Galderma Group AG (FRA:PY30)

Half Year 2026 Galderma Group AG Earnings Call Transcript

Jul 23, 2026 / 11:00 AM GMT

Release Date Price: €34.8 (-4.40%)

Transcript

Key Points

Positve

Galderma Group AG (GDERF) delivered record net sales of USD 3.1 billion in the first half of 2026, marking a 24.6% year-on-year growth at constant currency.
The company achieved a core EBITDA margin of 25.6%, exceeding initial expectations and demonstrating strong operating leverage.
Galderma Group AG (GDERF) raised its full-year net sales growth guidance to 19% to 21% at constant currency, reflecting strong performance across all product categories.
The company's dermatological skin care segment saw significant growth, with net sales up 16.4% at constant currency, driven by strong performance in international markets, particularly in Asia.
Galderma Group AG (GDERF) maintained a strong balance sheet with net leverage reduced to 1.2x EBITDA, providing flexibility for potential inorganic growth opportunities.

Negative

The U.S. FDA issued a complete response letter for Galderma's Relabotulinum toxin A, addressing manufacturing site observations, which may delay U.S. approval.
The filler market continues to experience softness, impacting growth in the injectable aesthetics segment.
The mature therapeutic dermatology portfolio is expected to face negative growth in the second half of the year due to generic entries.
Galderma Group AG (GDERF) faces a competitive market environment, requiring continued investment to maintain growth momentum.
The company anticipates potential consumer demand deterioration in the second half of 2026 due to a volatile political and macroeconomic environment.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GALD.S - Galderma Group AG
Half Year 2026 Galderma Group AG Earnings Call
Jul 23, 2026 / 11:00AM GMT

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Conference Call Participants
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* Emil Ivanov
* Flemming Ornskov
* Luigi Felice Corte
* Benjamin Jackson
* Victor Floch
* Shyam Kotadia
* Emily Tedbury
* Sophia Graeff Buhl Nielsen
* Harry Sephton

=====================
Presentation
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Operator [1]
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Good day, and thank you for standing by. Welcome to Galderma's conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Emil Ivanov, Head of Strategy, Investor Relations, and ESG to introduce the call. Emil, please go ahead.

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Emil Ivanov,

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