Galderma: Updating for Q2’26, we see continued topline traction delivering the upper end of FY’26 Guidance

Research evidence excerpt

Galderma: Updating for Q2’26, we see continued topline traction delivering the upper end of FY’26 Guidance

J P M O R G A N Europe Equity Research

29 July 2026

Galderma Overweight

GALD.S, GALD SW

Updating for Q2’26, we see continued topline traction Price (28 Jul 26):CHF176.40

delivering the upper end of FY’26 Guidance Price Target (Dec-27):CHF190.00

We update our model for the solid Q2/H1’26 Results (see our take here), European Pharmaceuticals &

making LSD changes to our 2026-30E Net Sales and Core EBITDA forecasts. Biotechnology

On Net Sales, the 0-1% upgrade across 2026-30E reflects an acceleration in our Richard Vosser AC

ramp of Nemluvio sales, contributing to the c.3% upgrade to our Core EBITDA in (44-20) 7742-6652

2026E. Our forecasts for Core EBITDA margins are broadly unchanged across richard.vosser@jpmorgan.com

2027-30E, where we continue to see operating leverage more than offsetting J.P. Morgan Securities plc

potential increases in Nemluvio royalties as it reaches blockbuster sales. For Sophia Graeff Buhl Nielsen AC

FY’26, we now forecast net sales growth of 21.8% LC, modestly above the top end (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com

of the guidance range (“19–21% LC”), which at 26.2% margin results in our J.P. Morgan Securities plc

forecast Core EBITDA of $1,684m. We continue to see Nemluvio more than Zain Ebrahim

doubling this year, with our forecast at $1,079m for FY’26. Given the strong (44-20) 3493-1163

growth reported year-to-date, we see scope for Galderma to further raise its net zain.ebrahim@jpmorgan.com

sales guidance at the next quarterly update. Overall, we continue to view J.P. Morgan Securities plc

Galderma as offering one of the strongest growth profiles in European mid- Khushi Bihani