Switzerland's Galderma lifts full-year guidance after sales jump
Galderma Reports Strong First-Half 2026 Performance and Updates Outlook
ZURICH, July 23 (Reuters) - Swiss skincare firm Galderma on Thursday reported a 24.6% jump in sales in the first half of 2026 and nudged up its full-year guidance, even as it flagged a potentially challenging second-half environment.
Sales Growth and Updated Guidance
First-half sales rose to $3.13 billion, driven by double-digit growth in international markets and the United States, and the Zug-based company now expects net sales to expand 19-21% this year, up from 17-20% previously.
Performance Across Product Categories
Galderma, which in September will join the SMI, Switzerland's blue-chip index, registered robust growth in all product categories. Its shares jumped more than 3% after opening before shedding gains amid broader pressure on European stocks.
Guidance Factors and Market Challenges
Galderma said its full-year guidance factored in manageable exposure to announced U.S. tariffs, and its ability to absorb potential consumer demand deterioration in the second half, given a volatile political and macroeconomic environment.
Consumer Sentiment and Market Share
CEO Flemming Ornskov said a slight softening of consumer sentiment was perceptible in some markets, albeit offset by the fact the firm continued to capture market share.
Middle East Growth Opportunities
Addressing tensions in the Middle East, he described the region as a growth opportunity for Galderma.
"The moment that clears up, we will double down on investments there," Ornskov told Reuters, noting the region currently represents 3% or less of its business.
Cost Management and Manufacturing Expansion
Ornskov said some freight-related and other costs had risen, without materially impacting Galderma's outlook, and noted the company had a fairly diverse and localized manufacturing base, with more production moving to the United States.
"And in Asia, we're looking to expand and even thinking about manufacturing there," he noted.
Galderma also received reimbursements on U.S. tariffs worth millions of dollars, slightly boosting profits, he noted.
Product Pipeline and Regulatory Updates
Galderma is still awaiting U.S. approval for Relfydess, a rival treatment to Botox, after saying this month it had received a complete response letter from the U.S. Food and Drug Administration with observations to be addressed.
Ornskov said Galderma had learned from the setback but still had a "little bit of work to do" on it.
(Writing by Dave Graham; Editing by Linda Pasquini and Joe Bavier)
