First Read Galderma Group AG 2Q‘26 Results - Initial Diagnosis

Research evidence excerpt

First Read Galderma Group AG 2Q‘26 Results - Initial Diagnosis

Global Research

23 July 2026ab

First Read

EquitiesGalderma Group AG

2Q'26 Results - Initial Diagnosis Switzerland

Pharmaceuticals

12-month rating Buy

2Q26 sales 4% beat vs. cons, driven by nemo (12% beat vs. cons)

2Q Injectable Aesthetics sales grew 11.3% CER and was a 2/3% beat vs. cons/UBSe. 12m price target CHF200.00

Within this, neuromodulators beat 4% vs. cons/UBSe and fillers and biostimulators beat

1/2% vs. cons/UBSe. As we had flagged in our preview (link), Galderma notes that

Price (22 Jul 2026) CHF174.05

favourable 1Q phasing in injectable aesthetics unwound in 2Q, but despite this

underlying demand continued to be strong. In our view, this unwind of phasing in 2Q RIC: GALD.S BBG: GALD SW

could have the potential to benefit 3Q favourably. In neuromodulators, Galderma notes Trading data and key metrics

that Relfydess has been launched in three additional markets, including Hong Kong as

52-wk range CHF185.80-127.30

its first Asian market. In fillers and biostimulators, the company notes continued softness

Market cap. CHF41.4b/US$50.8b

in the fillers market but Galderma continues to gain share in fillers and biostimulators, in

Shares o/s 238m (ORD)

both the US and International markets. Sculptra also continues to be on a double-digit

growth trajectory in both the US and International markets. Free float 65%

Avg. daily volume ('000) 467

Avg. daily value (m) CHF78.9

2Q Dermatological Skincare sales grew 15.8% CER and was in line with cons (2% beat

Common s/h equity (12/26E) US$8.89b

vs. UBSe). E-commerce continues to be the fastest-growing channel and Cetaphil has

benefited from the scaling of novel products (e.g., Cetaphil Skin Activator, Cetaphil P/BV (12/26E) 5.7x

Baby, Cetaphil Purifying Acne).