Galderma Group (GALD) Q3 2025 TU earnings summary

Executive summary

• Achieved record net sales of $3.737 billion for the first nine months of 2025, up 15% year-over-year at constant currency, with Q3 growth accelerating to 21% and driven by volume and favorable mix.

• Growth was broad-based across all product categories and geographies, with standout performance from Nemluvio in the U.S. and strong innovation momentum.

• Raised full-year 2025 guidance for net sales growth to 17%-17.7% and Core EBITDA margin to 23.1%-23.6% at constant currency.

• Strong commercial execution and innovation, with significant contributions from Nemluvio, neuromodulators, and dermatological skincare.

Financial highlights

• Net sales for the first nine months: $3.737 billion, up 15% year-over-year at constant currency.

• Q3 net sales growth: 21% year-over-year at constant currency.

• Injectable Aesthetics net sales: $1.871 billion, up 10.5%; Neuromodulators up 14.0%; Fillers & Biostimulators up 6.2%.

• Dermatological Skincare: $1.063 billion, up 8.2%; Therapeutic Dermatology: $804 million, up 40.4%.

• U.S. net sales grew 17.5% and international sales 13.2% year-over-year at constant currency.

Outlook and guidance

• Full-year 2025 net sales growth guidance raised to 17%-17.7% (from 12%-14%).

• Core EBITDA margin guidance increased to 23.1%-23.6% at constant currency (from ~23%).

• Guidance reflects Nemluvio's ramp-up, strong Injectable Aesthetics trajectory, and expected high single-digit growth in Dermatological Skincare.

• Effective tax rate expected at the lower end of the 23%-25% range.

• U.S. tariffs and FX impacts are fully factored into guidance; further changes may impact results.