Almirall profit quadruples in 2025 as dermatology fuels growth push

Almirall, a pharmaceutical firm based in Spain, ended 2025 with a net profit of €46.2 million, which was 357% more than its 2024 profit of €10.1 million.

The Barcelona-based pharmaceutical company was able to exceed the significant €1 billion sales threshold thanks to a 12.5% increase in revenue to €1.1145 billion.

Following a more muted 2024, the corporation has regained pace, according to the figures, which were made public on Monday.

Due to increased sales and better operational efficiency, operating profit (EBITDA) increased 20.9% to €232.9 million.

Net revenues increased 12.4% from the prior year to €1.1081 billion.

Strong performance in biologic pharmaceuticals and ongoing demand in Europe, the group's primary market, were major factors in the rise.

The 2025 numbers indicate to investors and industry watchers that Almirall's strategic concentration on specialised dermatology, especially biologic therapies, is starting to result in steady earnings growth.

The sales mix is dominated by Europe

Geographically, Almirall's business is still centred in Europe. In 2025, the region brought in €1.0059 billion, up 14.9% from 2024.

This indicates that 90.8% of the company's worldwide sales came from Europe.

The US, on the other hand, only contributed €45.2 million, a decrease of 18.4% from the previous year, underscoring Almirall's very small presence in the biggest pharmaceutical market in the world.

Other regions had a 3.4% increase in sales to €57 million.

Strength and risk are shown by this regional concentration. Almirall is still largely dependent on a single region, even though Europe provides steady growth and a familiar regulatory framework.

The difficulties mid-sized European pharmaceutical companies encounter when competing in fiercely competitive and price-sensitive international markets are exemplified by their poor US performance in 2025.

At the centre of strategy is dermatology.

Almirall's growth engine is still dermatology. In 2025, the company's dermatological division brought in €669.4 million, up 22.1% from the year before and accounting for 60.4% of total net sales.

Two important items were particularly noteworthy:

• The psoriasis therapy Illumetri brought in €234.4 million, a 12.3% increase over the previous year.

• Ebglyss, which is prescribed for atopic dermatitis, generated €110.8 million, which is almost four times as much as it did in 2024.

Strong market uptake is indicated by the dramatic increase in Ebglyss sales, which places the medication as a possible pillar of future growth.

These biologic treatments, along with Illumetri, show Almirall's preference for more expensive, specialised medications over commoditised generics.

In 2025, the firm spent €138.1 million, or 12.5% of net sales, on research and development.

Its goal to maintain its dermatology pipeline and grow in advanced medicines is in keeping with this level of R&D activity.

Aiming for double digits by 2030

Almirall set high medium-term goals and stated in its presentation to the market that the company had achieved its 2025 projection.

The company wants to increase its EBITDA margin to about 25% by 2028 and anticipates double-digit net sales growth every year through 2030.

Almirall particularly projects revenue growth of 9% to 12% in 2026.

It forecasts EBITDA between €270 million and €290 million, indicating that operating leverage will persist as fresh products develop.

Additionally, the group expressed a readiness to actively explore early-stage licensing agreements in potential advanced therapeutics and to pursue "opportunistic acquisitions" of assets that have already been commercialised.

This two-pronged approach, which combines judicious dealmaking with organic development, could hasten expansion without going over budget.

Governance and the balance sheet

Almirall's debt was €283.7 million at the end of 2025, €63.7 million less than it was in 2024.

The net debt to EBITDA ratio is 0x, which allows it flexibility in future licensing or purchase deals.

The Gallardo family controlled the business, which also released its yearly compensation report. In 2025, Chairman Carlos Gallardo's pay increased by 4.57% to €1.78 million.

Implications for investors

The performance of Almirall in 2025 shows that the business is moving from recovery to expansion.

Its speciality-focused approach appears to be working, as evidenced by dermatology's robust performance, solid double-digit sales growth, and profit quadrupling.

Its strong reliance on Europe and diminishing revenues in the US, however, remain fundamental issues. Future expansion is likely to depend on the continued success of the flagship biologics, R&D productivity, and prudent capital deployment.

In addition to being a successful year, 2025 might be seen as the turning point in a longer-term shift if Almirall can sustain double-digit sales growth while increasing margins in the direction of its 2028 goal.