Almirall's Q1 2025 Results: A Dermatology Leader in Full Flight

Almirall S.A. (ALM.MC) has delivered a standout performance in Q1 2025, with its dermatology portfolio driving robust financial growth and strategic expansion. The quarter’s results underscore the company’s position as a European leader in medical dermatology, fueled by strong product launches, geographic expansion, and a pipeline of innovative therapies.

Financial Momentum: Growth and Efficiency

Almirall’s Q1 net sales surged 15% YoY to €284.6 million, outpacing expectations, with EBITDA jumping 35% to €70.9 million. The dermatology division in Europe was a standout, growing 23.4% YoY to €139.4 million, reflecting the success of its biologics and strategic divestments. Gross margins expanded to 66.9%, a direct result of operational efficiencies and licensing gains from out-licensing deals like the January 2025 divestment of Sekisan and Algidol in Spain.

Product Performance: Biologics Lead the Charge

The company’s biologics—Ebglyss® and Ilumetri®—are the engines of growth:
- Ebglyss® (lebrikizumab): Sales hit €19.4 million, with availability in 13 European markets, including Germany, France, and the UK. Expansion plans targeting Portugal, Ireland, and Poland by end-2025 could further boost its reach.
- Ilumetri® (tildrakizumab): Despite competitive pressures in psoriasis, sales rose 12.7% to €55.1 million, cementing its position as a top anti-IL-23 antibody.
- Klisyri® and Wynzora®: Both showed strong growth, with Klisyri’s U.S. launch contributing to a 25.5% sales increase to €6.9 million, while Wynzora grew 22.2% to €7.7 million.

R&D Pipeline: Innovation at Scale

Almirall’s R&D investments are paying dividends:
- Efinaconazole: Approved in Italy in March 2025, extending its reach via a decentralized EU regulatory process.
- Anti-IL1RAP mAb: Phase I data presented at the 2025 AAD conference demonstrated safety and tolerability, with a planned Phase II trial for hidradenitis suppurativa later this year.
- Lifecycle Management: Collaborations with partners like Lilly and Sun Pharma aim to enhance biologics’ accessibility and value.

2025 Outlook: Ambitious but Achievable

The company reaffirmed its full-year targets:
- Net Sales Growth: 10-13% YoY, aligning with Q1’s 15% growth.
- EBITDA: €220–240 million, reflecting confidence in margin expansion.

Analysts project 36% annual earnings growth through 2027, with revenue expected to rise 9.5% YoY in 2025. Notably, Almirall’s intrinsic value is estimated to be 44% above its May 12 share price, signaling strong upside potential.

Conclusion: A Skin in the Game

Almirall’s Q1 results are a testament to its strategic focus on dermatology innovation and commercial execution. With biologics driving top-line growth, geographic expansion accelerating, and a robust pipeline addressing unmet needs in severe skin conditions, the company is well-positioned to capitalize on its leadership.

Key metrics reinforce this narrative:
- 15% sales growth and 35% EBITDA expansion highlight operational excellence.
- €220–240 million EBITDA guidance reflects confidence in executing its R&D and commercial strategies.
- Analysts’ 44% undervaluation estimate suggests the market has yet to fully price in Almirall’s growth trajectory.

Investors should note the €0.19 per share dividend, maintained through the scrip dividend system, as a sign of financial discipline. Combined with its pipeline momentum—particularly in atopic dermatitis, psoriasis, and hidradenitis suppurativa—Almirall is primed to deliver sustained returns.

In a sector increasingly dominated by biologics, Almirall’s early-mover advantage and execution prowess make it a compelling play for investors seeking exposure to a dermatology powerhouse. The road ahead is clear: execute, expand, and innovate. The skin-care leader is already in motion.