Galderma's Margin Grew Faster Than Its Revenue. That's Not an Accident.

That Gap Is the Whole Strategy.

H1 2026: $3.134bn net sales, up 28% reported. Margin expanded 328bps to 25.6%. Leverage fell to 1.2x.

Galderma’s revenue grew 24.6% in the first half of 2026. Core EBITDA grew 42.8%. Sit with that gap. Almost no FMCG or speciality consumer health business produces it.

Most companies grow revenue and watch costs grow alongside it. Fixed overhead creeps upward. New launches eat into margins before they pay them back. Galderma did the opposite. Growth flowed almost entirely to the bottom line. It did so while funding the company's biggest product launch in history.

Net sales reached $3,134 million, up 28.0% on a reported basis and 24.6% at constant currency. Core gross profit hit $2,326 million, up 30.8%. Core EBITDA reached $802 million. Margin expanded 328 basis points at constant currency to 25.6%. Core EPS rose 68.5% to $2.34. Net leverage fell from 1.5x EBITDA at the end of 2025 to 1.2x by the end of June.

Growth was broad-based, not concentrated in one geography. The United States generated $1,374 million, up 32.3% at constant currency. That growth was powered by rapid Nemluvio adoption and continued neuromodulator share gains. International operations delivered $1,759 million, still 56.1% of group revenue, up 19.0%. China stood out on e-commerce execution and dermatologist engagement across both skincare and aesthetics. Management raised full year guidance to 19% to 21% constant currency growth, up from 17% to 20%. That is not a company hedging. That is a company that knows exactly what it has.