Q4 2025 Almirall SA Earnings Call Transcript
Key Points
- Almirall SA (LBTSF) met its 2025 guidance with net sales growth of 12.4%, reaching EUR1,108 million.
- The company achieved a dividend within the expected range, closing the year at nearly EUR233 million.
- Ilumetri sales reached EUR234 million, showing a steady 12% year-on-year increase.
- Ebglyss sales more than tripled to EUR111 million, reflecting successful European rollout and strong market acceptance.
- The company maintains a strong balance sheet with a net debt-to-EBITDA ratio of zero, providing financial flexibility for future investments.
- Gross margin pressure was noted, with a decrease to 64.4% due to higher royalty costs associated with Ilumetri.
- SG&A expenses increased by 8% year-on-year, driven by ongoing support for Ebglyss launch and investment in key brands.
- The US market performance declined due to consistent generic competition affecting legacy products.
- Seysara sales declined due to intensifying competition in the oral antibiotic segment for acne.
- The company anticipates continued gross margin pressure in 2026 due to increased royalty rates, particularly for Ilumetri.
Good day and thank you for standing by. Welcome to the Almirall full year 2025 earnings call. (Operator Instruction) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to our speaker today, Pablo Divasson, Head of Investor Relations. Please go ahead.
Thank you very much, Sandra, and good morning, everyone.
Thank you for joining us for today's quarterly earnings update and review of Almirall's full year financial results of 2025. As always, we are sharing the slides we are using today in the investor section of our website at Almirall.com.
Please, move to slide number two. Let me remind you that the information presented in this call contains forward-looking statements which involve known and unknown risk, uncertainties, and other factors that may cause actual results to materially differ from what we are sharing today. Please move to slide number 3.
Presenting today, Carlos Gallardo, Chairman and Chief Executive
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