近日，致力于成为全球领先的专业皮肤学公司的GALD高德美（瑞士证券交易所：GALD）公布了2026年上半年财务业绩。

净销售额达到了31.34亿美元，这是公司首次在上半年的经营中成功实现了净销售额突破30亿美元的目标，借助固定汇率¹的计算方式，其同比增长达到了24.6%。

国际市场、美国市场以及所有产品类别均实现了两位数增长，主要由销量增长驱动，并受益于产品组合持续优化。

所有产品类别均保持优于市场整体水平的增长表现。按固定汇率计算，注射美学业务同比增长了12.1%，专业护肤业务同比增长了16.4%，皮肤治疗业务同比增长了67.9%。

· 通过持续拓展全球市场以及差异化创新，高德美进一步巩固了其在专业皮肤学领域的领导地位。其中，奈莫利珠单抗（Nemluvio ® ）实现净销售额4.33亿美元；新型液态A型肉毒毒素（Relfydess™）已获33个国际市场批准并持续扩大上市规模。同时，公司持续投资于以科学为基础的创新和医学教育。

核心息税折旧摊销前利润（EBITDA）率以固定汇率计算提高了328个基点，高于上半年的最初预期。核心EBITDA达到了8.02亿美元，同比增长了42.8%；核心EBITDA利润率达到了25.6%。

Core earnings per share (Core EPS) increased to 2.34 US dollars, with a year-on-year growth of 68.5%, which was mainly due to the strong growth in core EBITDA and the decline in financing costs.

· Based on the strong development momentum, Galderma has raised its full-year 2026 net sales growth guidance to 19-21% at constant currency (previously 17-20%), and maintains the expectation of a core EBITDA margin of approximately 26% at constant currency.

“高德美在2026年上半年取得了强劲业绩，各地区以及各产品类别均实现了广泛增长，充分彰显了其整体皮肤学战略的优势。我们即将于9月21日正式进入瑞士市场指数，这一瑞士最具代表性的蓝筹股指数。这不仅体现了高德美上市以来发展历程中的重要里程碑，也进一步体现资本市场对公司持续发展的认可。基于这一良好势头，我们上调了全年净销售额增长指引，并将继续朝着打造全球专业皮肤学领导企业的雄心稳步迈进。”

高德美首席执行官

商业表现

2026年，高德美延续强劲增长势头，持续执行其以增长为驱动的整体皮肤学战略，并逐步朝着再创佳绩的方向稳步迈进。预计今年增长将覆盖全部产品组合，并受益于新产品上市以及全球市场持续拓展。

Galderma achieved a net sales figure of 3.134 billion USD in the first half of 2026, thereby attaining its objective of surpassing the 3 billion USD threshold for half-year net sales for the very first time. On a constant-currency basis the year-over-year increase in net sales stood at 24.6 percent and stemmed primarily from volume growth while also benefiting from product-mix optimization. Once allowance is made for the impact of the expected gross-to-net adjustment on Nemluvio, the price component contributed positively to the growth. The second-quarter growth momentum continued to remain strong, with net sales increasing by 23.8 percent on a constant-currency basis.

Net sales growth remained broadly covered with double-digit increases in the majority of markets among Galderma's top ten markets as well as across all product categories. At the same time the company continued to deliver growth performance in each product category that was superior to the overall market level.

注射美学

注入美学业务上半年净销售额达到14.37亿美元，借助固定汇率的计算方式，其同比增长达到了12.1%。美国市场第一季度有利的收入确认节奏影响在第二季度逐步消退。

Meat toxin business achieved net sales of 8.26 billion US dollars, with year-over-year growth of 13.4 percent on a constant-currency basis. By advancing the meat toxin product portfolio strategy, Galderma further strengthened its market share in the US market and international markets. Jizhu maintained growth across all major markets, with Asia and Latin America performing particularly prominently; the European market also sustained double-digit growth following the launch of the new liquid type A botulinum toxin. The new liquid type A botulinum toxin sustained good growth momentum in existing markets, gained positive feedback from medical professionals and patients, and added three new markets, including the first Asian market, Hong Kong. At the same time, Galderma continued advancing global regulatory approvals for the new liquid type A botulinum toxin, which has been approved in 33 markets and is advancing registration applications in additional countries and regions.

Filler and biostimulatory businesses achieved net sales of 611 million US dollars, representing a 10.5 percent increase on a constant-currency basis despite continued weakness in the global filler market. Galderma further strengthened its market share in the filler and biostimulatory segment in the US market and internationally. Sculptra continued to deliver double-digit growth across both regions. The company proceeded with product portfolio and global market expansion, which included the ongoing development of Sculptra in the Chinese market and the approval of an additional indication for Renuva in the US. Within the filler category, Galderma launched Renuva in the Chinese market and obtained the third approval for Renuva in Thailand, which was applied to the submental contouring indication. In the biostimulatory segment, Sculptra was launched in Indonesia and received approval in India. Additionally, Galderma secured approvals for new body indications in Australia, enabling clinical injection training at sites including the buttocks, posterior thigh, chest and upper arm.

专业护肤

专业护肤业务上半年实现净销售额8.48亿美元，按固定汇率计算同比增长16.4%。

高德美旗下旗舰护肤品牌丝塔芙 ® 和阿莱丝汀肌肤护理 ® 保持强劲增长势头。凭借去年同期较低的比较基数以及一系列有效策略的实施，本期业务得以实现较快增长。美国市场和国际市场均保持增长，其中，丝塔芙 ® 在快速增长的国际市场实现两位数增长，阿莱丝汀肌肤护理 ® 则在美国和国际市场均保持两位数增长。

Galderma continued to deliver growth performance that was superior to the overall market level, mainly due to the continuous release of the synergistic effects from focusing on execution, sustained innovation, and product portfolio collaboration, with e-commerce remaining the fastest growing channel. Cetaphil® continued to maintain outstanding performance in the Chinese market, while the global market sustained benefits from the promotion of existing innovative products, including Cetaphil Skin Activator in the US market, Cetaphil Baby in the Indian market, and the Cetaphil Net Acne Resurfacing Essence in the Chinese market. Cetaphil Skin Care in the US professional medical channels continued to maintain growth performance that was superior to the market level, while Galderma continuously accelerated its international market layout, having recently entered the Japanese and Chinese Taipei markets after the listings in mainland China and Australia.

皮肤治疗

皮肤治疗业务在上半年的经营中成功实现了净销售额达到8.48亿美元的水平，借助固定汇率的计算方式，其同比增长达到了67.9%。

业务持续保持强劲增长，主要得益于奈莫利珠单抗的快速放量。同时由于比较基数较低及仿制药上市延后，成熟皮肤治疗产品组合也实现了高于预期的增长。

Nemluvio continued to maintain a strong growth momentum globally, with net sales reaching 433 million US dollars in the first half of the year. The US market still accounted for the majority of sales, with the atopic dermatitis indication contributing more than the prurigo nodularis indication. At the same time, Nemluvio net sales represented for the first time more than half of the total net sales of the skin treatment business.

在美国的6月中旬到7月初，奈莫利珠单抗新增付费患者处方市场份额分别达到结节性痒疹市场的42%和特应性皮炎市场的9%。产品需求保持持续旺盛，大多数新接受治疗的患者是首次使用生物制剂。

国际市场目前仅占奈莫利珠单抗总销售额的一小部分，但产品上市进程更加迅速。此外，奈莫利珠单抗全球注册审批持续取得积极进展，包括近期获巴西批准用于治疗结节性痒疹和特应性皮炎，并在多个关键国际市场取得新的医保准入，进一步提升患者可及性。

Galderma has always been committed to the long-term development of its mature skin treatment product portfolio. Even as competition from generic drugs continued to intensify, the company consistently extended its global market reach and optimized product lifecycle management, thereby sustaining the value of its products. Recently, the U.S. FDA approved the over-the-counter (OTC) use of Epiduo ® (0.1% adapalene and 2.5% benzoyl peroxide gel) for the treatment of acne in individuals aged 12 and above, marking a significant milestone in the transition of a prescription medication in the acne treatment field to an over-the-counter product.

科学驱动的创新与医学教育

Galderma continued to strengthen scientific-based innovation and medical education. It further consolidated its leadership position in the professional dermatology field. This included advancing the research pipeline covering all product categories and actively exploring external innovation cooperation opportunities. At the same time, it continued to accumulate new scientific evidence and clinical insights, which were shared at international academic conferences and the medical education platforms organized by the company.

高德美持续在创新研发方面推进注射美学领域的两项处于临床阶段的生物刺激剂研发项目，以及皮肤科学护肤领域的多项差异化创新研发项目，同时也在奈莫利珠单抗在皮肤治疗领域的潜在新适应症开发方面进行持续的推进。

针对奈莫利珠单抗，公司已完成未知原因慢性瘙痒症（CPUO）Ⅱ期临床试验患者入组并持续推进系统性硬化症（SSc）Ⅱ期临床试验患者招募，同时相关研究成果在《硬皮病及相关疾病杂志》（Journal of Scleroderma and Related Disorders）上发表了新的SSc文献。此外，在第一季度公布具有重要临床意义的数据后，公司正持续推进奈莫利珠单抗用于2至11岁中重度特应性皮炎患儿在美国上市申请准备工作。

高德美充分发挥其在国际学术大会及公司医学教育平台的领先影响力，持续发布新的临床研究成果和真实世界证据。在2026年欧洲过敏与临床免疫学学会（EAACI）大会上，高德美公布了奈莫利珠单抗最新突破性研究数据，包括其在中重度特应性皮炎青少年患者中的快速起效表现。此外，高德美还发布了两项大规模全球调研结果，进一步展示其注射美学产品组合满足患者需求的科学价值。其中包括全球迄今规模最大的皮肤质量画像调研（Skin Quality Profiling Survey），以及一项关于求美者和医疗专业人士对抗皱治疗期望的全球调研，为行业提供了深入的患者洞察和临床参考。

财务业绩

2026年上半年，高德美实现核心EBITDA 8.02亿美元，按固定汇率计算同比增长42.8%，核心EBITDA利润率提升至25.6%，按固定汇率计算较2025年上半年提高328个基点。核心EBITDA增速超过净销售额增速，高于上半年预期，主要受益于净销售额的强劲增长、运营费用确认节奏的影响以及一次性关税退税收入。与此同时，运营费用的持续优化充分抵消了产品组合变化、奈莫利珠单抗毛净价调整以及随着产品快速放量带来的特许权使用费率上升对毛利率造成的影响。

Core net income and core earnings per share achieved faster growth, driven primarily by the strong performance of core EBITDA and the decline in financing costs. The decline in financing costs benefited from the company's successful refinancing of its existing loans in March through the issuance of a euro bond. In the first half of 2026, core net income reached 547 million US dollars, representing a year-on-year increase of 66.3 percent, and core earnings per share stood at 2.34 US dollars, representing a year-on-year increase of 68.5 percent.

除了向股东派发1.04亿美元股息之外，高德美继续借助股份回购的方式来提升股东回报。2026年3月，在EQT牵头投资财团完成所持高德美股份最后一次加速簿记建档（Accelerated Bookbuild）出售过程中，公司回购了价值3.02亿美元的股份，并将其作为库存股持有。

受益于强劲的现金流创造能力以及EBITDA持续增长，高德美进一步优化了财务结构。截至2026年6月底，公司净杠杆率（Net Leverage）进一步降至1.2倍。

展望

2026年仍将是高德美把握增长机遇持续推动净销售额增长的重要一年。公司全年增长将围绕五大战略展开。

持续推进重点产品上市包括奈莫利珠单抗以及新型液态A型肉毒毒素的快速市场渗透以及瑞蓝®和塑妍萃®的全球市场拓展并持续推动专业护肤业务创新。

2.持续扩大市场份额；

3.进一步优化财务结构；

4.持续夯实长期增长基础，增强战略灵活性；

5. 持续加大商业化投入，旨在为未来增长提供有力支撑。

基于2026年上半年强于预期的发展态势，尤其是在专业护肤业务、皮肤治疗业务以及肉毒毒素业务方面所取得的优异表现，高德美成功上调了全年净销售额增长指引。借助固定汇率的计算方式，公司预计全年净销售额增长19%至21%，这一水平高于此前预计的17%至20%。同时，公司维持全年核心EBITDA利润率约26%（按固定汇率计算）的预期，并将在下半年继续围绕重点增长机遇保持投资力度。

2026年全年业绩指引已充分考虑美国已公布的关税政策以及近期相关政策公告带来的可控影响，同时也考虑了在当前复杂多变的地缘政治及宏观经济环境下，公司应对2026年下半年潜在消费需求放缓的能力。

Although the full-year guidance is based on a constant-currency calculation, at the spot exchange rate at the end of June 2026 the expected currency movements are projected to have a positive effect on both net sales and the core EBITDA amount while creating a certain negative effect on the core EBITDA margin on the reported basis.

关于高德美

Galderma (Swiss stock exchange: stock code GALD) is committed to becoming the global leader in dermatology. The business spans approximately 90 countries and regions. It provides innovative scientifically based high-quality flagship brands and service combinations that cover the three fast-growing dermatology submarkets of injectables aesthetics, professional skincare, and skin treatment. Since its establishment in 1981, it has been wholeheartedly focused on the largest human organ—the skin—and works with professional medical workers to meet the personalized needs of individuals seeking aesthetic treatment, consumers, and patients with outstanding results. Skin shapes the stories of our lives, and therefore Galderma is committed to continuously advancing the principle that every progress is for every inch of skin.

注释与参考文献

Note: Due to rounding, the sum of the listed figures may not equal the provided total, and percentages may not precisely reflect the absolute numbers. All ratios, subtotals, and differences are calculated using the underlying amounts rather than the rounded figures presented.

瑞蓝 ® ·SHAYPE™、Nemluvio ® 、Relfydess™、丝塔芙Skin Activator Hydrating & Firming以及Cetaphil Baby系列产品目前尚未在中国大陆市场（不包括香港特别行政区、澳门特别行政区以及台湾省）实现正式上市。

中国（不包括香港特别行政区、澳门特别行政区和台湾省）市场

01. Constant currency year-on-year growth is defined as the annual growth rate of net sales this growth rate excluded the impact of exchange rates movements. The impact of changes in foreign exchange rates is excluded by translating all reported revenues during the two periods at average exchange rates in effect during the previous year.

Core EBITDA is defined as EBITDA excluding the following items that are deemed non-core: acquisition and disposal; integration and carve-out related income and expenses; onerous contracts; business disposal gains and losses; litigation related items as well as impairment of PPE and intangible assets.

来源：荆华密算亮相2026WAIC，以密态计算让AI“好用”更“敢用’-资讯中国 | 资讯中国