Core Insights - Galderma reported a record net sales of $1.129 billion for Q1 2025, reflecting an 8.3% year-over-year growth at constant exchange rates, driven by volume growth and a favorable product mix [1][3] - The company's performance exceeded market expectations due to focused execution, successful launch of aesthetic injection products, and strong initial performance of nemolizumab [1][3] - Galderma confirmed its full-year guidance for 2025, expecting net sales growth of 10-12% at constant exchange rates and a core EBITDA margin of approximately 23% [2][11] Financial Performance - Net sales for Q1 2025 reached $1.129 billion, with a year-over-year growth of 8.3% at constant exchange rates, primarily driven by sales volume and product mix optimization [1][3] - The aesthetic injection segment generated net sales of $547 million, with a 9.9% year-over-year growth at constant exchange rates [5] - Daily skincare products achieved net sales of $370 million, reflecting a 7.8% year-over-year growth at constant exchange rates [6][7] - The skin treatment segment reported net sales of $212 million, with a 4.9% year-over-year growth at constant exchange rates, largely due to the strong sales of nemolizumab [8] Product Performance - Nemolizumab generated net sales of $39 million, benefiting from strong initial market acceptance in the U.S. for atopic dermatitis and nodular prurigo [8][10] - The new liquid A-type botulinum toxin (RelabotulinumtoxinA) was launched in 15 European markets, Switzerland, Australia, and the UK, showcasing Galderma's innovative product pipeline [5][9] - The flagship brands, Cetaphil and Alastin Skincare, continued to show strong growth, particularly in international markets, with new product launches enhancing their market presence [7][9] Market Outlook - Galderma aims to expand its market share globally, particularly in rapidly growing international markets with low penetration rates, while expecting moderate growth in the U.S. market [2][12] - The company is focused on reducing debt and optimizing its financial structure, supported by strong cash flow [2][12] - Galderma's strategy includes a flexible investment approach to drive business growth, leveraging its diverse product portfolio and extensive international market presence [2][12]