Citi resumes Galderma with 'buy' on dermatology strategy, Nemluvio upside

Galderma AG

25/03/2026 09:07

** Citi resumes Galderma GALD.S with "buy", as it expects continued strong execution of the dermatology firm's pure play global strategy

** The broker's optimism with Galderma's global focus on dermatology is supported by the hiked Nemluvio product peak sales guidance to $4 billion from $2 billion and ex-U.S. growth momentum in Injectable Aesthetics target population, including GLP-1 patients

** The broker also points to an attractive core EBITDA margin development and cash generation

** "The L'Oreal OREP.PA stake provides a valuation backstop given the structural route to market synergies between injectables and on-site dermatological products," Citi adds

** Shares in Galderma are up 1.8%

 (Reporting by Amir Orusov)

 ((Amir.orusov@thomsonreuters.com))