Today, Galderma Group AG, the global leader in pure-play dermatology, reported record financial results for the first nine months of 2025, driven by strong commercial performance and innovation across all segments.
The company achieved net sales of $3.737 billion, representing 15.0% year-on-year growth at constant currency, propelled primarily by volume growth and a favorable product mix. Growth accelerated across all geographies and categories, with Injectable Aesthetics up 10.5%, Dermatological Skincare up 8.2%, and Therapeutic Dermatology soaring 40.4%.
In the third quarter alone, Galderma’s sales grew 21.0% year-on-year at constant currency, exceeding expectations despite constrained consumer spending. Both U.S. and International markets posted double-digit gains—17.5% and 13.2%, respectively—while Galderma outperformed the market in all three major business areas.
Dermatological Skincare remained a key growth driver, contributing $1.063 billion in net sales, up 8.2% year-on-year at constant currency. Galderma outpaced the global skincare market, achieving share gains in most of its top markets despite constrained consumer spending. Growth was primarily led by International markets, where both Cetaphil® and Alastin® delivered double-digit growth.
Cetaphil continued its strong global trajectory, particularly in fast-growing Asian markets, where demand for science-backed sensitive skincare surged. Multiple new Cetaphil lines were introduced across Asia and Latin America, strengthening Galderma’s leadership in dermatologist-recommended skincare. In addition, Alastin continued to perform strongly in the U.S. medical aesthetics channel and began its geographic expansion into China, now the world’s second-largest physician-dispensed skincare market, marking an important strategic milestone for the brand.
Galderma further strengthened its skincare portfolio through innovative launches, including Cetaphil’s Skin Activator Hydrating & Firming line, introducing a new category focused on hydration and firmness, and the Nourishing Oil to Foam Cleanser, a first-of-its-kind formula for sensitive skin.
Reflecting its robust momentum and continued commercial success, Galderma raised its full-year 2025 guidance. The company now expects net sales growth of 17.0–17.7% at constant currency (up from 12–14%) and a Core EBITDA margin of 23.1–23.6% (previously around 23%).
“Galderma’s strong performance in the first nine months of 2025 demonstrates the breadth of our portfolio and our ability to deliver growth through innovation, commercial excellence, and global expansion,” said Flemming Ørnskov, M.D., MPH, CEO of Galderma. “With continued progress across science, education, and our full dermatology portfolio, Galderma is uniquely positioned to become the undisputed dermatology powerhouse.”
