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Swiss dermatology company selling injectable aesthetics (fillers, neuromodulators), prescription skin treatments, and consumer skincare brands.
Swiss dermatology company selling injectable aesthetics (fillers, neuromodulators), prescription skin treatments, and consumer skincare brands.
Injectable aesthetics, fillers and botulinum toxins paid for out of pocket by patients and given by doctors, is the largest part; Cetaphil sells through pharmacies and retailers, and prescription dermatology is smaller, with the 2024 US launch of the eczema and itch drug Nemluvio. EQT-led investors bought it from Nestle in 2019 and kept a large holding after the 2024 listing.
In one line: A Swiss, dermatology-focused Allergan Aesthetics.
Moat: narrow (brand, IP / patents, regulatory licence). Recognized injectable and skincare brands with regulatory-approved formulations, competing against AbbVie's Botox/Juvederm.
Headquarters: Zug, Switzerland · Founded: 1981 · Employees: 7,676
Size Galderma (GALD.SW) is a Switzerland Health Care company (Pharmaceuticals: Major) with a market value of $54.8B, the 9th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 191.75 on 6 Nov 2026.
Performance Over six months the shares gained 17.4%, against +20.9% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +8.8%); the operating margin is 18.5% (peer median 23.2%).
Valuation It trades at 48.1× forward earnings against a peer median of 17.5× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.0% WACC).
Credit Galderma has 2 bonds outstanding ($1.11B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 104 bp.
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 4.67B | CHF 4.32B | CHF 3.88B | CHF 3.67B | CHF 3.59B |
| Revenue growth | — | +11% | +6% | +2% | — |
| Gross profit | CHF 3.23B | CHF 2.97B | CHF 2.69B | CHF 2.56B | CHF 2.45B |
| EBITDA | CHF 1.13B | CHF 970M | CHF 829M | CHF 766M | CHF 592M |
| Net income | CHF 684M | CHF 509M | CHF 203M | -CHF 51.4M | -CHF 94.1M |
| Free cash flow | CHF 825M | CHF 890M | CHF 317M | CHF 39.6M | CHF 9.26M |
| Capital expenditure | CHF 111M | CHF 128M | CHF 243M | CHF 137M | CHF 152M |
| Total debt | n/a | CHF 2.16B | CHF 2.50B | CHF 4.13B | CHF 5.23B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Galderma GALD.SW | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Beiersdorf BEI.DE | $20.4B | +21% | -2% | 12% | 22.6× | -2.3% |
| L'Oreal OR.PA | $268B | +25% | +3% | 21% | 32.8× | 18.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GALD.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.8% | +9.9% | 5th highest of 21 |
| 6-month return | +17.4% | +20.9% | 10th lowest of 21 |
| Distance from 52-week high | -2.6% | -9.3% | 5th highest of 21 |
| Revenue growth (TTM) | +15.8% | +8.8% | 8th highest of 21 |
| Operating margin | 18.5% | 23.2% | 9th lowest of 21 |
| Forward P/E | 48.1× | 17.5× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 18.4% | 7.2% | 4th most demanding of 20 |
| Growth delivered (Del g) | +6.4% | +7.2% | 9th lowest of 20 |
| Hurdle (Req g minus delivered) | +12.0 pp | +0.2 pp | 5th most demanding of 20 |
| ROIC minus cost of capital | +3.6 pp | +4.9 pp | 9th lowest of 21 |
| EV / EBITDA | 41.0× | 12.6× | 2nd most expensive of 18 |
| Net debt / EBITDA | 1.3× | 1.6× | 9th least indebted of 18 |
| Bond spread | 104 bp | 80 bp | 2nd widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Wuxi Apptec 2359.HK | Hong Kong | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% | +20.4% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
Galderma has 2 bonds outstanding with $1.11B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 4.09%, a spread of 104 bp over government bonds.