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Introduction & Market Context
Almirall (BME:ALM) reported strong financial results for the first half of 2025, with net sales increasing by 12.7% year-over-year to €560.5 million, according to the company’s presentation released on July 25. The Spanish pharmaceutical company, currently valued at $2.25 billion, maintained its full-year guidance as it continues to strengthen its position in the European dermatology market.
Following the earnings announcement, Almirall’s stock saw a modest increase of 0.67%, trading at €12.10 per share. The company has experienced significant momentum in 2025, with its share price gaining approximately 227% over the past six months.
Quarterly Performance Highlights
Almirall’s H1 2025 performance was primarily driven by its European dermatology business, which grew by an impressive 24.2% compared to the same period last year. This strong regional performance helped offset declines in the US (-14.2%) and Rest of World (-12.5%) markets.
The company reported EBITDA of €121.8 million for H1 2025, representing a 16.6% increase year-over-year and achieving a 21.7% margin as a percentage of sales. Net income saw a substantial rise of 72.1% to €26.5 million, while normalized net income increased by 59.6% to €28.4 million.
As shown in the following financial results summary:
Detailed Financial Analysis
Almirall’s revenue growth was primarily driven by its dermatology portfolio, which accounted for 56.8% of total net sales in H1 2025. The company’s biologics segment showed particularly strong performance, with Ilumetri (for psoriasis) and Ebglyss (for atopic dermatitis) emerging as key growth drivers.
Ilumetri generated €113.3 million in net sales during H1 2025, representing a 12.7% increase year-over-year. The product maintained steady double-digit growth and continues to be strategically well-positioned in the leading anti-IL-23 class for psoriasis treatment.
As illustrated in the quarterly sales progression for Ilumetri:
Even more impressive was the performance of Ebglyss, which has quickly become Almirall’s second-largest product. Ebglyss generated €44.9 million in net sales during H1 2025, more than quadrupling compared to H1 2024. The product has achieved €79 million in cumulative sales since its launch in December 2023, with strong momentum in Germany and expanding into other European markets.
The following chart demonstrates Ebglyss’s rapid growth trajectory:
Other dermatology products also contributed to growth, with Wynzora (psoriasis) and Klisyri (actinic keratosis) delivering sales increases of 32.6% and 25.7%, respectively.
The breakdown of dermatology sales by product and region provides a comprehensive view of the portfolio’s performance:
Strategic Initiatives
Almirall continues to invest in research and development to strengthen its pipeline, with R&D spending increasing by 26.6% to €71.9 million in H1 2025, representing 12.8% of net sales. The company’s pipeline includes both lifecycle management of existing products and new molecular entities focused on dermatological conditions.
The pipeline overview shows a balanced approach to near-term and long-term growth opportunities:
The company also announced an expanded collaboration with Simcere for developing novel bispecific antibodies for immuno-dermatology diseases, further strengthening its commitment to innovation in dermatology.
Additionally, Almirall announced a CFO transition, with Jon U. Garay Alonso joining the company in July 2025. Garay brings more than 25 years of business and finance experience, including his previous role as CFO and Executive VP at Camurus AB, a publicly listed pharmaceutical and biotechnology company.
Forward-Looking Statements
Almirall reiterated its 2025 guidance, expressing confidence in continued growth powered by its biologics portfolio and operational excellence. The company’s strategy focuses on three key pillars: capitalizing on market opportunities in dermatology, enhancing its platform to unlock long-term value, and driving accelerated growth through disciplined execution.
As summarized in the company’s strategic overview:
During the earnings call, CEO Carlos Gallardo highlighted that "over 400,000 patients have been treated with Almirall’s new dermatological products in 2025," underscoring the company’s growing impact in the healthcare sector. He also emphasized the company’s commitment to strengthening its leadership in medical dermatology while maintaining a disciplined approach to capital allocation.
The company plans to initiate four Phase 2/Proof-of-concept studies in the next 12 months, further expanding its dermatology pipeline. With a solid balance sheet (Net Debt/EBITDA ratio of 0.4x), Almirall maintains financial flexibility to support both organic growth initiatives and potential strategic acquisitions.
Despite challenges in the US and Rest of World markets, Almirall’s strong performance in European dermatology and its growing biologics portfolio position the company for continued growth in the coming quarters, with a target of achieving a 25% EBITDA margin by 2028 and double-digit net sales CAGR through 2030.
Full presentation:
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