Galderma Group AG reported record net sales of $3.737 billion for the first nine months of the year, representing net sales growth of 15.0% at constant currency. This despite challenging market dynamics, driven primarily by volume growth complemented by favorable mix.

“Galderma’s strong performance in the first nine months of 2025 demonstrates the breadth of our portfolio and our ability to deliver growth through innovation, commercial excellence, and global expansion,” said Ornskov Flemming, CEO. “We continue to meet evolving consumer and patient needs, with Nemluvio showing outstanding momentum and driving significant growth. To support this, we are deepening our investments in the US, expanding our presence, and strengthening partnerships with healthcare professionals. With continued progress across science, education, and our full dermatology portfolio, Galderma is uniquely positioned to become the undisputed dermatology powerhouse.”

Net sales growth for the third quarter was ahead of expectations, officials said, with year-on-year growth of 21.0% at constant currency, in a market with some constrained consumer spending. This reflects a quarter-on-quarter growth acceleration across all product categories and geographies.

Reflecting broad-based growth momentum and successful commercial execution over the first nine months of the year, international markets grew 13.2% and the US 17.5% year-on-year at constant currency. Double-digit growth was achieved in injectable aesthetics and therapeutic dermatology globally, as well as in the majority of Galderma’s top 10 markets. Galderma outperformed the market and gained share across both sub-segments of injectable aesthetics in both geographies, as well as in international markets for dermatological skincare. In therapeutic dermatology, Nemluvio continued its strong launch momentum in the US and Germany, while rolling out several launches in international markets, with total net sales of $263 million.

Dermatological Skincare

Dermatological skincare net sales for the first nine months were $1.063 million, with year-on-year growth of 8.2% at constant currency. Galderma outgrew the market in dermatological skincare globally, with the majority of key markets gaining share, despite some constrained consumer spending. Growth in dermatological skincare was led by international markets, where both Cetaphil and Alastin grew double-digit. Cetaphil continued on its very strong trajectory, with an outstanding performance in fast-growing Asian markets. In the US, Alastin also delivered double-digit growth, while Cetaphil saw positive responses late in the third quarter from the multiple promotional activities rolled out ahead of the high year-end season.

To capture opportunities in dermatological skincare and drive further growth, Galderma expanded its portfolio with innovation addressing white spaces. This includes two transformative Cetaphil launches in the US creating entirely new categories based on strong science delivering breakthrough benefits. First, the Skin Activator Hydrating & Firming line marks an entirely new skincare category of advanced hydration and firming solutions designed specifically to improve the appearance of aging, thinning, and fragile skin. Second, the Nourishing Oil to Foam Cleanser represents a breakthrough in hydrating cleansing for sensitive skin, with a first-of-its-kind formula designed to deeply cleanse while preserving hydration and supporting the sensitive skin’s moisture barrier. Meanwhile, Galderma continued to roll out recent innovation in international markets. This includes multiple Cetaphil lines, especially in the fast-growing Asian and Latin American markets, as well as the ongoing geographic expansion of Alastin with its launch in China, the second largest physician-dispensed market globally.

Therapeutic Dermatology

Therapeutic dermatology net sales reached $804 million for the first nine months of 2025, up 40.4% year-on-year at constant currency. Growth was driven by Nemluvio’s continued outperformance, which more than offset the anticipated decline in the mature portfolio, particularly in the US.

Nemluvio’s net sales for the first nine months were $263 million, predominantly from the US and prurigo nodularis, although atopic dermatitis started contributing to a greater share of sales in the third quarter. Nemluvio’s uptake in international markets continues with strong performance in Germany and additional launches in Austria, Switzerland, the UK and Denmark.

Galderma continues to invest in its therapeutic dermatology portfolio, especially Nemluvio, and also in its mature brands capitalizing on a leading position in acne in international markets. International expansion efforts for Nemluvio continued during the third quarter with new regulatory submissions, building on the momentum of the novel biologic’s first year on the market following the US Food and Drug Administration approval in August 2024.

Galderma is raising its 2025 full-year guidance, on net sales to 17.0-17.7% year-on-year growth at constant currency (previously +12-14%) and on Core EBITDA margin to 23.1-23.6% at constant currency (previously approximately 23%).