Swiss dermatology specialist Galderma has raised its full-year sales guidance after posting stronger-than-expected first-half results, powered by the rapid uptake of its recently launched eczema biologic, Nemluvio. The company now expects net sales growth of 8% to 10% for 2026, up from a previous forecast of 6% to 8%, citing robust demand across its product portfolio.
For the six months ended 30 June 2026, Galderma reported net sales of CHF 2.3 billion, a 9.5% increase year-on-year, exceeding consensus estimates. Nemluvio, approved in late 2025 for moderate-to-severe atopic dermatitis, contributed CHF 420 million in sales, outperforming internal projections. The drug, a monoclonal antibody targeting IL-31, has quickly gained market share against established rivals such as Sanofi's Dupixent.
The upgrade sent Galderma shares up 4.2% in Zurich trading, lifting the broader European healthcare index by 1.1%. In London, the FTSE 100 edged 0.3% higher to 8,245 points, with pharmaceutical stocks including AstraZeneca and Haleon rising in sympathy. Analysts at Berenberg noted that Galderma's performance underscores a broader trend of innovation in dermatology, a sector that has seen increased investor attention.
For UK investors, the implications are twofold. Those with exposure to European healthcare funds or direct holdings in Galderma—which listed on the Swiss Exchange in 2024—will benefit from the upgraded outlook. Additionally, the success of Nemluvio may pressure UK-based dermatology firms to accelerate their own pipeline developments, potentially affecting merger and acquisition activity in the sector. Pension funds with allocations to European equities are likely to see a modest tailwind from the healthcare sector's resilience.
The company's injectable aesthetics division, which includes the Dysport and Restylane brands, also performed well, growing 7% year-on-year. Galderma's chief executive said the company remains focused on expanding Nemluvio's label into additional indications, including prurigo nodularis, with a regulatory submission expected later this year.