Financial Results Q1 2026

Today, we shared our financial results for the first quarter of 2026, continuing our positive trajectory and delivering performance in line with expectations and our long-term growth strategy.

This first quarter marks another step forward in our growth journey, supported by the strong momentum of our European Dermatology business, which grew by 19.3% year-on-year, reaching €166.3 MM. Overall, total Net Sales increased by 2.2% year-on-year to €291 MM, representing a 9% increase on a last twelve months (LTM) basis. These results reflect the consistency of our performance and the strength of the foundations we continue to build.

Our growth continues to be driven by the solid performance of our biologics portfolio and the sustained contribution of our broader dermatology portfolio, reinforcing our position in medical dermatology and supporting long-term value creation.

Profitability also showed a positive evolution, with total EBITDA reaching €67.5 MM, representing 23.2% of Net Sales and an improvement compared to the previous year. This reflects our ongoing focus on operational efficiency and disciplined execution across the business.

During the quarter, we also continued to advance our R&D pipeline, reinforcing our commitment to long-term innovation. Key milestones included the initiation of a new Phase I study and the announcement of a new strategic R&D collaboration, further strengthening our scientific capabilities and future growth potential.

Looking ahead, we remain focused on executing our strategy and sustaining our growth momentum. Our outlook for the full year 2026 remains unchanged, with expected Net Sales growth of 9–12% and EBITDA in the range of €270 MM to €290 MM.

As we continue to deliver on our strategy, we remain committed to transforming today’s science into meaningful solutions for people living with skin conditions.