin health and appearance. The company deploys an omnichannel go-to-market strategy, supported by a specialized, high-touch salesforce of over 1,900 employees reaching more than 110,000 healthcare professionals. This is complemented by a leading presence at dermatology congresses and an emphasis on educational, training, and loyalty programs to reinforce physician entrenchment.