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Webcast details
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Galderma will host a financial results call today at 13:00 CEST to discuss its first half 2026 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.
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About Galderma
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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.
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Appendices
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Appendix 1: H1 2026 net sales by product category and geography
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Net sales | Year-on-year growth | |||
In million USD | H1 2025 | H1 2026 | Constant | Reported |
Group total | 2,448 | 3,134 | 24.6% | 28.0% |
By product category | ||||
Injectable Aesthetics | 1,240 | 1,437 | 12.1% | 15.9% |
Neuromodulators | 707 | 826 | 13.4% | 16.9% |
Fillers & Biostimulators | 534 | 611 | 10.5% | 14.6% |
Dermatological Skincare | 719 | 848 | 16.4% | 17.9% |
Therapeutic Dermatology | 489 | 848 | 67.9% | 73.6% |
of which Nemluvio | 131 | 433 | >100% | >100% |
By geography | ||||
International | 1,409 | 1,759 | 19.0% | 24.8% |
U.S. | 1,039 | 1,374 | 32.3% | 32.3% |
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Appendix 2: Q2 2026 net sales by product category and geography
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Net sales | Year-on-year growth | |||
In million USD | Q2 2025 | Q2 2026 | Constant | Reported |
Group total | 1,320 | 1,661 | 23.8% | 25.8% |
By product category | ||||
Injectable Aesthetics | 693 | 790 | 11.3% | 13.9% |
Neuromodulators | 396 | 462 | 14.1% | 16.7% |
Fillers & Biostimulators | 297 | 328 | 7.6% | 10.1% |
Dermatological Skincare | 349 | 407 | 15.8% | 16.5% |
Therapeutic Dermatology | 277 | 464 | 65.2% | 67.5% |
of which Nemluvio | 93 | 248 | >100% | >100% |
By geography | ||||
International | 712 | 897 | 22.1% | 25.9% |
U.S. | 607 | 764 | 25.8% | 25.8% |
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Appendix 3: Reconciliation of H1 2026 P&L from IFRS to Core reporting
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In million USD | IFRS – as | Exceptional & transformation | Amortization | Depreciation | Impairment | Core | % Net Sales reporting |
Net sales | 3,134 | – | – | – | – | 3,134 | |
Other revenue | 14 | – | – | – | – | 14 | |
Cost of goods | (938) | – | 104 | 13 | – | (821) | |
Gross profit | 2,209 | – | 104 | 13 | – | 2,326 | 74.2% |
Research and development | (137) | – | – | 1 | – | (136) | 4.3% |
Sales and | (994) | – | – | 7 | – | (987) | 31.5% |
General and administrative | (302) | – | 18 | 20 | – | (264) | 8.4% |
Medical and regulatory | (63) | – | – | – | – | (63) | 2.0% |
Distribution | (74) | – | – | – | – | (74) | 2.4% |
Other income/ (expenses) | (8) | 8 | – | – | – | – | – |
Operating | 630 | ||||||
Total | 8 | 122 | 42 | – | – | ||
Core EBITDA | 802 |
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Appendix 4: Reconciliation of H1 2026 of Core EBITDA to IFRS Net Income
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In million USD | H1 2025 | H1 2026 |
Core EBITDA | 555 | 802 |
% margin | 22.7% | 25.6% |
Exceptional and transformation related adjustments | (9) | – |
Other income/(expenses) | (29) | (8) |
Total EBITDA adjustments6 | (38) | (8) |
EBITDA | 517 | 794 |
% margin | 21.1% | 25.3% |
Depreciation | (36) | (42) |
Amortization | (122) | (122) |
Operating profit | 358 | 630 |
Net financial expenses | (106) | (85) |
Foreign exchange gain/(loss) on financing activities | (1) | 8 |
Income before tax | 252 | 553 |
Income taxes | (58) | (110) |
Net income | 194 | 444 |
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Appendix 5: Reconciliation of H1 2026 from IFRS Net Income to Core Net Income
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In million USD | H1 2025 | H1 2026 |
Net income | 194 | 444 |
Total EBITDA adjustments6 | 38 | 8 |
Amortization | 122 | 122 |
Foreign exchange (gain)/loss on financing activities | 1 | (8) |
Income taxes on above items | (25) | (19) |
Core net Income | 329 | 547 |
Core EPS in USD | 1.39 | 2.34 |
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Appendix 6: H1 2026 Total Net Indebtedness7
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In million USD | December 31 2025 | June 30 2026 |
Total Indebtedness | 2,602 | 2,625 |
Cash and Cash Equivalents | (780) | (839) |
Total Net Indebtedness | 1,822 | 1,786 |
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Appendix 7: Additional modelling metrics
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FY 2025 actuals | H1 2026 | FY 2026 | |
Non-core adjustments8 | 40 M USD | 17 M USD | 30 – 40 M USD |
Effective tax rate9 | 4.0%10 (20.8% excluding one-time benefit) | 19.8% | ~ 20% |
Core CAPEX, as a percentage of net sales | 2.5% | 2.1% | ~ 3% |
Net working capital, as a percentage of net sales | -4.2% | -2.8% | -1 – -3% |
Net financial expenses11 | 190 M USD | 85 M USD | 150 – 160 M USD |
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Appendix 8: Overview of foreign exchange rate exposure
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Exchange rates for top FX impacts, compared to the USD
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FX rates compared to USD | FY 2025 | March 2026 | June 2026 |
AUD | 0.6448 | 0.6847 | 0.6870 |
BRL | 0.1790 | 0.1899 | 0.1927 |
CHF | 1.2058 | 1.2522 | 1.2352 |
CNY | 0.1391 | 0.1447 | 0.1471 |
EUR | 1.1297 | 1.1470 | 1.1392 |
INR | 0.0115 | 0.0106 | 0.0106 |
MXN | 0.0521 | 0.0552 | 0.0572 |
Simulation of FX impact for 2026 full-year absolute figures12 | |||
Net sales | +245 bps | +137 bps | |
Core EBITDA | +144 bps | +118 bps | |
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Notes and references
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Note: Due to rounding numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All ratios, subtotals and variances are calculated using the underlying amount rather than the presented rounded amount.
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- Constant currency year-on-year growth is defined as the annual growth rate of net sales excluding the impact of exchange rates movements. The impact of changes in foreign exchange rates are excluded by translating all reported revenues during the two periods at average exchange rates in effect during the previous year.
- Core EBITDA is defined as EBITDA excluding the following items that are deemed non-core: acquisition and disposal; integration and carve-out related income and expenses; onerous contracts; business disposal gains and losses; litigation related items as well as impairment of PPE and intangible assets. In addition, non-Core items include other income and expense items that management considers non-Core, as well as restructuring and reorganization items expected to accumulate within approximately a year to be over a 2 M USD threshold. Items that management considers non-Core may include, but are not limited to carve-out and build-up-related project costs as well as post-acquisition-related accounting impacts
- Core EPS is calculated as Core net income divided by the weighted average number of outstanding shares during the period.
- Core Net Income is defined as net income adjusted for the same items that are treated as exceptional for purposes of defining Core EBITDA, as well as amortization of intangible assets and foreign exchange gains and losses on financing activities. Taxes on the adjustments between IFRS net income and Core Net Income take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact.
- Leverage is defined as Total Net Indebtedness divided by Core EBITDA on a twelve-months rolling basis.
- H1 2025 adjustments include 4 M USD litigation, 6 M USD onerous items, 2 M USD M&A, 9 M USD impairments, 4 M USD restructuring, 13 M USD for operating FX losses. H1 2026 adjustments include 11 M USD litigation, 5 M USD restructuring, 2 M USD other items; offset by 9 M USD for operating FX gains.
- Indebtedness includes financial debt and lease liabilities.
- Includes assumptions for other income and expenses related to tangible asset impairments, ongoing litigation and onerous items, restructuring charges and others, excluding M&A fees and the impact from Operating Fx.
- On reported profit before tax.
- Includes a one-time, non-cash benefit from recognizing deferred tax assets on past tax losses
- Includes interest income and interest expense, excluding Fx impact.
- Factors in the simulation of all foreign exchange rate exposures, including for currencies not listed in the table of exchange rates for top FX impact.
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Forward-looking statements
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Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “plans”, “targets”, “aims”, ” believes”, “expects”, “anticipates”, “intends”, “estimates”, “will”, “may”, “continues”, “should” and similar expressions. These forward-looking statements reflect, at the time, Galderma’s beliefs, intentions and current targets/ aims concerning, among other things, Galderma’s results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management’s current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma’s markets, and other factors beyond the control of Galderma). Galderma and its shareholders (as applicable), directors, officers, employees, advisors and representatives assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof.
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Contacts
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For further information:
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Media
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Christian Marcoux, M.Sc.
Chief Communications Officer
[email protected]
+41 76 315 26 50
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Richard Harbinson
Corporate Communications Director
[email protected]
+41 76 210 60 62
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Investors
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Emil Ivanov
Head of Strategy, Investor Relations and ESG
[email protected]
+41 21 642 78 12
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Jessica Cohen
Investor Relations and Strategy Director
[email protected]
+41 21 642 76 43
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English (US)