ign exchange impacts, while guidance is at constant currency, based on spot rates as of the end of February 2026, USD depreciation is expected to have a positive impact on reported net sales and a negative impact on reported Core EBITDA margin, which is due to headquarter costs denominated mainly in CHF. A table with Galderma’s exposure to key foreign exchange currency pairs is available in the Appendix. As for tariffs, exposure remains manageable, with the guidance assuming a 15% U.S. tariff on the import value of Restylane and Sculptra.

Following a stronger than originally anticipated first year on the market in the U.S. and in European markets in prurigo nodularis and atopic dermatitis, Galderma is raising its peak sales guidance for Nemluvio from above 2 billion USD to above 4 billion USD for both indications globally. This reflects its strong launch trajectory with higher demand than expected based on positive real-world experience in addition to an already differe
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