Dear Shareholders and Partners,
We are looking back at a very successful 2024 – a pivotal year for Almirall in which we increased our impact in medical dermatology, delivered relevant and innovative products to more patients, and in which our strong business performance allowed us to exceed our guidance.
In the year of Almirall’s 80th anniversary, we are proud to have delivered double digit-sales growth and profit which is the result of our successful business strategy, focus on medical dermatology, and the commercial excellence of our teams. We have made significant progress to further build our product portfolio and commercial capabilities, advance science and develop innovative treatments. In 2024 we achieved net sales growth of 10.2% and increased our total EBITDA by 10.6%, which was largely driven by our European dermatology business and our biologics portfolio, for which we updated our peak sales forecast to above €800 MM. Our previous investment in building our capabilities and our strategy enabled us to reach a turning point for Almirall in 2024 as we are entering a new era of sustained double-digit growth and margin expansion for the years to come.
Our leadership in medical dermatology means that we offer a broad and attractive range of products to patients and the medical community. One of the highlights of the year was the successful launch and expansion of Ebglyss® (lebrikizumab), for moderate-to-severe atopic dermatitis. We made Ebglyss® available in Germany just days after the approval at the end of 2023, and have grown it steadily since, expanding it to 7 countries across Europe in 2024 and delivering total sales of €33.2 MM. Our biologic treatment for adult patients with moderate-to-severe plaque psoriasis, Ilumetri® continued its very strong growth trajectory delivering sales of €208.8 MM, growing over 25% vs the previous year. We grew our broad dermatology portfolio over 17% in 2024 and generated total sales of over €548 MM with important products such as Wynzora® and Klisyri® which increased sales over 53%, and 17% respectively.
Significant unmet needs in dermatology continue to exist and provide further opportunities for Almirall to make a difference to patients and the medical community. That’s why we invested – again – over 12% of our net sales in our R&D capabilities in 2024. As a result, we are progressing our pipeline based on combining in-house research, innovative collaborations, and licensing deals. We have access to the latest technologies and continue to expand the work with leading experts in dermatology around the globe.
We initiated collaborations with Microsoft to develop bespoke AI capabilities, and the Centre for Genomic Regulation (CRG) to identify biomarkers for novel atopic dermatitis treatments. Our promising early-stage pipeline includes a number of assets in phase I clinical testing (including LAD191, ALM223, and ZKN-013) and we are getting ready to move four of our assets to Proof of Concept (PoC) clinical studies in the next fifteen months. Progress of our late-stage pipeline programmes in 2024 include the successful completion of the decentralized regulatory approval procedure in Europe for Efinaconazole for the treatment of onychomycosis. After the approval of the large field application for AK by the FDA, we successfully launched Klisyri® for this indication in the US.
Our continued success is also based on our closeness to patients and the medical community which we have continued to build through our patient engagement, own conferences Immunoskin and Skin Academy, and our strong presences at major medical conferences like the EADV and AAD.
In 2024 we launched our sustainability strategy “Act4Impact” which defines the principles of how we create greater impact on the planet, our people, our patients and our partners. Our efforts in sustainability were recognised by the CDP (Carbon Disclosure Project) who awarded Almirall an “A-” rating for the second consecutive year. Developing our people and our company culture are at the heart of how we will achieve our ambition. I am thankful for the excellent work done by our people across our functions and markets, and we will continue to support each other through progressing our culture transformation and personal development.
As we close the year of the 80th anniversary of our company, we are looking towards a bright future. Our leadership in medical dermatology means we will continue to enable more patients to access relevant treatments, becoming an even more valued partner for the medical community.
We are proud of our progress and appreciate your collaboration and trust in Almirall on our continued journey.
Yours sincerely,
Carlos Gallardo Piqué,
Chairman & CEO
