Analyst Thibault Boutherin from Morgan Stanley maintained a Hold rating on Galderma Group AG (GALD – Research Report) and keeping the price target at CHF105.00.
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Thibault Boutherin has given his Hold rating due to a combination of factors influencing Galderma Group AG’s performance. The company’s Q1’25 sales exceeded expectations, primarily driven by the success of Nemluvio and the positive phasing of neuromodulators. Despite these positive results, there were concerns about the impact of tariffs on the US market, particularly affecting fillers and biostimulators, which constitute a small portion of the group’s sales.
While Galderma has shown strong market share gains and growth potential with new product launches planned for 2025-2026, the modest growth in the US market and the potential risks associated with tariffs have led to a cautious outlook. The management’s ability to absorb further tariff impacts within their guidance provides some reassurance, but the overall uncertainty in the US aesthetics market contributes to the Hold rating.
Boutherin covers the Healthcare sector, focusing on stocks such as Novo Nordisk, Sandoz Group Ltd, and Alvotech. According to TipRanks, Boutherin has an average return of 0.5% and a 39.58% success rate on recommended stocks.