Galderma, an emerging leader in the dermatology category, has reported a positive financial performance in its latest report. In the first nine months of 2023, the company achieved a significant year-on-year increase in net sales, with a growth of 8.9% to reach $3.009 billion on a constant currency basis. This growth was observed across all product categories, with contributions from volume, pricing, and brand mix.
The company’s strong performance is attributed to its differentiated integrated dermatology strategy. Galderma boasts the largest dermatology portfolio in the industry and remains committed to innovation, aiming to build the leading dermatology platform globally. Notable updates mentioned in the report include advancements in liquid neuromodulators, the expansion of Alastin Skincare, and positive phase III trial results for nemolizumab.
In the Injectable Aesthetics category, net sales experienced single-digit growth year-on-year over the first nine months of 2023. Galderma gained market share across its entire portfolio, with Neuromodulators and Biostimulators showing double-digit growth, compensating for the softness observed in the filler market in some countries.
Dermatological Skincare witnessed double-digit net sales growth year-on-year in the first nine months of 2023, surpassing market expectations. The growth was primarily driven by the company’s flagship brands, Cetaphil and Alastin Skincare. Cetaphil demonstrated strong growth momentum, particularly in Asia and Latin America, thanks to successful e-commerce execution, distribution expansion, and innovation. Alastin also delivered robust performance, supported by new innovations and successful international launches.
In Therapeutic Dermatology, Galderma achieved high single-digit net sales growth year-on-year over the first nine months of 2023. This growth was driven by yield improvement measures in the U.S., benefiting key brands such as Differin, Soolantra, and Aklief, as well as continued growth in international markets.
Based on its strong performance, Galderma is on track to achieve net sales growth at the upper end of its 6-9% constant currency range. The company also confirms its full-year guidance of 200-300 bps core EBITDA margin expansion compared to 2022, indicating a positive outlook for profitability.
