Yesterday, Switzerland’s Galderma published its half-year results and signaled that its sales growth would reach the upper end of its target range for 2024. Despite the positive news, the company’s shares fell in a volatile market, partly due to higher expectations from some investors.
For the January-June period, Galderma posted net sales of $2.2 billion, a 10.8% increase on a constant currency basis, with Core EBITDA reaching $514 million. The company updated its 2024 net sales guidance towards the upper end of its 7-10% growth range in constant currency terms. CEO Flemming Ornskov stated, “The outlook is great.”
Specifically into segments, Injectable Aesthetics net sales for the first half of 2024 were $1.139 billion, showing a 13.4% year-on-year growth on a constant currency basis. This growth was balanced after the phasing impact of the first quarter and driven by strong brand performance and expanded geographic reach. Key commercial highlights included sales force expansion in China, significant activation in Thailand, and celebrating key milestones in the U.S.
Innovation highlights included the launch of Restylane VOLYME™ in China and regulatory progress for RelabotulinumtoxinA (QM-1114). The product Restylane SHAYPE™ also performed well in Canada.
Dermatological Skincare net sales for the first half of 2024 were $675 million, growing 11.8% year-on-year on a constant currency basis. Growth was strong in international markets for brands like Cetaphil and Alastin, despite softness in the U.S. market.
Key commercial highlights included viral marketing campaigns for Cetaphil in India and significant e-commerce growth in the U.S. and China. Innovation highlights included new Cetaphil product launches and strong performance from Alastin’s new products.
Galderma, carved out of Nestle in 2019 and acquired by a consortium led by Swedish private equity firm EQT, began trading its shares in March. Ornskov highlighted the potential for growth in the Asia-Pacific region, especially China, where sales significantly exceeded the overall growth rate. He also pointed to the Middle East as a region with rich growth potential, underscoring the opportunities for continued expansion.
