Relfyess: It‘s Not About "If", It‘s about "When"

Research evidence excerpt

Relfyess: It‘s Not About "If", It‘s about "When"

Galderma Group AG (GALD SW)

Equity Research

June 26, 2026

Key catalysts to drive further upside over the next 12

months

(1) Continued earnings momentum from successful business execution; (2) Outcome from US

Relfydess refiling likely around July; (3) Updated mid-term outlook, likely at a potential CMD during

2H26; and (4) Results from Phase II study of Nemluvio in CPUO in late-2026E/ early-2027E.

Price Target CHF205 derived from peer comps

Our price target is based on a multiple-based approach, assuming Galderma trades at a c.28.5x

2027E EV/EBITDA multiple using a cohort of EU self-care and consumer peers, which we believe

is justified based on the company's premium top- and bottom-line growth, largely driven by the

Nemluvio launch and sustainable long-term growth of Injectable Aesthetics. We use a multiple

valuation approach, as we believe this better represents the near-term upside to consensus

numbers whilst better reflecting continued operating momentum and deserved premium to peers.

Sum-of-the-parts using NPVs

Whilst no longer included in the derivation of our Galderma Price Target, we continue to conduct an

SOTP valuation to sense check. We ascribe each franchise an approximate margin profile and then

calculate net present values (NPVs), with the equity value being the sum of the parts less net debt.

We acknowledge that management runs Galderma as an integrated dermatology franchise, making

attribution of operating spend to each segment an estimate, at best. Nevertheless, we believe it is

informative to appreciate the potential value of each franchise. We provide sensitivities for the sum

of the parts to the potential Nemluvio WW peak sales and future Dermatological Skincare sales

CAGR.