Galderma Group (GALD) Q1 2025 TU earnings summary

Executive summary

• Achieved record Q1 2025 net sales of $1.129 billion, up 8.3% year-over-year at constant currency, driven by strong execution, volume, and major product launches including Nemluvio and Relfydess.

• Growth was broad-based across product categories and geographies, with International markets up 10.4% and U.S. up 5.0% at constant currency.

• Major launches included Nemluvio, Relfydess, Sculptra in China, and Restylane SHAYPE in Brazil, supporting innovation leadership.

• Continued focus on innovation, commercial execution, and education to drive growth, especially in Injectable Aesthetics.

• Strengthened balance sheet through rapid deleveraging and robust cash flow, enabling further pipeline investments.

Financial highlights

• Q1 2025 net sales: $1.129 billion, up 8.3% year-over-year at constant currency, exceeding expectations.

• Injectable Aesthetics: $547 million (+9.9%), Neuromodulators: $311 million (+21.4%), Fillers & Biostimulators: $236 million (-2.3%).

• Dermatological Skincare: $370 million (+7.8%), with strong performance from Cetaphil and Alastin.

• Therapeutic Dermatology: $212 million (+4.9%), with Nemluvio contributing $39 million.

• International net sales: $697 million (+10.4%), U.S. net sales: $432 million (+5.0%).

Outlook and guidance

• Full-year 2025 guidance confirmed: net sales growth of 10-12% and Core EBITDA margin of approximately 23% at constant currency.

• Guidance incorporates current U.S. tariff exposure, which is manageable and mainly impacts Fillers & Biostimulators.

• Over-delivery in Q1 de-risks full-year guidance, providing flexibility to absorb further tariff or demand-related impacts.

• Growth acceleration expected from Q2, driven by new launches and international expansion.