lululemon Expands International Presence with First Store Opening in Italy
The Milan store's full concept will span approximately 5,700 square feet across two floors, offering a thoughtfully curated environment for guests with distinct spaces dedicated to lululemon's signature technical innovations. The two floors will showcase the brand's men's and women's collections – all designed through the lens of high-performance, high-style to support a wide range of activities including yoga, running, training, tennis, and golf.
Paying homage to Italy's rich design heritage, the store is expected to feature a locally inspired architectural concept that blends traditional craftsmanship with contemporary materials. A standout feature of the new store is anticipated to be the lululemon Glide sculptural façade – a striking visual expression of movement and form. The custom 3-D printed installation is set to draw inspiration from lululemon's iconic Define Jacket pattern, and its flowing geometry is designed to expand and move across the storefront, emulating the properties of fabric on an architectural scale.
In line with lululemon's omni-channel vision, the Milan store aims to offer a fully integrated guest experience. Guests can enjoy seamless access to the brand's full range via the Endless Aisle BBR (Back Back Room) solution, which is designed to help ensure availability of product beyond what is stocked in-store.
International visitors will benefit from Global Blue Tax-Free Shopping, further enhancing the guest experience in one of Europe's most popular tourist destinations.
Strategic Growth Across EMEA
The Milan store opening marks a significant step in lululemon's international expansion. The brand already operates stores in key markets including the UK, Ireland, Germany, France, Spain, the Netherlands, Norway, Sweden, and Switzerland. Entering Italy is part of lululemon's broader Power of Three ×2 growth plan, which aims to quadruple international revenue from 2021 levels by year-end 2026.
Building Community
lululemon is grounded in product innovation, guest experience, and a deep commitment to building meaningful connections. In Milan, the brand expects to engage with the local community through a series of activations planned throughout the year, which may include partnerships with local studios, run clubs, and a new ambassador program. These initiatives are intended to reflect lululemon's holistic approach to wellbeing – supporting the physical, mental, and social health of the community it serves.
About lululemon
lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, tennis, golf, and other activities. It creates transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with athletes in local communities around the world for continuous research and product feedback. For more information about lululemon's Milan opening and latest product collections, visit eu.lululemon.com or follow @lululemoneurope on social media.
Forward-looking statements:
This press release contains forward-looking statements, which reflect lululemon's current expectations and plans. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could affect our future performance are included in our filings with the Securities and Exchange Commission, including our most recent reports on Forms 10-K, 10-Q, and 8-K. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
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National Post
21 minutes ago
- National Post
Galderma Delivers Record First Half 2025 Net Sales of 2.448 Billion USD and 12.2% Year-on-Year Growth at Constant Currency, Raises Full-Year Top-Line Guidance
Article content ZUG, Switzerland — Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced its financial results for the first half of 2025. Article content Record net sales of 2.448 billion USD, representing net sales growth of 12.2% at constant currency, driven mainly by volume and complemented by favorable mix Double-digit growth in both International markets and the U.S., with strong performance across all product categories, including year-on-year growth of 9.8% for Injectable Aesthetics, 7.7% for Dermatological Skincare, and 26.9% for Therapeutic Dermatology at constant currency Significant progress on the launch of new innovation, including Nemluvio ® (nemolizumab) which continues to outperform, delivering 131 million USD in sales, the ongoing positive uptake of Relfydess™, now launched in 17 markets, and geographic expansion in Fillers & Biostimulators Advancing leadership in science and education, supported by new long-term data on nemolizumab in atopic dermatitis and prurigo nodularis as well as the initiation of new clinical trials in systemic sclerosis and chronic pruritus of unknown origin Growth in Core EBITDA, delivering 555 million USD, up 9.5% year-on-year at constant currency, with a slightly higher than expected Core EBITDA margin for the first half of 22.7% Disciplined capital allocation with continued investments behind organic growth, net leverage reduced to 2.1x, early debt repayment of 110 million USD, debt refinancing of 1.04 billion USD of its term loan, and purchases of treasury shares for a total amount of 323 million USD Raising 2025 full-year guidance on net sales, expecting growth of 12-14% at constant currency (previously 10-12%), and confirming guidance on Core EBITDA margin of approximately 23% at constant currency Article content Galderma achieved 2.448 billion USD in net sales for the first half of 2025, representing 12.2% year-on-year growth at constant currency. Growth was mainly driven by volume, complemented by favorable mix. This reflects an acceleration in the second quarter, with year-on-year growth of 15.8% at constant currency. Article content The first half saw strong performance across all product categories, including double-digit growth in 7 out of Galderma's top 10 markets. Galderma delivered notable market share gains in Injectable Aesthetics in both geographies (International markets and the U.S.) as well as in Dermatological Skincare in International markets. In Therapeutic Dermatology, Nemluvio maintained its strong momentum with global net sales of 131 million USD. Article content International markets: Article content Galderma sustained its strong momentum with double-digit growth in both Injectable Aesthetics subcategories, as well as in Dermatological Skincare. Injectable Aesthetics saw especially strong growth in Brazil, Canada, China, Mexico, and the U.K., while Dermatological Skincare growth was accelerated by strong performances in China and India. Therapeutic Dermatology's modest growth was mainly driven by Nemluvio sales in Germany. Article content U.S.: Article content The U.S. grew across all product categories in the first half, led by strong performances from Nemluvio and Neuromodulators. In Injectable Aesthetics, Galderma continued to gain share in both Neuromodulators and Fillers & Biostimulators, despite the Fillers market being impacted by market softness and intensified promotional activity. In Dermatological Skincare, Cetaphil made strides in e-commerce as well as with select large retailers, despite continued constrained consumer spending, while Alastin® grew across channels. In Therapeutic Dermatology, Nemluvio's sales ramp-up in prurigo nodularis and atopic dermatitis was higher than expected, more than offsetting the anticipated decline from mature products. Article content Injectable Aesthetics net sales for the first half of 2025 were 1,240 million USD, with year-on-year growth of 9.8% at constant currency. Article content Neuromodulators achieved net sales of 707 million USD, up 14.7% year-on-year at constant currency. Both the U.S. and International markets reported double-digit growth and continued to gain market share. Dysport ® remains on a strong growth trajectory, while the launch of Relfydess – the first and only ready-to-use liquid neuromodulator created using PEARL™ Technology – continues to deliver ahead of expectations, including some stocking benefits from multiple market launches. As anticipated, growth in the second quarter for Neuromodulators was slightly subdued, following a very strong first quarter with some favorable phasing. Article content Fillers & Biostimulators recorded net sales of 534 million USD, up 3.9% year-on-year at constant currency. With market share gains in the U.S. and International markets, growth was mainly driven by sustained high growth momentum for Sculptra ® as well as the initial uptake of new launches, including Sculptra in China and Restylane ® SHAYPE™ in Brazil. Fillers continued to be impacted by market softness, especially in the U.S., with lower consumer demand and intense promotional activity, while growth in Biostimulators remained very strong, particularly in International markets. Overall, the growth rate for Fillers & Biostimulators in the second quarter was high, following a decline in the previous quarter due to a high comparative base in 2024. Article content Galderma maintained its focus on commercial execution and partnership with healthcare professionals, including an increase in the reach of its education, training and medical awareness activities. These efforts also supported new launches, notably for Relfydess, which is now available in 17 markets, with further global regulatory submissions initiated. Interest and demand for Relfydess have been very high, with positive feedback from early adopters, especially on long duration, fast onset and simple volumetric dosing. Recent Fillers & Biostimulators launches are also performing ahead of expectations. Sculptra continues on its strong launch trajectory in China's fast-growing aesthetics market, while Restylane SHAYPE is outperforming all recent competitive launches in Brazil. Article content Dermatological Skincare Article content Dermatological Skincare net sales for the first half of 2025 were 719 million USD, with year-on-year growth of 7.7% at constant currency. Article content Cetaphil and Alastin, Galderma's flagship Dermatological Skincare brands, continued on their growth trajectories, supported by strong momentum in e-commerce channels globally. Cetaphil growth in International markets remained very strong, with exceptional performance in Asia, where India became a top sales contributor. In the U.S., Cetaphil grew in e-commerce channels and with select large retailers, despite constrained consumer spending. Alastin continued to grow double-digits, with the U.S. performing across channels and steady progress in International market expansion plans. Article content Highlights for the period included the launch of CetaSphere, a new global advocacy network; a major Cetaphil campaign in China with a leading local live streamer leading to rapid sell-through during the '618' shopping festival; and high profile appearances, including a collaboration between Alastin and Halle Berry at the Met Gala and Cannes Film Festival. Additionally, Galderma focused on strong retailer engagement, including Alastin's strategic physician-first approach, targeted execution with local Cetaphil retailers, as well as fast-growing e-commerce channels. Growth was also supported by new innovations such as Cetaphil's Acne Fast Rescue Pimple Patches and Alastin's Restorative Skin Complex with Next Generation TriHex Technology ®. Article content Therapeutic Dermatology Article content Therapeutic Dermatology net sales for the first half of 2025 were 489 million USD, with year-on-year growth of 26.9% at constant currency. This accelerated performance was driven by an impressive ramp-up in Nemluvio sales, notably in the second quarter. This growth more than offset the decline in the category's mature portfolio, especially in the U.S. Article content Nemluvio delivered 131 million USD in net sales, performing ahead of expectations. Sales were primarily driven by the U.S., the majority still from prurigo nodularis, with the contribution from atopic dermatitis quickly increasing. Internationally, Germany's launch trajectory remains strong. Article content Market share gains in both prurigo nodularis and atopic dermatitis in the U.S. were underpinned by increasing underlying demand and market access, spanning more than 70% commercial covered lives as a first-line biologic treatment as of July 16 th, 2025. The commercial uptake was further supported by ongoing sales force expansion, a direct-to-consumer advertising campaign in atopic dermatitis, and deepening engagement with healthcare professionals leveraging recently published long-term data (details below). Article content Global regulatory processes continue to progress, underscoring growing interest and sustained momentum. Nemluvio was approved by the Therapeutic Goods Administration (TGA) in Australia in May 2025 for the treatment of both moderate-to-severe atopic dermatitis and prurigo nodularis. With this decision, Nemluvio is now approved in all selected countries under the Access Consortium framework. In June, Nemluvio was also recommended for routine National Health Service (NHS) funding in England and Wales for moderate-to-severe atopic dermatitis, as outlined in final draft guidance from the National Institute for Health and Care Excellence (NICE). 1 Advancing cutting-edge science and industry-leading medical education Galderma reinforced its leadership in dermatology by presenting several new scientific data and pipeline updates, and by supporting education at key industry events. Article content In June 2025, Galderma presented new long-term data on Nemluvio in both atopic dermatitis and prurigo nodularis as late breaker presentations at the Revolutionizing Atopic Dermatitis (RAD) Conference and the XIV International Congress of Dermatology (ICD), respectively. These new data reinforced Nemluvio's consistent safety profile and durable clinical efficacy on both skin lesions and itch, across both indications, with prolonged treatment up to two years. 2-4 These results build on data from the ARCADIA and OLYMPIA clinical trials – with OLYMPIA being the largest completed pivotal clinical program in prurigo nodularis and the only one assessing long-term safety and efficacy for this condition. 4-6 Also in June, Galderma announced the initiation of two new clinical trials to investigate the efficacy and safety of nemolizumab in treating patients living with systemic sclerosis (SSc) and chronic pruritus of unknown origin (CPUO) – two chronic conditions with high unmet need. 7-9,10 In SSc, Galderma's phase II proof-of-concept study is a multicenter, randomized, double-blind, placebo-controlled study investigating nemolizumab in adults. Patient enrolment is planned from the second half of 2025, with completion expected in 2028. In CPUO, Galderma's phase II trial is a randomized, double-blind, placebo-controlled proof-of-concept study exploring the impact of nemolizumab on itch intensity and quality of life in patients without an identifiable underlying cause, with enrollment expected to start in the second half of 2025 in the U.S., and study completion expected in 2026. Overall, nemolizumab is seen as a pipeline within an asset, with the potential to explore additional indications over time as relevant. Article content As the pure-play dermatology category leader, Galderma is spearheading efforts to address the most predominant aesthetic concerns of a new and fast-growing patient population experiencing medication-driven weight loss. In mid-July, Galderma unveiled final nine-month data from a phase IV first-of-its-kind trial showing lasting efficacy and patient satisfaction with Restylane Lyft ® or Contour ® in combination with Sculptra when addressing facial aesthetic changes after medication-driven weight loss. These extended study data reinforce that this treatment regimen can effectively improve facial aesthetic appearance with high patient satisfaction over nine months. Alongside these scientific advancements, Galderma maintained its commitment to market-leading education through a steady flow of regional and local Galderma Aesthetic Injector Network (GAIN) events. Article content Following an earlier memorandum of understanding to work towards a new research and development collaboration, Galderma and L'Oréal signed an agreement for a new research project to use our complementary technologies to develop a non-invasive, ambulatory imaging approach for extracellular matrix remodeling in the skin. Article content Investing in our U.S organization to drive growth Article content Galderma also made important moves to accelerate innovation and growth in the U.S., the company's largest market, with the establishment of its new U.S. headquarters in Miami, Florida. The new site will serve as a strategic hub for Dermatological Skincare and Injectable Aesthetics, reinforcing Galderma's long-term commitment to the market. To support this, Galderma appointed Heather Wallace as President of Galderma U.S., bringing deep experience in dermatology and consumer health. These steps reflect Galderma's continued investment in the market and the potential it sees for the future. Article content Strengthening our financial profile Article content For the first half of 2025, Galderma delivered a record 555 million USD in Core EBITDA, growing 9.5% year-on-year at constant currency in a year of key launches. Core EBITDA margin was 22.7%, with margin erosion slightly better than expected for the period given the strong ramp-up of Nemluvio, despite some reinvestments behind growth. Article content Galderma's underlying profitability, defined as Core EBITDA margin excluding the Core EBITDA impact from nemolizumab, continued to improve. Profitability in the first half of the year benefited from some phasing in research and development. Meanwhile, gross margin was impacted by pricing pressures, especially in the U.S., partially offset by favorable mix. Article content Core net income continued to grow significantly, achieving 329 million USD for the period, driven by strong Core EBITDA growth, lower financing expenses, and a phasing-related improvement of the effective tax rate. Article content Galderma also brought its net leverage down to 2.1x at the end of June 2025. In addition, given strong financial results and confidence in cash generation, Galderma repaid 110 million USD of its debt early, and refinanced 1.04 billion USD of its term loan, including issuing its inaugural Eurobond and new dual tranche CHF bonds following Fitch's investment grade rating. Article content Galderma took steps to further support its shareholder returns with the approval and first payment of a dividend and the repurchase of shares during the accelerated bookbuild offerings which took place in the first half of the year. First, a gross dividend of 0.15 CHF per dividend-bearing share was distributed out of reserves from capital contributions. Second, Galderma repurchased 2.78 million shares for 323 million USD in the context of the accelerated bookbuild offerings of Galderma shares by Sunshine SwissCo GmbH ('EQT'), Abu Dhabi Investment Authority ('ADIA') and Auba Investment Pte. Ltd. ('Auba'), funded from existing liquidity on hand and to be held in treasury to support Galderma's employee participation plans, business development opportunities and/or treasury management. Article content Raising full-year guidance on net sales Article content Reflecting its strong growth trajectory and investments behind significant launches, Galderma is raising its net sales guidance for 2025 to 12-14% year-on-year growth at constant currency, and confirming its Core EBITDA margin, at approximately 23% at constant currency. This guidance update reflects the ramp-up of Nemluvio which is expected to drive significant growth in Therapeutic Dermatology. It also highlights the strong performance in Injectable Aesthetics for the first half of the year. In the second half, Neuromodulators are expected to be impacted by stocking dynamics, notably from the ongoing Relfydess launches and a high comparative base in Latin America. Galderma remains confident in its ability to outgrow the Neuromodulator market globally and expects low 'teens' net sales growth for its Neuromodulators subcategory for the full-year ('teens' defined as numbers greater than 10% and lower than 20%). Fillers & Biostimulators are expected to continue to benefit in the second half from the increasing contribution of new launches and the very strong momentum of Sculptra. Finally, Dermatological Skincare is expected to sustain its growth trajectory globally with expected growth acceleration in the fourth quarter due to seasonal activations. Article content Regarding Core EBITDA margin, while the first half of the year was slightly ahead of expectations given the stronger than anticipated ramp-up of Nemluvio, underlying profitability for the second half of the year is expected to slightly decrease. This reflects the increased seasonal ramp-up of marketing activities for the period and the anticipated impact of U.S. tariffs. Article content Galderma remains confident in its ability to deliver on its guidance considering its manageable exposure to announced U.S. tariffs, which are fully factored-in for the full-year, along with its ability to absorb some further tariff impact and consumer demand-related deterioration. Article content Webcast details Article content Galderma will host a trading update call today at 13:00 CET to discuss the first half 2025 results and respond to questions from financial analysts. Investors and the public may access the webcast by registering on the Galderma Investor Relations website at a recording will also be made available after the event. Article content About Galderma Article content Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body's largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: Article content Appendices Article content Appendix 1: H1 2025 net sales by product category and geography Article content In million USD Net sales Year-on-year growth H1 2024 H1 2025 Constant currency Reported Group total 2,202 2,448 12.2% 11.2% By product category Injectable Aesthetics 1,139 1,240 9.8% 8.9% Neuromodulators 622 707 14.7% 13.6% Fillers & Biostimulators 517 534 3.9% 3.3% Dermatological Skincare 675 719 7.7% 6.5% Therapeutic Dermatology 388 489 26.9% 26.0% By geography International 1,277 1,409 12.1% 10.4% U.S. 925 1,039 12.3% 12.3% Article content Appendix 2: Q2 2025 net sales by product category and geography Article content In million USD Net sales Year-on-year growth Q2 2024 Q2 2025 Constant currency Reported Group total 1,131 1,320 15.8% 16.7% By product category Injectable Aesthetics 628 693 9.7% 10.5% Neuromodulators 359 396 9.8% 10.3% Fillers & Biostimulators 269 297 9.6% 10.7% Dermatological Skincare 324 349 7.6% 7.7% Therapeutic Dermatology 179 277 52.2% 54.7% By geography International 617 712 13.8% 15.4% U.S. 514 607 18.2% 18.2% Article content Appendix 3: Reconciliation of H1 2025 P&L from IFRS to Core reporting Article content In million USD IFRS – as reported Exceptional & transformation related items Impairments Amortization Depreciation Core reporting % Net Sales based on Core reporting Net Sales 2,448 – - – – 2,448 Other revenue 18 – - – – 18 Cost of goods sold (761) - 5 105 11 (641) Gross profit 1,705 – 5 105 11 1,826 74.6% Research and development (104) – - - 1 (103) 4.2% Sales and marketing (818) – - – 7 (811) 33.1% General and administrative (276) - 4 17 16 (238) 9.7% Medical and regulatory (55) - - – – (55) 2.2% Distribution (64) – - – 1 (64) 2.6% Other income / (expenses) (29) 29 - – – - - Operating profit as reported 358 Total adjustments 29 9 122 36 Core EBITDA 555 Article content Appendix 4: Reconciliation of H1 2025 of Core EBITDA to IFRS Net Income Article content In million USD H1 2024 H1 2025 Core EBITDA 514 555 % margin 23.4% 22.7% Exceptional and transformation related adjustments (57) – Impairments – (9) Other income / (expenses) (2) (29) Total EBITDA adjustments 11 (59) (38) EBITDA 455 517 % margin 20.7% 21.1% Depreciation (30) (36) Amortization (112) (122) Operating profit 313 358 Net interest expenses (incl. VCB revaluation in H1 2024) (206) (106) Foreign exchange loss on financing activities (30) (1) Income / (loss) before tax 77 252 Income taxes (30) (58) Net income 47 194 Article content Appendix 5: Reconciliation of H1 2025 from IFRS Net Income to Core Net Income 12 Article content In million USD H1 2024 H1 2025 Net income / (loss) 47 194 Total EBITDA adjustments 11 59 38 VCB financing revaluation (28) – Amortization 112 122 Foreign exchange loss on financing activities 30 1 Income taxes on above items (10) (25) Core Net Income 12 210 329 Core EPS in USD 13 0.89 1.39 Article content Appendix 6: H1 2025 Total Net Indebtedness Article content In million USD December 31 2024 June 30 2025 Total Indebtedness 14 2,813 2,715 Cash and Cash Equivalents (457) (458) Total Net Indebtedness 2,356 2,257 Article content Appendix 7: Additional modeling metrics Article content Notes and references Article content Note: Due to rounding numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All ratios, subtotals and variances are calculated using the underlying amount rather than the presented rounded amount. Article content NICE. Nemolizumab for treating atopic dermatitis – technology appraisal guidance. Available online. Accessed June 2025 Silverberg, JI, et al. Nemolizumab long-term safety and efficacy up to 104 weeks in the ARCADIA open-label extension study in adolescents and adults with moderate-to-severe atopic dermatitis. Presented at Revolutionizing Atopic Dermatitis Conference 2025; June 6-7; Nashville, United States. Silverberg J, et al. Nemolizumab with concomitant topical therapy in adolescents and adults with moderate-to-severe atopic dermatitis (ARCADIA 1 & 2): results from two replicate double-blinded, randomised controlled phase 3 trials. Lancet. 2024;404(10451):445-460. doi: 10.1016/S0140-6736(24)01203-0 Ständer S, et a. Nemolizumab long-term efficacy and safety up to 100 weeks in the OLYMPIA open-label extension study in patients with prurigo nodularis: An interim analysis. Presented at International Congress of Dermatology; June 18-21, 2025; Rome, Italy. A Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501679). Available online. Accessed May 2025 Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501666). Available online. Accessed May 2025 Jimenez SA, Mendoza FA, Piera-Velasquez S. A review of recent studies on the pathogenesis of Systemic Sclerosis: focus on fibrosis pathways. Front Immunol. 2025;16: 1551911. doi: 10.3389/fimmu.2025.1551911 Truchetet ME, et al. Current Concepts on the Pathogenesis of Systemic Sclerosis. Clin Rev Allergy Immunol. 2021;64(3): 262–283. doi: 10.1007/s12016-021-08889-8 Teresa J, et al. Therapeutics in chronic pruritus of unknown origin. Itch. 2023;8(1): pe64. doi: 10.1097/itx.0000000000000064 Andrade E, et al. Interventions for chronic pruritus of unknown origin. CDSR. 2020;1(1): CD013128. doi: 10.1002/ H1 2024 adjustments include 48 M USD for IPO related incentive plans, 5 M USD for platform transformation costs, 4 M USD for VCB bonus, 2 M USD for IPO. H1 2025 adjustments include 4 M USD litigation, 6 M USD onerous items, 2 M USD M&A, 9 M USD impairments, 4 M USD restructuring, 13 M USD for operating FX Core Net Income is defined as net income / (loss) from continuing operations adjusted for the same items that are treated as exceptional for purposes of defining Core EBITDA, as well as amortization of intangible assets, foreign exchange gains and losses on financing activities. Taxes on the adjustments between IFRS net income and Core Net Income take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact Core EPS is calculated as Core net income divided by the weighted average number of outstanding shares Indebtedness includes financial debt and lease liabilities Includes assumptions for other income and expenses related to tangible asset impairments, ongoing litigation and onerous items, restructuring charges and others, excluding M&A fees On reported profit before tax Includes interest income and interest expense, excluding FX impact Of reported net income based on prior year results, subject to Board and AGM approval Includes 13 M USD of Operating FX from H1 2025 Article content Forward-looking statements Article content Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as 'plans', 'targets', 'aims', ' believes', 'expects', 'anticipates', 'intends', 'estimates', 'will', 'may', 'continues', 'should' and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/ aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof. Article content Article content Article content Article content Article content Contacts Article content For further information: Article content M Article content edia Article content Christian Marcoux, Chief Communications Officer +41 76 315 26 50 Article content Richard Harbinson Corporate Communications Director +41 76 210 60 62 Article content Investors Article content Emil Ivanov Head of Strategy, Investor Relations and ESG +41 21 642 78 12 Article content Article content Article content
Globe and Mail
39 minutes ago
- Globe and Mail
Deutsche Bank Q2 Earnings Coming Up: What's in the Cards?
Deutsche Bank DB is scheduled to announce second-quarter 2025 results on July 24. The company's quarterly revenues and earnings are expected to have increased on a year-over-year basis. In the last reported quarter, DB's results were aided by higher revenues and lower expenses. However, a rise in provision for credit losses was a spoilsport. The consensus estimate for the company's earnings is pegged at 78 cents per share, which has remained unchanged in the past seven days. This indicates a jump of 290.2% from the year-ago quarter's reported number. The consensus estimate for sales is pegged at $8.82 billion, implying a 12.1% rise. Major Factors Expected to Impact DB's Q2 Results NII: In the second quarter of 2025, average interest rates were relatively higher, resulting in higher deposit margins. Given this, NII is likely to have risen for Deutsche Bank in the quarter to be reported. Further, overall lending activity improved across regions in the second quarter of 2025. This is likely to have aided DB's loan growth in the quarter. Fee Income: Global mergers and acquisitions (M&A) in the second quarter of 2025 were impressive than previously expected. Markets plunged in early April after Trump announced sweeping tariffs, rattling business confidence. But as trade demands eased and policy direction became clearer, deal-making activities resumed in the last month of the quarter. Hence, growth in Deutsche Bank's IB revenues is expected to have been decent in the quarter. In the second quarter, the increased uncertainty resulted in lower market levels. This is likely to have impacted asset under management and asset management fees for DB. Expenses: Higher personnel expenses, employee benefits, and litigation costs related to the Postbank takeover are expected to have kept the expense base elevated in the second quarter. What the Zacks Model Unveils for DB Our quantitative model does not conclusively predict an earnings beat for DB. This is because it lacks the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. Earnings ESP: The Earnings ESP for DB is 0.00%. Zacks Rank: The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Foreign Banks Worth Considering Here are a couple of foreign bank stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time: The Earnings ESP for Banco de Chile BCH is +0.52% and it carries a Zacks Rank #2 (Buy) at present. The company is slated to report second-quarter 2025 results on July 31. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Over the past week, the Zacks Consensus Estimate for BCH's quarterly earnings has remained unchanged at 64 cents per share. Canadian Imperial Bank of Commerce CM is scheduled to release third-quarter fiscal 2025 numbers on Aug 28. The company has an Earnings ESP of +3.76% and carries a Zacks Rank #2 at present. Quarterly earnings estimates for CM have remained unchanged at $1.40 per share over the past month. One Big Gain, Every Trading Day To help you take full advantage of this market, you're invited to access every stock recommendation in all our private portfolios - for just $1. Zacks private portfolio services that closed 256 double and triple-digit winners in 2024 alone. That's about one big gain every day the market was open. Of course, not all our picks are winners, but members have seen recent gains as high as +627% +1,340%, and +1,708%. Imagine how much you could profit with a steady stream of real-time picks from all our services that cover a number of strategies to suit a variety of investing and trading styles. See Stocks Now >> Banco De Chile (BCH): Free Stock Analysis Report
Globe and Mail
an hour ago
- Globe and Mail
Europe's Bank Boom: EBNK ETF in Focus
For European bank equities, the first half of 2025 has been highly rewarding, as their performance has far outpaced that of their U.S. and Asian peers. As shown below, the S&P Europe BMI Banks index gained 51.59% over the six months, while the U.S. S&P 500 Bank Index and S&P Pan Asia BMI Banks index returned 14.54% and 17.97%, respectively. Since central banks began sharply raising interest rates in 2022 to combat rising inflation, European banks have reported increased profits. The rise in lending income due to higher rates enabled banks to provide substantial capital distributions to their shareholders. However, even with interest rates declining in 2024, the profits of large banks remained robust, supported by revenue growth stemming from effective interest rate risk management, enhanced fee generation, and steady lending income. Over the past two years, large European banks have outperformed their US counterparts regarding returns on average equity (ROAE) and average total payout ratio, strengthening the case for European bank equities. Other Notable Developments According to Ernst & Young, in Europe, mergers and acquisitions (M&A) activity increased in the first half of 2025, with a 6% year-on-year rise in the number of publicly announced deals, totaling 358 compared to 337 in the first half of 2024. The total disclosed deal value also grew significantly, rising from $17.5 billion in H1 2024 to $44.4 billion in H1 2025, driven by ten transactions valued over $1 billion and one over $10 billion. While European banking deals remained flat at 97 in both H1 2024 and H1 2025, deal value almost doubled year-over-year, from $11.5 billion in H1 2024 to $21.5 billion in H1 2025. Investing In European Banks via ETFs For Canadian investors interested in gaining exposure to European banks, the Evolve European Banks Enhanced Yield ETF (Tickers: EBNK / EBNK.B / EBNK.U) invests in equity securities of the largest European banks on an equally weighted basis, with the added value of a covered call strategy applied to up to 33% of the portfolio. The fund will track the performance of the Solactive European Bank Top 20 Equal Weight Index Canadian Dollar Hedged. Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
