Galderma reported record annual net sales of $5.21 billion for 2025, marking the first time the Swiss dermatology giant has surpassed the $5 billion milestone. The company achieved 17.7% constant currency growth, driven primarily by volume gains across its portfolio. Fourth-quarter performance accelerated to 25.2% growth, signaling strong momentum heading into 2026.

The company more than doubled its peak sales target for Nemluvio to above $4 billion after the drug generated $452 million in its first full year on the market. Nemluvio captured approximately 35% U.S. market share in prurigo nodularis and 8% in atopic dermatitis. Galderma secured its first major Medicare access win in January 2026, though this created a gross-to-net impact in the first quarter from expanded access and seasonal copay resets.

Injectable Aesthetics remained Galderma's largest segment with $2.57 billion in sales, up 11.5% at constant currency. Fillers and Biostimulators grew a more modest 8% to $1.10 billion amid market softness and aggressive competitor pricing. The company guided for 17%-20% net sales growth in 2026, targeting a Core EBITDA margin of approximately 26% while navigating a 15% U.S. tariff on key imports.