Galderma Group AG: Buy Rating Driven by Underappreciated Nemluvio Peak Sales and Pipeline Upside

Benjamin Jackson CFA, an analyst from Jefferies, maintained the Buy rating on Galderma Group AG. The associated price target remains the same with CHF190.00.

Benjamin Jackson CFA has given his Buy rating due to a combination of factors that, in his view, the market has not fully priced in. His revised projections assume significantly higher peak sales for Nemluvio than current consensus, reflecting stronger-than-expected enthusiasm from dermatologists captured in a recent physician survey. He expects that this disconnect between his estimates and the street will narrow as management likely raises its own long-term guidance, potentially already at the upcoming full-year results.

Jackson also points to the pipeline’s upside optionality, highlighting the chronic itch of unknown origin indication as an underappreciated value driver. He views the late-2026 expected Phase II data as a relatively de-risked event that could meaningfully expand Nemluvio’s addressable market. In his analysis, successful development in this indication alone could add more than half a billion dollars in incremental sales, reinforcing the risk/reward profile and supporting a Buy recommendation on Galderma Group AG.

In another report released on January 26, Barclays also maintained a Buy rating on the stock with a CHF195.00 price target.