Q2 2026 Almirall SA Earnings Call Transcript
Key Points
- Almirall SA (STU:E2Z) reported net sales of EUR603 million for the first half of 2026, showing a 7.5% growth year-on-year.
- The company's European dermatology segment continues to be a primary growth engine, delivering solid double-digit growth.
- Ilumetri achieved steady double-digit growth, with net sales reaching EUR125 million in the first half of 2026.
- Ebglyss sales nearly doubled year-on-year, reaching approximately EUR85 million in the first half of 2026.
- Almirall SA (STU:E2Z) maintains a strong balance sheet with a net cash-to-EBITDA ratio of around 0.1, providing significant financial flexibility.
- The company experienced a decline in performance in the United States due to continued pressure on its legacy portfolio.
- There was a softness in sales in Germany due to a modest pricing adjustment, which may have shifted some sales from June to July.
- Almirall SA (STU:E2Z) faces ongoing pressure from higher royalty tiers associated with Ilumetri's net sales growth.
- The company anticipates a pickup in SG&A expenses in the coming quarters, which could impact margins.
- The German drug pricing reform, set to take effect in 2027, poses potential challenges for the company's pricing strategy.
Good day and thank you for standing by. Welcome to the 2026 first half earnings call of Almirall.(Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn on the conference with your speaker today, Pablo Divasson, Head of Investor Relations. Please go ahead.
Thank you very much, Sharon, and good morning, everyone. Thank you for joining us for today's quarterly earnings update and review of Almirall first-half-year financial results of 2026. As always, the slides we are using today are shared in the Investor section of our website at almiral.com.
Please move to slide number 2. Let me remind you that the information presented in this call contains forward-looking statements, which involve known and unknown risks, 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 are Carlos Gallardo, Chairman and Chief Executive
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