Business Wire

Galderma Reports Record Net Sales of Over 3 B USD for the First Nine Months of 2023 With Strong Growth Momentum Across All Product Categories



  • Galderma achieved net sales of 3,009 M USD over the first nine months of 2023, up 8.9% year-on-year on a constant currency basis
  • Continued pipeline progress with new milestones reached for nemolizumab and RelabotulinumtoxinA
  • Galderma is on track to deliver at the upper end of its 2023 net sales guidance of 6-9% constant currency growth, and is in line with its profitability guidance of 200-300 bps core EBITDA margin expansion versus 2022

“We are very pleased with our strong performance, having continued to drive growth and outpace the market, leveraging our truly differentiated integrated dermatology strategy. Galderma has the largest dermatology portfolio in our industry, and innovation remains at the forefront of our priorities to build the leading dermatology platform in the world, with notable updates for the quarter in liquid neuromodulators, the expansion of Alastin Skincare and positive phase III trial results for nemolizumab.”


Strong commercial performance and innovation across all product categories

Maintaining the growth momentum of H1 2023, Galderma achieved an increase in net sales of 8.9% year-on-year to 3,009 M USD on a constant currency basis in the first nine months of 2023. For the period, net sales growth was strong across all product categories, with balanced contributions across volume, pricing and brand mix.

Internationally, there was particularly strong growth momentum across product categories in fast growing Asian and Latin American markets, including China, India, and Mexico. In the U.S., performance was strong for the quarter, with H1 growth having been impacted by a high comparative base in 2022 for Injectable Aesthetics. Nonetheless, Galderma continued to gain market share in Injectable Aesthetics in the region and took the leading position for fillers and biostimulators combined.1

Reflecting Galderma’s consistent performance and progress on deleveraging the business, having fully utilized the proceeds from the private placement of over 1 B USD, all three major rating agencies upgraded Galderma’s credit rating.

Based on the strong performance so far, Galderma is on track to deliver at the upper end of its 6-9% net sales constant currency growth range. As for profitability, Galderma confirms its full year guidance of 200-300 bps core EBITDA margin expansion versus 2022.

Injectable Aesthetics
Despite the high 2022 comparative base, net sales in Injectable Aesthetics saw single-digit growth year-on-year over the first nine months of 2023 on a constant currency basis. While Galderma continued to gain market share across its full Injectable Aesthetics portfolio, Neuromodulators and Biostimulators continued to grow double-digits, more than offsetting the softness in the filler market in some countries. Galderma continues to outpace the market with its leading services, such as its industry-leading healthcare professional education and FACE by Galderma™, a game-changing augmented reality solution launched earlier this year.

Galderma continued to showcase its commitment to bringing differentiated products to the market. In 2023, this includes a new indication for Sculptra for the correction of fine lines and wrinkles in the cheek area in the U.S., Restylane Eyelight for undereye hollows in the U.S., multiple Restylane indication introductions in China, and notable progress in advancing Galderma’s neuromodulator pipeline. To mark the progress in treatment optimization, and building on its success in neuromodulators, Galderma hosted the first Liquid Live event in October. The event brought together over one hundred of Europe’s leading aesthetics practitioners with presentations from renowned experts on key data, the latest market trends and insights to advance the future of neuromodulation in aesthetics. At Liquid Live, Galderma highlighted its plans to launch Alluzience®, the first and only liquid ready-to-use neuromodulator in Europe with rapid onset and effects lasting for up to six months, in 13 new countries.

Galderma also announced progress with RelabotulinumtoxinA regulatory submissions. Following the Complete Response Letter issued by the U.S. Food and Drug Administration, Galderma has already identified changes to the manufacturing process to address feedback and will be sharing path toward resolution of the issues during an upcoming meeting with the agency scheduled in December 2023. Regulatory submissions in other territories are ongoing and remain on track.

On September 28, 2023, the International Chamber of Commerce (ICC) issued its award on the arbitration commenced by Galderma in 2021 regarding the regulatory filing strategy for RelabotulinumtoxinA. While the award is confidential, the result is that the applications submitted for regulatory review are proceeding according to the initial strategy and Galderma and Ipsen await further feedback from regulators.

Furthermore, in a press release issued earlier this year, Ipsen made statements about the purported termination of the Galderma-Ipsen Research and Development (R&D) partnership. Galderma contests those statements and has submitted a request for arbitration with the ICC.

Dermatological Skincare
In Dermatological Skincare, Galderma experienced double-digit net sales growth year-on-year over the first nine months of 2023 on a constant currency basis. Growth, which was ahead of the market, was driven by its two flagship brands Cetaphil and Alastin Skincare.

Cetaphil, with a heritage of over 75 years of sensitive skincare leadership, continues to maintain good growth momentum and outpace the market. With especially strong performance in Asia and Latin America, Cetaphil growth was driven by successful e-commerce execution, distribution expansion, and innovation. Innovation in Cetaphil this year has included new product ranges, such as recently launched Healthy Renew, and new solutions, including Cetaphil’s digital AI skin analysis tool.

Beyond the broad R&D investments behind Cetaphil, with over 875 clinical studies involving more than 37,000 subjects, Galderma enhanced its engagement on sensitive skin with healthcare professionals and consumers with the launch of Galderma’s Sensitive Skincare Faculty. With the objective to raise awareness and develop relevant innovation for sensitive skin, Galderma has organized dedicated medical sessions in 2023, awareness campaigns and, most notably, the most extensive profiling of sensitive skin, covering 10,000 people across five continents.

In the first nine months, growth in Alastin remained robust. Performance was strong in the U.S. across all channels, supported by new innovations, such as ReSURFACE Skin Polish and C-RADICAL Defense Antioxidant serum. As for international expansion, following the successful launch of Alastin Mexico, Galderma announced its launch in the UK in the quarter, as well as direct distribution in Canada, where the product was previously distributed through a partner.

Therapeutic Dermatology
Continued momentum in Therapeutic Dermatology delivered high single-digit net sales growth year-on-year over the first nine months of 2023 on a constant currency basis, driven by successful yield improvement measures in the U.S., boosting key brands including Differin, Soolantra and Aklief, and continued growth in international markets.

In Therapeutic Dermatology, Galderma had some important milestones in advancing its pipeline with nemolizumab. At the European Academy of Dermatology and Venerology (EADV), Galderma showcased positive data from three pivotal phase III trials for the treatment of atopic dermatitis (AD) and prurigo nodularis (PN) with nemolizumab. Results from the ARCADIA 1 and 2 trials showed that nemolizumab significantly improved skin lesions and itch in adolescent and adult patients with moderate to severe AD, compared to placebo (both administered with background topical corticosteroid therapy or topical calcineurin inhibitors).2 Data from the OLYMPIA 1 trial showed that nemolizumab, as a monotherapy, significantly improved itch and skin lesions in adult patients with moderate to severe PN, compared to placebo, bolstering evidence for nemolizumab’s rapid onset of action on itch and reduction of skin lesions in patients with PN.3 In addition, the latest data from the phase III OLYMPIA 2 trial in patients with PN was published by the New England Journal of Medicine, adding to the publication of nemolizumab’s phase IIB trial results in the same journal in 2020.4

Beyond nemolizumab, Galderma continued to bring new science and deliver positive data across its Therapeutic Dermatology portfolio. At EADV for example, Galderma presented new data on trifarotene (Aklief) from the phase IV START study showing statistically and clinically significant reduction in the risk of atrophic acne scarring, high patient satisfaction and patient compliance, and data from the phase IV LEAP study in post-inflammatory hyperpigmentation (PIH).5

Beyond the introduction of new products and further innovation, Galderma continued to demonstrate its commitment to dermatologists with notable presence at key industry congresses around the world, providing on-site clinical data presentations, symposia series and booth activities spanning the broadest product portfolio in dermatology across Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology.

About Galderma
Galderma is the emerging pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market though Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. Galderma’s portfolio of flagship brands includes Restylane®, Dysport®, Azzalure®, Alluzience® and Sculptra® in Injectable Aesthetics; Soolantra®, Epiduo®, Differin®, Aklief®, Epsolay®, Twyneo®, Oracea®, Metvix®, Benzac® and Loceryl® in Therapeutic Dermatology; and Cetaphil® and Alastin Skincare® in Dermatological Skincare. For more information:

Notes and references:
1. Galderma reports revenue by two geographies: U.S. and International
2. Silverberg J, et al. Nemolizumab improves skin lesions, itch and sleep disturbance in patients with moderate-to-severe atopic dermatitis: Results from two identical phase 3 multinational studies (ARCADIA 1 and ARCADIA 2). Late-breaking abstract presented at EADV 2023.
3. Stander S, et al. Nemolizumab monotherapy improves itch and skin lesions in patients with moderate-to-severe prurigo nodularis: Results from a global phase 3 trial (OLYMPIA 1). Late-breaking abstract presented at EADV 2023.
4. Kwatra SG, et al. Phase 3 trial of nemolizumab in patients with prurigo nodularis. NEJM. 2023; 389: 1579-89. DOI: 10.1056/NEJMoa2301333
5. Galderma. START Topline results. Presented at WCD 2023

Forward-looking statements
Certain statements in this announcement are forward-looking statements, including 2023 financial targets. Forward looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor its shareholders, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever.

To view this piece of content from, please give your consent at the top of this page.

Contact information

Christian Marcoux, M.Sc.
Chief Communications Officer
+41 76 315 26 50

Sébastien Cros
Corporate Communications Director
+41 79 529 59 85

Emil Ivanov
Head of Strategy, Investor Relations, and ESG
+41 21 642 78 12

Jessica Cohen
Investor Relations and Strategy Director
+41 21 642 76 43

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

BuildRI Announces Top 2023 Responsible Investment Programs of European Alternative Investors30.11.2023 22:46:00 CET | Press release

BuildRI, a leading provider of responsible investment insights, is pleased to unveil the leading responsible investment programs within the European alternative investment sector for the year 2023. Throughout the course of the year, BuildRI's team of seasoned analysts has assessed multiple alternative investment firms, employing a comprehensive set of 32 responsible investment and Environmental, Social, and Governance (ESG) criteria. These criteria encompass the integration and maturity level of responsible investment policies, programs, and practices adopted by these firms. It is worth noting that the evaluation criteria are closely aligned with industry-leading ESG and responsible investment standards and frameworks. The data utilized for evaluation is primarily sourced from publicly-disclosed or self-reported information. Comprehensive rankings, benchmarking data, and additional information about each leading firm is available on the BuildRI platform for its members. The leading res

Mary Kay Expands to Hungary, Elevating Beauty and Empowerment in Central Europe30.11.2023 19:03:00 CET | Press release

Mary Kay Inc., the iconic beauty brand and global advocate for women’s empowerment, is thrilled to announce its expansion into Hungary, a strategic move that marks the company's latest foray into the European market. This expansion coincides with Mary Kay's milestone 60th anniversary, underscoring its enduring legacy of offering unparalleled entrepreneurship opportunities and high-quality skincare and color cosmetics. This press release features multimedia. View the full release here: With Hungary’s rich cultural tapestry, vibrant heritage, and dynamic economy, Mary Kay Inc. is set to introduce a range of initiatives aimed at bolstering the economic empowerment of Hungarian women. (Credit: Mary Kay Inc.) Mary Kay Hungary's operations will be overseen from the Mary Kay Czech Republic's offices in Prague. To celebrate this momentous expansion, events in both Prague and Budapest have been arranged. This expansion builds upon the br

Q4 Inc. Announces Fourth Quarter 2023 Q4 Platform Release30.11.2023 18:00:00 CET | Press release

Q4 Inc. (TSX: QFOR) (“Q4” or “the Company”), the leading capital markets access platform, announced today its fourth quarter 2023 release of innovative enhancements to the Q4 Platform that will continue to deliver value to their clients through seamless workflows, insights, and analytics. This press release features multimedia. View the full release here: Q4 Issuer Dashboard Q4 Platform Release: Fourth Quarter 2023 Issuer Dashboard: Improved Web Management App Issuers can now use the Web Management app to make accelerated website updates and have greater visibility into the status of their web requests. The homepage also gives them direct access to highlighted critical alerts, including activist engagements, and real time updates on events. Engagement Analytics App: Smarter Insights Through the Engagement Analytics app, Investor Relations Officers (“IROs”) will now have access to historical data on investor engagement to more ea

ISFC to Focus on Central Role of Forestry Sector at COP2830.11.2023 17:56:00 CET | Press release

The International Sustainable Forestry Coalition (ISFC) will be representing some of the world’s largest companies engaged in sustainable forestry at COP28, and will be promoting the role of forestry and land-use in the global climate transition. Nations must find a way to reduce emissions by 43% by 2030 if we are to avoid the worst effects of climate change. With greater investment, forestry and land management could contribute up to 25% of the emissions reductions needed to reach net zero. It is widely expected at COP that there will be more focus on the role that sustainably produced timber can play in the built environment, and ISFC will be taking a leading role in these discussions and promoting the expanded contribution of the forestry sector to the decarbonization of the global economy. Dr. David Brand, Convening Chair of ISFC and Executive Chair of New Forest, commented, “The global climate effort requires expanded investment in sustainable land-use and sustainable materials in

Aviz Networks Expands Funding to $10M With New Investments From Accton, Cisco Investments and Wistron30.11.2023 16:32:00 CET | Press release

Aviz Networks, a leader in open networking software for cloud-scale infrastructures serving telecom and enterprises, today announced it has added Cisco Investments to its latest funding expansion, joining existing investors, Moment Ventures, Accton and Wistron. This funding round, now reaching $10M, will accelerate customer momentum for Aviz’s multi-vendor, GenAI-based networking stack along with adoption of SONiC based open networking. Aviz helps organizations achieve the performance and cost benefits of hyperscale networks by removing complexity and supplying AI-driven management features as part of a breakthrough Networking 3.0 software stack. Aviz’s stack supports the fast-growing SONiC open-source network OS (NOS) as well as multi-NOS environments and leverages the power of large-language-models (LLMs) to deliver unparalleled choice and capabilities. The company has seen rapid growth over the past 12 months, scaling its number of customers, revenue, and operational headcount to me