Galderma reports skin injectables demand remains resilient as consumers prioritize appearance despite economic pressures. CEO Flemming Ørnskov notes customers aren't skipping treatments when money is tight, suggesting high-end skincare proves recession-resistant. This extends the traditional "lipstick effect" to more expensive treatments, contrasting with luxury clothing slumps.

Swiss-based Galderma has grown rapidly since separating from Nestlé in 2019, becoming the second-largest injectables player after AbbVie. The company increased its US market share by 10% to just above 30% and reported $1.47bn in Q1 2026 sales, up 25.5%. Together with AbbVie, they control 75% of global neuromodulator sales.

Sculptra, Galderma's biostimulator injectable, is growing at double-digit rates, particularly among GLP-1 weight-loss drug users experiencing facial sagging. The company is targeting menopausal women with hormonal skin changes, addressing what Ørnskov calls a "significant aesthetic unmet need." This strategy helped offset slowing demand for traditional fillers after industry backlash.