Galderma Group (GALD) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of $5.207 billion in 2025, up 17.7% year-over-year at constant currency, surpassing $5 billion for the first time, driven by broad-based volume growth across all geographies and product categories.

• Core EBITDA reached $1.211 billion (23.3% margin), up 18.9% year-over-year, with margin expansion and core EPS up 76.7% to $3.69, supported by strong operational leverage, reduced financing/tax expenses, and share repurchases.

• Major product launches and innovation, including Nemluvio and Relfydess, fueled growth, with all top 10 markets growing and eight achieving double-digit growth.

• Transformation to a global dermatology leader largely completed, with strengthened balance sheet and net leverage reduced to 1.5x.

• Significant ESG progress, including AA MSCI ESG rating and improved non-financial indicators.

Financial highlights

• Net sales: $5.207 billion, up 17.7% year-over-year at constant currency.

• Core EBITDA: $1.211 billion (23.3% margin), up 18.9% year-over-year; margin expanded by 24 basis points.

• Core net income: $871 million, up 75.4% year-over-year.

• Core EPS: $3.69, up 76.7% year-over-year.

• Cash generated from operations: $1.441 billion; early debt repayment of $240 million; $363 million in share repurchases.

Outlook and guidance

• 2026 guidance: net sales growth of 17–20% at constant currency; Core EBITDA margin of approximately 26%.

• Mid-term (2023–2027) guidance: Group net sales CAGR of 15–17% at constant currency; margin expansion of 450–550 basis points expected by 2027.

• Nemluvio peak sales guidance raised to above $4 billion globally; expected to break even in 2026, one year ahead of plan.

• Foreign exchange expected to positively impact net sales but negatively impact Core EBITDA margin.