Almirall cosses €1 bln in sales as Eczema drug Ebglyss triples in FY25

Navamya Acharya

Mon, February 23, 2026 at 4:12 PM GMT+9 3 min read

In this article:

ALM.MC

-2.04%

Investing.com – Almirall SA’s newly launched eczema biologic Ebglyss tripled sales in its second year on the European market, the Barcelona-based dermatology specialist said on Monday, propelling the company past €1 billion in annual revenue for the first time.

Ebglyss, approved for moderate-to-severe atopic dermatitis, generated €110.8 million in net sales in 2025, up more than threefold year-on-year, as the drug expanded across European markets.

Almirall has set a peak sales target for the product of above €450 million in Europe, meaning the biologic must roughly quadruple from current levels to meet that goal.

Net sales rose 12.4% to €1.11 billion in 2025 from €985.7 million a year earlier, while total revenue climbed 12.5% to €1.11 billion from €990.6 million. The company had guided for double-digit net sales growth.

Almirall Chairman and Chief Executive Carlos Gallardo said the results reflected the company’s focus on medical dermatology. “Our broad portfolio of dermatology products is the driver of Almirall’s increasing relevance to patients and the medical community with our advanced biologics Ilumetri® and Ebglyss® leading our overall growth,” Gallardo said.

EBITDA rose 21.0% to €232.9 million from €192.6 million. Gross profit increased 11.9% to €713.3 million from €637.4 million, though gross margin slipped to 64.4% from 64.7% a year earlier, a decline the company attributed to the growing revenue contribution of in-licensed products, particularly psoriasis biologic Ilumetri, where profit-sharing terms weigh on margins as volumes scale.

Ilumetri, Almirall’s anti-IL-23 biologic for psoriasis, posted net sales of €234.4 million, up 12.3% year-on-year. The company has set a peak sales target of above €300 million for that product.

Net income reached €46.2 million compared with €10.1 million in 2024. Normalised net income more than doubled to €52.6 million from €25.6 million. Operating cash flow was €174.5 million. Other income rose 30.6% to €6.4 million from €4.9 million.

Selling, general and administrative expenses rose 7.9% to €501.1 million, which Almirall said reflected the continued national rollout of Ebglyss across Europe. Research and development spending was €138.1 million, equivalent to 12.5% of net sales.

European dermatology sales, the company’s core business, rose 25.6% to €608 million. Smaller portfolio products also contributed, with topical psoriasis treatment Wynzora up 30.5% to €33.8 million and skin cancer therapy Klisyri up 33.9% to €32.8 million. Almirall ended 2025 with a net debt-to-EBITDA ratio of 0x.

Story Continues  

On the pipeline, Almirall advanced three proof-of-concept or Phase II studies during 2025, including an anti-IL-1RAP monoclonal antibody targeting hidradenitis suppurativa and an IL-2muFc mutant fusion protein targeting alopecia areata.

An anti-IL-21 monoclonal antibody for hidradenitis suppurativa is expected to enter Phase II within the next 12 months. Efinaconazole received approval in Germany for nail fungal infections and sarecycline was approved in China for acne.

Gallardo said the business performance supported continued pipeline investment. “We are very confident in our strategy, commercial excellence, and our R&D capabilities which are the foundation for the long-term growth trajectory and the increasing impact Almirall has on people living with skin conditions,” he said.

For 2026, Almirall forecast net sales growth of 9% to 12% and total EBITDA of between €270 million and €290 million.

Related articles

Almirall cosses €1 bln in sales as Eczema drug Ebglyss triples in FY25

Citi pushes back Fed rate cuts to May after blowout January jobs report

These 2 stocks are best positioned to benefit from higher uranium prices: analyst

Terms and Privacy Policy

Privacy Dashboard

More Info