Galderma delivered net sales of $2 billion in 2023 H1, with an increase of 6.9% compared to 2022 H1 on a constant currency basis.
Galderma, the Swiss-based producer of skin care products specifically for treating dermatological conditions, released its 2023H1 report. The company delivered net sales of $2 billion in 2023 H1, with an increase of 6.9% compared to 2022 H1 on a constant currency basis.
Galderma achieved noteworthy expansion in its Core EBITDA margin during H1 2023. The company’s Core EBITDA amounted to $450 million during this period, with a margin of 22.5%, whereas the margin for the full year of 2022 was 21.0%.
Galderma stated that the company’s growth during the 2023 H1 period was mainly propelled by its Dermatological Skincare and Therapeutic Dermatology segments. The company’s Injectable Aesthetics segment also experienced growth, despite a slowdown in the Filler market and a high comparative base from its post-COVID rebound in 2022. This growth was driven by double-digit performance in both Neuromodulators and Biostimulators.
In terms of the business unit performance, Galderma’s Injectable Aesthetics experienced single-digit growth on a constant currency basis during the period, due to the return to typical seasonality after the high rebound in 2022 following the COVID-19 crisis and softening demand for Fillers in some important markets. However, the company managed to gain market share across its Injectable Aesthetic product portfolio, with Neuromodulators and Biostimulators seeing double-digit constant currency growth during the period.
Meanwhile, Galderma’s Dermatological Skincare continued to grow, with Cetaphil® achieving double-digit growth in the international region and Alastin Skincare® expanding into Mexico.
The Therapeutic Dermatology returned to growth after the loss of exclusivity events in the U.S. in 2022, thanks to successful yield improvement measures for key brands such as Oracea®, Aklief®, and Soolantra® in the U.S. and robust performance in the international market.
In terms of geography, Galderma’s net sales growth was mostly led by its larger region, International, during the 2023 H1 period. The company experienced particularly strong momentum in fast-growing markets like China, India, and Mexico, with double-digit growth in these regions.
Moreover, in an earlier development in 2023, Galderma raised more than $1 billion through a private placement round for newly issued shares. The investment was made by a group comprising existing shareholders, new investors, and management. Galderma pointed out that the company’s plan to become the top dermatology company in the world is expected to involve an Initial Public Offering (IPO) as the next step.
Flemming Ørnskov, M.D., MPH, the Chief Executive Officer of Galderma commented, “Galderma sustained its growth momentum in the first half of 2023 driven by a laser focus on commercial execution and by premium positioning in attractive, high growth markets. Galderma continues to demonstrate its commitment to bringing science-based premium products to consumers, patients, and healthcare professionals, with new FDA approvals and new product launches in the first half of 2023.”
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