Galderma Group AG: Readacross from Ipsen's corabotase data

Research evidence excerpt

Galderma Group AG: Readacross from Ipsen's corabotase data

Update

May 18, 2026 03:00 AM GMT

Morgan Stanley & Co. International plc+MGalderma Group AG | Europe Thibault Boutherin

Equity Analyst

Readacross from Ipsen's Thibault.Boutherin@morganstanley.comSarita Kapila +44 20 7425-9688

Sarita.Kapila@morganstanley.com +44 20 7425-1320

corabotase data Gizel Askin

Research Associate

Gizel.Askin@morganstanley.com +44 20 7425-3286

Key Takeaways Adithya Venkat

PIb/II data for Ipsen's next generation toxin corabotase were presented at the Adithya.Venkat@morganstanley.com +44 20 7425-2216

SCALE symposium; the data focused on glabellar lines with Dysport as

Galderma Group AG (GALD.S, GALD SW)

comparator

Pharmaceuticals | Switzerland

With the limitation of small samples, corabotase showed numerically better Stock Rating Equal-weight

Industry View In-Line

efficacy than Dysport, faster onset and longer duration of action with a clean Price target SFr 160.00

safety Shr price, close (May 15, 2026) SFr 156.65

52-Week Range SFr 171.90- 97.20

Small samples in LANTIC and milder patient severity in the corabotase arm limit Mkt cap, curr (mn) US$47,628

Net debt (12/26e) (mn)* US$1,021

cross-trial comparison with Relfydess EV, curr (mn)* US$49,602

However, the data suggest a fast onset, a lower peak efficacy (month 1) vs * = GAAP or approximated based on GAAP

Relfydess, but a potentially longer duration of action (response rate at month 6)

Therefore the strongest potential differentiation could be in duration; we wait for

additional data to confirm corabotase clinical profile and positioning

Key conclusions from our analysis of the data: 1) Fast onset of action with a

median of 0.84 days vs. 1.89 for Dysport and ~2 day for Relfydess in P3; however