Yesterday, Galderma, the Swiss dermatology company, reported robust financial results for the full year 2024, achieving record net sales of $4.41 billion. This represents a 9.3% increase compared to the previous year on a constant currency basis. The company’s performance was driven by volume growth across all product categories, particularly in Injectable Aesthetics and Dermatological Skincare.
As for specific segments, Injectable Aesthetics net sales for 2024 reached $2.299 billion, marking a 9.6% year-on-year increase on a constant currency basis. Both subcategories—Neuromodulators and Fillers & Biostimulators—performed strongly. Neuromodulators recorded net sales of $1.285 billion, up 11.8% year-on-year, with significant market share gains in Europe, Latin America, the U.S., and China. The first commercial activities for Relfydess (RelabotulinumtoxinA) in Germany and Spain began in November and are tracking ahead of expectations. Fillers & Biostimulators posted $1.014 billion in net sales, growing 7.0% year-on-year. Growth was supported by the successful Sculptra launch in Thailand and strong demand in the Middle East, though some softness was seen in key markets.
Dermatological Skincare net sales reached $1.331 billion for the full year, up 10.7% on a constant currency basis. Cetaphil and Alastin both contributed to the strong performance, with Cetaphil gaining market share in key markets such as Brazil, Canada, China, and India. E-commerce was a major driver, with record online sales, including significant growth on Amazon in the U.S. and a strong performance during China’s Double-11 event. In the U.S., Alastin continued its expansion and was the fastest-growing brand among the top five professional skincare brands in 2024.
International markets played a significant role in Galderma’s success, delivering double-digit growth across all product categories. Notably, the company achieved market share gains in Neuromodulators, with strong demand in Europe and Latin America. In the U.S., net sales remained flat year-on-year, as growth in Injectable Aesthetics and Dermatological Skincare was offset by declines in the mature Therapeutic Dermatology portfolio due to market genericization.
Galderma continued to strengthen its innovation pipeline, securing regulatory approvals and launching new products. The successful completion of the European decentralized regulatory procedure for Relfydess led to approvals in 14 European countries, as well as in Australia and the U.K. The company also expanded its Injectable Aesthetics portfolio with the launch of Restylane® VOLYME™ in China and Restylane SHAYPE™ in Canada and Brazil.
As for 2025 full year guidance, Galderma expected net sales growth of 10-12% at constant currency and Core EBITDA margin of approximately 23%.
