Almirall H1 2025 Results

Almirall Continues to Deliver on its Long-Term Growth Strategy with Net Sales Growth of 12.7% in H1 2025, Driven by a Strong European Dermatology Business and Increasing Biologics Sales

• Solid growth trajectory maintained: H1 net sales increased by 12.7% to €560.5 million, with EBITDA reaching €121.8 million (+16.6% YoY), driven by the strong performance of the biologics portfolio and operational excellence.
• Biologics as key growth drivers: Ebglyss® achieved net sales of €44.9 million (>4x YoY) across 14 European countries. Ilumetri® continued its steady growth with a 12.7% increase in sales YoY, totaling €113.3 million in H1.
• Sustained strong performance in Europe: Almirall’s broad product portfolio underpins its leadership in medical dermatology, led by continued growth of Wynzora® (€17.1 million, +32.6% YoY) and Klisyri® (€13.7 million, +25.7% YoY).
• Full-year guidance 2025 and mid-term outlook confirmed: Double-digit net sales growth and EBITDA targets remain on track, supported by robust biologics performance and operational excellence.

BARCELONA, Spain–(BUSINESS WIRE)–Almirall, S.A. (ALM) a global biopharmaceutical company based in Barcelona, today announced its financial results for the first half of 2025. The company continued to deliver strong sales growth in H1 2025, primarily driven by its dermatology business in Europe. Total Net Sales increased by 12.7% to €560.5 million, while EBITDA increased by 16.6% year-on-year to €121.8 million driven by higher sales growth and a gross profit of 65.5%.

The European dermatology business delivered strong growth, with net sales increasing by 24.2% year-on-year to €289.5 million. Based on this solid performance, Almirall reiterates its full-year guidance for 2025 expecting double-digit net sales growth.

	Financial highlights (€ rounded million)
	H1 2025	H1 2024	Variation
Total Revenue	563.4	500.1	12.7%
Net Sales	560.5	497.2	12.7%
Other Income	2.9	2.9	–
Gross Profit	367.2	323.7	13.4%
% of sales	65.5%	65.1%
EBITDA	121.8	104.5	16.6%
Net Income	26.5	15.4	72.1%

Ebglyss®, indicated for the treatment of moderate-to-severe atopic dermatitis (AD), delivered a strong performance in H1 2025 generating approximately €45 million in net sales (>x4 YoY). The product continues to gain momentum through sustained growth in existing markets and launches in new ones. Ebglyss® delivered around €25 million in sales in Q2, becoming Almirall’s second largest product just 18 months after launch. It is now reimbursed in 14 European countries, including France (since April 2025), with additional launches planned in Portugal and Ireland in the second half of the year.

Ilumetri®, for the treatment of moderate-to-severe psoriasis, continues to grow consistently. The positive reception of the 200mg formulation is further contributing to the brand’s performance. In Q2 2025, Ilumetri® achieved net sales of €58 million. Since the European launch in 2018, the product has shown a positive growth trajectory and remains on track to achieve peak sales exceeding €300 million.

“We continue to deliver on our ambition of sustained double-digit growth and are pleased to confirm our guidance for 2025, as well as our mid-term outlook, based on our solid results in the first half of 2025. Our performance makes us confident in achieving our long-term business ambition as a leader in medical dermatology which will enable us to help more patients with relevant and impactful treatments. The growth of our European dermatology business is driven by the strong performance of our biologics portfolio, which is rolling out successfully across Europe. Our broad portfolio in medical dermatology is performing well and is a cornerstone of our high relevance to dermatologists and patients. We continue to invest in R&D to progress our exciting pipeline. Our operational excellence, scientific expertise, and close partnership with the dermatology community are at the heart of our ongoing growth.”

Carlos Gallardo, Almirall Chairman and CEO

2025 Full Year Guidance

Full-year guidance reiterated: Net Sales growth of double-digit net sales growth (10-13%) and EBITDA between €220 million and €240 million.

R&D pipeline

Almirall continues to invest in its leading R&D capabilities, aligning its pipeline with its long-term vision of leadership in medical dermatology. In H1 2025, R&D investment increased by approximately 27% year-on-year, representing 12.8% of Net Sales.

For the anti-IL-1RAP monoclonal antibody, Almirall completed Phase I single and multiple ascending doses in healthy volunteers, presenting the results at the recent AAD meeting. The antibody showed a favorable safety and tolerability profile, along with a low immunogenicity risk, supporting further development for treating immune-mediated inflammatory skin disorders. A Phase II study in Hidradenitis suppurativa is planned for later this year.

Almirall has recently expanded its collaboration with Simcere, to discover and develop multispecific antibodies to generate significantly better therapeutic options for patients suffering from auto-immune skin diseases. This collaboration increases Almirall’s access to relevant R&D activities in China as one of the leading territories for innovation in life sciences.

Partnership with the dermatology community

Almirall’s close collaboration with dermatologists and life-science experts remains a cornerstone of its success in medical dermatology. In addition to hosting the 16th Skin Academy in Barcelona in March, Almirall had significant presence in major events such as the 2025 Annual AAD Meeting, 11th World Congress of Melanoma, 21st EADO Congress, and most recently, the 2025 International Congress of Dermatology (ICD) in Rome. These partnerships reinforce Almirall’s commitment to fostering scientific exchange and advancing the understanding of skin diseases, treatment options, and their impact on patients.

Investor Calendar 2025

Q3 2025 Financial Results – 10th November 2025

About Almirall

Almirall is a global pharmaceutical company dedicated to medical dermatology. We closely collaborate with leading scientists, healthcare professionals, and patients to deliver our purpose: to transform the patients’ world by helping them realize their hopes and dreams for a healthy life. We are at the forefront of science to deliver ground-breaking, differentiated medical dermatology innovations that address patients´ needs.

Almirall, founded in 1944 and headquartered in Barcelona, is publicly traded on the Spanish Stock Exchange (ticker: ALM, total revenue in 2024: €990 MM, over 2000 employees globally). Almirall products help to improve the lives of patients every day and are available in over 100 countries.

For more information, please visit https://www.almirall.com/

Legal notice:

This document includes only summary information and is not intended to be exhaustive. The facts, figures, and opinions contained in this document, in addition to the historical ones, are “forward-looking statements.” These statements are based on the information currently available and the best estimates and assumptions that the Company considers reasonable. These statements involve risks and uncertainties beyond the control of the Company. Therefore, actual results may differ materially from those declared by such forward-looking statements. The Company expressly waives any obligation to revise or update any forward-looking statements, goals, or estimates contained in this document to reflect any changes in the assumptions, events, or circumstances on which such forward-looking statements are based, unless required by the applicable law.

Contacts

Corporate Communications:

corporate.communication@almirall.com
Phone: +34 93 291 35 08

Investor Relations:
investors@almirall.com
Phone: (+34) 93 291 30 87