Almirall meets guidance for 2025, delivering 12.4% net sales growth and further pipeline progress, continuing its sustained growth trajectory with strong dermatology performance and commercial execution in Europe

“2025 was another important year for Almirall as we continue to deliver against our sustained growth trajectory and further expand our leadership in medical dermatology. Another year of double-digit growth of both net sales at 12.4% and EBITDA at 21.0%, demonstrates Almirall’s strong business performance and focus on executional excellence. Our broad portfolio of dermatology products is the driver of Almirall’s increasing relevance to patients and the medical community with our advanced biologics Ilumetri^® and Ebglyss^® leading our overall growth.

We are very pleased that our solid business performance enables us to continue to invest around 12.5% of our sales in advancing our exciting R&D pipeline that offers future opportunities to patients, the medical community, and for the long-term growth of Almirall. We are very confident in our strategy, commercial excellence, and our R&D capabilities which are the foundation for the long-term growth trajectory and the increasing impact Almirall has on people living with skin conditions, and the medical community.”

Carlos Gallardo, Almirall Chairman and CEO

Monday, 23^rd February 2026 - Almirall, S.A. (ALM), a global biopharmaceutical company based in Barcelona, today announced its financial results for the year 2025.

Summary of results

• Almirall met its guidance for 2025 delivering net sales of over €1bn (€1,108.1 MM) representing a year-on-year growth of 12.4%. The strong performance of the European Dermatology business and the biologics portfolio continued to be the key growth driver of the company’s sustained performance.
• EBITDA reached €232.9 MM, increasing 20.9% year-on-year (vs. €192.2MM in 2024) in line with the guidance and long-term growth trajectory of the company. The strong sales growth achieved in 2025 continues to exceed investment growth, specifically SG&A.
• Almirall finished 2025 with a 0x net debt to EBITDA ratio, which remains highly favourable following the continued investment in expanding the biologics portfolio.
• Gross margin of 64.4% was in line with expectations and continues to be impacted by the sales growth of in-licensed products, especially Ilumetri®.
• Continued investment in Research & Development of €138.1 MM, at 12.5% of net sales.
• SG&A expenses were in line with expectations (increase of 7.9% to €501.1 MM) following the expansion of national launches of Ebglyss® across Europe to build its growth trajectory.
• Net income was €46.2 MM (vs €10.1 MM in 2024)
• Operating cash flow was €174.5 MM in 2025 in line with the mid to long term expectations for the company.  

Advancing leadership in medical dermatology

Almirall continues to deliver its sustained growth trajectory based on a strong sales performance, mainly driven by the dermatology business in Europe which is led by the biologics portfolio as key growth driver. An increase of net sales by 12.4% YoY led to the company surpassing €1bn (net sales of €1,108.1 MM). In 2025 EBITDA delivered was €232.9 MM (increase of 20.9% YoY) with a gross margin of 64.4% confirming Almirall’s trajectory of sustained growth and margin expansion. The strong dermatology sales in Europe increased 25.6% YoY to a total of €608 MM further increasing its relevance to patients and physicians.

Atopic dermatitis and psoriasis are key indications within medical dermatology and will remain highly relevant based on the expected increase of numbers of patients diagnosed, and further opportunities for patients to benefit from advanced treatment options.

Ebglyss^®, for the treatment of moderate to severe atopic dermatitis, generated €110.8 MM of sales during 2025 – demonstrating a solid increase of its market share after successful launches across European markets. The product’s growth trajectory remains in line with the expected peak sales in Europe of above €450 MM.

Ilumetri®, for the treatment of psoriasis, continued to grow in line with expectations in 2025, with net sales increasing 12.3% YoY, to a total of €234.4 MM. Anti-IL 23 antibodies remain the leading class in advanced psoriasis treatment, and the product is well positioned in this segment remaining on track to meet the expected above €300 MM peak sales target. The 200mg dose option adds flexibility to patients treated with the product, thus reinforcing its competitive profile.

Almirall’s broad dermatology product portfolio is a key factor in further building the company’s high relevance as a specialist and leader in medical dermatology with continued strong sales performance. In 2025 Wynzora® grew 30.5% YoY to a total of €33.8 MM, Klisyri® grew 33.9% YoY to a total of €32.8 MM.

R&D pipeline

Almirall’s continued investment in its leading R&D capabilities, and the medical dermatology pipeline are closely aligned with the company’s long-term view on its contributions and commitment to positively impact patients and society and with further growing its leadership in medical dermatology. In 2025 Almirall continued to invest around 12.5% of net sales in R&D, representing a total of 138.1 MM. Major pipeline achievements in 2025 include the progress of key developmental assets through clinical testing with 3 ongoing proof-of-concept (PoC)/Phase II studies including an anti-IL-1RAP monoclonal antibody (mAb) targeting hidradenitis suppurativa, an IL-2muFc mutant fusion protein targeting alopecia areata, a further inflammatory skin disease, and atopic dermatitis - the latter led by Almirall´s partner Simcere. Furthermore, Efinaconazole was approved in Germany for the treatment of nail fungal infections, and Sarecycline was approved in China for the treatment of acne.