Galderma reported record full-year 2025 results, with net sales reaching $5.2bn, a 17.7% increase at constant currency. Growth was predominantly volume-driven, with a favorable product mix offsetting competitive pricing pressures. The company delivered double-digit expansion in both International markets and the US, while all three product categories outperformed their respective markets.
Injectable Aesthetics grew 11.5% to $2.6bn, driven by Neuromodulators which rose 14.3%. Dysport maintained global momentum and Relfydess gained significant share across 23 international markets following its launch. Fillers and Biostimulators increased 8%, with Sculptra capturing market share in its first year in China despite continued softness in the mid-face filler category.
Dermatological Skincare advanced 9.3% to $1.4bn, led by strong performances in Asia. India and China delivered exceptional growth, supported by Cetaphil’s year-end activations and another record Double 11 shopping festival. In the U.S., Alastin remained the fastest-growing physician-dispensed skincare brand, posting double-digit gains.
Therapeutic Dermatology surged 50.2% to $1.2bn, driven by Nemluvio, which contributed $452m in sales. The majority came from the U.S. and growth in this segment more than offset the anticipated decline in mature products.
Core EBITDA rose 18.9% to $1.2bn, with margin expansion of 24 basis points at constant currency. Management now expects 2026 net sales growth of 17-20%.