on gross margin.

Galderma delivered even greater growth in Core net income for the full year. Core net income was 871 million USD, up 75.4% year-on-year, driven by strong Core EBITDA growth as well as reduced financing and tax expenses. The latter include a one-time, non-cash benefit on the effective tax rate, from recognizing deferred tax assets on past tax losses in Switzerland.

Galderma demonstrated very strong cash generation for the year, due to significant Core EBITDA growth, favorable net working capital movements, and lower interest payments. Net working capital positions improved significantly behind effective net working capital management, structural improvements driven by shifts in market and product mix and phasing benefits.

Core CapEx benefitted from improved phasing of project spend as well as continued focus on spend efficiencies and site operating performance. Core CapEx as a percentage of sales continues to come down due to the high net s
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