ZURICH, April 23 - Galderma, the Swiss skincare specialist, said first-quarter sales climbed 25.5% in constant-currency terms to $1.47 billion, with the United States accounting for a particularly strong contribution to growth.
The Zug-based company reported that sales in the U.S. rose 41.5% year-on-year in the January-March quarter, a pace the firm said underpins growing confidence in its outlook. "Based on the strong start to the year, the guidance is increasingly being de-risked with confidence to navigate a volatile environment," Galderma said in a statement.
Galderma noted its recent listing on the Swiss stock exchange just over two years ago and reiterated that its exposure to U.S. tariffs should remain "manageable" for the current year. The company's confirmed full-year guidance already incorporates tariff assumptions tied to its Sculptra and Restylane injectables.
In addition to those assumed tariffs, the guidance also takes into account the anticipated effects of a recent U.S. announcement concerning imports of pharmaceuticals and pharmaceutical ingredients. Management signalled it expects to be able to absorb or mitigate the expected impact of those measures in 2026.
The statement framed the company's performance and planning in the context of a volatile external environment, with management portraying the strong quarter as a factor that reduces risk to the firm's forward guidance.
Context and implications
Galderma's quarter was led by marked strength in the U.S. market, which materially lifted group sales. The firm has explicitly modelled tariff assumptions for core injectable products and factored in the likely consequences of a U.S. policy announcement on pharmaceutical imports when confirming its full-year outlook.
While management described current tariff exposure as manageable this year, the company signalled that it is preparing for a changed import environment in future planning.