What changed
Full-year 2026 net sales growth guidance now sits at 22.5-23.5% at constant currency. The prior range was 19-21%. Galderma kept its Core EBITDA margin guidance at about 26% at constant currency, saying it continues to invest behind growth.
The third quarter alone grew 26.0% at constant currency. Galderma says growth was predominantly volume-led, with some favorable mix.
Neuromodulators reached 1,259 million USD for the nine months, up 16.9%. Galderma said part of the third-quarter strength came from the unwinding of U.S. phasing effects that hit the second quarter. Relfydess is now approved in 37 markets, and the company is targeting a first-quarter 2027 resubmission of its U.S. BLA after a Complete Response Letter in June 2026.
Injectable Aesthetics overall posted 2,174 million USD, up 13.2%. Fillers & Biostimulators, a subset of that category, grew 8.5% to 914 million USD. The release blamed a high second-half 2025 base and "continued softness" in the fillers market for the slower pace. Sculptra grew at double-digit rates in both the U.S. and International markets.
Dermatological Skincare reached 1,244 million USD, up 16.2%. Cetaphil growth was led by Asia, and Alastin posted double-digit growth in both regions.
Therapeutic Dermatology was the standout at 1,347 million USD, up 64.4%. Nemluvio alone booked 735 million USD for the nine months.
What it means for practices
Read the Nemluvio numbers carefully before you call this a dermatology story you can sell. Galderma says Nemluvio's U.S. paid new-patient share ran at about 45% in prurigo nodularis but only about 9% in atopic dermatitis, from early September to mid-October 2026. Total prescription share in the same window was about 37% and 5%. The growth is coming from one indication. Most practices that use biologics for itch will be buying into a market where the atopic dermatitis position is still small.
The aesthetic signal is different. Neuromodulators and Dermatological Skincare are both growing faster than the category has been growing in recent years, and both are sold through the channels that matter to a medspa: physician-recommended skincare and toxin brands. The company's own language points to "sustained consumer demand and preference" in its premium positions. That is a company talking, not an independent measure. Still, the share claims in neuromodulators are the kind that show up on a practice's order sheet within a quarter.
The ZO deal matters for anyone who stocks it. Galderma says it plans to spend more on commercial investment in the first year after closing and expects the deal to be slightly dilutive to Core EBITDA margin in 2027. It expects growth to resume in the second year. Integration and one-time costs are put at about 50-60 million USD over two years. A distributor or account that ZO serves now has a new owner with a reason to push volume, and a reason to tighten margins in the year it takes to get there.
What owners can do
Pull your own Galderma purchase history for the last twelve months and compare it against the pricing and rebate terms you were offered before the 2026 sales push. If the company is going to push volume through the next two quarters, expect promotions or account reviews on the Alastin and Cetaphil lines first, since the company named them as flagship growth drivers.
If you carry ZO Skin Health, ask your rep now what changes in ordering, minimums, and training when ownership moves. The release gives a closing window of the fourth quarter of 2026 or early 2027, so the change is not far off.
If you are weighing Relfydess, the U.S. timeline is now at least a 2027 question. Do not plan revenue around a U.S. launch date the company has not committed to.
What we don't know yet
The release does not say what share of Galderma's growth comes from price versus volume beyond the phrase "predominantly driven by volume. It does not break out Dysport pricing, and it does not say whether the ZO purchase will be accretive to a practice's own margins.
The company also filed confidential arbitration with the ICC and the AAA against Ipsen on September 29, 2026, over exclusive aesthetics rights and the LANTIC program. The release says the filings do not touch Dysport, Azzalure, Alluzience, or Relfydess. It gives no timeline or outcome for those proceedings, and no one outside the parties can tell yet what the result would mean for the toxin lineup.
The release also says Section 232 tariffs on Nemluvio imported from the EU have been enacted, with no 2026 impact expected. It does not say what the tariffs cost in 2027.
Business information, not medical or legal advice. Verify regulatory status at FDA.gov.
