Sustainable Growth Advisers, LP on Galderma
Thesis
SGA initiated Galderma because its leadership across injectable aesthetics, dermatological skincare and therapeutics creates a diversified platform with strong physician relationships and recurring consumable demand. Brand preference and leading positions in neuromodulators, fillers, biostimulators and biologics support pricing power. Growth should be driven by share gains in aesthetics, the international rollout and eventual U.S. opportunity for Relfydess, and strong early adoption of Nemo. SGA expects sustained double-digit revenue and earnings growth over the next three years if these launches continue to execute.
“We believe Galderma is well-positioned for sustained double-digit revenue and earnings growth over the next three years”
Key risks
- Timing of U.S. regulatory approval for Relfydess remains uncertain after an additional FDA response letter.
- The long-term commercial opportunity for Nemo is still dependent on durable uptake, reimbursement and competitive dynamics.