Key Takeaways:Backed by scientific momentum, Galderma is transitioning from dermatology leadership to a full-scale powerhouse.Strategic capital deployment—debt reduction, share buybacks, and reinvestment—strengthens its financial flexibility.Differentiated innovation across therapies is boosting market share and growth in core and emerging markets.Pure-play dermatology business Galderma delivered a record first half with net sales hitting $2.45 billion, up 12.2% year-over-year at constant currency. Fueled by robust launches and volume gains, the company raised its full-year net sales guidance to 12%-14% growth and reaffirmed its core EBITDA (earnings before interest, taxes, depreciation, and amortization margin) of 23%.Commercial Momentum & Innovation LeadOn the earnings call, Galderma CEO Flemming Ørnskov said, “Galderma’s strong performance in the first half of 2025 underscores the impact of our executional excellence across product categories and the continued ramp‑up of our two potential blockbuster launches.”Nemluvio (Nemolizumab), best known for its atopic dermatitis products, delivered $131 million in sales, while the company’s newly introduced Relfydess (liquid neuromodulator) expanded to 17 markets with a strong early uptake.Segment Performance HighlightsInjectable Aesthetics: $1.24 million H1 sales, +9.8% growth at consistent currency Neuromodulators: $707 million H1 2025 sales, +14.7% growth at consistent currency Fillers & Biostimulators: $534 million H1 2025 sales, +3.9% growth at constant currency Dermatological Skincare: $719 million H1 2025 sales, +7.