Berenberg: Galderma's Integrated Model Supports H1 Results; Price Target, Estimates Revised

03:26 AM EDT, 07/29/2026 (MT Newswires) -- Berenberg updated its price target and earnings forecasts for Galderma Group (GALD.SW), saying the dermatology company's integrated dermatology model bolstered its first-half earnings. "Galderma's H126 results, reported on 23 July, demonstrate the continued strength of its integrated dermatology model, which centres on the company's best-in-class portfolio quality and breadth, as well as extensive practitioner engagement," analysts said Tuesday. For the second quarter, Galderma reported group net sales of $1.66 billion, which was up 23.8% year over year at constant currency. The research firm noted that this growth surpassed market expectations by 480 basis points, adding that higher-than-expected net sales also helped drive first-half core EBITDA growth past consensus estimates. Looking ahead, the group now expects full-year 2026 net sales growth of between 19% and 21% at constant currency, up from the previous outlook of 17% to 20%. "In our view, the company's revised FY26 guidance remains characteristically prudent, providing flexibility against a potential deterioration in H2 consumer demand given the volatile geopolitical and macro backdrop. We reiterate our Buy rating, with a new price target of CHF204 (previously: CHF200)," the note said. The research firm also increased its sales, EBIT and EPS forecasts for 2026 and 2027 and trimmed these projections for 2028. The revisions account for the interim results, the upgraded outlook and latest currency rates, alongside a projected one-year delay to Relfydess' US launch.