Hold Rating Maintained as Supportive FY26 Guidance Offers Limited Upside Versus High Expectations and Valuation

Morgan Stanley analyst Thibault Boutherin maintained a Hold rating on Galderma Group AG today and set a price target of CHF145.00.

Thibault Boutherin has given his Hold rating due to a combination of factors including a solid but not transformational Q4’25 performance and an already demanding market setup. The quarter marginally exceeded expectations, helped by stronger injectable aesthetics and Nemluvio, while derma skincare slightly lagged, and H2’25 revenue and core EBITDA largely tracked forecasts, with the core EPS beat mostly tax-driven rather than operational.

Thibault Boutherin’s rating is based on FY26 guidance that is clearly supportive, yet offers only limited upside versus a high bar embedded in consensus and the current valuation. Management’s outlook for robust double‑digit sales growth, margin expansion, and materially higher Nemluvio peak sales underpins confidence, but with guidance only implying about 2% upgrades versus already bullish expectations, he views the risk‑reward as balanced rather than compelling at this stage.

According to TipRanks, Boutherin is a 3-star analyst with an average return of 4.7% and a 53.13% success rate. Boutherin covers the Healthcare sector, focusing on stocks such as Novartis AG, Novo Nordisk, and Novo Nordisk.