Inside Galderma’s blockbuster Q3: Why EQT cashed out CHF690m amid record dermatology growth

EQT AB has successfully completed a major placement of shares in Galderma Group AG (SIX: GALD), generating gross proceeds of approximately CHF 2.6 billion. The transaction involved the sale of 20 million shares through an accelerated bookbuild, with EQT itself securing about CHF 690 million. The placement was finalized on October 30, 2025, and included a syndicate of global investment banks such as Citigroup Global Markets, Goldman Sachs International, Jefferies, Merrill Lynch International, Morgan Stanley, and UBS as joint global coordinators and bookrunners.

The timing of this exit closely followed Galderma’s robust nine-month financial update, which was released on October 23, 2025. The dermatology-focused company posted net sales of USD 3.737 billion, representing 15.0 percent year-on-year growth at constant currency. EQT’s move to partially monetize its stake appears to be a strategic decision capitalizing on this upswing in operational momentum, heightened market visibility, and improving investor sentiment around science-led skincare and dermatology therapeutics.

Institutional investors viewed the transaction as a mark of confidence in Galderma’s ability to scale profitably across key growth categories, particularly Therapeutic Dermatology and Injectable Aesthetics. Analysts interpreted the divestment as a portfolio rebalancing move by EQT rather than a signal of waning conviction in the business.

How is Galderma delivering record sales and margin growth despite global headwinds

Galderma Group AG’s financial performance over the first nine months of 2025 has firmly positioned the company as a global leader in premium dermatology. The company recorded net sales of USD 3.737 billion, reflecting strong growth of 15.0 percent at constant currency, fueled largely by increased volumes and favorable product mix. This performance was achieved despite inflationary pressures, macroeconomic volatility, and fluctuating consumer confidence across major skincare and aesthetic markets.

Segment-wise, Injectable Aesthetics contributed USD 1.871 billion in revenue, up 10.5 percent, while Dermatological Skincare added USD 1.063 billion, growing at 8.2 percent. Therapeutic Dermatology stood out with USD 804 million in revenue, representing a 40.4 percent surge from the prior-year period. In terms of geography, the United States grew 17.5 percent and international markets expanded 13.2 percent at constant currency. Galderma gained market share in all its major operating regions and across each of its business segments.

This widespread growth highlights the strength of Galderma’s innovation pipeline and the global resonance of its flagship brands. The company’s integrated approach to commercial execution and regulatory expansion has enabled a seamless rollout of new products and strategic positioning across dermatology’s three pillars: aesthetics, skincare, and therapeutics.

Why Nemluvio is emerging as a cornerstone of Galderma’s dermatology expansion

The standout performer in Galderma’s portfolio has been Nemluvio, a biologic indicated for prurigo nodularis and atopic dermatitis. Approved by the United States Food and Drug Administration in August 2024, Nemluvio has rapidly gained traction, contributing USD 263 million in net sales during the first nine months of 2025. The majority of these sales came from the United States, although the product’s reach is expanding into Germany, Austria, Switzerland, the United Kingdom, and Denmark.

Nemluvio’s strong launch trajectory has helped offset declining revenues from Galderma’s mature therapeutic portfolio. Analysts are viewing the biologic as a transformative product that could redefine the company’s position in immunodermatology. With further regulatory submissions underway, Nemluvio is being closely watched as a growth driver that could power the Therapeutic Dermatology segment beyond 2026.

The performance of Nemluvio was a key factor behind Galderma’s decision to revise its full-year 2025 revenue guidance upward from 12 to 14 percent to a range of 17.0 to 17.7 percent at constant currency. Core EBITDA margin expectations were also upgraded from approximately 23 percent to between 23.1 and 23.6 percent. This signals not only revenue upside but also sustained operating leverage, despite elevated investment in product education and U.S. infrastructure.

How is Galderma strengthening its scientific leadership and educational outreach globally

Beyond financial performance, Galderma continues to deepen its reputation as a science-driven dermatology company. The firm participated in major global conferences such as the European Academy of Dermatology and Venereology Congress, where it presented two-year safety and efficacy data for Nemluvio. It also led educational discussions on sensitive skin, acne, and atopic dermatitis while launching new data from its Global Sensitive Skincare Faculty in China.

In the aesthetics domain, Galderma organized a key symposium at the Aesthetic and Anti-Aging Medicine World Congress in Dubai, where the focus was on facial volume loss from medication-induced weight changes. Presentations highlighted Restylane Lyft and Sculptra, with preliminary data showing clinically significant improvements when used in combination.

The Galderma Aesthetic Injector Network continued its global activation with events across Latin America, the United States, and Europe. The São Paulo edition welcomed over 1,000 healthcare professionals, marking 30 years of Galderma’s presence in the region. Events in Dallas and Barcelona expanded the company’s footprint in healthcare professional education, reinforcing its leadership in injectables and procedural dermatology.

What is the role of U.S. manufacturing in Galderma’s growth and margin outlook

Galderma has made significant strides in strengthening its United States manufacturing capabilities. The company opened its new U.S. headquarters in Miami in June 2025 and has committed to investing over USD 650 million in local production and packaging by 2030. This includes final assembly for Nemluvio in Florida and expanded capacity for Alastin and Cetaphil products via contract manufacturing partnerships.

These investments aim to reduce supply chain complexity, improve time-to-market for high-growth SKUs, and localize production of key therapies like Relfydess. Additional technology transfers are being undertaken to establish dual-sourcing capacity for injectable neuromodulators, ensuring business continuity and mitigating tariff exposure.

While current tariffs have been accounted for in Galderma’s updated guidance, the company signaled that any new trade developments will be reviewed for operational impact. Overall, this infrastructure buildout is viewed by analysts as critical to supporting margin stability and accelerating U.S. market penetration.

How does Galderma’s upgraded 2025 guidance reshape investor expectations and signal confidence in sustained dermatology growth?

With raised guidance for both revenue and EBITDA margin, Galderma is entering the final quarter of 2025 with considerable momentum. Injectable Aesthetics is expected to sustain double-digit growth, particularly in the Biostimulators category, where Sculptra has been driving adoption in China and other high-potential international markets. Dermatological Skincare is projected to end the year with high single-digit growth, bolstered by strong demand for new Cetaphil product lines and Alastin’s expanding retail footprint.

The only area where management signaled a potential phasing impact is in Neuromodulators, where some revenue from Q4 may have been pulled forward into Q3. Nonetheless, full-year growth is still expected to land in the low teens for that sub-segment. Importantly, the EBITDA margin guidance reflects increased reinvestment in Nemluvio’s market development and education initiatives, indicating a long-term orientation toward durable growth.

Investor response to the updated guidance has been positive. EQT’s partial exit appears to have created liquidity for new institutional buyers, who see Galderma as a differentiated play in a high-margin, defensible category. Analysts expect Galderma’s visibility on capital markets to increase in coming quarters, particularly if additional equity placements are pursued or a secondary listing eventuates.

How does Galderma compare with other global dermatology leaders in 2025

Galderma’s multi-brand, multi-category strategy sets it apart from traditional skincare firms and legacy pharmaceutical players. With products spanning biologics, injectables, and cosmeceuticals, the company occupies a unique position at the intersection of clinical dermatology and premium consumer health. Its ability to execute across science, regulation, marketing, and education gives it an edge over pure-play competitors.

Comparatively, other global dermatology players such as Leo Pharma and AbbVie Inc. maintain strong therapeutic portfolios but lack Galderma’s integrated presence in both medical and aesthetic markets. Meanwhile, consumer-facing skincare firms often struggle to achieve the clinical depth or physician engagement Galderma has cultivated through platforms like GAIN.

Looking ahead, analysts suggest Galderma is well positioned to benefit from rising demand for personalized dermatological solutions, expanding biologic approvals, and continued growth in injectable aesthetics among younger demographics. As the company builds scale in both the United States and international markets, its strategic focus on premium science-backed innovation could unlock further upside for investors and patients alike.

What are the key takeaways from EQT’s Galderma share sale and the dermatology leader’s Q3 results?

• EQT AB completed a CHF 2.6 billion placement of 20 million shares in Galderma Group AG, securing CHF 690 million for itself in a strategic partial exit.

• The divestment coincided with Galderma’s record-setting nine-month 2025 performance, where the dermatology specialist posted USD 3.737 billion in net sales, up 15.0 percent year-on-year at constant currency.

• Galderma upgraded its full-year 2025 revenue guidance to 17.0–17.7 percent growth, and its Core EBITDA margin to a range of 23.1–23.6 percent, reflecting strong demand across all three business segments.

• Nemluvio, Galderma’s biologic for prurigo nodularis and atopic dermatitis, drove USD 263 million in sales and is seen by analysts as a critical future growth engine.

• Injectable Aesthetics reached USD 1.871 billion in sales, led by Dysport and Relfydess in Neuromodulators, while Sculptra expanded share in Biostimulators, particularly in China.

• Dermatological Skincare grew 8.2 percent year-on-year, with Cetaphil gaining in Asia and Alastin showing double-digit growth in the United States.

• Galderma continues to scale its U.S. operations with over USD 650 million in manufacturing investments planned through 2030, including localized production for key brands.

• The company deepened its educational and scientific leadership through events like GAIN and EADV, releasing new data and expanding physician engagement globally.

• Analysts interpreted the raised guidance and EQT’s sale as validation of Galderma’s market strength, while also opening room for new institutional inflows.

• With a strong balance of biologics, aesthetics, and advanced skincare, Galderma is increasingly viewed as a premium pure-play dermatology leader with significant global upside.