Almirall, S.A.

Almirall reported first-half 2026 net sales of EUR 603 million, up 7.5% year on year, and EBITDA of EUR 151 million, equal to 25% of sales versus 21.7% a year ago, an improvement of 330 basis points. Gross margin was 64.6% in the first half, aided by the Actithiol divestment, while net cash-to-EBITDA was around 0.1 and free cash flow rose to EUR 33 million versus minus EUR 20 million in H1 2025. Ilumetri H1 sales were about EUR 125 million, Ebglyss H1 sales were about EUR 84.5 million, and management said Ebglyss consensus for the year was in the EUR 190 million to EUR 193 million range, with the company comfortable in that ballpark; it also reiterated Ebglyss peak sales above EUR 450 million and Ilumetri peak sales above EUR 300 million. Full-year 2026 guidance was reaffirmed, including net sales growth of 9% to 12% and EBITDA of EUR 270 million to EUR 290 million, with management expecting second-half acceleration in the business but also higher SG&A and R&D phasing.

Carlos Gallardo said the first half was steady and broadly in line with expectations, with European dermatology again acting as the main growth engine. He emphasized that the biologics franchise is giving Almirall real momentum, with Ebglyss scaling and Ilumetri still growing in a more mature phase, while the pipeline is becoming broader and more diversified. His tone was confident and execution-focused, but he also flagged that German pricing reform is not good news for the industry and that clarity is still pending.

Jon Garay highlighted that H1 net sales of EUR 603 million were in line with guidance, with EBITDA of EUR 151 million and a 25% margin, well ahead of the prior year’s 21.7%. He said gross margin reached 64.6%, helped by the Actithiol divestment, and expects it to normalize as royalty pressure from Ilumetri growth continues; he also noted SG&A should pick up in coming quarters and R&D should stay near a 12.5% full-year ratio, with normal quarterly variability. On the balance sheet and liquidity, he pointed to a net cash-to-EBITDA ratio of around 0.1, strong cash generation, EUR 17 million in cash generated in H1 versus a EUR 54 million dilution last year, and free cash flow of EUR 33 million, plus Moody’s upgrade to Ba1.

The main questions centered on the German pricing adjustment/reform, Ebglyss quarterly phasing, whether the company was still comfortable with the EUR 270 million to EUR 290 million EBITDA guidance, and whether 2028 margin ambitions might be at risk. Management said the Ebglyss German price cut was a low-single-digit adjustment agreed at launch and that it mainly shifted orders between quarters, with an expected Q3 rebound; they also said they remain comfortable with Ebglyss annual consensus around EUR 190 million to EUR 193 million and reiterated peak sales above EUR 450 million. On Ilumetri, they said the 200 mg dose is getting positive feedback, especially in higher-burden patients, and that the new EVOLVE PSO study should further support the franchise. They also said the 25% EBITDA margin ambition for 2028 still stands and that, excluding divestments, they expect operational EBITDA acceleration in H2 even as SG&A and R&D rise.