AdhocannouncementpursuanttoArt.53LR
    ZUG,Switzerland--(BUSINESSWIRE)--GaldermaGroupAG(SIX:GALD),thepure-playdermatologycategoryleader,todayannounceditsfinancialresultsforthefullyear2025.
    Recordnetsalesof5,207millionUSD,surpassing5billionUSDinayearforthefirsttimeandrepresenting17.7%year-on-yeargrowthonaconstantcurrency1basis,primarilydrivenbyvolume.
    Broad-basednetsalesgrowth,growingdouble-digitsinbothInternationalmarketsandtheU.S.
    Outperformingthemarketineachproductcategory,withstrongnetsalesgrowthinInjectableAesthetics(11.5%),DermatologicalSkincare(9.3%)andTherapeuticDermatology(50.2%),allyear-on-yearatconstantcurrency.
    Stronglaunchmomentumacrossfuturegrowthdrivers,includingNemluvio®(nemolizumab)delivering452millionUSDinnetsales;Relfydess™(RelabotulinumtoxinA)outperformingexpectationsin17Internationalmarkets;Sculptra®gainingsignificantmarketshareinitsfirstyearinChina;andcontinuednewproductlaunchesacrossGalderma’sfullportfolioofflagshipbrands.
    Significantprogressandstrategicinvestmentsacrossarobustinnovationpipeline,highlightedbykeysubmissionsandapprovalsfromthebroadestpipelineintheindustryinInjectableAesthetics,theintroductionofscientifically-differentiatedproductsinDermatologicalSkincare,andtheinitiationofclinicaltrialsfornewnemolizumabindicationsinTherapeuticDermatology.
    Extendedscientificleadershipindermatology,withastrongpresenceatkeycongressesandindustryeventsaswellasmarketleadershipineducation.
    CoreEBITDAgrewto1,211millionUSD,up18.9%year-on-yearatconstantcurrency,aheadofnetsalesgrowth.ReportedCoreEBITDAmarginwas23.3%,representingayear-on-yearmarginexpansionof24basispointsatconstantcurrency,whichexceededinitialexpectationsinayearofmajorlaunchesandreinvestmentsingrowth.
    CoreEPS3grewto3.69USD,up76.7%year-on-year,drivenbystrongCoreEBITDAgrowth,reducedfinancingandtaxexpenses,aswellassharerepurchases.
    Strengthenedbalancesheetandcashflowgeneration,withnetleverage4reducedto1.5xattheendofDecember2025,alongsideloweredinterestpaymentsandimprovementsinnetworkingcapital.
    2026full-yearguidancewithattractivetop-andbottom-linegrowth,expectingnetsalesgrowthof17-20%atconstantcurrencyandaCoreEBITDAmarginofapproximately26%atconstantcurrency.
    Sustainedconfidenceinthemid-termoutlook,specifying2023-2027guidancewithinorabovethepreviouslycommunicatedrangesandraisingthepeaksalesguidanceforNemluviofromabove2billionUSDtoabove4billionUSDforprurigonodularisandatopicdermatitisglobally.
    “2025wasanoutstandingyearforGaldermaandadefiningstepinourjourneytowardsbecomingtheundisputeddermatologypowerhouse.Wedeliveredrecordfinancialresultswithbroad-basednetsalesgrowthacrossallproductcategoriesandgeographies,drivenbyclearstrategicfocus,disciplinedexecution,science-driveninnovationandthesuccessfulscalingofourprovenIntegratedDermatologyStrategy.Withastrengthenedfinancialprofile,globalscaleandtheworld’sbroadestdermatologyportfolio,weenterournextphaseofgrowthwithclarity,confidenceandambition.”
    FLEMMINGØRNSKOV,M.D.,MPH
    CHIEFEXECUTIVEOFFICER
    GALDERMA
    Commercialperformance
    Forthefullyear2025,Galdermadeliveredrecordnetsalesof5,207millionUSD,exceeding5billionUSDforthefirstyear.Year-on-yearnetsalesgrowthfortheyearwas17.7%atconstantcurrency.Growthoverallwaspredominantlyvolume-driven,withafavorableproductmixmorethanoffsettingpricingeffectsfromthecompetitiveenvironment.Inthefourthquarter,netsalesgrew25.2%year-on-yearatconstantcurrency,reflectinganaccelerationineachproductcategory.
    Netsalesgrowthfortheyearwaswidespreadacrossgeographiesandproductcategories.Bothgeographies’netsalesgrewdouble-digitswhileallproductcategoriesoutpacedtheirrespectivemarkets.
    Internationalsustaineditsstrongnetsalesgrowthmomentuminhighlyattractive,largelyunderpenetratedmarkets.InjectableAestheticsdelivereddouble-digitnetsalesgrowthandoutperformedthemarketinbothNeuromodulatorsandFillers&Biostimulators.BothRestylaneandSculptradeliverednetsalesgrowthwithmarketsharegainsinmostkeycountriesdespitecontinuedsoftnessintheFillermarket.DermatologicalSkincarealsodelivereddouble-digitnetsalesgrowth,withoutstandinggrowthparticularlyinIndiaandChina.TherapeuticDermatologynetsalesgrowthwasdrivenbyNemluvio,withstronglaunchtrajectoriesalsoinitsfirstEuropeanmarkets.
    TheU.S.deliverednetsalesgrowthineachproductcategory.NetsalesgrowthwasespeciallystrongforNeuromodulatorsaswellasforTherapeuticDermatology,drivenbyNemluvio.InjectableAestheticsoutgrewasoftmarketandgainedshareinbothNeuromodulatorsandFillers&Biostimulators.NeuromodulatorsandBiostimulatorsnetsalesgrewdouble-digitwhileFillerscontinuedtobeimpactedbymarketsoftness.DermatologicalSkincarenetsalesgrowthwasmainlydrivenbyAlastin,growingdouble-digits,whileCetaphilhadastrongfourthquarterfromtheramp-upofrecentlaunchesandyear-endactivations.TherapeuticDermatologyhadoutstandingnetsalesgrowthdrivenbyNemluvio’sstrongtrajectoryinprurigonodularisandatopicdermatitis,morethanoffsettingtheanticipateddeclineinmatureproducts.
    Overall,Galdermacapitalizedonitsfivekeyopportunityareasfor2025,including1)significantlaunches,includingthestronguptakeofNemluvioandRelfydessinfirstmarketsandofSculptrainChina,2)marketsharegains,3)astrengthenedfinancialprofile,4)ashifttolong-termgrowth,and5)dynamiccommercialinvestmentstocontinuetodrivegrowth.
    InjectableAesthetics
    InjectableAestheticsnetsalesforthefullyearwere2,572millionUSD,up11.5%year-on-yearatconstantcurrency.Galdermaremainedonastronggrowthtrajectory,consistentlyoutpacingthemarket,drivenbyfocusedexecution,newproductlaunchesandfurthergeographicpenetration.
    Neuromodulatorsnetsaleswere1,471millionUSD,up14.3%year-on-yearatconstantcurrency.Bothgeographiesdelivereddouble-digitgrowthandcontinuedtogainmarketshare.Dysport®continuedtooutperformglobally,withstronggrowthintopmarkets.Relfydesshadastrongyearoflaunches,gainingsignificantshareasanextgenerationneuromodulatorrecognizedforitssuperiorprofile,whilesettingahighcomparablebasefor2026.DemonstratingfocusedexecutionofitsNeuromodulatorportfoliostrategy,withnetsalesincreasingforbothRelfydessandDysportinmarketswhereRelfydesswaslaunched.
    Fillers&Biostimulatorsnetsaleswere1,101millionUSD,up8.0%year-on-yearatconstantcurrency.Bothgeographiescontinuedtogainmarketshare,drivenespeciallybySculptraandtheuptakeofnewlaunches,includingSculptrainChinaandRestylane®SHAYPE™inBrazil.Fillersgloballycontinuedtobeimpactedbymarketsoftnesswithimportantpricingpressures,asaresultoflowerconsumerdemandandaggressivepromotionalactivityfromcompetitorsinthemid-face.Biostimulatorsmaintaineditsdouble-digitnetsalesgrowthmomentuminbothgeographies,asSculptracontinuedtostrengthenitspositionastheleadingbrandwithprovenregenerativecapabilities.SculptragrowthwasparticularlyhighinkeyInternationalmarketsandespeciallyinChinathankstoastronglaunchtrajectory.
    GaldermaalsomadeprogressinpreparingthenextfrontierofgrowthinInjectableAesthetics,maintainingitscommercialandregulatorymomentum.
    InNeuromodulators,Relfydessisquicklyrampingupandisnowapprovedin23Internationalmarkets.OnFebruary2,2026,GaldermaannouncedthattheU.S.Food&DrugAdministration(FDA)acceptedtheresubmissionofRelfydess’BiologicsLicenseApplication(BLA)forthetemporaryimprovementofmoderatetosevereglabellarlines(frownlines)andlateralcanthallines(crow’sfeet)inadults.
    InFillers,theU.S.FDAapprovedRestylaneLyft™withLidocaineinNovember2025foraugmentationofthechinregiontoimprovethechinprofileinpatientsovertheageof21withmild-to-moderatechinretrusion.InBiostimulators,Galdermacontinuestodemonstrateleadershipinregenerativeaesthetics.BeyondtheimportantlaunchofSculptrainChina,anewchapteropenedforthebrandinDecember2025,withtheEuropeanUnion(EU)MedicalDeviceRegulation(MDR)certificationexpandingitsapprovedclinicalapplicationsbeyondthefacetoincludetheglutealarea,posteriorthighs,décolletage,andupperarms.
    Galdermaisalsoshapingtheaestheticsjourneyforpatientsundergoingmedication-drivenweightloss,basedonitsprovenRestylaneandSculptraportfolio.Withitsdedicatedscientificagendaformarket-leadingeducationandtrainingactivitieswithhealthcareprofessionals,GaldermaalsosawstrongconversionofnewpatientstoitsportfoliointheU.S.fromitsSCULPT&LIFT™direct-to-consumercampaign.
    DermatologicalSkincare
    DermatologicalSkincarenetsalesforthefullyearwere1,449millionUSD,up9.3%year-on-yearatconstantcurrency.BothCetaphilandAlastincontinuedontheirstronggrowthtrajectories,outpacingtheirrespectivesegmentsglobally.
    GrowthwasverystronginInternationalmarkets,withCetaphilgainingshareanddeliveringexceptionalperformanceinAsia.Notably,ChinaandIndiacontinuedtodeliveroutstandingnetsalesgrowth,withparticularlystrongperformancefromyear-endactivations.Alastincontinuedtoramp-upinInternationalmarkets.IntheU.S.,growthwasdrivenbyAlastin,whichcontinuedtodeliverdouble-digitgrowthandtobethefastestgrowingtopphysician-dispensedskincarebrand.CetaphilintheU.S.,inayearofconstrainedconsumerspending,hadastrongfourthquarterfromtheramp-upofrecentlaunchesandyear-endactivations.
    Galderma’sdigital-firststrategyremainedapowerfulgrowthengineforCetaphil,withe-commerceitsfastestgrowingchannel.GrowthwasparticularlystronginthefourthquarterforCetaphilinChina,withstrongyear-endactivations.ThisincludedanotherrecordperformanceduringtheDouble11shoppingfestival,outperformingtheskincaremarketonline,amajorZootopia2campaign,andcelebrityendorsements.Globally,Cetaphilalsohadover100millionimpressionsfromkeyglobalactivations,includingCetaSphere–oneoftheworld’slargestskincareadvocacynetworks–andDermonTour–animmersive,science-drivenpop-upexperienceofferingfreedermatologyconsultationsinselectcities.Alastingrewacrosschannels,withafocusonphysician-firstengagement.
    GaldermaalsolauncheddifferentiatedinnovationinDermatologicalSkincaretodrivefurthergrowth,startingintheU.S.withtheopportunitytoexpandinInternationalmarkets.AmongkeyCetaphillaunchesweretheSkinActivatorHydrating&Firminglineforaging,fragileskinandtheNourishingOiltoFoamCleanserforsensitiveskin,bothcreatingentirelynewcategoriesbasedonstrongsciencedeliveringbreakthroughbenefits.Alastin®alsofurtherstrengtheneditsportfoliowiththelaunchofRestorativeSkinComplexfeaturingNextGenerationTriHexTechnology(TriHex+TM).Thisformulaincludestwogroundbreakingadditions,proventohelpvisiblyrestorefacialradianceandplumpingbysupportingtheskin’sownregenerativeabilities.InInternationalmarkets,Galdermacontinuedtoroll-outkeyinnovation,suchasCetaphil’sBrightHealthyRadianceorGentleExfoliatinglines.
    TherapeuticDermatology
    TherapeuticDermatologynetsaleswere1,185millionUSD,up50.2%year-on-yearatconstantcurrency.Netsalesgrowthwasverystrong,drivenbyanoutstandinglaunchtrajectoryofNemluvioinprurigonodularisandatopicdermatitis.ThismorethanoffsettheanticipateddeclineinthematureTherapeuticDermatologyportfoliointheU.S.,alongwithmodestgrowthfromthematureportfolioinInternationalmarkets.
    Fortheyear,Nemluviocontributed452millionUSDinnetsales.ThevastmajorityofNemluviosaleswererecordedintheU.S.,splitroughlyequallybetweenprurigonodularisandatopicdermatitis,withtheshareofthelatterincreasingquickly.ThelaunchtrajectoryhasbeenverystrongintheU.S.,andevenstrongerinNemluvio’sfirstInternationallaunchmarketsdespiterepresentingasmallshareofsales.
    Nemluvio’ssignificantmarketsharegainsintheU.S.areunderpinnedbyadifferentiatedprofile,salesforceexpansion,market-leadingeducation,andenhancedmarketaccess.IntheU.S.,Nemluviopaidnewpatientstarts(NBRx),fromtheendofDecember2025totheendofJanuary2026,wastrendingatabout35%marketshareinprurigonodularisandabout8%inatopicdermatitis.Themajorityofpatientsstartingtreatmentcontinuetobenewtobiologics.Followingbroadfirst-linebiologicaccessforNemluvioacrosscommercialplansin2025,GaldermasecureditsfirstmajorMedicareaccesswinbeginningJanuary2026.Animportantgross-to-netimpactisexpectedinthefirstquarteroftheyear,drivenbothbyaccessexpansionandtypicalseasonalcopayresetsintheperiod.
    BeyondlaunchingNemluvioinfiveInternationalmarketsin2025,Galdermacontinuedtomakeregulatoryprogress,withapprovalsnowsecuredinCanadaandSouthKorea,andadditionalsubmissionsunderway.
    Scientificleadershipandexcellenceinmedicaleducation
    In2025,Galdermareaffirmeditsleadershipindermatology,supportedbyaninnovative,sciencebasedportfolio,continuedprogressonitsscientificagenda,andastrongpresenceatscientificcongressesandkeyindustryevents.
    Amongthehighlights,GaldermapresentedlongtermNemluviodatainprurigonodularisandatopicdermatitis,reinforcingitsconsistentsafetyprofileanddurableclinicalefficacyacrossbothindicationsuptotwoyears,attheEuropeanAcademyofDermatologyandVenereology(EADV)2025,theRevolutionizingAtopicDermatitis(RAD)Conference,andtheXIVInternationalCongressofDermatology(ICD).Inaddition,GaldermaannouncedtheinitiationoftwonewclinicaltrialsevaluatingnemolizumabinSystemicSclerosis(SSc)andChronicPruritusofUnknownOrigin(CPUO),withthefirstpatientenrolledintheCPUOtrialinDecember2025.
    AswellaspresentingnewRelfydessdatathroughouttheyear,Galdermaunveiledfinalnine-monthdatafromaphaseIVfirst-of-its-kindtrialshowinglastingefficacyandpatientsatisfactionwithRestylaneLyftorContour®incombinationwithSculptrawhenaddressingfacialaestheticchangesfollowingmedication-drivenweightloss.Thisworksupportedthedevelopmentofinternationalconsensusbasedguidelines.
    Galdermaalsohadastrongpreseneatadditionalmajormedicalcongresses,includingtheIMCASWorldCongress2025,theAesthetic&Anti-AgingMedicineWorldCongress(AMWC)Monaco,AMWCDubai,andtheAmericanSocietyforDermatologicSurgery(ASDS)2025AnnualMeeting.
    Duringtheyear,over290,000healthcareprofessionalswerereachedthrougheducation,trainingandmedicalawarenessactivities,5includingtheGaldermaAestheticInjectorNetwork(GAIN)–whichcelebratedits10thanniversaryin2025–theGlobalSensitiveSkincareFaculty(GSSF),andtheSkinKnowledgeandInnovationNetwork(SKIN).
    Financialscorecard
    Forthefullyear2025,Galdermadelivered1,211millionUSDinCoreEBITDA,up18.9%year-on-yearatconstantcurrency.ThereportedCoreEBITDAmarginwas23.3%,representingamarginexpansionof24basispointsatconstantcurrencycomparedto2024.CoreEBITDAgrewaheadofnetsales,inayearofmajorlauncheswithreinvestmentsintogrowth,thankstoongoingoperatingleverageaswellasareducedadverseP&Limpactfromnemolizumabasaresultofgreatersales.Improvementsinoperatingexpensesalsooffsettheimpactofpricingeffectsandunfavorableproductmixongrossmargin.
    GaldermadeliveredevengreatergrowthinCorenetincomeforthefullyear.Corenetincomewas871millionUSD,up75.4%year-on-year,drivenbystrongCoreEBITDAgrowthaswellasreducedfinancingandtaxexpenses.Thelatterincludeaone-time,non-cashbenefitontheeffectivetaxrate,fromrecognizingdeferredtaxassetsonpasttaxlossesinSwitzerland.
    Galdermademonstratedverystrongcashgenerationfortheyear,duetosignificantCoreEBITDAgrowth,favorablenetworkingcapitalmovements,andlowerinterestpayments.Networkingcapitalpositionsimprovedsignificantlybehindeffectivenetworkingcapitalmanagement,structuralimprovementsdrivenbyshiftsinmarketandproductmixandphasingbenefits.
    CoreCapExbenefittedfromimprovedphasingofprojectspendaswellascontinuedfocusonspendefficienciesandsiteoperatingperformance.CoreCapExasapercentageofsalescontinuestocomedownduetothehighnetsalesgrowth.InvestmentssignificantlyincreasedcapacityatallofGalderma’smanufacturingsites,includingthebuild-outofthebiologicsproductionsiteforRelfydessinUppsala,Sweden.BeyondCapEx,Galdermaalsocommittedtospendmorethan650millionUSDonU.S.manufacturingthrough2030,viacontractmanufacturingpartners.AdditionaltechnologytransferstotheU.S.focusedonkeygrowthdrivershavealsobeeninitiated.
    CoreEPSwas3.69USDpershare,up76.7%year-on-year,benefittingfromthesharerepurchasesexecutedintheyear.Galdermarepurchasedsharesfor363millionUSDintheacceleratedbookbuildofferingsofGaldermasharesbySunshineSwissCoGmbH(“EQT”),AbuDhabiInvestmentAuthority(“ADIA”)andAubaInvestmentPte.Ltd.(“Auba”)whichtookplacethroughouttheyear.Fundedfromexistingliquidityonhand,theyaretobeheldintreasurytosupportGalderma’semployeeparticipationplans,businessdevelopmentactivitiesand/ortreasurymanagement.
    Continuingonarapiddeleveragingtrajectory,netleveragecamedownto1.5xattheendofDecember2025.Forthefullyear,Galderma’sambitiousdeleveragingandrefinancingwasunderpinnedbyfurtherpartialrepaymentofitsTermLoanof1.5billionUSD.Thiswasbasedonanearlydebtrepaymentof240millionUSDanddebtrefinancingof1,260millionUSD,whichincludedseveralCHFandEURbondissuances.
    BuildingonitsstrengthenedfinancialprofileheadlinedbyinvestmentgraderatingsfromS&P(BBB,positive)andFitch(BBB,stable),GaldermaswiftlyreplacedinFebruary2026itsRevolvingCreditFacilityoriginallyimplementedatthetimeoftheIPOin2024,withsignificantlyimprovedtermsandasizeincreasefrom0.7to1billionUSD.
    Galdermacontinuedtodemonstrateitscommitmenttosuperiorshareholderreturns,includingthroughsharerepurchasesanddividendpayment.Followinganotherrecordyear,Galderma’sBoardwillpropose,forapprovalattheupcomingAnnualGeneralMeeting,adividendpaymentoutofreservesfromcapitalcontributionsof0.35CHF(gross)pershare.6
    Galdermacontinuedtodiversifyandstrengthenitslongtermshareholderbase.Thisincludedanadditional10%equityinvestmentfromL’Oréal,bringingtheirtotalshareholdinginGaldermato20%,withthetransactionclosedinFebruary2026.
    ESGremainsanintegralpillarofGalderma’sstrategy.In2025,GaldermafocusedonstrengtheningthethreeconstitutiveelementsofitsESGStrategy.ThisincludedstreamliningitsESGFrameworkthroughaninauguraldoublematerialityassessment,strengtheningitsESGGovernancetosupportauditablenon-financialreporting,anddeliveringagainstaclearESGAmbition.Galderma’sESGStrategyhasgainedexternalrecognitionthroughimprovementsinkeyESGratings.Forinstance,in2025,GaldermareceivedanAArating(onascaleofAAA-CCC)intheMSCIESGRatingsassessment,upfromBBBin2024.
    Outlook
    Galdermaexpects2026tobeanotheryearofopportunities,withverystrongtop-linegrowthandsignificantCoreEBITDAmarginexpansion.Galdermaexpectsnetsalesgrowthof17-20%atconstantcurrencyandaCoreEBITDAmarginofapproximately26%atconstantcurrencyforthefullyear.
    Galderma’sprovenintegrateddermatologystrategyisunderpinningnetsalesgrowth,expectedtobeaheadofthemarketineachproductcategory.Italsocontinuestodriveoperatingleverage,whileallocatingappropriatelevelofinvestmentsintogrowthinacompetitiveenvironment.Confidentintheabilitytodeliver,theguidancealsoreflectsexistinguncertainties.Galderma’sdynamicapproachtocommercialinvestmentsprovidesresilienceandflexibilitytocaptureopportunities,leveragingabroadportfolioandgeographicreach.
    Intermsofforeignexchangeimpacts,whileguidanceisatconstantcurrency,basedonspotratesasoftheendofFebruary2026,USDdepreciationisexpectedtohaveapositiveimpactonreportednetsalesandanegativeimpactonreportedCoreEBITDAmargin,whichisduetoheadquartercostsdenominatedmainlyinCHF.AtablewithGalderma’sexposuretokeyforeignexchangecurrencypairsisavailableintheAppendix.Asfortariffs,exposureremainsmanageable,withtheguidanceassuminga15%U.S.tariffontheimportvalueofRestylaneandSculptra.
    FollowingastrongerthanoriginallyanticipatedfirstyearonthemarketintheU.S.andinEuropeanmarketsinprurigonodularisandatopicdermatitis,GaldermaisraisingitspeaksalesguidanceforNemluviofromabove2billionUSDtoabove4billionUSDforbothindicationsglobally.Thisreflectsitsstronglaunchtrajectorywithhigherdemandthanexpectedbasedonpositivereal-worldexperienceinadditiontoanalreadydifferentiatedclinicalprofile.
    InlightofitsgreaterexpectationforNemluvioandconfidenceinitsbroad-basedgrowthtrajectory,Galdermaisspecifyingits2023-2027mid-termguidancetobewithinorabovethepreviouslystatedrangesasperthetableavailableintheAppendix,alongwithadditionalmodellingmetricsfor2026.Guidanceforthemid-termisbasedonthesametariffassumptionasfor20267,andsubjecttothesameexpectedimpactfromforeignexchange.
    Webcastdetails
    Galdermawillhostitsfinancialresultscalltodayat14:00CETtodiscussthefullyear2025resultsandrespondtoquestionsfromfinancialanalysts.InvestorsandthepublicmayaccessthewebcastbyregisteringontheGaldermaInvestorRelationswebsiteathttps://investors.galderma.com/events-presentations.
    2025AnnualReport
    Galdermaissuedits2025AnnualReporttoday,anditisavailableathttps://investors.galderma.com/financial-reports.
    AboutGalderma
    Galderma(SIX:GALD)isthepure-playdermatologycategoryleader,presentinapproximately90countries.Wedeliveraninnovative,science-basedportfolioofpremiumflagshipbrandsandservicesthatspanthefullspectrumofthefast-growingdermatologymarketthroughInjectableAesthetics,DermatologicalSkincareandTherapeuticDermatology.Sinceourfoundationin1981,wehavededicatedourfocusandpassiontothehumanbody’slargestorgan–theskin–meetingindividualconsumerandpatientneedswithsuperioroutcomesinpartnershipwithhealthcareprofessionals.Becauseweunderstandthattheskinweareinshapesourlives,weareadvancingdermatologyforeveryskinstory.Formoreinformation:www.galderma.com.
    Appendices
    Appendix1:Fullyear2025netsalesbyproductcategoryandgeography
    Netsales
    Year-on-yeargrowth
    FY2024
    FY2025
    Constantcurrency
    Reported
    Grouptotal
    4,410
    5,207
    17.7%
    18.1%
    Byproductcategory
    InjectableAesthetics
    2,299
    2,572
    11.5%
    11.9%
    Neuromodulators
    1,285
    1,471
    14.3%
    14.5%
    Fillers&Biostimulators
    1,014
    1,101
    8.0%
    8.5%
    DermatologicalSkincare
    1,331
    1,449
    9.3%
    8.9%
    TherapeuticDermatology
    780
    1,185
    50.2%
    52.0%
    ofwhichNemluvio
    23
    452
    >100%
    >100%
    Bygeography
    International
    2,600
    2,976
    13.8%
    14.4%
    U.S.
    1,810
    2,231
    23.3%
    23.3%
    Appendix2:Q42025netsalesbyproductcategoryandgeography
    Netsales
    Year-on-yeargrowth
    Q42024
    Q42025
    Constantcurrency
    Reported
    Grouptotal
    1,151
    1,469
    25.2%
    27.6%
    Byproductcategory
    InjectableAesthetics
    601
    701
    14.5%
    16.6%
    Neuromodulators
    358
    418
    15.0%
    16.7%
    Fillers&Biostimulators
    243
    283
    13.8%
    16.5%
    DermatologicalSkincare
    341
    387
    12.6%
    13.3%
    TherapeuticDermatology
    208
    381
    76.3%
    83.0%
    ofwhichNemluvio
    21
    188
    >100%
    >100%
    Bygeography
    International
    686
    819
    15.3%
    19.3%
    U.S.
    465
    650
    39.9%
    39.9%
    Appendix3:ReconciliationofFY2025P&LfromIFRStoCorereporting
    InmillionUSD
    IFRS-asreported
    Exceptional&transformationrelateditems
    Amortization
    Depreciation
    Impairment
    Corereporting
    %NetSalesbasedonCorereporting
    Netsales
    5,207
    -
    -
    -
    -
    5,207
    Otherrevenue
    34
    -
    -
    -
    -
    34
    Costofgoodssold
    (1,632)
    -
    209
    24
    5
    (1,394)
    Grossprofit
    3,609
    -
    209
    24
    5
    3,847
    73.9%
    Researchanddevelopment
    (245)
    -
    -
    2
    -
    (243)
    4.7%
    Salesandmarketing
    (1,665)
    -
    1
    14
    -
    (1,651)
    31.7%
    Generalandadministrative
    (575)
    -
    36
    36
    6
    (496)
    9.5%
    Medicalandregulatory
    (116)
    -
    -
    1
    -
    (115)
    2.2%
    Distribution
    (132)
    -
    -
    1
    -
    (132)
    2.5%
    Otherincome/(expenses)
    (48)
    43
    -
    -
    5
    -
    -
    Operatingprofitasreported
    829
    Totaladjustments
    43
    246
    77
    16
    CoreEBITDA
    1,211
    Appendix4:ReconciliationofFY2025ofCoreEBITDAtoIFRSNetIncome
    InmillionUSD
    FY2024
    FY2025
    CoreEBITDA
    1,031
    1,211
    %margin
    23.4%
    23.3%
    Exceptionalandtransformationrelatedadjustments
    (60)
    (16)
    Otherincome/(expenses)excl.impairment
    (33)
    (43)
    TotalEBITDAadjustments8
    (93)
    (59)
    EBITDA
    938
    1,152
    %margin
    21.3%
    22.1%
    Depreciation
    (64)
    (77)
    Amortization
    (229)
    (246)
    Operatingprofit
    645
    829
    Netfinancialexpenses(incl.VCBrevaluationinFY2024)
    (328)
    (190)
    Foreignexchangelossonfinancingactivities
    (7)
    (0)
    Incomebeforetax
    310
    638
    Incometaxes
    (79)
    (26)
    Netincome
    231
    613
    Appendix5:ReconciliationofFY2025fromIFRSNetIncometoCoreNetIncome
    Amortization
    InmillionUSD
    FY2024
    FY2025
    Netincome
    231
    613
    TotalEBITDAadjustments8
    93
    59
    VCBfinancingrevaluation9
    (28)
    -
    229
    246
    Foreignexchangelossonfinancingactivities
    7
    0
    Incometaxesonaboveitems
    (36)
    (47)
    CorenetIncome10
    496
    871
    CoreEPSinUSD
    2.09
    3.69
    Appendix6:FY2025TotalNetIndebtedness
    InmillionUSD
    December312024
    December312025
    TotalIndebtedness11
    2,813
    2,602
    CashandCashEquivalents
    (457)
    (780)
    TotalNetIndebtedness
    2,356
    1,822
    Appendix7:Additionalmodellingmetrics
    2025actuals
    2026
    Non-coreadjustments12
    40MUSD
    (59MUSDincludingOperatingFx)
    30-40MUSD
    Effectivetaxrate13
    4.0%15
    (20.8%excludingone-timebenefit)
    ~20%
    CoreCAPEX,asapercentageofnetsales
    2.5%
    ~3%
    Networkingcapital,asapercentageofnetsales
    -4.2%
    -1–-3%
    Netfinancialexpenses14
    190MUSD
    180–190MUSD
    Appendix8:Mid-termguidance,basedonassumedtariffs7&allatconstantcurrency(CC)
    Priormid-termguidance,2023-2027ECCCAGR,
    ‘Teens’definedasnumbersgreaterthan10%&lowerthan20%
    Updated2023-2027guidance
    Topline
    Groupnetsales
    ‘Lowtomid-teens16’CAGR
    incl.nemolizumab
    +15-17%
    CCCAGR
    InjectableAesthetics
    ‘Lowtomid-teens16’CAGR
    +10-12%
    CCCAGR
    DermatologicalSkincare
    ‘Highsingle-tolow-teens16’CAGR
    +8.5-10.5%
    CCCAGR
    TherapeuticDermatology
    ‘High-teens16’CAGR
    incl.nemolizumab
    >30%
    CCCAGR
    Profitability
    CoreEBITDAmargin
    Incl.nemolizumab
    +300–500bpsCoreEBITDAmarginexpansion(vs.2023)
    by2027E,majorityofwhichdeliveredin2026and2027
    +450-550bpsmarginexpansionatCCvs.2023
    Nemluvio
    Peaksales(beyondmid-termperiodguidancehorizon)
    >2BUSD
    peaksales
    >4BUSD
    peaksales
    Appendix9:Overviewofforeignexchangerateexposure
    FXratescomparedtoUSD
    FY2025
    averagerate
    February2026
    closingrate
    CHF
    1.206
    1.294
    EUR
    1.130
    1.181
    BRL
    0.179
    0.195
    AUD
    0.645
    0.713
    CNY
    0.139
    0.146
    MXN
    0.052
    0.058
    SimulationofFXimpactfor2026full-yearabsolutefigures17
    Netsales
    +245bps
    CoreEBITDA
    +144bps
    Notesandreferences
    Constantcurrency(CC)year-on-yeargrowthisdefinedastheannualgrowthrateofnetsalesexcludingtheimpactofexchangeratesmovementsandexcludinghyperinflationeconomies.Theimpactofchangesinforeignexchangeratesareexcludedbytranslatingallreportedrevenuesduringthetwoperiodsataverageexchangeratesineffectduringthepreviousyear.
    CoreEBITDAisdefinedasEBITDAexcludingthefollowingitemsthataredeemednon-core:acquisitionanddisposal;integrationandcarve-outrelatedincomeandexpenses;onerouscontracts;businessdisposalgainsandlosses;restructuringandreorganizationrelateditems;litigationrelateditems;impairmentofPPEandintangibleassets;IPO-relatedincentiveplansaswellasotherincomeandexpenseitemsthatmanagementdeemsexceptionalandthatareexpectedtoaccumulatewithintheyeartobeover2MUSDthreshold(2024:1MUSDthreshold).Theseincludetransformation,carve-outandbuild-uprelatedprojectcostsaswellaspost-acquisitionrelatedaccountingimpacts.
    CoreEPSiscalculatedasCorenetincomedividedbytheweightedaveragenumberofoutstandingshares.
    LeverageisdefinedasTotalNetIndebtednessdividedbyCoreEBITDAonatwelve-monthsrollingbasis.
    Singletrainingcontactpoints,onehealthcareprofessionalcanbetrainedmorethanonce.
    Dividend-bearingsharesareallsharesissuedexceptfortreasurysharesheldbyGaldermaGroupAGoritsdirectorindirectfullyownedsubsidiariesasoftherecorddate.ThedividendwillbepaidinCHF.Thedistributionof0.35CHFpershareissubjecttotheoverallcapof135millionUSDconvertedintoCHFtwobusinessdayspriortotheAnnualGeneralMeetingdividedbythenumberofoutstandingshares.Providedthattheproposeddividendpaymentoutofreservesfromcapitalcontributionsisapproved,thepaymentwillbemadeasofApril28,2026toholdersofsharesontherecorddateApril27,2026.Theshareswillbetradedex-dividendasofApril24,2026and,accordingly,thelastdayonwhichthesharesmaybetradedwithentitlementtoreceivethedividendwillbeApril23,2026.
    Assumesa15%U.S.tariffontheimportvalueofRestylaneandSculptra.
    2024adjustmentsinclude48MUSDforIPOrelatedincentiveplans,4MUSDforVCBbonus,12MUSDlitigation,9MUSDrestructuring,8MUSDforplatformtransformationcosts,6MUSDforIPO,4MUSDforoperatingFX.2025adjustmentsinclude18MUSDimpairment,13MUSDrestructuring,12MUSDlitigation,7Monerousitems,2MUSDM&A,19MUSDforoperatingFX;offsetbyincomeof12Mfrompensionaccountingand2Mimpairmentreversal.
    ValueCreationBonus(VCB):Non-cashitem,settledanddiscontinuedatIPO:pre-IPOlong-termincentive(LTI)planopentoselectedmanagementemployees.PostIPO:VCBhasbeenreplacedbyLTIplan,whichwasincludedinGalderma’s2025andmid-termCoreEBITDAmarginguidance.
    CoreNetIncomeisdefinedasnetincomeadjustedforthesameitemsthataretreatedasexceptionalforpurposesofdefiningCoreEBITDA,aswellasamortizationofintangibleassetsandforeignexchangegainsandlossesonfinancingactivities.TaxesontheadjustmentsbetweenIFRSnetincomeandCoreNetIncometakeintoaccount,foreachindividualitemincludedintheadjustment,thetaxratethatwillfinallybeapplicabletotheitembasedonthejurisdictionwheretheadjustmentwillfinallyhaveataximpact.
    Indebtednessincludesfinancialdebtandleaseliabilities.
    Includesassumptionsforotherincomeandexpensesrelatedtotangibleassetimpairments,ongoinglitigationandonerousitems,restructuringchargesandothers,excludingM&AfeesandtheimpactfromOperatingFx.
    Onreportedprofitbeforetax.
    Includesinterestincomeandinterestexpense,excludingFximpact.
    Includesaone-time,non-cashbenefitfromrecognizingdeferredtaxassetsonpasttaxlosses.
    ‘Teens’definedasnumbersgreaterthan10%andlowerthan20%.
    Factorsinthesimulationofallforeignexchangerateexposures,includingforcurrenciesnotlistedinthetableofexchangeratesforsignificantFXexposures.
    Forward-lookingstatements
    Certainstatementsinthisannouncementareforward-lookingstatements.Forward-lookingstatementsarestatementsthatarenothistoricalfactsandmaybeidentifiedbywordssuchas"plans","targets","aims","believes","expects","anticipates","intends","estimates","will","may","continues","should"andsimilarexpressions.Theseforward-lookingstatementsreflect,atthetime,Galderma'sbeliefs,intentionsandcurrenttargets/aimsconcerning,amongotherthings,Galderma'sresultsofoperations,financialcondition,industry,liquidity,prospects,growthandstrategiesandaresubjecttochange.Theestimatedfinancialinformationisbasedonmanagement'scurrentexpectationsandissubjecttochange.Bytheirnature,forward-lookingstatementsinvolveanumberofrisks,uncertaintiesandassumptionsthatcouldcauseactualresultsoreventstodiffermateriallyfromthoseexpressedorimpliedbytheforward-lookingstatements.Theserisks,uncertaintiesandassumptionscouldadverselyaffecttheoutcomeandfinancialconsequencesoftheplansandeventsdescribedherein.Actualresultsmaydifferfromthosesetforthintheforward-lookingstatementsasaresultofvariousfactors(including,butnotlimitedto,futureglobaleconomicconditions,changedmarketconditions,intensecompetitioninthemarketsinwhichGaldermaoperates,costsofcompliancewithapplicablelaws,regulationsandstandards,diversepolitical,legal,economicandotherconditionsaffectingGalderma’smarkets,andotherfactorsbeyondthecontrolofGalderma).NeitherGaldermanoranyoftheirrespectiveshareholders(asapplicable),directors,officers,employees,advisors,oranyotherpersonisunderanyobligationtoupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Youshouldnotplaceunduerelianceonforward-lookingstatements,whichspeakofthedateofthisannouncement.Statementscontainedinthisannouncementregardingpasttrendsoreventsshouldnotbetakenasarepresentationthatsuchtrendsoreventswillcontinueinthefuture.Someoftheinformationpresentedhereinisbasedonstatementsbythirdparties,andnorepresentationorwarranty,expressorimplied,ismadeasto,andnorelianceshouldbeplacedon,thefairness,reasonableness,accuracy,completenessorcorrectnessofthisinformationoranyotherinformationoropinionscontainedherein,foranypurposewhatsoever.Exceptasrequiredbyapplicablelaw,Galdermahasnointentionorobligationtoupdate,keepupdatedorrevisethisannouncementoranypartsthereof.

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