EL7.AI
StocksMedium•26 October 2026•
4 min read

Galderma raises sales growth outlook to 22.5–23.5% after results surge

Key Facts

1Galderma raised its 2026 net sales growth outlook to 22.5–23.5%, from 19–21% previously, at constant exchange rates.
2Net sales reached $4,765 million in the first nine months of 2026, up 25.1% at constant exchange rates and 27.5% on a reported basis.
3Therapeutic Dermatology sales rose 64.4% to $1,347 million, while Nemluvio sales reached $735 million.
4Galderma shares rose as much as 5.8% in morning trading on October 22, 2026.
5The company expects initial results from the Nemluvio study during the first quarter of 2027.

On October 22, Galderma raised its 2026 net sales growth outlook to 22.5–23.5% at constant exchange rates, from a previous range of 19–21%, after delivering a stronger-than-expected performance in the first nine months. The revision marked the second guidance increase this year, following the company’s July raise from 17–20% to 19–21%. The company said strong performance through the end of September came from strength in Therapeutic Dermatology, Skin Care and Injectable Aesthetics. Net sales reached $4,765 million, up 25.1% at constant exchange rates and 27.5% on a reported basis. The outlook revision is significant because growth was broad-based across the company’s businesses, while the new guidance remains based on constant exchange rates.

Sales continued to grow in the third quarter, rising 26.0% at constant exchange rates and 26.6% on a reported basis. Galderma said sustained consumer demand supported performance, alongside market conditions that remained more resilient than expected, particularly in its premium positions in Injectable Aesthetics and Skin Care. Across the first nine months, the company attributed the strong trajectory mainly to higher volumes, with a positive contribution from product mix. It added that performance in Therapeutic Dermatology included growth from Nemluvio and the established portfolio, alongside Skin Care and Injectable Aesthetics. The company said growth “continued to be primarily volume-driven, with support from positive product mix.”

Therapeutic Dermatology was the fastest-growing of the main businesses, with sales rising 64.4% at constant exchange rates to $1,347 million in the first nine months. Sales of Nemluvio, one of the segment’s leading products, reached $735 million over the same period. The figures show that treatments contributed strongly to overall growth, outperforming the Aesthetics and Skin Care businesses. The company also said its established therapeutic portfolio helped support performance alongside Nemluvio. The differing growth rates reflect varying expansion across Galderma’s segments, with Therapeutic Dermatology clearly leading during the period.

By contrast, Injectable Aesthetics sales grew 13.2% at constant exchange rates, while Skin Care sales rose 16.2% in the first nine months. These figures distinguish between the Injectable Aesthetics and Skin Care businesses rather than combining them into a single Aesthetics segment growth rate. Growth in both businesses provided additional support for sales, although at a slower pace than Therapeutic Dermatology. The company linked third-quarter performance in these areas to sustained consumer demand and resilient market conditions in premium positions. The outlook increase followed Galderma’s description of the first nine months’ trajectory as stronger than expected, with strength in these businesses and Injectable Aesthetics.

Despite raising its sales outlook, Galderma maintained its estimate for core EBITDA margin at around 26% at constant exchange rates. The company said it continues to invest in growth opportunities. Its original 2026 guidance, issued with its 2025 results, set expected sales growth at 17% to 20% and a margin of around 26%. In July, it said its outlook took into account manageable exposure to U.S. tariffs and the potential impact of weaker consumer demand in the second half. Maintaining the margin estimate means the October update focused on sales growth, while the stated core profitability estimate remained unchanged.

Galderma shares rose as much as 5.8% in morning trading on October 22, following the results and outlook increase. On trade costs, Chief Executive Flemming Ornskov said the company is assessing the impact of U.S. Section 232 tariffs, which took effect in September, including their impact on Nemluvio. This follows the company’s inclusion of its U.S. tariff exposure among the factors considered in its July guidance. The current 2026 outlook does not include the potential impact of the acquisition of ZO Skin Health. Galderma said the deal is expected to close in the fourth quarter of 2026 or early 2027, subject to approvals and customary conditions.

Among the company’s upcoming developments, Galderma expects initial results from the Phase 2 study of Nemluvio for chronic pruritus of unknown origin during the first quarter of 2027. Those results remain a future milestone for the product, which recorded sales of $735 million in the first nine months of 2026. The ZO Skin Health deal remains outside the current sales outlook pending its expected completion in the fourth quarter of 2026 or early 2027. Closing the deal depends on obtaining approvals and meeting customary conditions. The upcoming agenda thus combines expected commercial updates for Nemluvio with the completion of an acquisition whose potential effects have not been included in the year’s guidance.