Galderma
| Company type | Public |
|---|---|
| Industry | Pharmaceuticals, Dermatology |
| Predecessor | Owen dermatology company (1961), International Center for Dermatological Research (CIRD) |
| Founded | 1981 |
| Founder | Nestlé, L'Oréal |
| Headquarters | Zug , Switzerland |
Area served | Worldwide (100 countries) |
Key people | Flemming Ørnskov (CEO), Thomas Dittrich (CFO), Adrian Murphy (Head of Global Operations), Allison Pinkham (CHRO) |
| Products | Dermatological therapies, skin care solutions, botulinum toxin products, consumer care products (Cetaphil, Benzac, Differin), prescription medicines (Aklief, Nemluvio, etc.) |
Number of employees | 6500+ (2024) |
| Website | www |
Galderma SA is a pharmaceutical enterprise with American and Swiss origins, concentrating on dermatology therapies and skin care solutions. Initially established as a joint venture between L'Oréal and Nestlé, it was later acquired by a private investment group in 2019 before becoming publicly traded in 2024.
Established in 1981 through a collaboration between Nestlé and L'Oréal, Galderma eventually transitioned into a fully owned Nestlé subsidiary. Since 2019, ownership has been held by an investment consortium. Under the leadership of CEO Flemming Ørnskov, the firm maintains operations at 33 locations spanning 100 countries, employs more than 6,500 individuals (as of 2024), and is based in Zug, Switzerland.
History
The origins of Galderma date back to 1961 with the creation of the Owen dermatology company in Dallas, Texas. In 1979, Hans Schaefer founded the International Center for Dermatological Research (CIRD) in Sophia Antipolis, supported by François Dalle, then CEO of L'Oréal, with the goal of entering the pharmaceutical sector. Concurrently, Nestlé acquired the Owen laboratory.
Galderma was formed in 1981 as a joint venture between L'Oréal and Nestlé, with CIRD evolving into Galderma’s research and development division. The company concentrated on global development and commercialization of dermatological products, expanding to encompass 38 subsidiaries across 100 countries by the 2010s. It also broadened its scope into aesthetic medicine through products such as the botulinum toxin Azzalure and bolstered this area by acquiring Swedish medical device company Q-Med in 2010.
In 2014, Nestlé purchased full ownership of Galderma from L'Oréal for €3.1 billion (US$4.23 billion), forming Nestlé Skin Health. Five years later, in 2019, Nestlé divested Galderma for $10.2 billion to a consortium including EQT VIII fund, Luxinva (Abu Dhabi Investment Authority), PSP Investments, among others, establishing it as the largest independent dermatology company worldwide.
In November 2021, Galderma expanded its portfolio by acquiring Alastin, a California-based firm specializing in advanced skincare products. The following year, it announced successful Phase III clinical trial outcomes for its liquid botulinum toxin A (RelabotulinumtoxinA) and Nemolizumab for prurigo nodularis, positioning these products for regulatory approval in key markets.
On 6 March 2023, Galderma revealed plans to list on the SIX Swiss Exchange. Its initial public offering on 22 March 2024 ranked among Europe's largest IPOs in two years and was Switzerland's biggest since 2017. Share prices increased from CHF 53 at IPO to CHF 62.68. Bloomberg estimated Galderma’s enterprise value between $18.69 billion and $19.72 billion including debt obligations. The company plans to utilize IPO proceeds primarily for debt repayment.
Activities
Galderma provides an extensive range of dermatological products available both over-the-counter and by prescription, addressing skin care, aesthetic enhancement, and treatment of conditions such as acne, rosacea, psoriasis, steroid-responsive dermatoses (SRD), onychomycosis, pigmentary disorders, skin cancer, and signs of skin aging. Its business is segmented into three divisions: aesthetics, consumer care, and prescription pharmaceuticals. The company markets its products across more than 100 countries.
Botulinum toxin
Since 2007, Galderma has collaborated with Ipsen to distribute Dysport (marketed as Azzalure within the EU), a botulinum toxin product. To date, over 40 million treatments have been administered throughout the US and European markets. Prominent brands include Restylane, Azzalure, Dysport, Alluzience, Sculptra, and Relfydess (relabotulinumtoxinA), which gained regulatory approval in Australia and the EU during 2024.
Consumer care
Galderma's consumer care division encompasses well-known names like Cetaphil, which provides skincare solutions suitable for all age groups. This segment also includes Benzac and Differin OTC, designed to treat mild to moderate acne, Loceryl for fungal nail infections, and Alastin.
Prescription Medicine
Galderma's prescription drug lineup targets conditions such as atopic dermatitis, dermato-oncology, and psoriasis. The portfolio features products including Aklief (Trifarotene), Benzac (Benzoyl peroxide), Cetaphil, Epiduo (Adapalene/benzoyl peroxide), Epiduo Forte, Twyneo (Tretinoin/benzoyl peroxide), Epsolay, Loceryl, Differin, Soolantra, Mirvaso, Oracea, Metvix, and Nemluvio. Notably, Nemluvio gained US FDA approval in 2024 for treating adult patients with prurigo nodularis and was subsequently approved for those suffering from atopic dermatitis.
Research and development
Galderma dedicates substantial resources to research and development, generating new therapies through internal projects as well as collaborations. Its R&D activities are spread across six locations:
- Lausanne, Switzerland
- Zug, Switzerland
- Uppsala, Sweden
- Dallas, Texas
- Bridgewater, New Jersey
- Baie d’Urfé, Canada
Production
The company operates several manufacturing sites:
- The facility in Alby-sur-Chéran, France (established 1994), which distributes products to more than 70 countries.
- The plant in Baie d'Urfé, Canada, active since 2000, responsible for producing Cetaphil for international markets.
- The Uppsala site in Sweden, specializing in aesthetic and corrective product manufacturing.
- The Hortolândia location in São Paulo, Brazil, catering to the South American region.
Governance
- Flemming Ørnskov, Chief Executive Officer
- Thomas Dittrich, Chief Financial Officer
- Adrian Murphy, Head of Global Operations
- Allison Pinkham, Chief Human Resources Officer