lights momentum from recent launches, including Nemluvio®(nemolizumab), alongside improving profitability and expanding free operating cash flow. The agency also notes Galderma’s disciplined financial policy, supporting expectations of continued deleveraging over the coming years.

The positive outlook indicates that an upgrade could be considered over the next 12–24 months subject to Galderma continuing to deliver profitable growth and maintaining credit-supportive metrics.

Galderma is also rated BBB (stable outlook) by Fitch.

About Galderma
Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our fo
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