Galderma sees record net sales thanks to growth in all product categories
21 Nov 2023 --- Dermatology giant Galderma posts record net sales, crossing US$3 billion in the first three-quarters of the year and expecting to hit the higher end of its sales target for 2023.
Net sales jumped 8.9% year-over-year in the first nine months, with noticeable growth in international markets like Latin America and Asia, including China, India and Mexico.
Net sales jumped 8.9% year-over-year in the first nine months, with noticeable growth in international markets like Latin America and Asia, including China, India and Mexico.
The company states US performance was also strong. Still, the first half of 2023 was impacted by “a high comparative base in 2022 for Injectable Aesthetics” as inflationary pressures took their toll across the market and economy.
The company also used the proceeds from the US$1 billion private placement of shares to deleverage its business, a key goal for many companies trying to avoid or limit exposure to a high-interest rate environment.
Earlier this year, the Swiss skin care group paused plans for an initial public offering (IPO) and said it would use the money obtained from the private placement to boost its balance sheet. Galderma attributes that move with winning higher credit ratings from all three major rating agencies.
Galderma recorded significant growth in international markets like Latin America and Asia.
Injectable Aesthetics offset weaker filler market
Galderma states net sales in Injectable Aesthetics saw single-digit growth year-over-year in the first nine months of 2023 as the company coped with 2022’s inflationary challenges.
Market share expanded across its Injectable Aesthetics portfolio, with Neuromodulators and Biostimulators growing double-digits, helping to offset the softness in the filler market in some countries.
Flagship brands boost dermatological skin care
Cetaphil and Alastin Skincare helped Galderma get ahead of the market with solid performance, particularly in Asia and Latin America.
In Cetaphil, the company credits a successful e-commerce execution to distribution expansion and innovation. Earlier this year, Galderma grew the Cetaphil product line with “Healthy Renew” and a digital AI skin analysis tool.
Therapeutic Dermatology sees momentum
Chief executive officer Flemming Ornskov says he’s pleased with the company’s performance as “...innovation remains at the forefront of our priorities…with notable updates for the quarter in liquid neuromodulators, the expansion of Alastin Skincare and positive phase III trial results for nemolizumab.”
Meanwhile, Galderma says it is making progress with new science and its drug nemolizumab. It presented “positive data” to the European Academy of Dermatology and Venerology from three pivotal phase III trials for treating atopic dermatitis and prurigo nodularis with nemolizumab.
Results from the trials show that “nemolizumab significantly improved skin lesions and itch in adolescent and adult patients with moderate to severe AD, compared to placebo…” and when used as a monotherapy, “...significantly improved itch and skin lesions in adult patients with moderate to severe PN, compared to placebo…”
By Anita Sharma
