Galderma Group (GALD) Investor presentation summary

Strategic transformation and growth trajectory

• Transitioned from a PE-owned standalone entity to a publicly listed company with a diversified, long-term shareholder base, completing a major transformation between 2020 and 2026.

• Refocused on dermatologists, reset commercial fundamentals, and reignited growth across all three product categories.

• Strengthened portfolio, expanded innovation pipeline, and scaled up U.S. and international footprint.

• Achieved a capital structure reset and broadened market leadership ambitions.

Financial performance and outlook

• Net sales grew from $2.7B in 2019 to $4.4B in 2024, with a projected low to mid-teens CAGR (2023-2027E) and core EBITDA margin expansion of 300-500 bps.

• Company valuation increased from CHF 10.2B in 2019 to ~CHF 38B by January 2026.

• Focus on organic growth, deleveraging, targeted M&A, and shareholder returns, with a dividend payout target of up to 20%.

• Attractive EPS growth profile, consistently outperforming self-care peers.

Portfolio, innovation, and market expansion

• Maintains the broadest dermatology portfolio, including flagship brands in injectables, skincare, and therapeutic dermatology.

• Significant launches in 2025-26: Nemluvio, Relfydess, Sculptra (China), Restylane SHAYPE (Brazil), and new Restylane indications in the U.S.

• Strong momentum in underpenetrated international markets and continued growth in the U.S.

• Ongoing innovation in dermatological skincare, with Cetaphil achieving record e-commerce growth in China and successful new product launches in the U.S.