Slides
Page 1
INTERNAL USE H1 2025 Financial Results & Business Update 25th of July 2025
Page 2
INTERNAL USE Disclaimer This document has been prepared by Almirall, S.A. (the “Company”) exclusively for use during the presentation. This document includes only summary information and does not intend to be comprehensive. This document may not be disclosed or published or used by any person or entity for any reason without the prior, express written consent of the Company. Information in this document about the price at which securities issued by the Company have been purchased or sold in the past, or information about the yield on securities issued by the Company, cannot be relied upon as a guide to the future performance of the Company’s securities. Forward looking information, opinions and statements contained herein are based on the Company’s estimates (using assumptions that the Company believes to be reasonable) and on sources believed to be reliable by the Company, but have not been verified by independent experts. The Company does not warrant the completeness, timeliness or accuracy of any such information, opinions and statements, and, accordingly, no reliance should be placed on them in this connection. Certain statements contained herein that are not historical facts are forward-looking statements. Such forward-looking statements are based on current expectations and projections about future events and are subject to various risks and uncertainties, many of which are difficult to predict and are beyond the control of the Company. Therefore, actual results may differ materially from those discussed in, or implied by, such forward-looking statements. Except to the extent required by the applicable law, the Company expressly disclaims any obligation to revise or update any forward-looking statements, the expectations of the Company, the conditions or circumstances on which the forward-looking statements are based, or any other information or data included herein. This document does not constitute an offer or invitation to acquire or subscribe for securities, in accordance with the provisions of the restated text of the Securities Market Act approved by the Spanish Law 6/2023 of March 17, on Securities Markets and Investment Services. Furthermore, this document does not constitute a purchase, sale or swap offer, nor a request for a purchase, sale or swap offer for securities, or a request for any vote or approval in any other jurisdiction. H1 2025 Financial Results & Business Update
Page 3
INTERNAL USE Agenda Carlos Gallardo, Chairman & CEO H1 2025 Highlights Biologics Growth Drivers Update: Ilumetri® & Ebglyss®® Karl Ziegelbauer, CSO Pipeline Updates Mike McClellan, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks H1 2025 Financial Results & Business Update
Page 4
INTERNAL USE H1 2025 Highlights H1 2025 Financial Results & Business Update
Page 5
INTERNAL USE 5 H1 2025 highlights Ongoing biologics momentum backed by solid commercial execution Reinforcing our solid growth trajectory Top European products at the core Innovation pipeline status Net Sales €560.5 MM +12.7% YoY, with a very strong dermatology performance in Europe +24.2% YoY EBITDA €121.8 MM +16.6% YoY, in line with expectations, underpinned by robust sales 2025 Guidance reiterated Powered by strong biologics growth & operational excellence Ilumetri® (psoriasis) Steady performance in H1 2025. Net sales €113.3 MM +12.7% YoY Ebglyss® (atopic dermatitis) Strong performance in H1 2025 marked by ongoing business momentum, as launches in new countries gain traction. Net Sales €44.9 MM >4x YoY Wynzora® (psoriasis) Accelerating growth. Net sales €17.1 MM +32.6% YoY Klisyri® (actinic keratosis) Solid performance with contributions from key markets & US large field launch. Net sales €13.7 MM +25.7% YoY Expanded collaboration with Simcere Developing novel bispecific antibodies for immuno-dermatology diseases Klisyri® (large field) EU LF Phase III study has met primary and key secondary endpoints 4 PoC studies (dermatology) Over the next 12 months, plan to initiate four Phase 2 / Proof-of-concept studies H1 2025 Financial Results & Business Update
Page 6
INTERNAL USE Biologics Growth Drivers Update: Ilumetri® & Ebglyss® H1 2025 Financial Results & Business Update
Page 7
INTERNAL USE 42 42 44 49 52 52 56 55 58 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Ilumetri® highlights Strategically well-positioned in the leading anti-IL-23 class Europe Net Sales of €58 MM in Q2 2025 +13% year-on-year * Source: IQVIA ATU 2025 & LRx Data 7 H1 2025 Financial Results & Business Update Quarterly Ilumetri® sales reflect a steady flow of new patients* boosted by the flexible dosing enabled through the 200mg option Anti-IL-23 class continues to lead in advanced psoriasis treatment* H1 2025 sales display steady double-digit growth YoY; mid-term outlook >€300 MM reaffirmed
Page 8
INTERNAL USE 4 7 10 13 19 25 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 * The cumulative sales figure covers the period from December 2023 to June 2025 and may be subject to rounding ** Source: IQVIA ATU 2025 & LRx Data 8 Ebglyss® highlights Strong momentum in quarterly performance – already Almirall’s #2 product Strengthening our position in the AD segment: €79 MM* in cumulative sales since December 2023 launch Quarterly momentum on a strong trajectory as new European markets begin to scale alongside Germany Solid double-digit dynamic new market share among patients in Germany**, with excellent results in recently launched countries H1 2025 Financial Results & Business Update Europe Net Sales of €25.5 MM in Q2 2025 Projected H2 2025 launches PT PLIE +31%
Page 9
INTERNAL USE Pipeline Updates H1 2025 Financial Results & Business Update
Page 10
INTERNAL USE Building an exciting pipeline with early & late-stage assets * Worldwide ex-Greater China ** RDEB / JEB – Recessive Dystrophic Epidermolysis Bullosa / Junctional Epidermolysis Bullosa 10 H1 2025 Financial Results & Business Update Molecule name Indication Phase I Phase II Phase III Registration Geography Sarecycline Acne Tirbanibulin Actinic keratosis (LF) Tildrakizumab Psoriatic arthritis Lebrikizumab Atopic dermatitis pediatric NMEs Life-cycle management (label extension) Anti-IL-1RAP mAb Hidradenitis suppurativa Anti-IL-21 mAb Inflammatory skin disease IL-2muFc Inflammatory skin disease ZKN-013 Rare dermatology (RDEB/JEB)** *
Page 11
INTERNAL USE Financial Review H1 2025 Financial Results & Business Update
Page 12
INTERNAL USE H1 2025 Results European dermatology on a clear growth trajectory Highlights 12 Net Sales €560.5 MM +12.7% year- on-year, led by accelerating growth in European Dermatology, aligned with 2025 Guidance SG&A at €250.7 MM +8.2% vs H1 2024, consistent with our investment strategy for the Ebglyss® launch EBITDA of €121.8 MM, +16.6% vs H1 2024, boosted by solid gains in revenue, primarily from incremental sales and in part from Q1 divestments Net Debt of €76.6 MM: Net Debt/EBITDA at 0.4x. Supports strategic flexibility for any potential inorganic growth initiatives Gross Margin of 65.5%, benefited from divestments earlier this year R&D at €71.9 MM, 12.8% of Net Sales, in line with expectations with more evenly distributed quarterly expenses compared to 2024 H1 2025 Financial Results & Business Update
Page 13
INTERNAL USE 13 H1 2025 Results Net Sales Breakdown by Products €560.5 MM Million € H1 2025 H1 2024 % Chg YoY Europe 511.3 440.4 16.1% Dermatology 289.5 233.0 24.2% General Medicine & OTC 221.8 207.4 6.9% Ebastel franchise 36.2 36.9 (1.9%) Crestor 21.2 21.9 (3.2%) Almax 19.5 17.7 10.2% Sativex franchise 18.1 19.0 (4.7%) Eklira franchise 10.1 9.3 8.6% Parapres 10.0 10.2 (2.0%) Efficib/Tesavel 8.7 9.5 (8.4%) Others Europe* 98.0 82.9 18.2% US 24.7 28.8 (14.2%) Dermatology 24.3 28.3 (14.1%) General Medicine 0.4 0.5 (20.0%) RoW 24.5 28.0 (12.5%) Dermatology 4.5 7.5 (40.0%) General Medicine 20.0 20.5 (2.4%) Net Sales 560.5 497.2 12.7% H1 2025 Net Sales breakdown of the business H1 2025 Net Sales breakdown by geography €511.3 MM 91.2% EU €24.7 MM 4.4% US €24.5 MM 4.4% RoW Dermatology General Medicine & OTC H1 2025 Financial Results & Business Update * Includes Algidol® divestment & Sekisan® out-licensing in Q1 2025, with a €12 MM upfront payment and net full year impact of approximately €15 MM vs 2024 Dermatology, 57% General Medicine & OTC; 43% 57% 43% 98% 2% 18% 82%
Page 14
INTERNAL USE 14 H1 2025 Results Dermatology Sales Breakdown €318.3 MM 56.8% of Net Sales Million € H1 2025 H1 2024 % Chg YoY Europe 289.5 233.0 24.2% Ilumetri 113.3 100.5 12.7% Ebglyss 44.9 10.8 n.m. Ciclopoli franchise 26.7 26.4 1.1% Decoderm franchise 18.3 17.5 4.6% Wynzora 17.1 12.9 32.6% Solaraze 11.6 10.7 8.4% Klisyri 10.2 8.2 24.4% Skilarence 10.0 10.3 (2.9%) Others Europe 37.4 35.7 4.8% US 24.3 28.3 (14.1%) Seysara 9.6 11.3 (15.0%) Klisyri 3.5 2.7 29.6% Others US 11.2 14.3 (21.7%) RoW 4.5 7.5 (40.0%) Total Almirall Derma 318.3 268.8 18.4% H1 2025 Financial Results & Business Update Europe; 91% US; 8% RoW; 1%
Page 15
INTERNAL USE 15 H1 2025 Results Total Income Statement H1 2025 EBITDA uplifted by European sales momentum, and partially offset by anticipated increases in R&D and SG&A costs SG&A increased in H1 2025, as expected, due to ongoing investments in recent & upcoming Ebglyss® launches and promotional efforts H1 2025 Net Sales boosted by strong Dermatology growth in Europe, led by Ilumetri® and Ebglyss®, and further supported by the Q1 divestment of Algidol and out-licensing of Sekisan Higher R&D in H1 2025 mainly driven by early-stage clinical trials, with more evenly distributed quarterly expenses compared to 2024 Net financial result improved, largely due to gains from Equity Swap valuation reflecting recent share price growth Million € H1 2025 H1 2024 % Chg YoY Total Revenues 563.4 500.1 12.7% Net Sales 560.5 497.2 12.7% Other Income 2.9 2.9 - Cost of Goods (193.3) (173.5) 11.4% Gross Profit 367.2 323.7 13.4% % of sales 65.5% 65.1% R&D (71.9) (56.8) 26.6% % of sales (12.8%) (11.4%) SG&A (250.7) (231.6) 8.2% % of sales (44.7%) (46.6%) SG&A w/o Amort. & Dep. (185.0) (172.8) 7.1% % of sales (33.0%) (34.8%) SG&A Amort. & Dep. (65.7) (58.8) 11.7% Other Op. Exp (2.1) (2.3) (8.7%) EBIT 45.4 35.9 26.5% % of sales 8.1% 7.2% Amort. & Dep. 76.4 68.6 11.4% % of sales 13.6% 13.8% EBITDA 121.8 104.5 16.6% % of sales 21.7% 21.0% Gains on sale of assets - (1.5) (100.0%) Other costs (0.5) - n.m. Restructuring costs (2.0) - n.m. Impairment reversals / (losses) - (1.7) (100.0%) Net financial income / (expenses) 2.2 (1.8) n.m. Exchange rate differences (1.1) (0.6) 83.3% Profit before tax 44.0 30.3 45.2% Corporate income tax (17.5) (14.9) 17.4% Net Income 26.5 15.4 72.1% Normalized Net Income 28.4 17.8 59.6% H1 2025 Financial Results & Business Update
Page 16
INTERNAL USE * EBITDA 12-month trailing 16 H1 2025 Results Balance Sheet Million € Jun 2025 Dec 2024 Var €MM Goodwill & Intangible assets 1,234.7 1,296.5 (61.8) Property, plant & equipment 155.2 153.8 1.4 Financial assets 19.4 16.4 3.0 Other non current assets 184.5 188.9 (4.4) Total Non Current Assets 1,593.8 1,655.6 (61.8) Inventories 179.7 171.8 7.9 Accounts receivable 168.8 151.4 17.4 Other current assets 42.6 40.8 1.8 Cash & cash equivalents 323.0 377.1 (54.1) Total Current Assets 714.1 741.1 (27.0) Total Assets 2,307.9 2,396.7 (88.8) Shareholders Equity 1,463.1 1,488.4 (25.3) Financial debt 341.3 347.4 (6.1) Non current liabilities 217.7 221.9 (4.2) Current liabilities 285.8 339.0 (53.2) Total Equity & Liabilities 2,307.9 2,396.7 (88.8) Net Debt Position Financial debt 341.3 347.4 (6.1) Pension plans 58.3 58.6 (0.3) Cash and cash equivalents (323.0) (377.1) 54.1 Net Debt / (Cash) 76.6 28.9 47.7 Goodwill & Intangible assets decreased, mainly due to depreciation, which outweighed the recent Anti-IL1-RAP mAb milestone and Ebglyss® R&D capitalization Financial debt reflects the senior notes issued in September 2021, maturing in Q3 2026. The decline is mainly due to EIB loan repayments Solid liquidity & leverage, 0.4x Net Debt/EBITDA* H1 2025 Financial Results & Business Update
Page 17
INTERNAL USE 17 H1 2025 Results Cash Flow Million € H1 2025 H1 2024 Profit Before Tax 44.1 30.3 Depreciation and amortization 76.4 68.6 Change in working capital (37.3) (20.0) Other adjustments (7.1) 5.9 CIT Cash Flow (18.5) (18.5) Cash Flow from Operating Activities (I) 57.6 66.3 Interest Collections 3.8 3.0 Ordinary Capex (30.5) (32.2) Investments (56.4) (87.6) Divestments 5.2 8.6 Short-term deposits - (50.0) Cash Flow from Investing Activities (II) (77.9) (158.2) Interest Payment (5.1) (5.0) Dividend Payment (26.2) (3.3) Debt increase/(decrease) and Others (9.8) (8.6) Other cash flows 7.3 0.3 Cash Flow from Financing Activities (33.8) (16.6) Cash Flow generated during the period (54.1) (108.5) Free Cash Flow (III) = (I) + (II) (20.3) (91.9) Profit Before Tax rose significantly compared to H1 2024 Other adjustments include the impact of the net financial results Investments reflect the Ilumetri sales milestone paid in Q2 2025 & recent Anti-IL1-RAP mAb milestone, along with the Wynzora sales milestone, as well as early-stage R&D milestones from 2024, which were settled in H1 2025 Divestments include royalty inflows from the Covis agreement H1 2025 Financial Results & Business Update Working Capital increased due to higher receivables and elevated inventory levels for Biologics
Page 18
INTERNAL USE 18 H1 2025 Financial Results & Business Update Incoming CFO transition: Jon U. Garay Alonso Latest Role • CFO & Executive VP at Camurus AB • Publicly listed, Sweden-based, research & development pharmaceutical and biotechnology company with a focus on development & marketing of specialty medicines in severe & chronic diseases • Key therapeutic areas include central nervous system, rare diseases, oncology, endocrine disorders & supportive care Professional Background • >25 years of business & finance experience in numerous leadership roles with increasing seniority in the pharmaceutical industry and other sectors, such as medical devices and telecommunications • Previous senior positions at Baxter, Gambro, Convatec and Bristol Myers Squibb • BA from Universidad Comercial de Deusto and EMBA & General Management Program from IESE Business School CFO Transition Plan • Joined Almirall in July, enabling smooth transition and handover prior to Mike McClellan’s departure in September • Focus on business continuity & Almirall’s strong growth trajectory as a leading European company in medical dermatology • Will report directly to Carlos Gallardo, Almirall Chairman & CEO
Page 19
INTERNAL USE Closing Remarks H1 2025 Financial Results & Business Update
Page 20
INTERNAL USE 20 Well-positioned to capitalize on a major market opportunity in dermatology Driving accelerated growth through disciplined execution of our strategy Focused on enhancing a proven platform to unlock long-term value Driving strong biologics growth & advancing new exciting pipeline opportunities to the next stage H1 2025 Financial Results & Business Update
Page 21
INTERNAL USE Appendices H1 2025 Financial Results & Business Update
Page 22
INTERNAL USE 22 Lebrikizumab Ongoing collaborative clinical program to grow patient access & product value Indication Title Study Objective ADlong NCT05916365 Long-term safety up to 5 years ADhope-1 NCT05990725 Study to assess 24-week effectiveness and safety ADhope-2 NCT06526182 ADTrust NCT06815380 Observational study to assess impact on well-being and skin manifestations Atopic Dermatitis ADorable-1 NCT05559359 16-week efficacy & safety in pediatric patients ADorable-2 NCT05735483 52-week long-term safety in pediatric patients ADjoin NCT04392154 100-week long term safety & efficacy ADTouch NCT06921759 Efficacy and safety in patients with atopic hand and foot dermatitis PAR PREPARED-1 NCT06339008 Efficacy & safety in adults with perennial allergic rhinitis CRSwNP CONTRAST-NP NCT06338995 Efficacy & safety in adults and adolescents with chronic rhinosinusitis and nasal polyps treated with intranasal corticosteroids Atopic Dermatitis
Page 23
INTERNAL USE Million € H1 2025 CER H1 2025 Var H1 2024 % Chg CER YoY % Chg YoY Total Revenues 563.0 563.4 0.4 500.1 12.6% 12.7% Net Sales 560.1 560.5 0.4 497.2 12.7% 12.7% Other Income 2.9 2.9 - 2.9 0.0% 0.0% Cost of Goods (193.6) (193.3) 0.3 (173.5) 11.6% 11.4% Gross Profit 366.5 367.2 0.7 323.7 13.2% 13.4% % of sales 65.4% 65.5% 65.1% R&D (71.7) (71.9) (0.2) (56.8) 26.2% 26.6% % of sales (12.8%) (12.8%) (11.4%) SG&A (250.7) (250.7) - (231.6) 8.2% 8.2% % of sales (44.8%) (44.7%) (46.6%) SG&A w/o Amort. & Dep. (185.0) (185.0) - (172.8) 7.1% 7.1% % of sales (33.0%) (33.0%) (34.8%) SG&A Amort. & Dep. (65.7) (65.7) - (58.8) 11.7% 11.7% Other Op. Exp (2.1) (2.1) - (2.3) (8.7%) (8.7%) EBIT 44.9 45.4 0.5 35.9 25.1% 26.5% % of sales 8.0% 8.1% 7.2% Amort. & Dep. 76.4 76.4 - 68.6 11.4% 11.4% % of sales 13.6% 13.6% 13.8% EBITDA 121.3 121.8 0.5 104.5 16.1% 16.6% % of sales 21.7% 21.7% 21.0% Gains on sale of assets - - - (1.5) (100.0%) (100.0%) Other costs (0.3) (0.5) (0.2) - n.m n.m Restructuring costs (2.0) (2.0) - - n.m n.m Impairment reversals / (losses) - - - (1.7) (100.0%) (100.0%) Net financial income / (expenses) 2.2 2.2 - (1.8) n.m n.m Exchange rate differences (1.1) (1.1) - (0.6) 83.3% 83.3% Profit before tax 43.7 44.0 0.3 30.3 44.2% 45.2% Corporate income tax (17.5) (17.5) - (14.9) 17.4% 17.4% Net Income 26.2 26.5 0.3 15.4 70.1% 72.1% Normalized Net Income 27.9 28.4 0.5 17.8 56.9% 59.6%23 H1 2025 Results Total Income Statement CER EURO CER Jun 2025 CZK 25.01 25.00 DKK 7.46 7.46 PLN 4.32 4.23 USD 1.08 1.08 CHF 0.96 0.94 GBP 0.85 0.84 NOK 11.49 11.66 SEK 11.39 11.10 H1 2025 Financial Results & Business Update
Page 24
INTERNAL USE 24 H1 2025 Results Leading Product Net Sales Million € H1 2025 H1 2024 % Chg YoY Ilumetri 113.3 100.5 12.7% Ebglyss 44.9 10.8 n.m. Ebastel franchise 43.1 43.9 (1.8%) Ciclopoli franchise 27.8 28.3 (1.8%) Almax 22.6 21.9 3.2% Crestor 21.2 21.9 (3.2%) Decoderm franchise 18.5 17.9 3.4% Sativex franchise 18.1 19.0 (4.7%) Wynzora 17.1 12.9 32.6% Klisyri 13.7 10.9 25.7% Rest of the products 220.2 209.2 5.3% Net Sales 560.5 497.2 12.7% H1 2025 Financial Results & Business Update
Page 25
INTERNAL USE 25 (1) As per Annual Account Terminology. (2) Data included in the corresponding caption of the profit and loss account Reconciliations with financial statements Gross Margin & EBITDA Operating Profit 43.0 32.7 Directly traceable with annual accounts Amortization & Depreciation 76.4 68.6 Net gain (loss) on asset disposals - 3.2 Loss (Gain) on recognition (reversal) of impairment of property, plant and equipment, intangible assets and goodwill - - Non directly traceable with annual accounts Staff costs 2.0 - Other gain / (Loss) from operating expenses 0.4 - EBITDA 121.8 104.5 Million € H1 2025 H1 2024 Net Sales(1) 560.5 497.2 Procurements(1) (130.0) (119.3) Other manufacturing costs(2) Staff costs (21.1) (19.3) Amortization & Depreciation (6.3) (5.6) Other operating costs (12.5) (12.5) Royalties(2) (25.7) (18.5) Others(2) 2.3 1.7 Gross Profit 367.2 323.7 As % of Revenues 65.5% 65.1% H1 2025 Financial Results & Business Update
Page 26
INTERNAL USE 26 Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) Million € H1 2025 H1 2024 EBITDA 121.8 104.5 Amortization & Depreciation (76.4) (68.6) EBIT 45.4 35.9 Financial income 4.1 3.7 Financial cost (7.9) (7.9) Financial derivative 6.0 2.4 Net Financial income / (expenses) 2.2 (1.8) H1 2025 Financial Results & Business Update
Page 27
INTERNAL USE For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com