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Ad hoc announcement pursuant to Art. 53 LR
Zug, Switzerland, April 23, 2026 – Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced its sales performance for the first quarter of 2026.
Strong start to the year delivering net sales of 1,473 million USD, predominantly driven by volume and complemented by positive price and mix effects, underscoring the continued execution of its unique, growth-driven integrated dermatology strategy.
Widespread net sales growth of 25.5% year-on-year at constant currency1, aligned with strong growth performance across geographies and product categories, including Injectable Aesthetics (+13.1%), Dermatological Skincare (+17.0%) and Therapeutic Dermatology (+71.3%).
Continued market outperformance, with broad-based growth momentum across the existing portfolio, complemented by differentiated launches and geographic expansion.
Demonstrated scientific leadership with new clinical data presented at major congresses, including positive phase II results for nemolizumab in children with moderate-to-severe atopic dermatitis and new data strengthening the Injectable Aesthetics portfolio to address latest patient needs, with pioneering research on menopause-related skin changes.
Strengthened financial profile and shareholder returns through share repurchases, a dividend payment, and a successful Eurobond placement of 500 million EUR in March to fully repay the Term Loan, following the earlier replacement of the Revolving Credit Facility.
Completed the transition to a free-float dominated shareholder base, following the full divestment by the EQT-led consortium of investors, marking the largest fully monetized capital gain from a single private equity fund.
Confirming 2026 full-year guidance, with net sales growth of 17-20% year-on-year at constant currency and a Core EBITDA margin of approximately 26% at constant currency, with increased confidence to navigate a volatile environment.
“Galderma’s strong first quarter results reflect our commitment to advancing dermatology and delivering innovative solutions for consumers and patients worldwide. This marks a strong start to another year of key launches, sustained execution and scientific momentum, as well as the continued strengthening of our financial profile – all reinforcing our category leadership. Our integrated dermatology strategy continues to drive growth and we are well-positioned to build on this success throughout 2026.”
FLEMMING ØRNSKOV, M.D., MPH
CHIEF EXECUTIVE OFFICER
GALDERMA
Commercial performance
Galderma expects 2026 to be another year of opportunities as it continues to execute on its proven, growth-driven integrated dermatology strategy. Growth for the year is expected to be broad-based across its existing portfolio, complemented by new launches and geographic expansion.
For the first quarter of the year, Galderma achieved net sales of 1,473 million USD, representing year-on-year net sales growth of 25.5% at constant currency. As anticipated, net sales growth was particularly high in the first quarter. This was driven by the strong ramp-up of Nemluvio against a low comparative base, combined with the strong commercial performance across the rest of the portfolio, with Dermatological Skincare in particular delivering ahead of expectations. Growth was widespread across geographies and product categories, outperforming the market in each product category. Growth was driven predominantly by volume, complemented by positive price and mix effects.
Injectable Aesthetics
Injectable Aesthetics net sales for the first quarter of 2026 were 648 million USD, with year-on-year growth of 13.1% at constant currency.
Neuromodulators delivered net sales of 364 million USD, up 12.5% year-on-year at constant currency. Performance was broad-based and particularly high in Europe and Asia Pacific, with the U.S. also benefitting from some favorable phasing. Galderma outpaced the market in Neuromodulators in both reporting geographies, with Dysport continuing to grow and Relfydess on a strong ramp-up trajectory. Galderma continues to progress on the execution of its portfolio strategy, while advancing Relfydess regulatory reviews in additional markets.
Fillers & Biostimulators achieved net sales of 284 million USD, up 14.0% year-on-year at constant currency. Fillers & Biostimulators outpaced the market in both reporting geographies, with particularly strong growth in the U.S., which benefitted from favorable phasing. Galderma continues to strengthen its broad Restylane portfolio, delivering growth in a soft market. Key recent highlights include the U.S. FDA approval of RestylaneContour™ for the correction of temple hollowing and the global ‘Wake Up To Restylane’ campaign, positioning Restylane as an everyday natural beauty ally. Sculptra maintains its double-digit growth momentum in both geographies. In addition to strengthening Sculptra’s position in regenerative aesthetics and expanding into body indications in Europe, Galderma launched its ‘We Are All Sculptra’ program, following nine new patients over two years to highlight its real-life regenerative impact.
Dermatological Skincare
Dermatological Skincare net sales for the first quarter were 441 million USD, with year-on-year growth of 17.0% at constant currency.
Both Dermatological Skincare flagship brands, Cetaphil and Alastin, maintained strong growth momentum, also benefitting from a lower comparable base for the period. Growth was positive in both geographies, with particularly strong performance of Cetaphil in fast-growing International markets and of Alastin in the U.S. Outperformance in the category continues to be driven by focused execution, innovation and portfolio synergies.
Commercial execution remained strong, with e-commerce continuing as the fastest growing channel, including outstanding growth from Cetaphil in China. Alastin also strengthened partnerships with leading aesthetics clinics in the U.S. through Alastin Signature Practices, a premium in-office experience designed to elevate regenerative, peri-procedural skincare.
Galderma continued to support its core portfolio with differentiated innovation. For Cetaphil, this included the introduction of AM/PM Antioxidant Serums, a breakthrough daily system clinically designed to defend skin by day and support accelerated repair by night for sensitive, stressed skin. For Alastin, it included the U.S. launch of Alastin Regenerating Skin Nectar with TriHex+™ technology, a new formulation with our proprietary Octapeptide‑45 which helps reinforce skin structure, restore skin barrier and support long-term skin longevity.
Therapeutic Dermatology
Therapeutic Dermatology net sales reached 385 million USD for the first quarter of 2026, up 71.3% year-on-year at constant currency.
Growth was driven by Nemluvio’s continued strong launch trajectories in both reporting geographies, complemented by anticipated moderate growth from the mature Therapeutic Dermatology portfolio in International markets during the period. This more than offset the decline of the mature portfolio in the U.S.
Nemluvio net sales for the quarter were 185 million USD. The vast majority of sales came from the U.S., with a greater contribution from atopic dermatitis than prurigo nodularis.
In the U.S., Nemluvio paid new patient starts (NBRx) from the beginning of February to mid-March 2026 was trending at about 39% market share in prurigo nodularis and about 8% in atopic dermatitis. The majority of patients starting treatment continue to be new to biologics. Galderma also continues to expand its healthcare professional engagement, supported by real world experience data to reinforce Nemluvio’s efficacy on skin clearance, complementing its position as the itch relief treatment of choice.
In International markets, which represent only a small portion of total Nemluvio sales, the launch trajectory remains even stronger. Meanwhile, Galderma is also advancing regulatory reviews in additional top markets.
Science-led innovation & medical education
Galderma reinforced its leadership in dermatology during the first quarter through impactful data presentations and industry-leading medical education at global congresses and company-led platforms.
At the 2026 American Academy of Dermatology (AAD) Annual Meeting, Galderma presented 22 abstracts spanning its full portfolio. Highlights included late-breaking data for nemolizumab showing clinically meaningful benefits in children aged 2 to 11 with moderate-to-severe atopic dermatitis. These findings reinforce the previously established safety and efficacy of nemolizumab in adults and adolescents with moderate-to-severe atopic dermatitis, for which it is approved by multiple global regulatory authorities. It also represents a significant opportunity to improve patient lives, with up to 25% of children affected by atopic dermatitis and the currently limited approved treatment options for children living with moderate-to severe atopic dermatitis.
At 2026 Winter Clinical™ Miami, interim results from the OLYMPIA long-term extension study showed Nemluvio maintained disease control in prurigo nodularis for up to three years, with clinically meaningful improvements in itch intensity, skin lesions, and quality of life – the longest extension study in prurigo nodularis reported to date.
Earlier, at the Aesthetic & Anti-Aging Medicine World Congress 2026 (AMWC) in Monaco, Galderma presented 9 posters across its aesthetics portfolio, highlighting the regenerative benefits of Sculptra, the long-lasting efficacy of Restylane and the advanced clinical performance of Relfydess. The scientific program addressed emerging patient needs and trends, including medication-driven weight loss patients and perimenopausal women.
Finally, at the International Master Course on Aging Science (IMCAS) 2026, Galderma extended its aesthetics leadership with findings from a global survey of over 4,300 women revealing a significant knowledge gap around menopause-related skin changes and underscored its commitment to including menopausal status in all injectable aesthetics clinical trials. Galderma also presented new data on Sculptra, Restylane and Relfydess, building on clinical updates from its neuromodulator portfolio highlighted earlier at the TOXINS 2026 International Conference.
Financial profile
Galderma demonstrated meaningful progress in further strengthening its financial profile in the first quarter of the year, as evidenced by its investment grade ratings from S&P (BBB, positive) and Fitch (BBB, positive).
Galderma replaced in February 2026 its Revolving Credit Facility originally implemented at the time of its 2024 IPO, with significantly improved terms and a size increase from 0.7 to 1 billion USD. In March, Galderma also successfully issued a Eurobond, for a total of 500 million EUR, with proceeds used for full early Term Loan repayment.
Galderma also continued to demonstrate its commitment to superior shareholder returns. This included share repurchases of 232 million CHF in the accelerated bookbuild offering of Galderma shares by Sunshine SwissCo GmbH (“EQT”), Abu Dhabi Investment Authority (“ADIA”) and Auba Investment Pte. Ltd. (“Auba”) which took place in March. Funded from existing liquidity on hand, they are to be held in treasury to support Galderma’s employee participation plans, business development activities and/or treasury management. This final accelerated bookbuild offering marks the full divestment by the EQT-led consortium of investors. Emphasizing Galderma’s reliable performance and attractive outlook as a stand-alone company, it is the largest fully monetized capital gain from a single fund in the history of global private equity.
At the recent Annual General Meeting, following another record year, a dividend payment of 0.35 CHF (gross) per share was approved out of reserves from capital contributions.2
Outlook
Galderma is confirming its full-year guidance for 2026, with net sales growth of 17-20% at constant currency and a Core EBITDA margin of approximately 26% at constant currency. Based on the strong start to the year, the guidance is increasingly being de-risked with confidence to navigate a volatile environment.
On U.S. tariffs, exposure is expected to remain manageable in the year. In addition to the already assumed 15% U.S. tariff on the import values of Sculptra and Restylane, the confirmed full year guidance now also factors in the expected effects of the recent U.S. administration proclamation on the imports of pharmaceuticals and pharmaceutical ingredients into the U.S.
The evolution from February to March of the simulated foreign exchange impact is available in the Appendix, highlighting key foreign exchange currency pairs.
2026 remains a key year to capitalize on opportunities and drive net sales growth. The five key opportunity areas for the year include 1) significant launches, including the strong uptake of Nemluvio and Relfydess, the geographic expansion of Restylane and Sculptra, and ongoing innovation in Dermatological Skincare, 2) further market share gains, 3) a strengthened financial profile, 4) a shift to long-term growth with increasing strategic optionality, and 5) dynamic commercial investments to continue to drive growth.
依据《列支敦士登公司法》第 53 条 临时公告
瑞士楚格，2026 年 4 月 23 日 —— 全球专注皮肤病学领域的龙头企业高德美集团股份公司（瑞士证券交易所代码：GALD）今日公布 2026 年第一季度销售业绩。
公司本年度开局势头强劲，一季度净销售额达14.73 亿美元。增长主要由销量提升驱动，叠加定价优化与产品结构改善的正向加持，充分体现其独特、以增长为核心的一体化皮肤病学战略持续高效落地。
固定汇率口径下，集团整体净销售额同比增长 25.5%，各大区域市场及全产品线均实现稳健增长：医美注射类（+13.1%）、功效性护肤类（+17.0%）、皮肤病治疗药物类（+71.3%）。
集团整体经营表现持续跑赢行业大盘，现有产品组合增长动能全面释放，叠加差异化新品上市与全球化市场扩张，增长基础稳固。
科研领导力持续凸显：在全球顶级医学会议上公布多项全新临床数据，包含奈莫利珠单抗用于 2~11 岁中重度特应性皮炎儿童患者的 II 期阳性临床结果；同步补充医美注射管线最新研究数据，贴合当下患者诊疗需求，并针对更年期皮肤老化问题开展前瞻性创新研究。
财务结构持续优化，股东回报稳步提升：实施股份回购、派发股息；3 月成功发行5 亿欧元欧洲债券，所得资金全额提前偿还定期贷款，此前已完成循环信贷融资工具的更新置换。
由殷拓集团牵头的投资财团完成全部股份退出，高德美正式转型为流通股主导的股权结构，创下全球私募行业单笔基金全额变现的最高资本收益纪录。
公司确认 2026 全年业绩指引：固定汇率下，全年净销售额同比增长17%~20%，核心息税折旧摊销前利润率约26%；依托稳健开局，集团抵御市场波动的信心进一步增强。
“高德美一季度亮眼业绩，印证了我们深耕皮肤病学领域、为全球消费者与患者打造创新解决方案的长期承诺。2026 年，公司将持续推进新品落地、战略执行与科研突破，同时夯实财务基本面，进一步巩固行业龙头地位。一体化皮肤病学核心战略将持续赋能长效增长，我们有十足把握依托良好开局，实现全年稳健发展。”
—— 弗莱明・厄恩斯科夫 医学博士、公共卫生硕士高德美首席执行官经营业绩概况
高德美将 2026 年定义为机遇之年，持续落地成熟且高增长的一体化皮肤病学战略。全年增长将依托现有核心产品矩阵稳步释放，辅以新品上市与全球区域拓展实现多点发力。
2026 年第一季度，集团实现净销售额 14.73 亿美元，固定汇率下同比增长 25.5%。一季度增速阶段性走高，核心源于新药Nemluvio在低基数基础上的快速放量，叠加全线产品综合强势表现，其中功效性护肤业务业绩大幅超预期。
各区域、各产品线全面增长，细分赛道市场份额均优于行业平均水平；增长核心驱动力为销量扩容，同时受益于合理定价与高附加值产品占比提升。医美注射板块
2026 年一季度医美注射业务净销售额6.48 亿美元，固定汇率下同比增长 13.1%。
神经调节类产品净销售额 3.64 亿美元，固定汇率同比增长 12.5%。全球市场均衡发展，欧洲及亚太地区增速突出，美国市场亦受益于销售周期优化实现良好增长。旗下吉适持续稳步增长，新品 Relfydess 商业化放量势头强劲，两大核心产品共同助力高德美神经调节类业务市占率领跑行业。公司持续推进管线战略落地，并加速 Relfydess 在更多国家和地区的审批上市进程。
填充剂与生物刺激剂净销售额 2.84 亿美元，固定汇率同比增长 14.0%，整体表现显著优于行业。美国市场增长尤为突出，销售周期红利显著。高德美持续强化瑞蓝全系产品矩阵，在存量竞争市场中实现逆势增长。近期关键进展：美国 FDA 批准瑞蓝轮廓填充剂用于太阳穴凹陷矫正；全球启动 “自然焕活，焕新瑞蓝” 品牌活动，打造日常自然美学护肤与塑形标杆。童颜针在全球两大核心市场保持双位数增长，持续夯实再生医美赛道优势，并在欧洲拓展身体适应症。同步推出品牌公益项目，为期两年追踪真实患者案例，直观展示产品再生抗衰临床价值。功效性护肤板块
一季度功效性护肤业务净销售额4.41 亿美元，固定汇率下同比增长 17.0%。集团两大核心品牌丝塔芙与Alastin延续高增态势，叠加去年同期低基数效应，增长势能进一步释放。双区域市场全线向好：丝塔芙在新兴国际市场高速渗透，Alastin 稳居美国高端医美护肤龙头。精细化运营、持续创新及品牌协同效应，持续拉动板块超额增长。
渠道端表现强劲，电商为增速最快渠道，其中丝塔芙中国市场销售额大幅攀升。Alastin 深化与美国高端医美机构合作，落地专属合作体系，聚焦围术期修护与再生护肤场景，升级院线定制服务。
产品创新持续加码：
丝塔芙：推出早晚抗氧化精华组合，专为敏感脆弱肌研发，日间强化屏障防护、夜间加速肌肤修护；
Alastin：在美国上市搭载 TriHex + 专利技术的焕活修护精华，新增专有八肽 - 45 成分，强韧肌肤结构、修复皮肤屏障、延缓肌肤老化。皮肤病治疗药物板块
2026 年一季度治疗药物业务净销售额3.85 亿美元，固定汇率下同比大幅增长 71.3%。核心增长动力来自新药 Nemluvio 在全球的商业化快速落地，叠加成熟治疗药物在海外市场温和复苏，完全抵消美国成熟产品销售额下滑影响。
本季度 Nemluvio 单品销售额达1.85 亿美元，收入主要来自美国市场，特应性皮炎适应症贡献高于结节性痒疹。
美国市场：2026 年 2 月初至 3 月中旬，新药处方患者份额在结节性痒疹领域约 39%、特应性皮炎领域约 8%；新增治疗患者以生物制剂初治人群为主。依托真实世界临床数据，持续强化药物皮损清除与止痒核心优势，稳固其止痒优选治疗药物定位。
海外市场：目前销售额占比偏低，但商业化增速远超美国；公司同步推进多款重点国家的药品注册审批。科研创新与医学教育
2026 年一季度，高德美凭借重磅临床数据发布与行业领先的医学教育项目，持续领跑全球皮肤病学领域，成果亮相各大国际顶尖皮肤科学术大会。
美国皮肤病学会（AAD）2026 年会发布 22 项全管线学术摘要。核心亮点：奈莫利珠单抗针对 2~11 岁中重度特应性皮炎儿童的突破性临床数据，证实该药物在低龄儿童人群中疗效与安全性优异。该药物已在全球多国获批用于成人及青少年特应性皮炎，本次儿科临床突破，将极大填补儿童皮肤病治疗药物稀缺的临床空白 —— 全球约 25% 儿童受特应性皮炎困扰，临床合规治疗选择长期受限。
2026 年迈阿密冬季临床皮肤大会OLYMPIA 长期延伸研究中期数据公布：Nemluvio 可实现结节性痒疹长达三年的长效病情控制，显著改善瘙痒、皮损问题并提升患者生活质量，为目前该疾病随访周期最长的临床研究。
2026 摩纳哥全球医美抗衰大会（AMWC）发布 9 项医美管线海报研究，深度解读童颜针再生修复机制、瑞蓝填充剂长效塑形优势、Relfydess 前沿临床表现。聚焦减重术后皮肤老化、围绝经期女性肌肤问题等新兴临床需求，精准匹配前沿诊疗趋势。
2026 全球衰老科学高阶论坛（IMCAS）基于覆盖 4300 余名女性的全球调研，首次系统证实大众对更年期相关性皮肤老化认知普遍缺失；高德美宣布，未来所有医美注射类临床试验将纳入更年期状态评估，填补细分领域研究空白。同步更新童颜针、瑞蓝、Relfydess 最新临床数据，联动国际肉毒毒素大会科研成果，完善神经调节类产品循证医学体系。财务状况
一季度高德美财务结构优化成效显著，标普、惠誉同步授予其投资级信用评级（BBB 级，展望稳定向好）。
2026 年 2 月，完成 2024 年上市时设立的循环信贷工具更新，融资条款全面优化，授信规模由 7 亿美元提升至 10 亿美元；
2026 年 3 月，成功发行 5 亿欧元中长期欧洲债券，全额提前清偿存量定期贷款，优化负债结构、降低融资成本。
股东回报政策持续落地：3 月，完成由殷拓、阿布扎比投资局等机构主导的股份加速配售回购，回购总额2.32 亿瑞士法郎。回购股份将纳入库存股管理，用于员工激励、业务拓展及资本运作。本次股份全部退出，标志殷拓财团彻底完成退出，高德美实现完全独立市场化运营，并创下全球私募股权单一基金史上最大全额退出收益纪录。
在最新年度股东大会上，基于上一财年亮眼业绩，股东大会批准每股派发 **0.35 瑞士法郎（税前）** 股息，分红资金源自资本公积储备。未来展望
高德美维持 2026 全年业绩目标不变：固定汇率下，净销售额同比增长 17%~20%，核心 EBITDA 利润率约 26%。依托一季度超预期开局，全年业绩达成确定性大幅提升，企业具备充足韧性应对全球宏观经济与贸易环境波动。
关税风险可控：除已计入成本的 Sculptra、瑞蓝 15% 进口关税外，全年指引已同步纳入美国最新医药原料及成品进口新政的潜在影响；外汇波动明细及核心货币对测算数据详见附录。
2026 年为公司战略落地关键之年，五大核心增长方向：
重磅产品持续放量：加速 Nemluvio、Relfydess 商业化渗透，推进瑞蓝、童颜针全球化布局，加码功效护肤新品迭代；
持续抢占细分赛道市场份额；
深化财务结构优化，筑牢抗风险底盘；
布局长期战略转型，拓宽多元发展选择权；
灵活调整商业化投入，长效驱动业务高质量增长。
项目
2025 年 Q1 净销售额
2026 年 Q1 净销售额
同比增长（固定汇率）
同比增长（报告口径）集团合计
1,129
1,473
25.5%
30.5%按产品类别划分
医美注射类（Injectable Aesthetics）
547
648
13.1%
18.4%
神经调节剂（Neuromodulators）
311
364
12.5%
17.1%
填充剂与生物刺激剂（Fillers & Biostimulators）
236
284
14.0%
20.1%
功效性护肤类（Dermatological Skincare）
370
441
17.0%
19.3%
皮肤病治疗药物类（Therapeutic Dermatology）
212
385
71.3%
81.4%
其中：Nemluvio
39
185
>100%
>100%按区域划分
国际市场（International）
697
862
16.0%
23.7%
美国市场（U.S.）
432
610
41.5%
41.5%
