Ad hoc announcement pursuant to Art. 53 LR
Galderma Group AG (SWX:GALD), the pure-play dermatology category
leader, today announced its sales performance for the first quarter
of 2024.
- Record net sales of 1.071 billion USD in the first quarter
of 2024, surpassing for the first time the 1 billion USD mark
for the first three months in a year
- Net sales growth for the first quarter of 2024 was 12.4%
year-on-year on a constant currency basis1, primarily driven by
volume
- Broad-based growth across all product categories, with
constant currency year-on-year growth of 19.3% for Injectable
Aesthetics, 8.4% for Dermatological Skincare, and 4.1% for
Therapeutic Dermatology
- Growth across geographies, especially in International
markets while U.S. growth accelerated year-on-year
- 2024 full year guidance confirmed: 7-10% net sales
year-on-year growth at constant currency and Core EBITDA margin in
line with 2023 at constant currency
- Continued execution of Galderma’s integrated dermatology
strategy, progressing on its innovation pipeline, commercial
execution, as well as market-leading education and services
- Publicly listed as GALD on the SIX Swiss Exchange since
March 22, 2024, following the initial public offering
“We started the year strong, continuing on
Galderma’s growth trajectory and celebrating our first days of
trading on the SIX Swiss Exchange. This is a testament to our
proven integrated dermatology strategy and the focus of our
employees globally, each committed to serving our healthcare
professionals, consumers and patients worldwide. With attractive
growth across our product categories and geographies, we are
confident in our financial outlook for the year.”
FLEMMING ØRNSKOV, M.D., MPH CHIEF
EXECUTIVE OFFICER GALDERMA
Strong commercial performance
For the first quarter of 2024, Galderma achieved record net
sales of 1.071 billion USD, surpassing the 1 billion USD mark for
the first three months in a year for the first time. Year-on-year
net sales growth on a constant currency basis for the period was
12.4%, primarily driven by volume.
Net Sales growth was widespread across product categories and
geographies. All product categories grew, with notable strong
performance in Injectable Aesthetics supported by a low 2023
comparable base. Across International markets, there was continued
double-digit growth momentum fueled by strong performance in major
markets. For the U.S., growth accelerated year-on-year and was
primarily driven by volume and a favorable product mix.
Injectable Aesthetics
Injectable Aesthetics net sales for the first quarter of 2024
were 511 million USD, with year-on-year growth of 19.3% on a
constant currency basis.
Both Injectable Aesthetics sub-categories grew double-digit. For
the first three months of 2024, Neuromodulators net sales were 263
million USD, with year-on-year growth of 20.4% on a constant
currency basis, and Fillers and Biostimulators net sales were 248
million USD, with year-on-year growth of 18.2% on a constant
currency basis.
Injectable Aesthetics growth overall was mainly driven by
volume, with continued growth momentum across geographies.
Year-on-year growth for the first three months of 2024 was
supported by a low 2023 comparable base, predominantly for the
Fillers & Biostimulators sub-category.
Dermatological Skincare
Dermatological Skincare net sales for the first quarter of 2024
were 351 million USD, with year-on-year growth of 8.4% on a
constant currency basis.
The growth overall was mainly driven by volume and favorable
product mix. Cetaphil in International markets and Alastin both
grew double-digits more than offsetting market softness in the U.S.
skincare market and lower U.S. consumption of Cetaphil.
Therapeutic Dermatology
Therapeutic Dermatology net sales for the first quarter of 2024
were 209 million USD, with year-on-year growth of 4.1% on a
constant currency basis.
The growth was mainly driven by volume in International markets
offsetting anticipated lower US volumes, partially driven by
phasing impact, as well as ongoing genericization.
With a strong start to the year, Galderma confirms its full year
guidance for 2024, of 7-10% net sales year-on-year growth at
constant currency and a Core EBITDA margin in line with 2023 at
constant currency.
Galderma’s proven Integrated Dermatology Strategy
The strong momentum is based on continued execution in the first
quarter of the year of Galderma’s three strategic pillars,
expanding the broadest portfolio in dermatology with leading
science and innovation, strengthening commercial execution, and
offering market-leading education and services.
Regarding its leading dermatology portfolio, Galderma continued
to drive growth through portfolio and geographic expansion. Recent
new launches were a strong source of growth, such as Cetaphil’s new
ranges including Healthy Renew anti-aging skincare, Sculptra’s
launch in Thailand, as well as new product introductions and
international expansion for both Alastin and acne brands. Galderma
also maintained efforts to strengthen its scientific
differentiation as well as advance its innovation pipeline across
product categories. This included launching Restylane SHAYPE™ in
Canada, a filler with ‘bone-mimicking’ properties using NASHA HD™
technology for temporary augmentation of the chin region, and
nemolizumab’s regulatory submission update announcing FDA priority
review for prurigo nodularis and regulatory filing acceptance in
the U.S. and the EU for both prurigo nodularis and atopic
dermatitis.
As for commercial execution, Galderma maintained its strong
focus across product categories. A key highlight includes Cetaphil
activation, including reaching over 5 billion impressions globally
through its campaigns for two events in the first quarter of 2024,
with #FaceOfCetaphil campaign for the New York Fashion Week and the
U.S. #GameTimeGlow campaign for the Super Bowl, along with locally
tailored promotional activities such as the one for Chinese New
Year. In addition, 2024 marks the celebration of 25 years of
Sculptra, with activation initiated in the first quarter enabled by
new scientific data and insights.
Finally, Galderma’s commitment to market-leading education and
services was showcased through its presence at major medical
congresses, including at the Aesthetic & Anti-Aging Medical
World Congress (AMWC), the American Academy of Dermatology (AAD)
annual meeting, and IMCAS World Congress. Engagement with
healthcare professionals covered the full spectrum of Galderma’s
portfolio, with a particular focus on showcasing its unparalleled
aesthetics portfolio and yielding growing appreciation for
nemolizumab. Galderma also launched ‘NEXT’, an innovative report
that unveils the possible future of aesthetics, identifying six key
trends with leading minds from the aesthetics community.
March 22, 2024, also marked an important milestone for Galderma,
as its first trading day on the SIX Swiss Exchange, with
237,897,635 shares recorded in the commercial register following
its Initial Public Offering (IPO). Galderma was internally already
run as a public company prior to the listing, with robust
governance, corporate platform, and regular external
communications.
In particular, Environmental, Social and Governance (ESG) has
been and will remain integral to the company’s strategy. To
demonstrate this commitment, in 2024, Galderma engaged
Sustainalytics to perform a broad-based pre-IPO Corporate ESG
Assessment of Galderma, covering eight ESG categories, including
Product Governance, Corporate Governance, Human Capital, Emissions,
Effluents and Waste, and Business Ethics. Sustainalytics assessed
Galderma as having an overall indicative Corporate ESG Assessment
of 19.5, which places Galderma in the ‘low risk’ category as of
February 23, 2024. The indicative score would place Galderma in the
top fourth percentile of all companies in its subindustry assessed
by Sustainalytics2.
Webcast details
Galderma will host a trading update call today at 14:00 CEST to
discuss first quarter 2024 results and respond to questions from
financial analysts. Investors and the public may access the webcast
by registering on the Galderma Investor Relations website at
https://investors.galderma.com/events-presentations.
Appendix – Net sales by product category and
geography
In million USD
First quarter net
sales
Year-on-year growth
2023
2024
Constant currency
Reported
Group total
954
1,071
12.4%
12.3%
By product category
Injectable Aesthetics
430
511
19.3%
18.8%
Neuromodulators
218
263
20.4%
20.5%
Fillers & Biostimulators
212
248
18.2%
17.0%
Dermatological Skincare
326
351
8.4%
7.9%
Therapeutic Dermatology
198
209
4.1%
5.2%
By geography
International
567
660
16.5%
16.3%
U.S.
387
411
6.4%
6.4%
Notes and references
- Constant currency year-on-year growth means the annual growth
rate of net sales, excluding the impact of exchange rates movements
and excluding hyperinflation economies. The impact of changes in
foreign exchange rates are excluded by translating all reported
revenues during the two periods at average exchange rates in effect
during the previous year.
- Our indicative score would place us in both the top fourth
percentile of pharmaceuticals companies assessed by Sustainalytics
and in the top 27th percentile of all companies assessed by
Sustainalytics. Sustainalytics is a leading ESG research provider
that provides research based on its independent methodology, and
publicly available information or non-confidential information from
issuers. While Sustainalytics exercised due care in compiling the
Corporate ESG Assessment, it makes no warranty, express or implied,
regarding the accuracy, completeness or usefulness of any facts or
statements included therein that Galderma had made available to
Sustainalytics for this purpose, in light of the circumstances
under which such facts or statements have been presented, and
assumes no liability with respect to the consequences of relying on
this information for investment or other purposes. In no event the
Corporate ESG Assessment nor any portion thereof shall be
considered as an offer to buy a security, solicitation of votes or
proxies, investment advice, expert opinion or an assurance letter
as defined by the applicable legislation
Forward-looking statements
Certain statements in this announcement are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and may be identified by words such as "plans",
"targets", "aims", " believes", "expects", "anticipates",
"intends", "estimates", "will", "may", "continues", "should" and
similar expressions. These forward-looking statements reflect, at
the time, Galderma's beliefs, intentions and current targets/ aims
concerning, among other things, Galderma's results of operations,
financial condition, industry, liquidity, prospects, growth and
strategies and are subject to change. The estimated financial
information is based on management's current expectations and is
subject to change. By their nature, forward-looking statements
involve a number of risks, uncertainties and assumptions that could
cause actual results or events to differ materially from those
expressed or implied by the forward-looking statements. These
risks, uncertainties and assumptions could adversely affect the
outcome and financial consequences of the plans and events
described herein. Actual results may differ from those set forth in
the forward-looking statements as a result of various factors
(including, but not limited to, future global economic conditions,
changed market conditions, intense competition in the markets in
which Galderma operates, costs of compliance with applicable laws,
regulations and standards, diverse political, legal, economic and
other conditions affecting Galderma’s markets, and other factors
beyond the control of Galderma). Neither Galderma nor any of their
respective shareholders (as applicable), directors, officers,
employees, advisors, or any other person is under any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. You should
not place undue reliance on forward-looking statements, which speak
of the date of this announcement. Statements contained in this
announcement regarding past trends or events should not be taken as
a representation that such trends or events will continue in the
future. Some of the information presented herein is based on
statements by third parties, and no representation or warranty,
express or implied, is made as to, and no reliance should be placed
on, the fairness, reasonableness, accuracy, completeness or
correctness of this information or any other information or
opinions contained herein, for any purpose whatsoever. Except as
required by applicable law, Galderma has no intention or obligation
to update, keep updated or revise this announcement or any parts
thereof.
About Galderma
Galderma is the pure-play dermatology category leader, present
in approximately 90 countries. We deliver an innovative,
science-based portfolio of premium brands and services that span
the full spectrum of the fast-growing dermatology market through
Injectable Aesthetics, Dermatological Skincare and Therapeutic
Dermatology. Since our foundation in 1981, we have dedicated our
focus and passion to the human body’s largest organ – the skin –
meeting individual consumer and patient needs with superior
outcomes in partnership with healthcare professionals. Because we
understand that the skin we are in shapes our lives, we are
advancing dermatology for every skin story. Galderma’s portfolio of
flagship brands includes Restylane, Dysport, Azzalure, Alluzience
and Sculptra in Injectable Aesthetics; Cetaphil and Alastin in
Dermatological Skincare; and Soolantra, Epiduo, Differin, Aklief,
Epsolay, Twyneo, Oracea, Metvix, Benzac and Loceryl in Therapeutic
Dermatology. For more information: www.galderma.com.
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Media Christian Marcoux, M.Sc. Chief Communications
Officer christian.marcoux@galderma.com +41 76 315 26 50
Sébastien Cros Corporate Communications Director
sebastien.cros@galderma.com +41 79 529 59 85
Investors Emil Ivanov Head of Strategy, Investor
Relations and ESG emil.ivanov@galderma.com +41 21 642 78 12
Jessica Cohen Investor Relations and Strategy Director
jessica.cohen@galderma.com +41 21 642 76 43