Slides
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Q1 2025 trading update APRIL 24, 2025
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2 Forward-looking statements Certain statements in this Presentation are forward-looking statements. 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 Galderma’s markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), 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 Presentation. Statements contained in this Presentation 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. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof.
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3 1. Highlights 2. Performance update 3. Trading update & outlook 4. Q&A and final remarks Flemming Ørnskov, M.D., MPH Chief Executive Officer Thomas Dittrich Chief Financial Officer
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Highlights 1.
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5 2025: A year of opportunities The first of 2 years with significant launches 2025-26 includes Nemluvio, Relfydess, Sculptra (China), Restylane SHAYPE (Brazil), new Restylane indications (U.S.), and Dermatological Skincare ongoing innovation 1 Global opportunity for further market share gains Strong momentum in underpenetrated, fast-growing International markets and modest growth expectations from the U.S. (excluding Nemluvio) in a volatile market 2 Strengthened financial profile Improved balance sheet, from continued rapid deleveraging, and robust cash flow 3 Shift to long-term growth with increasing strategic optionality Investing in additional pipeline opportunities, both internally and potentially externally 4 Dynamic approach to commercial investments to drive continued growth Benefiting from a broad portfolio and International exposure, Galderma has proven resilience to overcome significant external events and market volatility 5
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6 Key highlights Confirming full-year guidance, increasingly de-risked from over-delivery in Q1, with the ability to absorb some further tariff impact and some consumer demand-related deterioration 2025 FULL YEAR GUIDANCE Broad-based growth across all product categories and geographies, with growth primarily driven by volume, complemented by favorable mix Q1 2025 GROWTH 6 Record net sales for Q1, ahead of expectations, benefitting from focused execution, favorable phasing in Injectable Aesthetics, and stronger than expected ramp- up of Nemluvio Q1 2025 ACTUALS 1,129 Net sales in M USD +8.3% Net sales constant currency1 year-on-year growth App. 23% Core EBITDA margin at constant currency 1. Constant currency year-on-year growth means the annual growth rate of net sales, excluding the impact of exchange rates movem ents and excluding hyperinflation economies. The impact of changes in foreign exchange rates are excluded by translating all reported revenues during the 2 periods at average exchange rates in effect during the previous year – applies throughout the document +10-12% Net sales growth at constant currency
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Performance update 2.
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8 Strong momentum in net sales growth Q1 2025 constant currency year-on-year growth DERMATOLOGICAL SKINCAREINJECTABLE AESTHETICS THERAPEUTIC DERMATOLOGY NEUROMODULATORS FILLERS & BIOSTIMULATORS +21.4% -2.3% +7.8% +4.9% +8.3%+9.9% Volume as the primary growth driver International +5.0% +10.4% U.S.
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Injectable Aesthetics Key highlights
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10 Notable focus on innovation in International markets Relfydess showcased in major European aesthetics congresses Sculptra accelerated launch in China Restylane Shaype Brazil training
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11 Advancing and amplifying in-market execution Global Dysport campaign Journey of Glow Injectable Aesthetics campaign in Asia Sculptra re-energized activation in Latin America
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12 Expanding market leading education & services: Latin America highlights Brazil International Congress of Dentistry 1st aesthetics loyalty program in Brazil for healthcare professionals GAIN Colombia
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Dermatological Skincare Key highlights
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14 Continued focus on differentiated innovation through ongoing geographic and portfolio expansion First launches Ongoing global roll-outs Next Generation TriHex Technology Volume improvement of 1.08 CC (right) compared to baseline (left) at 12 weeks
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15 Focused omni-channel execution and leveraging further Galderma’s leading education & training platform Global roll-out of SKIN1 South Korea first symposium CTMP2 showcased in medical congresses India Dermacon annual congregation of Dermatologists 1. Skin Knowledge and Innovation Network | 2. CTMP holistic skincare routine: Cleanse, Treat, Moisturize, and Protect Digital-/ advocacy-first activation Holistic portfolio engagement Retailer fundamentals
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Therapeutic Dermatology Key highlights
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17 Nemluvio U.S. ramp-up continues to progress strongly Note: imagery from the U.S. Nemluvio atopic dermatitis direct to consumer campaign | 1. NBRx: New-to-brand prescriptions Source: IQVIA as of March 28, 2025; LAAD through March 07, 2025; Company estimates Continued growth in new patient starts, new prescribers, & weekly pull-through, underpinned by growing underlying demand Increased reach, through sales force expansion and the recent launch of a first DTC campaign for Nemluvio Expanding commercial access, with reimbursement discussions progressing ahead of plans • Prurigo nodularis: Trending at ~30% in a rapidly expanding market (from mid February to end of March) • Atopic dermatitis: Trending at ~3.4% in initial sales ramp-up (for March) Paid NBRx1 weekly market share (new patient starts):
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18 Nemluvio launching Internationally, starting with Germany Strong activation Ahead of targets on healthcare professional reach, patient demand, and pharmacies’ re-order rate 100 dermatologists attending from 8 countries Positive feedback Very positive patient & healthcare professional experience, especially in relation to fast itch relief Addressing rapid itch resolution as a priority treatment target, leveraging the breadth of our portfolio Portfolio benefits Showcasing the full portfolio, including Nemluvio and Cetaphil Restoraderm 700+ speaker events, reaching 1,800 healthcare professionals in 6 weeks
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Trading update & outlook 3.
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20 Strong start to the year Q1 2024 Q1 2025 1,071 1,129 +8.3% +5.4% Constant currency growth Reported growth Galderma net sales, in M USD Growth predominantly driven by strong volume, complemented by positive mix 20
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21 236 311 Q1 2025 547 Injectable Aesthetics 248 263 Q1 2024 511 +9.9% +7.0% +21.4% Net sales, in M USD Constant currency growth Reported growth +18.2% -2.3% -4.7% Neuro- modulators Fillers & Biostimulators
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22 351 370 Q1 2024 Q1 2025 +7.8% +5.4% Net sales, in M USD Constant currency growth Reported growth NB: Key brands, not exhaustive Dermatological Skincare
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23 209 39 173 Q1 2024 Q1 2025 212 Net sales, in M USD Constant currency growth Reported growth Therapeutic Dermatology NB: Key brands, not exhaustive +4.9% +1.5%
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24 432 697 Q1 2025 1,129 411 659 Q1 2024 1,071 Net sales, in M USD Constant currency growth Reported growth International U.S. +10.4% +5.7% +5.0% +5.0% Strong momentum in International markets
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25 Current U.S. tariff exposure manageable and factored into 2025 guidance Over-delivery in the first quarter allows Galderma to increasingly de-risk its full-year guidance with the ability to absorb some further tariff impact and some consumer demand-related deterioration Injectable Aesthetics Dermatological Skincare ✓ Exempt: classified as ‘pharmaceutical’Dysport × Non-exempt: 10% tariff (EU produced) on Transfer Price1Restylane × Non-exempt: 10% tariff (EU produced) on Transfer Price1Sculptra ✓ Exempt: USMCA2 compliant production in CanadaCetaphil ✓ Exempt: produced in the U.S.Alastin ✓ Exempt: classified as ‘pharmaceutical’Nemluvio ✓ Exempt: USMCA2 compliant production in CanadaDifferin Other brands ✓ Exempt: classified as ‘pharmaceutical’ Current U.S. tariff treatment by product (as of April 10, 2025) Product classified as ‘pharmaceuticals’ Dysport is produced in the U.K. 1 1 1. 20% post initial 90-day implementation pause | 2. USMCA: United States-Mexico-Canada Agreement 2 Nemluvio’s manufacturing process is completed in the U.S. 2 Other Therapeutic Dermatology brands are produced in Canada (Differin) and France (all others) 3 3 3 25 Therapeutic Dermatology
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26 Confirming 2025 guidance Core EBITDA margin Group Net sales Approximately 23% +10-12% Growth in constant currency Core EBITDA margin at constant currency
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27 3.5 7.0 10.5 0 500 1,000 1,500 Q1 Q2 Q3 Q4 2025 net sales growth phasing Cumulative YoY CC growth % Quarterly Net Sales value ILLUSTRATIVE ONLY – BAR SIZE NOT AT SCALE Strong start to the year, with Q1 growth also benefitting from favorable 2025 phasing, and solidly on track for full-year net sales guidance, increasingly de-risked in a volatile environment +10-12%
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Q&A and final remarks Closing
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Strong start to the year, ahead of expectations, benefitting from focused execution, favorable phasing in Injectable Aesthetics, and stronger than expected ramp- up of Nemluvio Record net sales of 1,129 M USD for the first quarter, growing +8.3% at constant currency, predominantly driven by volume Broad-based growth, across product categories and geographies, from a proven and growth-focused integrated dermatology strategy Confirming full-year guidance, with net sales of +10- 12% year-on-year at constant currency and Core EBITDA margin at approximately 23% at constant currency Guidance fully factors in currently announced U.S. tariff exposure and is increasingly de-risked, following over-delivery in Q1 2025, with the ability to absorb some further tariff impact and some consumer demand-related deterioration
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31 Overview of FX exposure Significant exchange rates, compared to the USD CHF EUR BRL AUD CAD MXN FY 2024 average rate 1.136 Jan 31 2025 spot rate 1.098 1.082 1.039 0.186 0.170 0.660 0.623 0.730 0.691 0.055 0.048 Simulation of Fx impact for 2025 full-year figures CNY 0.139 0.137 March 31 2025 spot rate 1.138 1.084 0.173 0.629 0.699 0.049 0.138 Net sales Core EBITDA -229 bps -306 bps -137 bps -222 bps April 01-22 2025 average rate 1.192 1.118 0.172 0.626 0.712 0.049 0.137 -101 bps -279 bps
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