Updating for US Relfydess Delay; Guidance Raise at 1H Still on the Table?

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Updating for US Relfydess Delay; Guidance Raise at 1H Still on the Table?

Switzerland | Pharmaceuticals

Galderma EquityJulyResearch8, 2026

ESTIMATE CHANGEUpdating for US Relfydess Delay; Guidance

RATING BUYRaise at 1H Still on the Table?

PRICE CHF178.35^

We update to reflect the recent delay to US Relfydess, with only minor

impact on near-term earnings. We still see potential for a small top-line PRICE TARGET | % TO PT CHF205.00 | +15%

guidance increase at 1H results on 23 July, when Nemluvio could be 52W HIGH-LOW CHF188.25 - CHF117.10

the driver of further incremental upgrades during 2H. Whilst upside to FLOAT (%) | ADV MM (USD) 79.1% | 94.04

numbers now seems more modest, Galderma's impressive growth remains MARKET CAP CHF42.4B | $52.6B

unmatched, with the stock comfortably growing into its multiple and TICKER GALD SW ^Prior trading day's closing price unless otherwise

strategic interest still possible; Buy. noted.

Still see potential for small guidance upgrade at 1H results: Despite the delay of US FY (Dec) CHANGE TO JEFe JEF vs CONS

Relfydess, we still see potential for a small (c.1pp at the midpoint) top-line guidance upgrade/ 2026 2027 2026 2027

narrowing at 1H results. We believe this is likely driven primarily by the outperformance of the REV NM <-1% NM +1%

Derma Skincare Product category versus prior expectations, with this trend appearing to have

EPS NM -1% +1% +5%

continued into 2Q based on peer commentary, NielsenIQ data, and strong China sales data.

Delaying US Relfydess launch only has minor impact on near-term financials: Following last 2026 ($) 1Half 2Half FY

week's Complete Response Letter, we assume a 1-year delay to the launch of Relfydess in the EPS -- -- 4.68

US, in line with average historical response timelines across the industry.