Sustainable Growth Advisers, LP on Galderma Group AG

SGA initiated Galderma because its dermatology platform spans injectable aesthetics, skincare and therapeutic dermatology with strong physician relationships and recurring consumable demand. Brand preference and leading positions in aesthetics provide pricing power, while the company is gaining share globally. Relfydess offers a significant growth runway in neuromodulators, and Nemo has exceeded early expectations enough for management to raise its peak-sales outlook. SGA believes these drivers support sustained double-digit revenue and earnings growth over the next three years. The main uncertainties are U.S. regulatory timing for Relfydess and whether Nemo's early adoption proves durable.