Core Insights - In 2024, Gaudermed narrowly missed entering the global beauty top ten, ranking 11th, with a net sales figure of $2.448 billion for the first half of 2025, marking a historical high and a 12.2% year-over-year growth at constant exchange rates [1][16]. Financial Performance - Gaudermed's net sales reached $2.448 billion (approximately ¥175.16 billion), with a core EBITDA of $555 million (approximately ¥39.71 billion), reflecting a 9.5% increase year-over-year at constant exchange rates [1][3]. - The company raised its full-year net sales guidance for 2025 to a growth forecast of 12-14% at constant exchange rates, up from the previous estimate of 10-12% [3][16]. - The second quarter saw a net sales increase of 15.8% year-over-year, driven by strong sales volume and favorable product mix [1][3]. Product Performance - The aesthetics injection segment generated $1.24 billion (approximately ¥88.73 billion) in net sales, a 9.8% increase year-over-year [8][9]. - The skincare brand Cetaphil performed exceptionally well in Asia, contributing to the overall growth [3][13]. - The therapeutic dermatology segment achieved the highest growth rate at 26.9%, with net sales of $489 million (approximately ¥34.99 billion) [8][9]. Market Dynamics - Seven out of Gaudermed's top ten markets experienced double-digit growth, with the U.S. market alone generating $1.039 billion (approximately ¥74.34 billion), a 12.3% increase year-over-year [11][12]. - The company is investing in its U.S. operations, establishing a new headquarters in Miami and appointing Heather Wallace as the U.S. president to enhance its dermatology and consumer health initiatives [11][12]. Competitive Landscape - Despite Gaudermed's strong performance, it fell short of Puig's revenue, with a difference of approximately ¥18 billion, as Puig reported a net income of €2.299 billion (approximately ¥193.34 billion) for the same period [16].

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 展位有限 报名：首届全球心血管大会 | 奖项评选 报名：首届全球骨科大会 | 奖项评选 2025年3月6日， 高德美（Galderma， SIX:GALD ）发布2024年年度财务报告。高德美 专注于皮肤科领域的 全球龙头企业，业务涵盖注射美容、皮肤护理和治疗性皮肤科产品。 2024年财务表现 业务增长驱动因素 注射美容 ：净销售额22.99亿美元，同比增长9.6%。其中，肉毒吉适（Dysport）和聚左旋乳酸填充剂 塑妍萃 （Sculptra）均实现了两位数增长。 产品和市场表现 净销售额 ：达到44.1亿美元（约320亿人民币），按固定汇率计算同比增长9.3%。 核心EBITDA（息税折旧摊销前利润） ：达到10.31亿美元，首次突破10亿美元大关，核心EBITDA利润 率为23.4%，较2023年提高30个基点。 债务杠杆率 ：截至2024年12月，杠杆率降至2.3倍，并成功发行了首笔瑞士债券。 皮肤护理 ：净销售额13.31亿美元，同比增长10.7%。Cetaphil和Alastin品牌表现强劲，尤其是在国际 市场。 治疗性皮肤科 ...