Investing.com -- Swiss dermatology group Galderma raised its 2026 sales growth guidance on Thursday after third-quarter growth of 26% at constant currency beat analyst expectations, though it kept its core EBITDA margin target at about 26%.
Galderma now expects 2026 sales growth of 22.5% to 23.5% at constant currency, up from 19% to 21% previously. A company-compiled analyst forecast pointed to 21.4%. Third-quarter growth was 26.0% versus an expected 19.9%.
Sales for the first nine months rose 25.1% at constant currency to $4.77 billion, driven mainly by higher volumes. The margin target of about 26% was confirmed as the company keeps spending to support growth.
"Robust demand for our differentiated, premium portfolio continues to drive growth," Chief Executive Flemming Ornskov said.
Jefferies analysts said third-quarter sales of $1.63 billion were 5% above the average forecast of $1.55 billion, with every product line ahead. They said the guidance implies 1% to 2% upgrades to consensus 2026 sales and about 2% to profit at the midpoint.
Therapeutic dermatology beat by 8%. Sales of Nemluvio were $302 million versus a forecast of $285 million. Neuromodulators beat by 5%, helped by a reversal of timing effects in the United States from the second quarter. Skincare beat by 3%.
Fillers and biostimulators beat by 2%, but full-year growth is expected to be broadly in line with the first nine months (8.5%), after a high base in the second half of last year slowed third-quarter growth.
Jefferies rates the stock "buy" with a CHF205 price target, against a CHF174.25 share price.
Guidance excludes the $1.5 billion all-cash purchase of ZO Skin Health, expected to close in the fourth quarter or early 2027. Galderma said the deal should slightly reduce its 2027 core EBITDA margin.
Jefferies said its focus for the company's call is the U.S. Relfydess refiling, injectable aesthetics market dynamics, updated Nemluvio metrics and details of the ZO deal.
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