nd packaging for Nemluvio in Florida by our contract manufacturing partner, as well as the manufacturing of Alastin and select Cetaphil products via contract manufacturing partners.

Galderma and its manufacturing partners have initiated additional technology transfers to the U.S. These would be focused on key growth drivers, which includes securing double-sourcing Relfydess U.S. capacity.

Raising full-year guidance

Galderma is raising its 2025 full-year guidance, on net sales to +17.0-17.7% year-on-year growth at constant currency (previously +12-14%) and on Core EBITDA margin to 23.1-23.6% at constant currency (previously approximately 23%).

The guidance update especially reflects the significant ramp-up of Nemluvio, which is driving growth in Therapeutic Dermatology. It also reflects the strong trajectory in Injectable Aesthetics, with continued outperformance of the market in both Neuromodulators and Fillers & Biostimulators. In Neuromodul
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