Nestlé sold Galderma in 2019 for around CHF 10 billion to a consortium of investors (including EQT, ADIA).
At the IPO in 2024, Galderma was valued at valued at CHF 14.5 billion
Hello my dears, Galderma has been on my watch for a few days now. $GALD (+1,33%) has been on my watch. When I wanted to take a look at the presentation for you today. I realized how much fantasy and excitement there is in the share. And shortly afterwards, while researching, I discovered that Loreal has also recognized this potential. $OR (+2,17%) has also recognized this potential.
And that the share would become an interesting takeover candidate.
But even without this takeover fantasy, I think Galderma is an exciting growth stock.
Ladies and gentlemen, what is your opinion here?
All
and
@Multibagger
@Dividendenopi
@All-in-or-nothing
@TradingHase
@Klein-Anleger
@Hobby-Investor
My dears,
before there is now a shitstorm now. With comments like "What are we supposed to do with a report from 2024? ".
I have added the report again because it describes the fresh IPO and the potential of the share quite well.
I hope you are gracious with me 🙈.
@Iwamoto Unfortunately, this has made it a little longer and different from my usual ideas.
Galderma receives approval for Nemluvio in Canada
Galderma has now also received approval for its promising drug Nemluvio (nemolizumab) in Canada.
12.01.2026 14:39
The dermatology company announced on Monday that the product can now be used to treat patients suffering from atopic dermatitis or prurigo nodularis.
Atopic dermatitis is a synonym for neurodermatitis - a disease in which the skin flakes and itches severely. Prurigo nodularis, on the other hand, is a rare skin disease with itchy skin nodules that usually occur on the limbs.
The product was approved in the EU for this indication almost a year ago.
(AWP)
L'Oréal raises fresh capital for Galderma
from Redaktion LZ
Thursday, January 08, 2026
L'Oréal is once again tapping the capital market and placing another billion-euro bond. The Group intends to use the money to increase its stake in the pharmaceutical company Galderma.
Galderma worth buying despite high valuation
Good momentum, potential price drivers and takeover fantasies with downside protection allow FuW to overlook the high valuation of the dermatology specialist.
Published: 09.01.2026, 12:36
In a nutshell:
- Galderma shares have gained over 60% in 2025, making them one of the top performers.
- FuW now rates them a "buy" despite the high valuation premium.
- Good momentum, potential price drivers and takeover fantasies allow for further price gains.
Since the IPO in March 2024, Galderma shares have almost only known one direction: upwards. They were also among the high-flyers on the Swiss stock exchange last year with a price increase of over 60%. Only Trump's tariff threats caused a temporary setback in the spring.
In March 2025, after a good run, FuW rated Galderma as a "hold" due to its impressive valuation - in retrospect, this was too cautious a decision.
Everything is running like clockwork
The market launch of the drug Nemluvio, which is used to treat the skin diseases atopic dermatitis and prurigo nodularis, is going better than expected, prompting analysts to raise their estimates for the drug's peak sales. In addition, Galderma consistently exceeded expectations last year and raised its full-year guidance in July and October.
Looking ahead to the annual report, which the company will publish on March 5, no overly negative surprises are to be expected. For 2025, it is forecasting sales growth of 17 to 17.7% and a core EBITDA margin of 23.1 to 23.3% at constant currencies.
The analysts at Jefferies expect sales and margins to reach the upper end of the target range. JPMorgan is also expecting figures in line with expectations for the fourth quarter, but points out that the outlook for the current year is likely to be conservative.
Industry-leading growth is likely to continue in the medium term. Analysts expect average annual sales growth of over 15% from 2024 to 2029. Profits are likely to increase disproportionately. The fundamental drivers for Galderma's business remain intact: the ageing population, increasing prosperity and the universal desire for beauty and a youthful appearance.
FuW changes its recommendation to "Buy"
The only flaw remains the high valuation. Based on the forward price/earnings ratio, the shares are trading at a valuation premium of over 80% compared to peer companies, according to Bloomberg. "The shares already anticipate a lot of upside," says Christoph Wirtz, buy-side analyst at Bank Rothschild & Co Wealth Management.
The average price target of the analysts listed on Bloomberg is close to the current price at CHF 170. However, a look back shows that the price targets have been raised continuously - by an average of CHF 54 since the end of July alone. It is quite possible that the estimates will rise further, especially if Nemluvio exceeds expectations.
Some analysts do not yet see the end of the line. UBS, Jefferies and JPMorgan, for example, have a target price of CHF 190, which implies an upside potential of around 16%.
Possible price drivers in sight
"The shares are currently trading mainly on the prospects of Nemluvio," says Wirtz. According to his calculations, the drug will contribute around half of profits in future.
"If Nemluvio becomes bigger than currently assumed, this would have a significant impact on Galderma's valuation," says Wirtz. While the company's aesthetics and skincare business is easy for investors to predict, the commercial success of Nemluvio is difficult to assess.
According to a UBS report, the consensus estimate for Nemluvio's peak sales is currently $3 billion to $4 billion. Galderma has not yet revised its original forecast of more than $2 billion.
The company is developing the drug for further applications. Phase II results for chronic itching of unknown cause should be available at the end of the year. Jefferies expects this indication to generate peak sales of USD 1 billion.
Another potential share price driver is the wrinkle treatment Relfydess, which is already available in many countries. Galderma plans to resubmit an application for approval in the USA at the beginning of 2026. In the first attempt, it was rejected due to deficiencies in connection with the chemical, manufacturing and control processes. A possible US approval and market launch could follow at the end of 2026.
Takeover fantasy available
Another positive development is that the French beauty group L'Oréal announced in December that it would increase its stake in Galderma from 10% to 20% and examine further joint research projects.
It is acquiring the additional shares from the existing shareholders, a consortium led by the Swedish private equity company EQT, at an undisclosed premium. This will make L'Oréal the largest shareholder in Galderma, while the proportion of existing shareholders, who want to exit anyway, will fall - without larger blocks of shares coming onto the open market and weighing on the share price.
In the press release, L'Oréal writes that it does not intend to increase its stake any further. Some analysts, including those from Jefferies and ZKB, nevertheless do not rule out a takeover - but only at a later date.
Wirtz also believes that a takeover by L'Oréal is possible. He would not take L'Oréal's rejection of a further expansion of its stake at face value. "It would have been unwise for L'Oréal to signal its interest in increasing its stake in the future, as the price would then have shot up."
Protection against a fall in the share price
"With the 20% stake, L'Oréal presumably wants to sound out the possibilities for cooperation first. After this test run, the management will decide whether a purchase makes sense." According to Wirtz, L'Oréal would probably sell its prescription drugs division to a pharmaceutical company in the event of a takeover.
According to Wirtz, L'Oréal's commitment also offers a degree of downside protection. "As investors know that L'Oréal may continue to add to its shares in the event of a price setback, the shares are unlikely to lose much."
Wirtz also points to the age of CEO Flemming Ørnskov. For the soon-to-be 68-year-old, a takeover would probably be a crowning career achievement. Ørnskov previously led the Irish pharmaceutical company Shire to success and sold it to the Japanese pharmaceutical group Takeda for USD 62 billion in 2019.
Galderma trotz hoher Bewertung kaufenswert
And that makes the IPO so interesting:
- Galderma is more than just the household name Daylong, for which the company is known in Switzerland. The company is one of the leading manufacturers of so-called cosmetic injectables, i.e. fillers used to smooth wrinkles, and neurotoxins, better known under the brand name Botox. The Galderma filler Restylane and the Galderma Botox Dysport are the number two in their respective markets - behind Abbvie (formerly Allergan), the top dog from the USA. Abbvie is clearly ahead. The Americans generate sales of around 3 billion dollars with their bestseller Botox, Abbvie itself speaks of a market share of around 70 percent.
- Galderma adheres to the "less is more principle". The Group is highly concentrated, limiting itself to three business areas. Cosmetic injectables are the company's most important pillar, accounting for 52 percent of sales. The second important business segment is skin care products, above all the dermatological moisturizing creams Cetaphil and the anti-aging cream Alastin. The Group is also one of the leading suppliers of creams for the treatment of acne. Medical skin care products account for 18 percent of sales. "I was impressed by how focused the company is," says Stefan Schneider, analyst at Vontobel.
- The Lausanne-based company is not only doing well at the moment. Supplies should also be ensured. Great hopes are pinned on a product called Relabotulinumtoxin A. This is an innovative product for the treatment of moderate frown lines and crow's feet. The product will be available in liquid form, eliminating the need for dermatologists to mix it with water. Analysts believe that the product will achieve peak sales of 1 billion dollars. However, the company will have to go through the books again for Relabotulinumtoxin A after the US Food and Drug Administration (FDA) criticized shortcomings in the production process in October.
Galderma machte 2023 einem Umsatz von 4,1 Milliarden DollarThe EBITDA margin was 23.1 percent. Management is targeting growth in the low to mid single-digit range for the coming years. One thing is clear: the company is operating in a booming market, with Galderma addressing a market potential of around 90 billion dollars across all categories. All indicators are pointing upwards. Societies in Europe and the USA, but also in emerging countries such as Brazil, are getting older and older, and the demand for products that blur the signs of ageing is increasing. The beauty ideal of eternally firm skin is universal, and more and more men are also interested in the products.- One of Galderma's major advantages is that it can conduct a large part of its business through the same sales channel, namely dermatologists. "This is very efficient and a major advantage, as there are also alternative providers for neurotoxic proteins such as Dysport," says analyst Stefan Schneider. Like Abbvie, the company goes to great lengths to train dermatologists in the use of its products.
- In the area of therapeutic products, Galderma is currently experiencing patent expirations for acne creams. But here, too, it looks as if supplies will be replenished. It concerns Nemozilumab, a drug for the treatment of neurodermatitis and a disease called prurigo nodularis, which leads to nodular skin changes that mainly occur on the legs, arms, back and stomach. The market potential is enormous; many asthmatics also suffer from neurodermatitis. At the same time, competition is tough. The top dog here is the French pharmaceutical company Sanofi, whose drug Dupixent is one of the most successful new launches in the entire industry in recent years.
- Galderma is led by experienced pharmaceutical managers. Group CEO Flemming Ørnskov led the British-Irish pharmaceutical company Shire to success and sold it to the Japanese company Takeda before joining Galderma in 2019. And finally, there is also the illustrious family tree with Nestlé and the French cosmetics group L'Oréal. Even if the episode of Galderma as a business unit in Vevey was not crowned with success.
Spin-off from Nestlé
In 2019, the Swiss food company Nestlé sold Galderma to a consortium led by the Swedish private equity firm EQT for CHF 10.2 billion. With the successful IPO, the company will now get rid of half of the debt of around 5 billion dollars that it had accumulated under the aegis of EQT. The interest burden is likely to fall significantly, partly because the company will receive better conditions thanks to the lower debt.
And after the two Basel-based pharmaceutical groups Roche and Novartis, the Basel-based pharmaceutical supplier Lonza, the Geneva-based ophthalmology group Alcon and the Basel-based generics manufacturer Sandoz - whose inclusion in the SMI is likely to take place this year - the Swiss SMI may now have another SMI group in the healthcare group.
22.03.2024 - 11:38 am
Erfolgsreicher Start – was den Börsengang von Galderma so spannend macht | Handelszeitung
USD in millions2USD
Estimates
Year Turnover Change
2024 4'410
2025 5'297 20,1 %
2026 6'240 17,82 %
2027 7'094 13,69 %
Year EBIT Change
2024 738
2025 898 21,68 %
2026 1'187 32,18 %
2027 1'816 52,99 %
Year Net result Change
2024 231
2025 550 138,08 %
2026 893.3 62,43 %
2027 1'272 42,37 %
Year Net debt CAPEX
2024 2'356 275
2025 2'011 180.1
2026 1'225 203.7
2027 295 226.7
Year EBIT margin ROE
2024 16.73 % 3.51 %
2025 16.95 % 7.79 %
2026 19.02 % 11.17 %
2027 25.6 % 13.61 %
Year Earnings per share Change
2024 0.9734
2025 2.079 113,55 %
2026 3.582 72,33 %
2027 5.116 42,81 %
Number of shares (in thousands) 237,406
Date of publication 05.03.25
Market value 48,927
Year P/E ratio PEG
2024 114x
2025 99.1x 6.06x
2026 57.5x 0.8x
2027 40.3x 0.9x
