Galderma (GALD.S): A second CRL for Relydess. A buying opportunity?

Research evidence excerpt

Galderma (GALD.S): A second CRL for Relydess. A buying opportunity?

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01 Jul 2026 03:03:52 ET │ 11 pages

Galderma (GALD.S)

A second CRL for Relfydess. A buying opportunity?

CITI’S TAKE

We believe Galderma’s second CRL from the FDA for liquid

Buy neuromodulator Relfydess will likely cause a significant share price

Price (30 Jun 26 17:30) SFr183.90 reaction, given recent performance, and create a potential buying

opportunity for investors. Scenario analysis indicates c.Sfr9/share, Target price SFr185.00

included in our base case for Relfydess US sales, but there could also be Expected share price return 0.6%

the potential for some incremental impact from the ‘halo effect’ a new Expected dividend yield 0.2%

launch provides for the remainder of the Injectable Aesthetics portfolio. Expected total return 0.8%

We believe a significant move would imply an outsized derating of the Market Cap SFr43,749M

Injectable Aesthetics ex-nemo (valued at $15-18bn). On 2026 guidance,

US$54,018M we see minimal impact given an assumed slow US launch and continuing

strength in international Relfydess sales, current consensus expects

20.1% net sales growth at constant currency (17-20% guidance range). The

company expects further visibility on the path to Relfydess FDA approval Emily L TedburyAC

towards the end of the year. +44-20-7986-4209

emily.tedbury@citi.com

What’s New? Galderma announced receipt of a second Complete Response Letter Cedric Besnard

from the FDA in response to its regulatory submission for liquid neuromodulator +33-1-7075-5276

Relfydess. The CRL quoted observations made during manufacturing site inspection cedric.besnard@citi.com

and analytical method optimization during a Pre-License Inspection of Galderma’s

manufacturing site.