Almirall 2024 Results: Surpasses Guidance, Poised for Sustained Growth
Almirall, S.A., a global biopharmaceutical company based in Barcelona, has reported strong financial results for the full year of 2024. The company saw a notable increase in total revenue, achieving €990.6 million, marking a 10.2% rise compared to €898.8 million in 2023. Net sales also grew by 10.2%, reaching €985.7 million, driven largely by the company’s successful performance in the European dermatology market and its biologics portfolio.
The company’s total EBITDA for 2024 amounted to €192.6 million, reflecting a 10.6% increase year-on-year, surpassing the expected results. This growth was supported by strong sales and was in line with Almirall’s business strategy of managing investments while ensuring that growth outpaces operating costs, specifically selling, general, and administrative (SG&A) expenses. The company’s net income of €10.1 million marked a significant turnaround from the €38.5 million loss in 2023.
One of the key takeaways from Almirall’s results is its ongoing commitment to research and development (R&D). The company allocated €124.2 million to R&D in 2024, representing 12.6% of its net sales. This focus on R&D underscores Almirall’s strategic vision to not only maintain its market position but also further strengthen its pipeline, particularly in medical dermatology. The company’s robust pipeline is supported by a high degree of investment in both internal research and external partnerships.
Almirall’s 2024 performance also reflects its success in managing its debt. The company ended the year with a net debt to EBITDA ratio of just 0.2x, a figure that indicates strong financial health despite ongoing investment in biologics, including the launch of Ebglyss® across Europe. The company’s gross margin was slightly lower than in 2023, at 64.7%, due to an increase in royalties related to the growth of its Ilumetri® product.
The dermatology market, where Almirall has firmly positioned itself as a leader in Europe, is a major driver of its success. The dermatology market is projected to grow at a rate of 7.5% annually, reaching €71 billion by 2030. Almirall’s ability to penetrate this market is bolstered by its broad portfolio, which includes over 50 products, predominantly in topical, systemic, and biologic forms. The company’s portfolio focuses on treating immune-mediated inflammatory diseases, such as psoriasis and atopic dermatitis, as well as other dermatological conditions like actinic keratosis and non-melanoma skin cancer.
Almirall’s commercial efforts have extended its reach to 60% of office dermatologists and 90% of hospital dermatologists across Europe. The company has consistently delivered strong growth, with its dermatology business achieving a compound annual growth rate (CAGR) of 21% from 2020 to 2024.
A key component of Almirall’s dermatology portfolio is its biologics, particularly in the treatment of psoriasis and atopic dermatitis. The biologics market is expected to grow significantly, driven by increasing diagnoses and a shift toward more advanced therapies. Almirall’s biologics portfolio includes Ilumetri® (tildrakizumab), a biologic that has performed exceptionally well in recent years, achieving €209 million in net sales for 2024, a 26% year-on-year growth. The company has updated its peak sales guidance for Ilumetri® to exceed €300 million by 2030, reflecting the product’s continued growth potential.
Almirall is also making significant strides with its atopic dermatitis biologic, Ebglyss® (lebrikizumab), which was approved by the European Commission and other regulatory bodies in 2023 and 2024. The product has already launched in 11 European countries, and the company plans to expand its availability to additional European markets in 2025. Ebglyss® is a monoclonal antibody aimed at treating moderate-to-severe atopic dermatitis, offering patients a promising new option in a market with limited impactful treatments.
Beyond its established products, Almirall is continuously expanding its portfolio through collaborations and strategic investments. The company’s pipeline includes advanced-stage therapies for both psoriasis and atopic dermatitis, with partnerships to further expand the indications for its biologic products. For example, Almirall is working with Eli Lilly on expanding the use of lebrikizumab, including in pediatric populations, while also advancing clinical trials for other promising dermatology treatments.
In addition to its ongoing work with biologics, Almirall’s dermatology portfolio is strengthened by its other key products, such as Wynzora® (calcipotriene and betamethasone dipropionate cream), which showed impressive sales growth in 2024. This product, which is used in the treatment of mild to moderate psoriasis, achieved net sales of €25.9 million, a 53.3% year-on-year increase. Another significant product is Klisyri® (tirbanibulin), a treatment for actinic keratosis, which continued to perform well in both Europe and the US, with total sales of €24.5 million in 2024.
Looking ahead, Almirall’s commitment to its innovative pipeline remains a cornerstone of its growth strategy. In 2024, the company invested 12.6% of its net sales into R&D, focusing on advancing treatments for a range of dermatological diseases. The company’s pipeline includes novel treatments across different modalities, such as small molecules, biologics, and even mRNA-based therapies, allowing Almirall to stay at the forefront of dermatological innovation.
Almirall’s successful 2024 results demonstrate its ability to navigate a competitive industry, deliver strong financial performance, and continue expanding its market presence. With a focus on innovation, strong commercial execution, and strategic partnerships, the company is well-positioned for sustained growth in the years ahead.
