Galderma's 9.3% Sales Growth in 2024: A Testament to Its Integrated Dermatology Strategy

Galderma, the pure-play dermatology category leader, announced its financial results for the full year 2024, posting a robust 9.3% sales growth on a constant currency basis. The company's strong performance was driven by a combination of factors, including volume-based growth, broad-based growth across product categories, and significant headway made with future growth drivers. Galderma's expansion into international markets also played a crucial role in driving sales growth, with double-digit performance in highly attractive, largely underpenetrated sectors.



Galderma's product categories contributed to the overall sales growth in the following ways:

1. Injectable Aesthetics:
- Net sales for the first nine months of 2024 were 1,698 million USD, with year-on-year growth of 10.6% at constant currency.
- Both sub-categories, Neuromodulators and Fillers and Biostimulators, achieved double-digit growth.
- Growth was supported by strong performance in both International markets and the U.S.
- International markets continued their double-digit growth trajectory, with particularly strong demand in Europe and Latin America for Neuromodulators.
- Fillers were impacted by market softness, but some markets like Asia Pacific and the Middle East showed strong growth.
- Biostimulators continued their strong, broad-based growth trajectory, supported by the successful Sculptra® launch in Thailand and strong demand across key markets, with notable outperformance in the Middle East.

2. Dermatological Skincare:
- Net sales for the first nine months of 2024 were 990 million USD, growing by 10.6% year-on-year at a constant currency basis.
- Growth was driven by its two flagship brands, Cetaphil® and Alastin®.
- Cetaphil growth was particularly strong in International markets, more than offsetting lower consumer consumption in the U.S.
- Alastin expanded in its first International markets, contributing to the overall growth in this category.

3. Therapeutic Dermatology:
- Net sales for the first nine months of 2024 were 571 million USD, with year-on-year growth of 2.9% at constant currency.
- The mature Therapeutic Dermatology portfolio outperformed in International markets, despite genericization and pricing pressures.

Galderma's expansion into international markets played a significant role in driving sales growth, as these markets continued to deliver double-digit performance in highly attractive, largely underpenetrated sectors. In the full year 2024, international markets contributed to Galderma's growth with double-digit growth in all three product categories, including Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. The fourth quarter of 2024 was the strongest growth quarter of the year for international markets, driven by strong performance of year-end engagement activities across product categories and aided by a lower 2023 comparative base.

Some key highlights from international markets include:

* Leadership and market share gains in Neuromodulators, with particularly strong demand in Europe and Latin America.
* Robust growth in Fillers & Biostimulators overall, with notable growth in Thailand and the Middle East.
* Broad-based growth of Cetaphil® across markets and expansion of Alastin® in its first international markets.
* The mature Therapeutic Dermatology portfolio outperformed in international markets, despite genericization and pricing pressures.

In conclusion, Galderma's 9.3% sales growth in 2024 was driven by volume-based growth, broad-based growth across product categories, strong performance in international markets, and key regulatory approvals. The company's integrated dermatology strategy, focused on new launches, progress on its late-stage pipeline, and commercial execution, has proven successful in driving growth and positioning Galderma well for future success. As Galderma continues to execute on its strategy, investors can expect the company to maintain its strong performance and continue to grow its market share in the dermatology category.