Dermatology Giant Galderma Charts Independent Future After EQT Exit
March 14, 2026, 9:31 am
EQT fully exited dermatology giant Galderma, executing the largest sponsor-backed block trade in history, generating CHF 21 billion. This move follows Galderma's remarkable post-IPO growth. Simultaneously, Galderma secured a €500 million Eurobond. The bond refinances its IPO loan. It solidifies its robust financial standing. Galderma now stands independently. It is poised for continued global leadership in dermatology.
Global dermatology leader Galderma is reshaping its financial landscape. Private equity firm EQT has completed its full divestment. This exit marks a historic moment in private equity. EQT exited Galderma via the largest sponsor-backed block trade ever recorded. Concurrently, Galderma strengthened its balance sheet. It issued a significant Eurobond. These moves underscore Galderma's robust growth. They confirm its independent market position.
EQT’s exit from Galderma is complete. The move concluded on March 13, 2026. This was a monumental transaction. It involved a placement of approximately 34.0 million shares. The aggregate gross proceeds reached around CHF 4.9 billion. EQT VIII, a key fund, received roughly CHF 1.3 billion. This transaction represents the largest sponsor-backed block trade in history. It signals a major shift.
The total value creation for EQT has been exceptional. EQT realized approximately CHF 21 billion, or USD 26 billion. These proceeds went to its funds and co-investors. This performance stands as EQT's largest value-creation outcome ever. It highlights a remarkably successful investment strategy. EQT first acquired Galderma in October 2019. It carved the company out from Nestlé. This initial strategic review paved the way for immense growth.
Under EQT's ownership, Galderma transformed. The company accelerated its revenue growth. It significantly increased investment in research and development. It built one of the broadest portfolios of clinically-proven flagship brands in dermatology. Galderma’s revenue surged from USD 2.8 billion in 2018 to USD 5.2 billion in 2025. Organic revenue growth climbed dramatically. It moved from mid-single digits at entry to approximately 18% in 2025. EBITDA also more than doubled. It rose from USD 520 million in 2018 to USD 1.2 billion in 2025. Margins improved by five percentage points.
Galderma’s initial public offering in 2024 was a landmark event. It stood as one of the largest IPOs in Europe that year. This public listing provided significant capital. It further boosted Galderma's market visibility. Since its IPO, Galderma’s share price has nearly tripled. This performance reflects strong investor confidence. It demonstrates the company’s continued operational excellence.
Post-IPO, Galderma continued its strong trajectory. It delivered robust growth across its product categories. These include Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. The company launched transformative products. Relfydess, a long-acting neuromodulator, entered the market. Nemluvio, a biologic drug for Atopic Dermatitis and Prurigo Nodularis, shows immense promise. Nemluvio is expected to achieve blockbuster sales rates by Q3 2026. These innovations solidify Galderma’s leadership in advanced dermatology.
EQT’s consortium gradually reduced its shareholding after the IPO. This included a notable 20 percent stake sale to L'Oréal Groupe. These strategic divestments paved the way for the final, full exit. The completion of this block trade formally concludes EQT’s successful five-year journey with Galderma.
Galderma simultaneously focused on optimizing its capital structure. The company announced a €500 million Eurobond issuance. This move occurred on March 10, 2026. Settlement is expected by March 17, 2026. The bond has a five-year maturity. It carries a fixed annual coupon of 3.375%. This Eurobond will be listed on the SIX Swiss Exchange. Citigroup, ING, J.P. Morgan, and RBC Capital Markets jointly led the transaction.
The proceeds from this Eurobond have a specific purpose. They will fully repay an existing bank term loan. This loan was issued in connection with Galderma's March 2024 IPO. This refinancing represents the final step in Galderma’s post-IPO financial restructuring. It ensures a stable, long-term capital base for future operations.
Galderma maintains strong investment-grade credit ratings. Fitch assigns a BBB rating with a stable outlook. S&P Global Ratings also gives a BBB rating with a positive outlook. The newly issued bond is expected to carry a similar BBB rating from both agencies. This consistent rating reflects sound financial health. It confirms the company's low-risk profile.
The Eurobond transaction is leverage-neutral. It will not materially affect Galderma's full-year 2026 guidance. Net financial expenses remain stable. This strategic refinancing demonstrates prudent financial management. It ensures operational continuity.
Galderma operates globally. Founded in 1981, it serves approximately 90 countries. Its focus remains on dermatology. The company develops science-based products. These span injectable aesthetics, dermatological skincare, and therapeutic dermatology. Galderma partners with healthcare professionals. It serves both patients and consumers.
With EQT’s exit, Galderma now stands fully independent. Its financial maneuvers underscore a confident, forward-looking strategy. The company has demonstrated exceptional growth. It has achieved significant product innovations. It possesses a robust financial foundation. Galderma is well-positioned for sustained global leadership. The dermatology market expects continued advancements from this independent powerhouse.
Global dermatology leader Galderma is reshaping its financial landscape. Private equity firm EQT has completed its full divestment. This exit marks a historic moment in private equity. EQT exited Galderma via the largest sponsor-backed block trade ever recorded. Concurrently, Galderma strengthened its balance sheet. It issued a significant Eurobond. These moves underscore Galderma's robust growth. They confirm its independent market position.
EQT’s exit from Galderma is complete. The move concluded on March 13, 2026. This was a monumental transaction. It involved a placement of approximately 34.0 million shares. The aggregate gross proceeds reached around CHF 4.9 billion. EQT VIII, a key fund, received roughly CHF 1.3 billion. This transaction represents the largest sponsor-backed block trade in history. It signals a major shift.
The total value creation for EQT has been exceptional. EQT realized approximately CHF 21 billion, or USD 26 billion. These proceeds went to its funds and co-investors. This performance stands as EQT's largest value-creation outcome ever. It highlights a remarkably successful investment strategy. EQT first acquired Galderma in October 2019. It carved the company out from Nestlé. This initial strategic review paved the way for immense growth.
Under EQT's ownership, Galderma transformed. The company accelerated its revenue growth. It significantly increased investment in research and development. It built one of the broadest portfolios of clinically-proven flagship brands in dermatology. Galderma’s revenue surged from USD 2.8 billion in 2018 to USD 5.2 billion in 2025. Organic revenue growth climbed dramatically. It moved from mid-single digits at entry to approximately 18% in 2025. EBITDA also more than doubled. It rose from USD 520 million in 2018 to USD 1.2 billion in 2025. Margins improved by five percentage points.
Galderma’s initial public offering in 2024 was a landmark event. It stood as one of the largest IPOs in Europe that year. This public listing provided significant capital. It further boosted Galderma's market visibility. Since its IPO, Galderma’s share price has nearly tripled. This performance reflects strong investor confidence. It demonstrates the company’s continued operational excellence.
Post-IPO, Galderma continued its strong trajectory. It delivered robust growth across its product categories. These include Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. The company launched transformative products. Relfydess, a long-acting neuromodulator, entered the market. Nemluvio, a biologic drug for Atopic Dermatitis and Prurigo Nodularis, shows immense promise. Nemluvio is expected to achieve blockbuster sales rates by Q3 2026. These innovations solidify Galderma’s leadership in advanced dermatology.
EQT’s consortium gradually reduced its shareholding after the IPO. This included a notable 20 percent stake sale to L'Oréal Groupe. These strategic divestments paved the way for the final, full exit. The completion of this block trade formally concludes EQT’s successful five-year journey with Galderma.
Galderma simultaneously focused on optimizing its capital structure. The company announced a €500 million Eurobond issuance. This move occurred on March 10, 2026. Settlement is expected by March 17, 2026. The bond has a five-year maturity. It carries a fixed annual coupon of 3.375%. This Eurobond will be listed on the SIX Swiss Exchange. Citigroup, ING, J.P. Morgan, and RBC Capital Markets jointly led the transaction.
The proceeds from this Eurobond have a specific purpose. They will fully repay an existing bank term loan. This loan was issued in connection with Galderma's March 2024 IPO. This refinancing represents the final step in Galderma’s post-IPO financial restructuring. It ensures a stable, long-term capital base for future operations.
Galderma maintains strong investment-grade credit ratings. Fitch assigns a BBB rating with a stable outlook. S&P Global Ratings also gives a BBB rating with a positive outlook. The newly issued bond is expected to carry a similar BBB rating from both agencies. This consistent rating reflects sound financial health. It confirms the company's low-risk profile.
The Eurobond transaction is leverage-neutral. It will not materially affect Galderma's full-year 2026 guidance. Net financial expenses remain stable. This strategic refinancing demonstrates prudent financial management. It ensures operational continuity.
Galderma operates globally. Founded in 1981, it serves approximately 90 countries. Its focus remains on dermatology. The company develops science-based products. These span injectable aesthetics, dermatological skincare, and therapeutic dermatology. Galderma partners with healthcare professionals. It serves both patients and consumers.
With EQT’s exit, Galderma now stands fully independent. Its financial maneuvers underscore a confident, forward-looking strategy. The company has demonstrated exceptional growth. It has achieved significant product innovations. It possesses a robust financial foundation. Galderma is well-positioned for sustained global leadership. The dermatology market expects continued advancements from this independent powerhouse.