Report
Pierre Tegner

Galderma : The derma pure player is on track to more than triple EPS out to 2030

We are initiating coverage of Galderma with an Outperform rating and a target price of CHF 197. Our positive view is based on: 1/ unique positioning on the buoyant and sophisticated dermatological market; 2/ the ramp-up phase, which is reflected in a very sharp rise in earnings (EPS x3.5 between 2025 and 2030) and 3/ an attractive valuation (2028e P/E <22x) following its recent underperformance, for investors seeking a pure player with a high and steady long-term growth rate (~+8%)
Underlying
GALDERMA GROUP AG

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Pierre Tegner

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